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Boule Diagnostics

Boule Diagnostics

SEKm 2020 2021e 2022e
Sales 400 464 533
Sales growth (%) -19,7 15,9 14,9
EBITDA 56 79 104
EBITDA margin (%) 13,9 17 19,6
EBIT adj 25 56 82
EBIT adj margin (%) 6,1 12,2 15,3
Pretax profit -49 51 80
EPS rep -2,47 2,03 3,16
EPS growth (%) -227,4 182,3 55,6
EPS adj 1,16 2,03 3,16
DPS 0,55 1 1,2
EV/EBITDA (x) 21 13,5 10,2
EV/EBIT adj (x) 47,8 18,8 13,1
P/E (x) -24,1 26,1 16,8
P/E adj (x) 51,4 26,1 16,8
EV/sales (x) 2,9 2,3 2
FCF yield (%) 3,3 2,2 4,4
Dividend yield (%) 0,9 1,9 2,3
Net IB debt/EBITDA 0,3 0,4 0,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 400 464 533
COGS -223 -254 -285
Gross profit 177 210 249
Other operating items -121 -132 -144
EBITDA 56 79 104
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 34 56 82
Goodwill impairment charges 0 0 0
Other impairment and amortisation -40 0 0
EBIT -6 56 82
Other financial items 0 0 0
Net financial items -43 -5 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -49 51 80
Tax 1 -12 -18
Net profit -48 39 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 39 61
EPS -2,47 2,03 3,16
EPS Adj 1,16 2,03 3,16
Total extraordinary items after tax -30,4 0 0
Tax rate (%) -2 -23 -23
Gross margin (%) 44,3 45,3 46,6
EBITDA margin (%) 13,9 17 19,6
EBITA margin (%) 8,5 12,2 15,3
EBIT margin (%) -1,5 12,2 15,3
Pretax margin (%) -12,2 11 14,9
Net margin (%) -12 8,5 11,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,7 15,9 14,9
EBITDA growth (%) -39 41,2 32,2
EBIT growth (%) -108,4 1063 44,8
Net profit growth (%) -227,4 182,3 55,6
EPS growth (%) -227,4 182,3 55,6
Profitability 2020 2021 2022
ROE (%) -15,9 13,9 19,2
ROE Adj (%) 7,5 13,9 19,2
ROCE (%) -1 16,8 21,5
ROCE Adj(%) 18,9 16,8 21,5
ROIC (%) -1,3 10,8 14
ROIC Adj (%) 5,5 10,8 14
Adj earnings numbers 2020 2021 2022
EBITDA Adj 86 79 104
EBITDA Adj margin (%) 21,5 17 19,6
EBITA Adj 65 56 82
EBITA Adj margin (%) 16,1 12,2 15,3
EBIT Adj 25 56 82
EBIT Adj margin (%) 6,1 12,2 15,3
Pretax profit Adj 21 51 80
Net profit Adj 22 39 61
Net profit to shareholders Adj 22 39 61
Net Adj margin (%) 5,6 8,5 11,5
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 56 79 104
Net financial items -43 -5 -2
Paid tax 1 -12 -18
Non-cash items 25 0 0
Cash flow before change in WC 38 62 84
Change in WC 37 -11 -20
Operating cash flow 75 51 64
CAPEX tangible fixed assets -7 -8 -9
CAPEX intangible fixed assets -30 -20 -10
Acquisitions and disposals 0 0 0
Free cash flow 38 23 45
Dividend paid 0 -11 -19
Share issues and buybacks 0 0 0
Other non cash items 20 -17 -20
Decrease in net IB debt 14 -16 -5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 73 73 73
Indefinite intangible assets 0 0 0
Definite intangible assets 116 152 179
Tangible fixed assets 20 16 15
Other fixed assets 100 115 128
Fixed assets 343 391 432
Inventories 55 49 38
Receivables 33 38 59
Other current assets 16 17 23
Cash and liquid assets 33 28 23
Total assets 480 524 574
Shareholders equity 269 298 340
Minority 0 0 0
Total equity 269 298 340
Long-term debt 2 1 1
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 10 10
Accounts payable 29 34 43
Other current liabilities 36 36 36
Total liabilities and equity 480 524 574
Net IB debt 19 34 39
Net IB debt excl. pension debt 15 31 36
Capital invested 381 425 472
Working capital 38 34 41
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1155 1029 1029
Net IB debt Adj 19 34 39
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 1063 1068
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 75,1 92,5 97,1
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 7,7 7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6,9 11,4 11,5
Net debt / market cap (%) 1,6 3,3 3,8
Equity ratio (%) 56,1 56,9 59,2
Net IB debt adj. / equity (%) 6,9 11,4 11,5
Current ratio (%) 154,4 127,6 126,9
EBITDA / net interest (%) 129,7 1516,1 5213
Net IB debt / EBITDA (%) 33,1 43,3 37,4
Interest cover (%) 80,4 953,8 3564,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS -2,47 2,03 3,16
Dividend per share Adj 0,6 1 1,2
EPS Adj 1,16 2,03 3,16
BVPS 13,87 15,35 17,51
BVPS Adj 4,16 3,79 4,52
Net IB debt / share 1 1,8 2
Share price 60,69 53 53
Market cap. (m) 1178 1029 1029
Valuation 2020 2021 2022
P/E -24,1 26,1 16,8
EV/sales 2,93 2,29 2
EV/EBITDA 21 13,5 10,2
EV/EBITA 34,4 18,8 13,1
EV/EBIT -200,3 18,8 13,1
Dividend yield (%) 0,9 1,9 2,3
FCF yield (%) 3,3 2,2 4,4
P/BVPS 4,29 3,45 3,03
P/BVPS Adj 14,3 13,98 11,74
P/E Adj 51,4 26,1 16,8
EV/EBITDA Adj 13,6 13,5 10,2
EV/EBITA Adj 18,2 18,8 13,1
EV/EBIT Adj 47,8 18,8 13,1
EV/cap. employed 3,7 3 2,7
Investment ratios 2020 2021 2022
Capex / sales 9,2 6 3,6
Capex / depreciation 321 230,3 155,3
Capex tangibles / tangible fixed assets 35,4 48,5 58,9
Capex intangibles / definite intangibles 26 13,2 5,6
Depreciation on intangibles / definite intangibles 3,4 2,7 2,3
Depreciation on tangibles / tangibles 38,2 49,3 53,1
N/A N/A N/A

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.

16,8

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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12,8

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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2,0

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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3,0