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Concordia Maritime

Concordia Maritime

SEKm 2019 2020e 2021e
Sales 1140 1457 1308
Sales growth (%) 8,3 27,7 -10,2
EBITDA 250 543 393
EBITDA margin (%) 21,9 37,3 30,1
EBIT adj 0 285 135
EBIT adj margin (%) 0 19,6 10,3
Pretax profit -102 181 42
EPS rep -2,15 3,79 0,88
EPS growth (%) 43,7 276,4 -76,8
EPS adj -2,15 3,79 0,88
DPS 0 0 0
EV/EBITDA (x) 5,6 1,7 1,7
EV/EBIT adj (x) -4664,3 3,2 4,9
P/E (x) -6,8 2,6 11,2
P/E adj (x) -6,8 2,6 11,2
EV/sales (x) 1,2 0,6 0,5
FCF yield (%) 5,2 54,7 53
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,8 0,8 0,5
SEKm 2019 2020e 2021e
Sales 1140 1457 1308
COGS -891 -913 -915
Gross profit 250 543 393
Other operating items 0 0 0
EBITDA 250 543 393
Depreciation on tangibles -250 -258 -258
Depreciation on intangibles 0 0 0
EBITA 0 285 135
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 0 285 135
Other financial items 0 0 0
Net financial items -102 -104 -93
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -102 181 42
Tax 0 0 0
Net profit -103 181 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -103 181 42
EPS -2,15 3,79 0,88
EPS Adj -2,15 3,79 0,88
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,3 0 0
Gross margin (%) 21,9 37,3 30,1
EBITDA margin (%) 21,9 37,3 30,1
EBITA margin (%) 0 19,6 10,3
EBIT margin (%) 0 19,6 10,3
Pretax margin (%) -9 12,4 3,2
Net margin (%) -9 12,4 3,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8,3 27,7 -10,2
EBITDA growth (%) 338,7 117,6 -27,6
EBIT growth (%) 99,8 95167,5 -52,6
Net profit growth (%) 43,7 276,4 -76,8
EPS growth (%) 43,7 276,4 -76,8
Profitability 2019 2020 2021
ROE (%) -9,7 15,8 3,4
ROE Adj (%) -9,7 15,8 3,4
ROCE (%) 0,9 15,6 8,7
ROCE Adj(%) 0,9 15,6 8,7
ROIC (%) 0 9,1 4,5
ROIC Adj (%) 0 9,1 4,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 250 543 393
EBITDA Adj margin (%) 21,9 37,3 30,1
EBITA Adj 0 285 135
EBITA Adj margin (%) 0 19,6 10,3
EBIT Adj 0 285 135
EBIT Adj margin (%) 0 19,6 10,3
Pretax profit Adj -102 181 42
Net profit Adj -103 181 42
Net profit to shareholders Adj -103 181 42
Net Adj margin (%) -9 12,4 3,2
SEKm 2019 2020e 2021e
EBITDA 250 543 393
Net financial items -102 -104 -93
Paid tax 0 0 0
Non-cash items -52 97 -90
Cash flow before change in WC 95 536 210
Change in WC 891 -50 42
Operating cash flow -1 379 342
CAPEX tangible fixed assets -62 -123 -94
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 99 0 0
Free cash flow 37 256 248
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 1137 0 0
Decrease in net IB debt 3116 363 159
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 3064 2929 2764
Other fixed assets 0 0 0
Fixed assets 3064 2929 2764
Inventories 0 0 0
Receivables 349 506 375
Other current assets 3 3 3
Cash and liquid assets 228 174 112
Total assets 3645 3612 3255
Shareholders equity 1056 1226 1268
Minority 0 0 0
Total equity 1056 1226 1268
Long-term debt 620 310 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 1421 1421 1421
Short-term debt 310 310 310
Accounts payable 0 0 0
Other current liabilities 238 345 256
Total liabilities and equity 3645 3613 3255
Net IB debt 702 446 198
Net IB debt excl. pension debt 702 446 198
Capital invested 3179 3093 2887
Working capital 115 165 123
EV breakdown 2019 2020 2021
Market cap. diluted (m) 697 469 469
Net IB debt Adj 702 446 198
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1399 915 666
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 35,4 40,1 38,1
Capital invested turnover (%) 35,2 46,4 43,7
Capital employed turnover (%) 45 76 76,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 49,1 9,6 11
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 66,5 36,4 15,6
Net debt / market cap (%) 125,8 95,2 42,2
Equity ratio (%) 29 33,9 39
Net IB debt adj. / equity (%) 66,5 36,4 15,6
Current ratio (%) 105,9 104,3 86,7
EBITDA / net interest (%) 244,9 520,4 421,7
Net IB debt / EBITDA (%) 281,4 82,1 50,3
Interest cover (%) 18,2 252,2 139
SEKm 2019 2020e 2021e
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -2,15 3,79 0,88
Dividend per share Adj 0 0 0
EPS Adj -2,15 3,79 0,88
BVPS 22,12 25,7 26,58
BVPS Adj 22,12 25,7 26,58
Net IB debt / share 14,7 9,3 4,1
Share price 11,7 9,82 9,82
Market cap. (m) 558 469 469
Valuation 2019 2020 2021
P/E -6,8 2,6 11,2
EV/sales 1,23 0,63 0,51
EV/EBITDA 5,6 1,7 1,7
EV/EBITA -4664,3 3,2 4,9
EV/EBIT -4664,3 3,2 4,9
Dividend yield (%) 0 0 0
FCF yield (%) 5,2 54,7 53
P/BVPS 0,66 0,38 0,37
P/BVPS Adj 0,66 0,38 0,37
P/E Adj -6,8 2,6 11,2
EV/EBITDA Adj 5,6 1,7 1,7
EV/EBITA Adj -4664,3 3,2 4,9
EV/EBIT Adj -4664,3 3,2 4,9
EV/cap. employed 0,7 0,5 0,4
Investment ratios 2019 2020 2021
Capex / sales 5,5 8,4 7,2
Capex / depreciation 24,9 47,5 36,3
Capex tangibles / tangible fixed assets 2 4,2 3,4
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 8,2 8,8 9,3

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>

11,2

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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0,5

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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0,4