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Financials

SEKm 2019 2020e 2021e
Sales 2353 2408 2491
Sales growth (%) 0,4 2,3 3,5
EBITDA 550 606 495
EBITDA margin (%) 23,4 25,2 19,9
EBIT adj 422 474 363
EBIT adj margin (%) 17,9 19,7 14,6
Pretax profit 283 444 331
EPS rep 1,27 3,48 2,15
EPS growth (%) 200,9 173,2 -38,2
EPS adj 1,22 1,78 2,15
DPS 0,9 1,79 1,4
EV/EBITDA (x) 5,4 3 3,5
EV/EBIT adj (x) 7,1 3,8 4,8
P/E (x) 20,7 4,7 7,6
P/E adj (x) 21,6 9,2 7,6
EV/sales (x) 1,3 0,7 0,7
FCF yield (%) -72,2 6,4 18,6
Dividend yield (%) 3,4 10,9 8,5
Net IB debt/EBITDA 0,5 -0,1 -0,3
SEKm 2019 2020e 2021e
Sales 2353 2408 2491
COGS -372 -448 -452
Gross profit 1981 1960 2039
Other operating items -1431 -1354 -1544
EBITDA 550 606 495
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -92 -92
EBITA 422 474 363
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 422 474 363
Other financial items -103 0 0
Net financial items -139 -30 -32
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 283 444 331
Tax -136 -72 -83
Net profit 147 372 248
Minority interest -80 -59 -58
Net profit discontinued 45 -4 0
Net profit to shareholders 112 309 191
EPS 1,27 3,48 2,15
EPS Adj 1,22 1,78 2,15
Total extraordinary items after tax 11 0 0
Tax rate (%) -48,1 -16,3 -25
Gross margin (%) 84,2 81,4 81,9
EBITDA margin (%) 23,4 25,2 19,9
EBITA margin (%) 17,9 19,7 14,6
EBIT margin (%) 17,9 19,7 14,6
Pretax margin (%) 12 18,4 13,3
Net margin (%) 6,2 15,4 10
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,4 2,3 3,5
EBITDA growth (%) 69,2 10,2 -18,3
EBIT growth (%) 43,5 12,3 -23,4
Net profit growth (%) -4,5 152,9 -33,2
EPS growth (%) 200,9 173,2 -38,2
Profitability 2019 2020 2021
ROE (%) 7,6 18,9 10,8
ROE Adj (%) 3,8 19,1 10,8
ROCE (%) 12,6 16,6 12,5
ROCE Adj(%) 12,6 16,6 12,5
ROIC (%) 11,6 20 14,2
ROIC Adj (%) 11,6 20 14,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 550 606 495
EBITDA Adj margin (%) 23,4 25,2 19,9
EBITA Adj 422 474 363
EBITA Adj margin (%) 17,9 19,7 14,6
EBIT Adj 422 474 363
EBIT Adj margin (%) 17,9 19,7 14,6
Pretax profit Adj 283 444 331
Net profit Adj 136 372 248
Net profit to shareholders Adj 56 313 191
Net Adj margin (%) 5,8 15,4 10
SEKm 2019 2020e 2021e
EBITDA 550 606 495
Net financial items -139 -30 -32
Paid tax -135 -72 -83
Non-cash items -207 0 0
Cash flow before change in WC 69 504 380
Change in WC -242 -24 -99
Operating cash flow -1834 93 370
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 148 0 -100
Free cash flow -1686 93 270
Dividend paid -104 -80 -154
Share issues and buybacks 0 0 0
Other non cash items 1582 316 -48
Decrease in net IB debt -3708 35 65
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 627 535 443
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 27 27
Other fixed assets 353 353 353
Fixed assets 1188 1059 927
Inventories 0 0 0
Receivables 690 690 690
Other current assets 1298 539 539
Cash and liquid assets 881 1168 1194
Total assets 4057 3456 3350
Shareholders equity 1522 1751 1787
Minority 214 214 214
Total equity 1736 1965 2001
Long-term debt 960 960 960
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 5 2
Short-term debt 0 0 0
Accounts payable 824 330 231
Other current liabilities 311 22 22
Total liabilities and equity 4057 3456 3350
Net IB debt 269 -60 -127
Net IB debt excl. pension debt 269 -60 -127
Capital invested 2041 1936 1903
Working capital 853 877 976
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2274 1415 1415
Net IB debt Adj 269 -60 -127
Market value of minority 790 790 790
Reversal of shares and participations -353 -353 -353
Reversal of conv. debt assumed equity 0 0 0
EV 2980 1792 1725
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 42,5 64,1 73,2
Capital invested turnover (%) 124,5 121,1 129,8
Capital employed turnover (%) 89,1 80,8 81,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 24 11,2
Working capital / sales (%) 31,1 35,9 37,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 15,5 -3 -6,3
Net debt / market cap (%) 11,8 -4,2 -9
Equity ratio (%) 42,8 56,8 59,7
Net IB debt adj. / equity (%) 15,5 -3 -6,3
Current ratio (%) 252,8 681,9 958,9
EBITDA / net interest (%) 1527,8 2020,3 1546,7
Net IB debt / EBITDA (%) 48,9 -9,9 -25,7
Interest cover (%) 887,8 954 736,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 1,27 3,48 2,15
Dividend per share Adj 0,9 1,8 1,4
EPS Adj 1,22 1,78 2,15
BVPS 17,64 20,29 20,71
BVPS Adj 10,37 14,09 15,58
Net IB debt / share 3,1 -0,7 -1,5
Share price 26,31 16,4 16,4
Market cap. (m) 2270 1415 1415
Valuation 2019 2020 2021
P/E 20,7 4,7 7,6
EV/sales 1,27 0,74 0,69
EV/EBITDA 5,4 3 3,5
EV/EBITA 7,1 3,8 4,8
EV/EBIT 7,1 3,8 4,8
Dividend yield (%) 3,4 10,9 8,5
FCF yield (%) -72,2 6,4 18,6
P/BVPS 1,49 0,81 0,79
P/BVPS Adj 2,54 1,16 1,05
P/E Adj 21,6 9,2 7,6
EV/EBITDA Adj 5,4 3 3,5
EV/EBITA Adj 7,1 3,8 4,8
EV/EBIT Adj 7,1 3,8 4,8
EV/cap. employed 1 0,6 0,6
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>

7,6

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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3,5

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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0,5

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