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Capacent

Capacent

SEKm 2019 2020e 2021e
Sales 274 314 333
Sales growth (%) 3,9 14,6 6
EBITDA 17 30 38
EBITDA margin (%) 6,2 9,6 11,5
EBIT adj 9 19 27
EBIT adj margin (%) 3,2 5,9 8
Pretax profit 2 15 23
EPS rep 0,06 3,77 5,75
EPS growth (%) -98,7 6672,5 52,7
EPS adj 1,23 3,77 5,75
DPS 1,5 2,83 4,31
EV/EBITDA (x) 8,3 4,5 3,4
EV/EBIT adj (x) 16,2 7,3 4,8
P/E (x) 571,7 8,4 5,5
P/E adj (x) 25,9 8,4 5,5
EV/sales (x) 0,5 0,4 0,4
FCF yield (%) 2,9 21,7 28
Dividend yield (%) 4,7 8,9 13,6
Net IB debt/EBITDA 2,6 1,3 0,8
SEKm 2019 2020e 2021e
Sales 274 314 333
COGS 0 0 0
Gross profit 274 314 333
Other operating items -257 -284 -295
EBITDA 17 30 38
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -2 -2
EBITA 5 19 27
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 5 19 27
Other financial items 0 0 0
Net financial items -4 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 2 15 23
Tax 0 -3 -5
Net profit 1 12 18
Minority interest -1 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 0 11 17
EPS 0,06 3,77 5,75
EPS Adj 1,23 3,77 5,75
Total extraordinary items after tax -3,5 0 0
Tax rate (%) -31,6 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 6,2 9,6 11,5
EBITA margin (%) 1,9 5,9 8
EBIT margin (%) 1,9 5,9 8
Pretax margin (%) 0,6 4,8 7
Net margin (%) 0,4 3,8 5,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 3,9 14,6 6
EBITDA growth (%) -18,5 76,2 27,2
EBIT growth (%) -70,5 252,6 44
Net profit growth (%) -91,4 1045,4 53,8
EPS growth (%) -98,7 6672,5 52,7
Profitability 2019 2020 2021
ROE (%) 0,2 10,3 14,7
ROE Adj (%) 3,3 10,3 14,7
ROCE (%) 3,6 10,7 14,7
ROCE Adj(%) 6 10,7 14,7
ROIC (%) 2,8 9,4 13,4
ROIC Adj (%) 4,6 9,4 13,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 21 30 38
EBITDA Adj margin (%) 7,5 9,6 11,5
EBITA Adj 9 19 27
EBITA Adj margin (%) 3,2 5,9 8
EBIT Adj 9 19 27
EBIT Adj margin (%) 3,2 5,9 8
Pretax profit Adj 5 15 23
Net profit Adj 5 12 18
Net profit to shareholders Adj 4 11 17
Net Adj margin (%) 1,7 3,8 5,5
SEKm 2019 2020e 2021e
EBITDA 17 30 38
Net financial items -4 -3 -3
Paid tax 0 -3 -5
Non-cash items 0 0 0
Cash flow before change in WC 13 23 30
Change in WC -2 0 0
Operating cash flow 10 24 30
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets -5 0 0
Acquisitions and disposals 0 0 0
Free cash flow 3 21 27
Dividend paid -8 -4 -8
Share issues and buybacks 0 0 0
Other non cash items -39 0 0
Decrease in net IB debt -54 7 9
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 102 102 102
Indefinite intangible assets 0 0 0
Definite intangible assets 9 9 9
Tangible fixed assets 5 6 7
Other fixed assets 4 4 4
Fixed assets 157 158 159
Inventories 0 0 0
Receivables 66 75 80
Other current assets 0 0 0
Cash and liquid assets 17 24 33
Total assets 240 257 272
Shareholders equity 106 113 121
Minority 2 3 4
Total equity 108 115 125
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 1 1 1
Short-term debt 22 22 22
Accounts payable 69 79 83
Other current liabilities 0 0 0
Total liabilities and equity 184 187 240
Net IB debt 45 38 30
Net IB debt excl. pension debt 45 38 30
Capital invested 154 155 156
Working capital -3 -3 -3
EV breakdown 2019 2020 2021
Market cap. diluted (m) 95 95 95
Net IB debt Adj 45 38 30
Market value of minority 2 3 4
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 142 136 128
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 128,4 126,5 125,9
Capital invested turnover (%) 210,2 203,2 214,3
Capital employed turnover (%) 188,6 180,7 182,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,5 23,4 24,3
Working capital / sales (%) -1,4 -0,9 -1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 41,8 33,3 23,6
Net debt / market cap (%) 31,4 40,5 31,2
Equity ratio (%) 45,1 44,9 46,1
Net IB debt adj. / equity (%) 41,8 33,3 23,6
Current ratio (%) 81,6 89 96,9
EBITDA / net interest (%) 454,1 885,3 1125,9
Net IB debt / EBITDA (%) 264,6 127,7 77,3
Interest cover (%) 140,2 547,1 787,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS 0,06 3,77 5,75
Dividend per share Adj 1,5 2,8 4,3
EPS Adj 1,23 3,77 5,75
BVPS 35,47 37,74 40,66
BVPS Adj -1,58 0,69 3,62
Net IB debt / share 15,1 12,9 9,9
Share price 48,19 31,8 31,8
Market cap. (m) 144 95 95
Valuation 2019 2020 2021
P/E 571,7 8,4 5,5
EV/sales 0,52 0,43 0,39
EV/EBITDA 8,3 4,5 3,4
EV/EBITA 27 7,3 4,8
EV/EBIT 27 7,3 4,8
Dividend yield (%) 4,7 8,9 13,6
FCF yield (%) 2,9 21,7 28
P/BVPS 0,9 0,84 0,78
P/BVPS Adj -20,14 46,1 8,79
P/E Adj 25,9 8,4 5,5
EV/EBITDA Adj 6,9 4,5 3,4
EV/EBITA Adj 16,2 7,3 4,8
EV/EBIT Adj 16,2 7,3 4,8
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 2,8 1 1
Capex / depreciation 387 149,6 150,9
Capex tangibles / tangible fixed assets 58,8 55,1 48,8
Capex intangibles / definite intangibles 54,7 0 0
Depreciation on intangibles / definite intangibles 21,9 23 24,1
Depreciation on tangibles / tangibles 0 0 0

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>

5,5

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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4,6

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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0,4

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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0,8