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Capacent

SEKm 2018 2019e 2020e
Sales 264 291 312
Sales growth (%) 31,7 10,4 7
EBITDA 21 33 39
EBITDA margin (%) 7,9 11,3 12,6
EBIT adj 21 21 28
EBIT adj margin (%) 8 7,3 8,9
Pretax profit 17 17 24
EPS rep 3,85 4,56 5,92
EPS growth (%) 212,7 18,2 30,1
EPS adj 4,96 4,56 5,92
DPS 3 3,42 4,44
EV/EBITDA (x) 6,5 5 4
EV/EBIT adj (x) 6,4 7,7 5,7
P/E (x) 12,5 10,1 7,8
P/E adj (x) 9,7 10,1 7,8
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 12,8 9,8 13,2
Dividend yield (%) 6,2 7,4 9,6
Net IB debt/EBITDA -0,4 0,7 0,4
SEKm 2018 2019e 2020e
Sales 264 291 312
COGS 0 0 0
Gross profit 264 291 312
Other operating items -243 -258 -272
EBITDA 21 33 39
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -11 -12
EBITA 18 21 28
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 18 21 28
Other financial items 0 0 0
Net financial items -1 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 17 17 24
Tax -5 -4 -5
Net profit 12 14 19
Minority interest 0 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders 12 14 18
EPS 3,85 4,56 5,92
EPS Adj 4,96 4,56 5,92
Total extraordinary items after tax -3,3 0 0
Tax rate (%) -28,2 -21,8 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 7,9 11,3 12,6
EBITA margin (%) 6,8 7,3 8,9
EBIT margin (%) 6,8 7,3 8,9
Pretax margin (%) 6,3 6 7,8
Net margin (%) 4,5 4,7 6,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 31,7 10,4 7
EBITDA growth (%) 61,9 56,5 19,7
EBIT growth (%) 204,5 19,1 29,8
Net profit growth (%) 297,7 14,1 38,6
EPS growth (%) 212,7 18,2 30,1
Profitability 2018 2019 2020
ROE (%) 10,6 11,8 14,6
ROE Adj (%) 13,6 11,8 14,6
ROCE (%) 15 15,1 17
ROCE Adj(%) 17,7 15,1 17
ROIC (%) 11,2 13,3 14,9
ROIC Adj (%) 13,3 13,3 14,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 24 33 39
EBITDA Adj margin (%) 9,2 11,3 12,6
EBITA Adj 21 21 28
EBITA Adj margin (%) 8 7,3 8,9
EBIT Adj 21 21 28
EBIT Adj margin (%) 8 7,3 8,9
Pretax profit Adj 20 17 24
Net profit Adj 15 14 19
Net profit to shareholders Adj 15 14 18
Net Adj margin (%) 5,8 4,7 6,1
SEKm 2018 2019e 2020e
EBITDA 21 33 39
Net financial items -1 -4 -3
Paid tax -5 -4 -5
Non-cash items 0 0 0
Cash flow before change in WC 15 25 31
Change in WC 6 -2 0
Operating cash flow 21 16 21
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 18 14 18
Dividend paid -3 -8 -10
Share issues and buybacks 0 0 0
Other non cash items 1 -38 0
Decrease in net IB debt 17 -33 8
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 102 102 102
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 4 5 6
Other fixed assets 2 37 37
Fixed assets 112 147 148
Inventories 0 0 0
Receivables 61 70 75
Other current assets 0 0 0
Cash and liquid assets 15 18 20
Total assets 187 235 243
Shareholders equity 113 118 125
Minority 1 1 2
Total equity 114 119 128
Long-term debt 0 28 28
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 1 1 1
Short-term debt 6 14 9
Accounts payable 66 73 78
Other current liabilities 0 0 0
Total liabilities and equity 139 184 187
Net IB debt -9 24 16
Net IB debt excl. pension debt -9 24 16
Capital invested 107 144 145
Working capital -5 -3 -3
EV breakdown 2018 2019 2020
Market cap. diluted (m) 144 138 138
Net IB debt Adj -9 24 16
Market value of minority 1 1 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 136 163 157
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 142,3 137,9 130,3
Capital invested turnover (%) 230,1 232,2 215,4
Capital employed turnover (%) 220,5 206,8 191,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23 23,8 24,2
Working capital / sales (%) -0,8 -1,4 -1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -7,6 20,5 12,9
Net debt / market cap (%) -7 17,7 11,9
Equity ratio (%) 61 50,6 52,4
Net IB debt adj. / equity (%) -7,6 20,5 12,9
Current ratio (%) 104,9 101,1 110
EBITDA / net interest (%) 1732,3 850,6 1155,1
Net IB debt / EBITDA (%) -41,2 74,3 41,8
Interest cover (%) 1479,2 552,9 813,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS 3,85 4,56 5,92
Dividend per share Adj 3 3,4 4,4
EPS Adj 4,96 4,56 5,92
BVPS 41,61 39,39 41,89
BVPS Adj 2,7 4,01 6,52
Net IB debt / share -3,2 8,2 5,5
Share price 45,36 46,1 46,1
Market cap. (m) 123 138 138
Valuation 2018 2019 2020
P/E 12,5 10,1 7,8
EV/sales 0,52 0,56 0,5
EV/EBITDA 6,5 5 4
EV/EBITA 7,6 7,7 5,7
EV/EBIT 7,6 7,7 5,7
Dividend yield (%) 6,2 7,4 9,6
FCF yield (%) 12,8 9,8 13,2
P/BVPS 1,16 1,17 1,1
P/BVPS Adj 17,8 11,49 7,07
P/E Adj 9,7 10,1 7,8
EV/EBITDA Adj 5,6 5 4
EV/EBITA Adj 6,4 7,7 5,7
EV/EBIT Adj 6,4 7,7 5,7
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 1 1 1
Capex / depreciation 84,9 25,4 26,9
Capex tangibles / tangible fixed assets 66,3 60,3 53,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 73,9 277 279,9
Depreciation on tangibles / tangibles 0 0 0

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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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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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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