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Boule Diagnostics

Boule Diagnostics

SEKm 2019 2020e 2021e
Sales 499 462 521
Sales growth (%) 17,5 -7,4 12,8
EBITDA 92 79 103
EBITDA margin (%) 18,4 17 19,8
EBIT adj 76 59 80
EBIT adj margin (%) 15,2 12,7 15,4
Pretax profit 51 44 73
EPS rep 1,94 1,74 2,9
EPS growth (%) -6 -10,3 66,9
EPS adj 2,24 1,84 2,9
DPS 0 0,7 1
EV/EBITDA (x) 14,4 17,1 13
EV/EBIT adj (x) 17,3 22,8 16,6
P/E (x) 35,2 39,7 23,8
P/E adj (x) 30,4 37,5 23,8
EV/sales (x) 2,6 2,9 2,6
FCF yield (%) -0,7 1,5 3,8
Dividend yield (%) 0 1 1,4
Net IB debt/EBITDA 0,4 0,4 0,2
SEKm 2019 2020e 2021e
Sales 499 462 521
COGS -273 -251 -278
Gross profit 226 211 243
Other operating items -135 -132 -140
EBITDA 92 79 103
Depreciation on tangibles -7 -4 -4
Depreciation on intangibles -4 -8 -8
EBITA 70 57 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 70 57 80
Other financial items 0 0 0
Net financial items -19 -12 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 44 73
Tax -13 -11 -17
Net profit 38 34 56
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 34 56
EPS 1,94 1,74 2,9
EPS Adj 2,24 1,84 2,9
Total extraordinary items after tax -5,9 -2 0
Tax rate (%) -25,8 -24 -23
Gross margin (%) 45,3 45,6 46,7
EBITDA margin (%) 18,4 17 19,8
EBITA margin (%) 14,1 12,3 15,4
EBIT margin (%) 14,1 12,3 15,4
Pretax margin (%) 10,2 9,6 14
Net margin (%) 7,5 7,3 10,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 17,5 -7,4 12,8
EBITDA growth (%) 44,4 -14,1 30,9
EBIT growth (%) 28 -19,1 41,6
Net profit growth (%) -8,3 -10,3 66,9
EPS growth (%) -6 -10,3 66,9
Profitability 2019 2020 2021
ROE (%) 11,9 9,6 14,5
ROE Adj (%) 13,7 10,2 14,5
ROCE (%) 18,9 14,2 18,4
ROCE Adj(%) 20,4 14,7 18,4
ROIC (%) 14 8,6 11,5
ROIC Adj (%) 15,1 8,9 11,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 97 81 103
EBITDA Adj margin (%) 19,5 17,5 19,8
EBITA Adj 76 59 80
EBITA Adj margin (%) 15,2 12,7 15,4
EBIT Adj 76 59 80
EBIT Adj margin (%) 15,2 12,7 15,4
Pretax profit Adj 57 46 73
Net profit Adj 44 36 56
Net profit to shareholders Adj 44 36 56
Net Adj margin (%) 8,7 7,7 10,8
SEKm 2019 2020e 2021e
EBITDA 92 79 103
Net financial items -19 -12 -7
Paid tax -13 -11 -17
Non-cash items 19 9 5
Cash flow before change in WC 78 65 84
Change in WC -32 -7 -6
Operating cash flow 54 58 79
CAPEX tangible fixed assets -7 -7 -8
CAPEX intangible fixed assets -30 -30 -20
Acquisitions and disposals -26 0 0
Free cash flow -9 21 51
Dividend paid -11 0 -14
Share issues and buybacks 0 0 0
Other non cash items -131 -11 -16
Decrease in net IB debt -92 -1 10
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 81 81 81
Indefinite intangible assets 0 0 0
Definite intangible assets 119 152 181
Tangible fixed assets 24 27 31
Other fixed assets 165 156 151
Fixed assets 434 462 489
Inventories 58 61 68
Receivables 50 55 60
Other current assets 24 24 24
Cash and liquid assets 22 20 31
Total assets 587 623 671
Shareholders equity 333 367 409
Minority 0 0 0
Total equity 333 367 409
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 32 38
Other current liabilities 49 49 49
Total liabilities and equity 587 623 671
Net IB debt 33 34 23
Net IB debt excl. pension debt 29 30 19
Capital invested 487 521 554
Working capital 52 59 65
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1324 1340 1340
Net IB debt Adj 33 34 23
Market value of minority 0 0 0
Reversal of shares and participations -40 -31 -26
Reversal of conv. debt assumed equity 0 0 0
EV 1317 1342 1337
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 91,7 76,4 80,5
Capital invested turnover (%) 133,9 91,7 96,9
Capital employed turnover (%) 130,9 114,4 117,9
Inventories / sales (%) 11,6 12,9 12,4
Customer advances / sales (%) 6 6,9 6,1
Payables / sales (%) 6,6 6,8 6,7
Working capital / sales (%) 7,3 12,1 11,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 9,8 9,1 5,7
Net debt / market cap (%) 3 2,5 1,7
Equity ratio (%) 56,7 58,9 61
Net IB debt adj. / equity (%) 9,8 9,1 5,7
Current ratio (%) 167 171,4 183,9
EBITDA / net interest (%) 470,5 636,7 1430,7
Net IB debt / EBITDA (%) 35,5 42,6 22,6
Interest cover (%) 338,1 438,8 1014,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,94 1,74 2,9
Dividend per share Adj 0 0,7 1
EPS Adj 2,24 1,84 2,9
BVPS 17,15 18,88 21,08
BVPS Adj 6,89 6,89 7,64
Net IB debt / share 1,7 1,7 1,2
Share price 55,42 69 69
Market cap. (m) 1076 1340 1340
Valuation 2019 2020 2021
P/E 35,2 39,7 23,8
EV/sales 2,64 2,91 2,57
EV/EBITDA 14,4 17,1 13
EV/EBITA 18,8 23,7 16,6
EV/EBIT 18,8 23,7 16,6
Dividend yield (%) 0 1 1,4
FCF yield (%) -0,7 1,5 3,8
P/BVPS 3,98 3,65 3,27
P/BVPS Adj 9,9 10,02 9,03
P/E Adj 30,4 37,5 23,8
EV/EBITDA Adj 13,5 16,6 13
EV/EBITA Adj 17,3 22,8 16,6
EV/EBIT Adj 17,3 22,8 16,6
EV/cap. employed 3,4 3,2 2,9
Investment ratios 2019 2020 2021
Capex / sales 7,4 8 5,4
Capex / depreciation 336,4 320,3 224,5
Capex tangibles / tangible fixed assets 29,3 25,9 26,1
Capex intangibles / definite intangibles 25,3 19,7 11,1
Depreciation on intangibles / definite intangibles 3,4 5,1 4,6
Depreciation on tangibles / tangibles 29,3 14 13,5

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>

23,8

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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16,7

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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2,6

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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3,2