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CTT Systems

CTT Systems

SEKm 2020 2021e 2022e
Sales 201 181 315
Sales growth (%) -43,4 -9,6 73,7
EBITDA 45 55 130
EBITDA margin (%) 22,5 30,1 41,3
EBIT adj 32 47 122
EBIT adj margin (%) 15,8 26,1 38,8
Pretax profit 40 41 119
EPS rep 2,49 2,56 7,4
EPS growth (%) -66,4 3 189
EPS adj 1,96 2,56 7,4
DPS 1,74 1,79 5,18
EV/EBITDA (x) 42,5 40,9 16,7
EV/EBIT adj (x) 60,5 47,2 17,8
P/E (x) 61,2 70,5 24,4
P/E adj (x) 77,7 70,5 24,4
EV/sales (x) 9,6 12,3 6,9
FCF yield (%) -2,3 2,8 3,4
Dividend yield (%) 1,1 1 2,9
Net IB debt/EBITDA 0,3 -0,5 -0,6
Lease adj. FCF yield (%) -2,3 2,8 3,4
Lease adj. ND/EBITDA 0,4 -0,5 -0,6
SEKm 2020 2021e 2022e
Sales 201 181 315
COGS 0 0 0
Gross profit 201 181 315
Other operating items -156 -127 -185
EBITDA 45 55 130
Depreciation on tangibles -4 -5 -4
Depreciation on intangibles -2 -2 -4
EBITA 38 47 122
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 38 47 122
Other financial items 0 0 0
Net financial items 1 -7 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 40 41 119
Tax -9 -9 -27
Net profit 31 32 93
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 31 32 93
EPS 2,49 2,56 7,4
EPS Adj 1,96 2,56 7,4
Total extraordinary items after tax 6,6 0 0
Tax rate (%) -21,4 -21,1 -22,3
Gross margin (%) 100 100 100
EBITDA margin (%) 22,5 30,1 41,3
EBITA margin (%) 19,1 26,1 38,8
EBIT margin (%) 19,1 26,1 38,8
Pretax margin (%) 19,7 22,4 37,8
Net margin (%) 15,5 17,7 29,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -43,4 -9,6 73,7
EBITDA growth (%) -64,2 20,9 138,5
EBIT growth (%) -67,9 23,4 158,1
Net profit growth (%) -66,4 3 189
EPS growth (%) -66,4 3 189
Profitability 2020 2021 2022
ROE (%) 13,5 14,2 34,9
ROE Adj (%) 10,7 14,2 34,9
ROCE (%) 14,5 18 40,4
ROCE Adj(%) 12 18 40,4
ROIC (%) 14,6 16,5 43,6
ROIC Adj (%) 12,1 16,5 43,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 39 55 130
EBITDA Adj margin (%) 19,2 30,1 41,3
EBITA Adj 32 47 122
EBITA Adj margin (%) 15,8 26,1 38,8
EBIT Adj 32 47 122
EBIT Adj margin (%) 15,8 26,1 38,8
Pretax profit Adj 33 41 119
Net profit Adj 25 32 93
Net profit to shareholders Adj 25 32 93
Net Adj margin (%) 12,2 17,7 29,4
Depreciation and amortisation -7 -7 -8
Of which leasing depreciation 0 0 0
EO items 7 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 39 55 130
EBITDA lease Adj margin (%) 19,2 30,1 41,3
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 45 55 130
Net financial items 1 -7 -3
Paid tax -35 -9 -27
Non-cash items 21 0 0
Cash flow before change in WC 33 39 101
Change in WC -44 41 -9
Operating cash flow -11 80 91
CAPEX tangible fixed assets -13 -4 -5
CAPEX intangible fixed assets -21 -13 -9
Acquisitions and disposals 0 0 0
Free cash flow -44 64 77
Dividend paid -51 -22 -22
Share issues and buybacks 0 0 0
Other non cash items 5 0 0
Decrease in net IB debt -93 65 32
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 73 86 91
Tangible fixed assets 54 52 53
Other fixed assets 2 2 2
Fixed assets 129 138 144
Inventories 79 64 84
Receivables 79 51 73
Other current assets 0 0 0
Cash and liquid assets 22 64 118
Total assets 308 316 418
Shareholders equity 221 231 301
Minority 0 0 0
Total equity 221 231 301
Long-term debt 36 36 36
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 6 6 6
Short-term debt 1 1 1
Accounts payable 44 42 74
Other current liabilities 0 0 0
Total liabilities and equity 308 316 418
Net IB debt 15 -27 -81
Net IB debt excl. pension debt 15 -27 -81
Capital invested 242 210 226
Working capital 113 73 82
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1907 2263 2263
Net IB debt Adj 15 -27 -81
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 1922 2236 2181
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 59,9 58,3 86
Capital invested turnover (%) 97,2 88,1 151,3
Capital employed turnover (%) 75,8 72,2 104,1
Inventories / sales (%) 37,9 34,9 21,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,3 22,9 18,6
Working capital / sales (%) 45,5 51,2 24,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6,9 -11,6 -27
Net debt / market cap (%) 0,8 -1,2 -3,6
Equity ratio (%) 71,7 73,1 72
Net IB debt adj. / equity (%) 6,9 -11,6 -27
Current ratio (%) 396 414,4 364,4
EBITDA / net interest (%) -3614,4 815,3 4343,3
Net IB debt / EBITDA (%) 33,9 -48,9 -62,4
Interest cover (%) -3071,2 707,1 4076,6
Lease liability amortisation 0 0 0
Other intangible assets 73 83 88
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 0 0 0
Total other long-term liabilities 6 6 6
Net IB debt excl. leasing 15 -27 -81
Net IB debt / EBITDA lease Adj (%) 39,7 -48,9 -62,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 2,49 2,56 7,4
Dividend per share Adj 1,7 1,8 5,2
EPS Adj 1,96 2,56 7,4
BVPS 17,6 18,42 24,03
BVPS Adj 11,77 11,78 16,97
Net IB debt / share 1,2 -2,1 -6,5
Share price 154,37 180,6 180,6
Market cap. (m) 1934 2263 2263
Valuation 2020 2021 2022
P/E 61,2 70,5 24,4
EV/sales 9,57 12,32 6,92
EV/EBITDA 42,5 40,9 16,7
EV/EBITA 50,1 47,2 17,8
EV/EBIT 50,1 47,2 17,8
Dividend yield (%) 1,1 1 2,9
FCF yield (%) -2,3 2,8 3,4
P/BVPS 8,65 9,81 7,52
P/BVPS Adj 12,93 15,34 10,64
P/E Adj 77,7 70,5 24,4
EV/EBITDA Adj 49,8 40,9 16,7
EV/EBITA Adj 60,5 47,2 17,8
EV/EBIT Adj 60,5 47,2 17,8
EV/cap. employed 7,5 8,4 6,5
Investment ratios 2020 2021 2022
Capex / sales 16,7 9 4,5
Capex / depreciation 494,8 225,3 177,4
Capex tangibles / tangible fixed assets 24,4 6,9 8,8
Capex intangibles / definite intangibles 28,1 15,3 10,7
Depreciation on intangibles / definite intangibles 3,2 3 4,9
Depreciation on tangibles / tangibles 8,4 9,1 6,9
Lease adj. FCF yield (%) -2,3 2,8 3,4

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.

24,4

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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18,6

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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7,2

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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7,8