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Concordia Maritime

SEKm 2018 2019e 2020e
Sales 1053 1083 1216
Sales growth (%) 27,2 2,8 12,3
EBITDA 57 297 490
EBITDA margin (%) 5,4 27,4 40,3
EBIT adj -130 99 292
EBIT adj margin (%) -12,3 9,1 24
Pretax profit -182 17 210
EPS rep -3,81 0,36 4,4
EPS growth (%) 72,4 109,4 1132,2
EPS adj -3,81 0,36 4,4
DPS 0 0 0
EV/EBITDA (x) 29,3 4,6 2,2
EV/EBIT adj (x) -12,8 13,9 3,6
P/E (x) -3,2 30,2 2,5
P/E adj (x) -3,2 30,2 2,5
EV/sales (x) 1,6 1,3 0,9
FCF yield (%) -10,1 43,5 61,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 19,1 2,9 1,1
SEKm 2018 2019e 2020e
Sales 1053 1083 1216
COGS -996 -785 -726
Gross profit 57 297 490
Other operating items 0 0 0
EBITDA 57 297 490
Depreciation on tangibles -187 -198 -198
Depreciation on intangibles 0 0 0
EBITA -130 99 292
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -130 99 292
Other financial items 0 0 0
Net financial items -52 -82 -82
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -182 17 210
Tax 0 0 0
Net profit -182 17 210
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -182 17 210
EPS -3,81 0,36 4,4
EPS Adj -3,81 0,36 4,4
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,1 0 0
Gross margin (%) 5,4 27,4 40,3
EBITDA margin (%) 5,4 27,4 40,3
EBITA margin (%) -12,3 9,1 24
EBIT margin (%) -12,3 9,1 24
Pretax margin (%) -17,3 1,6 17,3
Net margin (%) -17,3 1,6 17,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,2 2,8 12,3
EBITDA growth (%) 10,9 422,2 65
EBIT growth (%) 79,2 175,9 195,6
Net profit growth (%) 72,4 109,4 1132,2
EPS growth (%) 72,4 109,4 1132,2
Profitability 2018 2019 2020
ROE (%) -15,9 1,6 17,7
ROE Adj (%) -15,9 1,6 17,7
ROCE (%) -4,4 4,8 15,5
ROCE Adj(%) -4,4 4,8 15,5
ROIC (%) -5,1 4,1 13,1
ROIC Adj (%) -5,1 4,1 13,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 57 297 490
EBITDA Adj margin (%) 5,4 27,4 40,3
EBITA Adj -130 99 292
EBITA Adj margin (%) -12,3 9,1 24
EBIT Adj -130 99 292
EBIT Adj margin (%) -12,3 9,1 24
Pretax profit Adj -182 17 210
Net profit Adj -182 17 210
Net profit to shareholders Adj -182 17 210
Net Adj margin (%) -17,3 1,6 17,3
SEKm 2018 2019e 2020e
EBITDA 57 297 490
Net financial items -52 -82 -82
Paid tax 0 0 0
Non-cash items -64 -81 32
Cash flow before change in WC -59 135 440
Change in WC -57 89 -35
Operating cash flow -116 224 405
CAPEX tangible fixed assets -3 0 -87
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 61 0 0
Free cash flow -59 224 318
Dividend paid 0 0 0
Share issues and buybacks 8 0 0
Other non cash items 191 -81 32
Decrease in net IB debt 141 144 350
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2303 2105 1993
Other fixed assets 15 15 15
Fixed assets 2318 2119 2008
Inventories 0 0 0
Receivables 254 164 199
Other current assets 97 97 97
Cash and liquid assets 126 148 253
Total assets 2795 2528 2557
Shareholders equity 1062 1079 1289
Minority 0 0 0
Total equity 1062 1079 1289
Long-term debt 1022 819 606
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 279 279 279
Short-term debt 203 203 203
Accounts payable 0 0 0
Other current liabilities 229 149 180
Total liabilities and equity 4142 2968 2795
Net IB debt 1084 860 542
Net IB debt excl. pension debt 1084 860 542
Capital invested 2557 2269 2193
Working capital 254 164 199
EV breakdown 2018 2019 2020
Market cap. diluted (m) 582 515 515
Net IB debt Adj 1084 860 542
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 1667 1376 1058
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 36,5 40,7 47,8
Capital invested turnover (%) 41,6 44,9 54,5
Capital employed turnover (%) 46,4 53 64,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 21,4 19,3 15
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 102,1 79,8 42,1
Net debt / market cap (%) 209,1 166,9 105,2
Equity ratio (%) 38 42,7 50,4
Net IB debt adj. / equity (%) 102,1 79,8 42,1
Current ratio (%) 110,5 116,4 143,3
EBITDA / net interest (%) 109,8 364,1 600,6
Net IB debt / EBITDA (%) 1905,6 289,5 110,6
Interest cover (%) -120,1 120,9 357,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -3,81 0,36 4,4
Dividend per share Adj 0 0 0
EPS Adj -3,81 0,36 4,4
BVPS 22,24 22,6 27
BVPS Adj 22,24 22,6 27
Net IB debt / share 22,7 18 11,4
Share price 10,86 10,8 10,8
Market cap. (m) 519 515 515
Valuation 2018 2019 2020
P/E -3,2 30,2 2,5
EV/sales 1,58 1,27 0,87
EV/EBITDA 29,3 4,6 2,2
EV/EBITA -12,8 13,9 3,6
EV/EBIT -12,8 13,9 3,6
Dividend yield (%) 0 0 0
FCF yield (%) -10,1 43,5 61,7
P/BVPS 0,55 0,48 0,4
P/BVPS Adj 0,55 0,48 0,4
P/E Adj -3,2 30,2 2,5
EV/EBITDA Adj 29,3 4,6 2,2
EV/EBITA Adj -12,8 13,9 3,6
EV/EBIT Adj -12,8 13,9 3,6
EV/cap. employed 0,8 0,7 0,6
Investment ratios 2018 2019 2020
Capex / sales 0,3 0 7,2
Capex / depreciation 1,6 0 43,9
Capex tangibles / tangible fixed assets 0,1 0 4,4
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 8,1 9,4 10

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.

2,5

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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3,6

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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0,9

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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