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Boule Diagnostics

Boule Diagnostics

SEKm 2020 2021e 2022e
Sales 400 464 547
Sales growth (%) -19,7 15,9 17,9
EBITDA 56 79 108
EBITDA margin (%) 13,9 16,9 19,7
EBIT adj 25 56 85
EBIT adj margin (%) 6,1 12,2 15,6
Pretax profit -49 50 83
EPS rep -2,47 1,82 3,3
EPS growth (%) -227,4 173,9 81
EPS adj 1,16 1,82 3,3
DPS 0,55 0,65 1
EV/EBITDA (x) 21 15,8 11,5
EV/EBIT adj (x) 47,8 22 14,5
P/E (x) -24,1 34,3 18,9
P/E adj (x) 51,4 34,3 18,9
EV/sales (x) 2,9 2,7 2,3
FCF yield (%) 3,3 2,7 4
Dividend yield (%) 0,9 1 1,6
Net IB debt/EBITDA 0,3 0,4 0,2
Lease adj. FCF yield (%) 2,3 1,8 3,1
Lease adj. ND/EBITDA -0,2 -0,3 -0,2
SEKm 2020 2021e 2022e
Leasing payments -11 -12 0
Sales 400 464 547
COGS -223 -254 -291
Gross profit 177 210 255
Other operating items -121 -131 -148
EBITDA 56 79 108
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 34 56 85
Goodwill impairment charges 0 0 0
Other impairment and amortisation -40 0 0
EBIT -6 56 85
Other financial items 0 0 0
Net financial items -43 -7 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -49 50 83
Tax 1 -14 -19
Net profit -48 35 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 35 64
EPS -2,47 1,82 3,3
EPS Adj 1,16 1,82 3,3
Total extraordinary items after tax -30,4 0 0
Tax rate (%) -2 -28,5 -23
Gross margin (%) 44,3 45,2 46,7
EBITDA margin (%) 13,9 16,9 19,7
EBITA margin (%) 8,5 12,2 15,6
EBIT margin (%) -1,5 12,2 15,6
Pretax margin (%) -12,2 10,7 15,2
Net margin (%) -12 7,6 11,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,7 15,9 17,9
EBITDA growth (%) -39 40,8 37
EBIT growth (%) -108,4 1062 51,3
Net profit growth (%) -227,4 173,9 81
EPS growth (%) -227,4 173,9 81
Profitability 2020 2021 2022
ROE (%) -15,9 12,4 19,5
ROE Adj (%) 7,5 12,4 19,5
ROCE (%) -1 16,8 22,2
ROCE Adj(%) 18,9 16,8 22,2
ROIC (%) -1,3 10 14,5
ROIC Adj (%) 5,5 10 14,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 86 79 108
EBITDA Adj margin (%) 21,5 16,9 19,7
EBITA Adj 65 56 85
EBITA Adj margin (%) 16,1 12,2 15,6
EBIT Adj 25 56 85
EBIT Adj margin (%) 6,1 12,2 15,6
Pretax profit Adj 21 50 83
Net profit Adj 22 35 64
Net profit to shareholders Adj 22 35 64
Net Adj margin (%) 5,6 7,6 11,7
Depreciation and amortisation -22 -22 -22
Of which leasing depreciation -10 -10 -10
EO items -30 0 0
Impairment and PPA amortisation -40 0 0
EBITDA lease Adj 75 67 108
EBITDA lease Adj margin (%) 18,8 14,4 19,7
SEKm 2020 2021e 2022e
EBITDA 56 79 108
Net financial items -43 -7 -2
Paid tax 1 -14 -19
Non-cash items 25 3 0
Cash flow before change in WC 38 60 87
Change in WC 37 1 -19
Operating cash flow 75 61 68
CAPEX tangible fixed assets -7 -8 -9
CAPEX intangible fixed assets -30 -20 -10
Acquisitions and disposals 0 0 0
Free cash flow 38 33 49
Dividend paid 0 -11 -13
Share issues and buybacks 0 0 0
Other non cash items 20 -37 -21
Decrease in net IB debt 14 -16 -5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 73 77 77
Indefinite intangible assets 0 0 0
Definite intangible assets 116 152 179
Tangible fixed assets 20 17 16
Other fixed assets 100 115 128
Fixed assets 343 408 454
Inventories 55 49 49
Receivables 33 38 45
Other current assets 16 20 22
Cash and liquid assets 33 30 33
Total assets 480 546 604
Shareholders equity 269 302 354
Minority 0 0 0
Total equity 269 302 354
Long-term debt 2 3 3
Pension debt 3 3 3
Convertible debt 0 0 0
Deferred tax 16 16 16
Other long-term liabilities 77 77 77
Short-term debt 10 5 5
Accounts payable 29 34 40
Other current liabilities 36 53 53
Total liabilities and equity 480 546 604
Net IB debt 19 29 25
Net IB debt excl. pension debt 15 25 22
Capital invested 381 429 477
Working capital 38 21 23
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1155 1214 1214
Net IB debt Adj 19 29 25
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1174 1242 1239
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 75,1 90,5 95,2
Capital invested turnover (%) 92,3 115,1 118,8
Capital employed turnover (%) 113,2 136,3 139,9
Inventories / sales (%) 14 11,2 8,2
Customer advances / sales (%) 7,6 6,2 5,4
Payables / sales (%) 7,4 6,8 7,2
Working capital / sales (%) 11,2 6,3 4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6,9 9,5 7,1
Net debt / market cap (%) 1,6 2,4 2,1
Equity ratio (%) 56,1 55,4 58,6
Net IB debt adj. / equity (%) 6,9 9,5 7,1
Current ratio (%) 154,4 118,7 122,5
EBITDA / net interest (%) 129,7 1147,5 5383,6
Net IB debt / EBITDA (%) 33,1 36,4 23,3
Interest cover (%) 80,4 756 3721
Lease liability amortisation -11 -12 -12
Other intangible assets 116 164 193
Right-of-use asset 35 36 37
Total other fixed assets 100 115 131
Leasing liability 36 47 47
Total other long-term liabilities 93 98 98
Net IB debt excl. leasing -18 -18 -22
Net IB debt / EBITDA lease Adj (%) -23,4 -27,6 -20,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS -2,47 1,82 3,3
Dividend per share Adj 0,6 0,7 1
EPS Adj 1,16 1,82 3,3
BVPS 13,87 15,57 18,22
BVPS Adj 4,16 3,18 4,35
Net IB debt / share 1 1,5 1,3
Share price 60,69 62,5 62,5
Market cap. (m) 1178 1214 1214
Valuation 2020 2021 2022
P/E -24,1 34,3 18,9
EV/sales 2,93 2,68 2,26
EV/EBITDA 21 15,8 11,5
EV/EBITA 34,4 22 14,5
EV/EBIT -200,3 22 14,5
Dividend yield (%) 0,9 1 1,6
FCF yield (%) 3,3 2,7 4
P/BVPS 4,29 4,01 3,43
P/BVPS Adj 14,3 19,67 14,36
P/E Adj 51,4 34,3 18,9
EV/EBITDA Adj 13,6 15,8 11,5
EV/EBITA Adj 18,2 22 14,5
EV/EBIT Adj 47,8 22 14,5
EV/cap. employed 3,7 3,4 3
Investment ratios 2020 2021 2022
Capex / sales 9,2 6 3,5
Capex / depreciation 321 233,4 157,3
Capex tangibles / tangible fixed assets 35,4 46,9 55,6
Capex intangibles / definite intangibles 26 12,2 5,2
Depreciation on intangibles / definite intangibles 3,4 2,4 2,1
Depreciation on tangibles / tangibles 38,2 46,8 49,3
Lease adj. FCF yield (%) 2,3 1,8 3,1

Key Figure Counter

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.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

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. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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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 total cash and cash equivalents. 

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.

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14,3

EV/Sales

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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 total cash and cash equivalents. S is the company's total sales.

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2,2

P/BVPS

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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.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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