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Coverage

Catella

Catella

SEKm 2019 2020e 2021e
Sales 2379 2532 2660
Sales growth (%) 1,5 6,4 5,1
EBITDA 688 525 572
EBITDA margin (%) 28,9 20,7 21,5
EBIT adj 564 405 452
EBIT adj margin (%) 23,7 16 17
Pretax profit 427 375 422
EPS rep 2,91 2,33 2,57
EPS growth (%) 330,4 -19,8 10
EPS adj 2,88 2,18 2,57
DPS 1,25 1,34 1,58
EV/EBITDA (x) 4,6 5,3 4,8
EV/EBIT adj (x) 5,6 6,9 6
P/E (x) 10,6 13,2 12
P/E adj (x) 10,7 14,2 12
EV/sales (x) 1,3 1,1 1
FCF yield (%) 16 0,6 14,1
Dividend yield (%) 4,1 4,4 5,1
Net IB debt/EBITDA 0,1 -0,6 -0,7
SEKm 2019 2020e 2021e
Sales 2379 2532 2660
COGS -422 -493 -517
Gross profit 1957 2039 2143
Other operating items -1269 -1513 -1571
EBITDA 688 525 572
Depreciation on tangibles 0 0 0
Depreciation on intangibles -69 -72 -72
EBITA 564 405 452
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 564 405 452
Other financial items -110 0 0
Net financial items -137 -30 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 427 375 422
Tax -158 -94 -105
Net profit 269 281 316
Minority interest -89 -89 -89
Net profit discontinued 78 14 0
Net profit to shareholders 258 207 228
EPS 2,91 2,33 2,57
EPS Adj 2,88 2,18 2,57
Total extraordinary items after tax 21,3 0 0
Tax rate (%) -37,1 -25 -25
Gross margin (%) 82,3 80,5 80,6
EBITDA margin (%) 28,9 20,7 21,5
EBITA margin (%) 23,7 16 17
EBIT margin (%) 23,7 16 17
Pretax margin (%) 17,9 14,8 15,8
Net margin (%) 11,3 11,1 11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 1,5 6,4 5,1
EBITDA growth (%) 111,7 -23,7 8,8
EBIT growth (%) 91,8 -28,1 11,4
Net profit growth (%) 74,5 4,7 12,3
EPS growth (%) 330,4 -19,8 10
Profitability 2019 2020 2021
ROE (%) 16,6 12,1 12,5
ROE Adj (%) 10,2 11,3 12,5
ROCE (%) 18,3 14,9 16
ROCE Adj(%) 18,3 14,9 16
ROIC (%) 31,1 24,1 24,8
ROIC Adj (%) 31,1 24,1 24,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 688 525 572
EBITDA Adj margin (%) 28,9 20,7 21,5
EBITA Adj 564 405 452
EBITA Adj margin (%) 23,7 16 17
EBIT Adj 564 405 452
EBIT Adj margin (%) 23,7 16 17
Pretax profit Adj 427 375 422
Net profit Adj 247 281 316
Net profit to shareholders Adj 159 193 228
Net Adj margin (%) 10,4 11,1 11,9
SEKm 2019 2020e 2021e
EBITDA 688 525 572
Net financial items -137 -30 -30
Paid tax -158 -94 -105
Non-cash items 0 0 0
Cash flow before change in WC 393 401 436
Change in WC -19 -245 -110
Operating cash flow 358 217 386
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 80 -200 0
Free cash flow 438 17 386
Dividend paid -104 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -320 460 -197
Decrease in net IB debt -3420 37 74
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 639 579 519
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 27 27 27
Other fixed assets 331 331 331
Fixed assets 1179 1107 1035
Inventories 0 0 0
Receivables 609 609 609
Other current assets 1175 400 400
Cash and liquid assets 883 1240 1302
Total assets 3846 3356 3346
Shareholders equity 1661 1760 1872
Minority 228 228 228
Total equity 1889 1988 2100
Long-term debt 748 748 748
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 29 29
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 612 367 257
Other current liabilities 386 54 54
Total liabilities and equity 6396 7009 3846
Net IB debt 47 -322 -396
Net IB debt excl. pension debt 47 -322 -396
Capital invested 1176 1349 1387
Working capital -3 242 352
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2657 2657 2657
Net IB debt Adj 47 -322 -396
Market value of minority 790 790 790
Reversal of shares and participations -331 -331 -331
Reversal of conv. debt assumed equity 0 0 0
EV 3163 2794 2721
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 43,8 70,3 79,4
Capital invested turnover (%) 208,5 200,6 194,5
Capital employed turnover (%) 91,3 88,5 90
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,9 19,3 11,7
Working capital / sales (%) -0,5 4,7 11,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 2,5 -16,2 -18,8
Net debt / market cap (%) 2,1 -12,1 -14,9
Equity ratio (%) 49,1 59,2 62,8
Net IB debt adj. / equity (%) 2,5 -16,2 -18,8
Current ratio (%) 267,2 534,1 743,1
EBITDA / net interest (%) 2548,3 1751 1905,3
Net IB debt / EBITDA (%) 6,8 -61,3 -69,2
Interest cover (%) 1196 821,7 910,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 2,91 2,33 2,57
Dividend per share Adj 1,3 1,3 1,6
EPS Adj 2,88 2,18 2,57
BVPS 19,25 20,4 21,69
BVPS Adj 11,85 13,69 15,68
Net IB debt / share 0,5 -3,7 -4,6
Share price 26,31 30,8 30,8
Market cap. (m) 2270 2657 2657
Valuation 2019 2020 2021
P/E 10,6 13,2 12
EV/sales 1,33 1,1 1,02
EV/EBITDA 4,6 5,3 4,8
EV/EBITA 5,6 6,9 6
EV/EBIT 5,6 6,9 6
Dividend yield (%) 4,1 4,4 5,1
FCF yield (%) 16 0,6 14,1
P/BVPS 1,6 1,51 1,42
P/BVPS Adj 2,6 2,25 1,96
P/E Adj 10,7 14,2 12
EV/EBITDA Adj 4,6 5,3 4,8
EV/EBITA Adj 5,6 6,9 6
EV/EBIT Adj 5,6 6,9 6
EV/cap. employed 1,1 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
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>

12,0

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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5,0

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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0,8

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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1,4