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Capacent

Capacent

SEKm 2020 2021e 2022e
Sales 204 206 226
Sales growth (%) -21,3 0,5 10,1
EBITDA -8 25 33
EBITDA margin (%) -4,1 12,4 14,4
EBIT adj 13 23 30
EBIT adj margin (%) 6,5 11,2 13,3
Pretax profit -16 23 30
EPS rep -7,05 6,25 7,99
EPS growth (%) -1200,3 188,6 27,9
EPS adj 3,39 6,25 7,99
DPS 3,5 4,07 5,19
EV/EBITDA (x) -9,3 4,9 3,7
EV/EBIT adj (x) 5,9 5,4 4
P/E (x) -5,1 8,4 6,6
P/E adj (x) 10,6 8,4 6,6
EV/sales (x) 0,4 0,6 0,5
FCF yield (%) 1,2 8,2 12,5
Dividend yield (%) 9,7 7,8 9,9
Net IB debt/EBITDA 2,3 -0,8 -0,8
Lease adj. FCF yield (%) -5,5 7,3 11,6
Lease adj. ND/EBITDA -1,8 -1 -1
SEKm 2020 2021e 2022e
Leasing payments -7 -1 -1
Sales 204 206 226
COGS 0 0 0
Gross profit 204 206 226
Other operating items -213 -180 -194
EBITDA -8 25 33
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 -2 -2
EBITA -15 23 30
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -15 23 30
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -16 23 30
Tax -3 -5 -6
Net profit -19 18 24
Minority interest 0 -1 -2
Net profit discontinued 0 0 0
Net profit to shareholders -19 17 22
EPS -7,05 6,25 7,99
EPS Adj 3,39 6,25 7,99
Total extraordinary items after tax -28,3 0 0
Tax rate (%) 20,5 -20,8 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) -4,1 12,4 14,4
EBITA margin (%) -7,4 11,2 13,3
EBIT margin (%) -7,4 11,2 13,3
Pretax margin (%) -7,8 11,1 13,2
Net margin (%) -9,4 8,8 10,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,3 0,5 10,1
EBITDA growth (%) -142,9 400,7 28,6
EBIT growth (%) -325,7 252,8 31,2
Net profit growth (%) -985,6 194,8 30,7
EPS growth (%) -1200,3 188,6 27,9
Profitability 2020 2021 2022
ROE (%) -20,8 20,9 24
ROE Adj (%) 10 20,9 24
ROCE (%) -12,4 26,5 31
ROCE Adj(%) 10,9 26,5 31
ROIC (%) -16,9 29,2 34,3
ROIC Adj (%) 14,9 29,2 34,3
Adj earnings numbers 2020 2021 2022
Depreciation and amortisation -7 -2 -3
Of which leasing depreciation -7 -1 -1
EO items -28 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 13 24 31
EBITDA lease Adj margin (%) 6,5 11,8 13,9
EBITDA Adj 20 25 33
EBITDA Adj margin (%) 9,7 12,4 14,4
EBITA Adj 13 23 30
EBITA Adj margin (%) 6,5 11,2 13,3
EBIT Adj 13 23 30
EBIT Adj margin (%) 6,5 11,2 13,3
Pretax profit Adj 12 23 30
Net profit Adj 9 18 24
Net profit to shareholders Adj 9 17 22
Net Adj margin (%) 4,5 8,8 10,5
SEKm 2020 2021e 2022e
EBITDA -8 25 33
Net financial items -1 0 0
Paid tax -3 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC -12 21 26
Change in WC 15 -6 -6
Operating cash flow 3 14 20
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 1 12 18
Dividend paid 0 -10 -11
Share issues and buybacks 0 0 0
Other non cash items 74 0 0
Decrease in net IB debt 69 1 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 67 67 67
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 1 2 3
Other fixed assets 1 1 1
Fixed assets 75 76 78
Inventories 0 0 0
Receivables 33 37 45
Other current assets 0 0 0
Cash and liquid assets 24 25 30
Total assets 132 138 154
Shareholders equity 77 85 96
Minority 0 2 4
Total equity 78 87 99
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 49 47 50
Other current liabilities 0 0 0
Total liabilities and equity 132 138 154
Net IB debt -19 -20 -26
Net IB debt excl. pension debt -19 -20 -26
Capital invested 58 66 73
Working capital -17 -10 -5
EV breakdown 2020 2021 2022
Market cap. diluted (m) 98 142 142
Net IB debt Adj -19 -20 -26
Market value of minority 0 2 4
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 79 124 120
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 117,4 152,3 155,1
Capital invested turnover (%) 190,6 349,6 337,7
Capital employed turnover (%) 168,2 251,2 241,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,7 22,9 21,7
Working capital / sales (%) -2,7 -6,6 -3,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -24,9 -23,5 -26
Net debt / market cap (%) -24,6 -14,3 -18,2
Equity ratio (%) 59,2 62,6 64,6
Net IB debt adj. / equity (%) -24,9 -23,5 -26
Current ratio (%) 110,2 125,7 146,1
EBITDA / net interest (%) -1022,8 25400,1 10891,5
Net IB debt / EBITDA (%) 229,8 -80,2 -79
Interest cover (%) -1822,3 22999,1 10058,2
Lease liability amortisation -7 -1 -1
Other intangible assets 3 3 3
Right-of-use asset 4 4 4
Total other fixed assets 1 1 1
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -24 -25 -30
Net IB debt / EBITDA lease Adj (%) -179,8 -102,8 -96,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS -7,05 6,25 7,99
Dividend per share Adj 3,5 4,1 5,2
EPS Adj 3,39 6,25 7,99
BVPS 28,52 31,29 35,21
BVPS Adj 2,97 5,73 9,65
Net IB debt / share -7,1 -7,5 -9,5
Share price 29,08 52,4 52,4
Market cap. (m) 79 142 142
Valuation 2020 2021 2022
P/E -5,1 8,4 6,6
EV/sales 0,39 0,6 0,53
EV/EBITDA -9,3 4,9 3,7
EV/EBITA -5,2 5,4 4
EV/EBIT -5,2 5,4 4
Dividend yield (%) 9,7 7,8 9,9
FCF yield (%) 1,2 8,2 12,5
P/BVPS 1,26 1,67 1,49
P/BVPS Adj 12,14 9,14 5,43
P/E Adj 10,6 8,4 6,6
EV/EBITDA Adj 4 4,9 3,7
EV/EBITA Adj 5,9 5,4 4
EV/EBIT Adj 5,9 5,4 4
EV/cap. employed 1 1,4 1,2
Investment ratios 2020 2021 2022
Capex / sales 0,7 1,2 1,2
Capex / depreciation 0 205,6 215,6
Capex tangibles / tangible fixed assets 266,1 134,1 82,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 45,3 47,6
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -5,5 7,3 11,6

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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