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Concordia Maritime

Concordia Maritime

SEKm 2019 2020e 2021e
Sales 1140 1055 907
Sales growth (%) 8,3 -7,5 -14
EBITDA 250 306 205
EBITDA margin (%) 21,9 29 22,6
EBIT adj 0 57 -32
EBIT adj margin (%) 0 5,4 -3,5
Pretax profit -102 -30 -95
EPS rep -2,15 -0,62 -1,99
EPS growth (%) 43,7 71,2 -221,4
EPS adj -2,15 -0,62 -1,99
DPS 0 0 0
EV/EBITDA (x) 12,3 7,9 11,7
EV/EBIT adj (x) -10194,5 42,4 -75,2
P/E (x) -6,8 -13,5 -4,2
P/E adj (x) -6,8 -13,5 -4,2
EV/sales (x) 2,7 2,3 2,7
FCF yield (%) 5,2 57,1 6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 9,5 6,6 9,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1140 1055 907
COGS -891 -748 -703
Gross profit 250 306 205
Other operating items 0 0 0
EBITDA 250 306 205
Depreciation on tangibles -250 -249 -237
Depreciation on intangibles 0 0 0
EBITA 0 57 -32
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 0 57 -32
Other financial items 0 0 0
Net financial items -102 -87 -63
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -102 -30 -95
Tax 0 0 0
Net profit -103 -30 -95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -103 -30 -95
EPS -2,15 -0,62 -1,99
EPS Adj -2,15 -0,62 -1,99
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,3 0 0
Gross margin (%) 21,9 29 22,6
EBITDA margin (%) 21,9 29 22,6
EBITA margin (%) 0 5,4 -3,5
EBIT margin (%) 0 5,4 -3,5
Pretax margin (%) -9 -2,8 -10,5
Net margin (%) -9 -2,8 -10,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8,3 -7,5 -14
EBITDA growth (%) 338,7 22,7 -33,1
EBIT growth (%) 99,8 19153,3 -156
Net profit growth (%) 43,7 71,2 -221,4
EPS growth (%) 43,7 71,2 -221,4
Profitability 2019 2020 2021
ROE (%) -9,7 -2,9 -10,4
ROE Adj (%) -9,7 -2,9 -10,4
ROCE (%) 0,7 1,9 -0,7
ROCE Adj(%) 0,7 1,9 -0,7
ROIC (%) 0 1,8 -1,1
ROIC Adj (%) 0 1,8 -1,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 250 306 205
EBITDA Adj margin (%) 21,9 29 22,6
EBITA Adj 0 57 -32
EBITA Adj margin (%) 0 5,4 -3,5
EBIT Adj 0 57 -32
EBIT Adj margin (%) 0 5,4 -3,5
Pretax profit Adj -102 -30 -95
Net profit Adj -103 -30 -95
Net profit to shareholders Adj -103 -30 -95
Net Adj margin (%) -9 -2,8 -10,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 250 306 205
Net financial items -102 -87 -63
Paid tax 0 0 0
Non-cash items -52 -44 7
Cash flow before change in WC 95 175 148
Change in WC -96 200 -7
Operating cash flow -1 375 141
CAPEX tangible fixed assets -62 -148 -117
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 99 0 0
Free cash flow 37 227 24
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -806 110 -7
Decrease in net IB debt -769 337 17
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 2834 2714
Other fixed assets 0 0 0
Fixed assets 3064 2834 2714
Inventories 0 0 0
Receivables 349 149 157
Other current assets 3 2 2
Cash and liquid assets 228 154 47
Total assets 3645 3139 2919
Shareholders equity 1056 960 865
Minority 0 0 0
Total equity 1056 960 865
Long-term debt 2041 1713 1582
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 548 466 472
Accounts payable 0 0 0
Other current liabilities 0 0 0
Total liabilities and equity 3645 3139 2919
Net IB debt 2362 2024 2007
Net IB debt excl. pension debt 2362 2024 2007
Capital invested 3417 2985 2872
Working capital 353 151 158
EV breakdown 2019 2020 2021
Market cap. diluted (m) 697 398 398
Net IB debt Adj 2362 2024 2007
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 3058 2422 2405
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 35,4 31,1 30
Capital invested turnover (%) 37,6 33 31
Capital employed turnover (%) 35,4 31,1 30
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 30,9 23,9 17
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 223,7 210,8 232
Net debt / market cap (%) 422,9 508,6 504,2
Equity ratio (%) 29 30,6 29,6
Net IB debt adj. / equity (%) 223,7 210,8 232
Current ratio (%) 105,9 65,6 43,5
EBITDA / net interest (%) 244,9 353,1 324,9
Net IB debt / EBITDA (%) 946,1 661 980
Interest cover (%) 18,2 68,6 -26,7
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -2,15 -0,62 -1,99
Dividend per share Adj 0 0 0
EPS Adj -2,15 -0,62 -1,99
BVPS 22,12 20,12 18,13
BVPS Adj 22,12 20,12 18,13
Net IB debt / share 49,5 42,4 42,1
Share price 11,7 8,34 8,34
Market cap. (m) 558 398 398
Valuation 2019 2020 2021
P/E -6,8 -13,5 -4,2
EV/sales 2,68 2,3 2,65
EV/EBITDA 12,3 7,9 11,7
EV/EBITA -10194,5 42,4 -75,2
EV/EBIT -10194,5 42,4 -75,2
Dividend yield (%) 0 0 0
FCF yield (%) 5,2 57,1 6
P/BVPS 0,66 0,41 0,46
P/BVPS Adj 0,66 0,41 0,46
P/E Adj -6,8 -13,5 -4,2
EV/EBITDA Adj 12,3 7,9 11,7
EV/EBITA Adj -10194,5 42,4 -75,2
EV/EBIT Adj -10194,5 42,4 -75,2
EV/cap. employed 0,8 0,8 0,8
Investment ratios 2019 2020 2021
Capex / sales 5,5 14 12,9
Capex / depreciation 24,9 59,4 49,4
Capex tangibles / tangible fixed assets 2 5,2 4,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 8,2 8,8 8,7
N/A N/A N/A

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.

- 4,2

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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- 75,2

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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2,7

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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0,5