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Boule Diagnostics

Boule Diagnostics

SEKm 2019 2020e 2021e
Sales 499 522 569
Sales growth (%) 17,5 4,6 9
EBITDA 92 104 115
EBITDA margin (%) 18,4 19,9 20,2
EBIT adj 76 80 90
EBIT adj margin (%) 15,2 15,4 15,8
Pretax profit 51 73 88
EPS rep 1,89 2,83 3,41
EPS growth (%) -8,3 49,9 20,5
EPS adj 2,19 2,83 3,41
DPS 0,6 0,85 1
EV/EBITDA (x) 14,7 14,2 12,8
EV/EBIT adj (x) 17,7 18,4 16,3
P/E (x) 36,1 26,5 21,9
P/E adj (x) 31,2 26,5 21,9
EV/sales (x) 2,7 2,8 2,6
FCF yield (%) -0,7 1,9 3,8
Dividend yield (%) 0,9 1,1 1,3
Net IB debt/EBITDA 0,4 0,3 0,1
SEKm 2019 2020e 2021e
Sales 499 522 569
COGS -273 -282 -305
Gross profit 226 240 264
Other operating items -135 -136 -149
EBITDA 92 104 115
Depreciation on tangibles -7 -7 -8
Depreciation on intangibles -4 -6 -7
EBITA 70 80 90
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 70 80 90
Other financial items 0 0 0
Net financial items -19 -7 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 73 88
Tax -13 -17 -20
Net profit 38 56 68
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 56 68
EPS 1,89 2,83 3,41
EPS Adj 2,19 2,83 3,41
Total extraordinary items after tax -5,9 0 0
Tax rate (%) -25,8 -23 -23
Gross margin (%) 45,3 45,9 46,4
EBITDA margin (%) 18,4 19,9 20,2
EBITA margin (%) 14,1 15,4 15,8
EBIT margin (%) 14,1 15,4 15,8
Pretax margin (%) 10,2 14 15,5
Net margin (%) 7,5 10,8 11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 17,5 4,6 9
EBITDA growth (%) 44,4 13,4 10,4
EBIT growth (%) 28 14,6 11,9
Net profit growth (%) -8,3 49,9 20,5
EPS growth (%) -8,3 49,9 20,5
Profitability 2019 2020 2021
ROE (%) 11,9 15,9 16,8
ROE Adj (%) 13,7 15,9 16,8
ROCE (%) 18,9 19,8 19,7
ROCE Adj(%) 20,4 19,8 19,7
ROIC (%) 14 12,2 12,7
ROIC Adj (%) 15,1 12,2 12,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 97 104 115
EBITDA Adj margin (%) 19,5 19,9 20,2
EBITA Adj 76 80 90
EBITA Adj margin (%) 15,2 15,4 15,8
EBIT Adj 76 80 90
EBIT Adj margin (%) 15,2 15,4 15,8
Pretax profit Adj 57 73 88
Net profit Adj 44 56 68
Net profit to shareholders Adj 44 56 68
Net Adj margin (%) 8,7 10,8 11,9
SEKm 2019 2020e 2021e
EBITDA 92 104 115
Net financial items -19 -7 -2
Paid tax -13 -17 -20
Non-cash items 19 0 0
Cash flow before change in WC 78 80 93
Change in WC -32 -15 -7
Operating cash flow 54 65 85
CAPEX tangible fixed assets -7 -7 -8
CAPEX intangible fixed assets -30 -30 -20
Acquisitions and disposals -26 0 0
Free cash flow -9 28 57
Dividend paid -11 -12 -17
Share issues and buybacks 0 0 0
Other non cash items -131 -2 -22
Decrease in net IB debt -92 4 16
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 81 81 81
Indefinite intangible assets 0 0 0
Definite intangible assets 119 144 171
Tangible fixed assets 24 24 25
Other fixed assets 165 165 165
Fixed assets 434 460 488
Inventories 58 69 77
Receivables 50 59 71
Other current assets 24 24 24
Cash and liquid assets 22 26 42
Total assets 587 638 701
Shareholders equity 333 378 429
Minority 0 0 0
Total equity 333 378 429
Long-term debt 2 2 2
Pension debt 4 4 4
Convertible debt 0 0 0
Deferred tax 20 20 20
Other long-term liabilities 101 101 101
Short-term debt 0 0 0
Accounts payable 30 37 41
Other current liabilities 49 49 56
Total liabilities and equity 416 501 587
Net IB debt 33 28 12
Net IB debt excl. pension debt 29 24 8
Capital invested 487 527 562
Working capital 52 67 74
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1358 1491 1491
Net IB debt Adj 33 28 12
Market value of minority 0 0 0
Reversal of shares and participations -40 -40 -40
Reversal of conv. debt assumed equity 0 0 0
EV 1350 1479 1463
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 91,7 85,2 85
Capital invested turnover (%) 133,9 103 104,5
Capital employed turnover (%) 130,9 127,5 124,4
Inventories / sales (%) 11,6 12,2 12,8
Customer advances / sales (%) 6 6,1 5,6
Payables / sales (%) 6,6 6,4 6,8
Working capital / sales (%) 7,3 11,4 12,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 9,8 7,4 2,8
Net debt / market cap (%) 3 1,9 0,8
Equity ratio (%) 56,7 59,2 61,2
Net IB debt adj. / equity (%) 9,8 7,4 2,8
Current ratio (%) 167 181,9 194,3
EBITDA / net interest (%) 470,5 1442,1 6743,1
Net IB debt / EBITDA (%) 35,5 27,1 10,6
Interest cover (%) 338,1 1014,8 4511,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 1,89 2,83 3,41
Dividend per share Adj 0,6 0,8 1
EPS Adj 2,19 2,83 3,41
BVPS 17,15 19,45 22,1
BVPS Adj 6,89 7,89 9,14
Net IB debt / share 1,7 1,4 0,6
Share price 55,42 74,9 74,9
Market cap. (m) 1076 1454 1454
Valuation 2019 2020 2021
P/E 36,1 26,5 21,9
EV/sales 2,71 2,84 2,57
EV/EBITDA 14,7 14,2 12,8
EV/EBITA 19,2 18,4 16,3
EV/EBIT 19,2 18,4 16,3
Dividend yield (%) 0,9 1,1 1,3
FCF yield (%) -0,7 1,9 3,8
P/BVPS 3,98 3,85 3,39
P/BVPS Adj 9,9 9,49 8,19
P/E Adj 31,2 26,5 21,9
EV/EBITDA Adj 13,9 14,2 12,8
EV/EBITA Adj 17,7 18,4 16,3
EV/EBIT Adj 17,7 18,4 16,3
EV/cap. employed 3,5 3,4 3
Investment ratios 2019 2020 2021
Capex / sales 7,4 7,1 4,9
Capex / depreciation 336,4 275,2 193,1
Capex tangibles / tangible fixed assets 29,3 28,8 31,6
Capex intangibles / definite intangibles 25,3 20,8 11,7
Depreciation on intangibles / definite intangibles 3,4 4,2 4,1
Depreciation on tangibles / tangibles 29,3 30,7 29,6

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

22,0

EV/EBIT

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<p>EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.</span></p>

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15,9

EV/Sales

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<p><span>EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,5

P/BVPS

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<div class="inner"> <p>P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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3,3