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CTT Systems

CTT Systems

SEKm 2019 2020e 2021e
Sales 355 364 413
Sales growth (%) 12,5 2,5 13,6
EBITDA 126 133 150
EBITDA margin (%) 35,6 36,4 36,2
EBIT adj 113 127 143
EBIT adj margin (%) 31,7 34,8 34,5
Pretax profit 118 126 142
EPS rep 7,39 7,85 8,82
EPS growth (%) 32,9 6,1 12,4
EPS adj 6,84 7,85 8,82
DPS 8,1 5,75 6,4
EV/EBITDA (x) 16,9 23,2 20,4
EV/EBIT adj (x) 19 24,3 21,4
P/E (x) 23,9 31,9 28,4
P/E adj (x) 25,8 31,9 28,4
EV/sales (x) 6 8,4 7,4
FCF yield (%) 4,1 2,7 2,9
Dividend yield (%) 4,6 2,3 2,6
Net IB debt/EBITDA -0,6 -0,5 -0,5
SEKm 2019 2020e 2021e
Sales 355 364 413
COGS 0 0 0
Gross profit 355 364 413
Other operating items -229 -231 -264
EBITDA 126 133 150
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -4 -3 -4
EBITA 120 127 143
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 120 127 143
Other financial items 0 0 0
Net financial items -2 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 118 126 142
Tax -25 -28 -31
Net profit 93 98 110
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 93 98 110
EPS 7,39 7,85 8,82
EPS Adj 6,84 7,85 8,82
Total extraordinary items after tax 6,9 0 0
Tax rate (%) -21,5 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 35,6 36,4 36,2
EBITA margin (%) 33,7 34,8 34,5
EBIT margin (%) 33,7 34,8 34,5
Pretax margin (%) 33,2 34,6 34,3
Net margin (%) 26,1 27 26,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 12,5 2,5 13,6
EBITDA growth (%) 31,2 5 12,9
EBIT growth (%) 32,6 5,9 12,7
Net profit growth (%) 32,9 6,1 12,4
EPS growth (%) 32,9 6,1 12,4
Profitability 2019 2020 2021
ROE (%) 42,2 41,2 43,1
ROE Adj (%) 39,1 41,2 43,1
ROCE (%) 47,6 46,7 49,4
ROCE Adj(%) 44,8 46,7 49,4
ROIC (%) 55,4 55,6 57,6
ROIC Adj (%) 52,2 55,6 57,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 119 133 150
EBITDA Adj margin (%) 33,6 36,4 36,2
EBITA Adj 113 127 143
EBITA Adj margin (%) 31,7 34,8 34,5
EBIT Adj 113 127 143
EBIT Adj margin (%) 31,7 34,8 34,5
Pretax profit Adj 111 126 142
Net profit Adj 86 98 110
Net profit to shareholders Adj 86 98 110
Net Adj margin (%) 24,2 27 26,7
SEKm 2019 2020e 2021e
EBITDA 126 133 150
Net financial items -2 -1 -1
Paid tax -14 -28 -31
Non-cash items -15 0 0
Cash flow before change in WC 96 104 117
Change in WC 13 -1 -11
Operating cash flow 109 103 106
CAPEX tangible fixed assets -9 -6 -6
CAPEX intangible fixed assets -14 -11 -8
Acquisitions and disposals 5 0 0
Free cash flow 91 86 92
Dividend paid -51 -101 -72
Share issues and buybacks 0 0 0
Other non cash items -2 0 0
Decrease in net IB debt 40 -16 20
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 55 62 67
Tangible fixed assets 45 49 52
Other fixed assets 2 2 2
Fixed assets 102 113 120
Inventories 76 76 87
Receivables 76 76 86
Other current assets 0 0 0
Cash and liquid assets 110 94 114
Total assets 363 360 407
Shareholders equity 240 237 275
Minority 0 0 0
Total equity 240 237 275
Long-term debt 33 33 33
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 8 8 8
Short-term debt 0 0 0
Accounts payable 82 82 91
Other current liabilities 0 0 0
Total liabilities and equity 262 319 363
Net IB debt -78 -62 -81
Net IB debt excl. pension debt -78 -62 -81
Capital invested 171 184 202
Working capital 70 71 82
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2215 3132 3132
Net IB debt Adj -78 -62 -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 2138 3070 3051
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 104,1 100,7 107,7
Capital invested turnover (%) 209,3 205,1 214
Capital employed turnover (%) 141,3 134,2 143,1
Inventories / sales (%) 22 20,9 19,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 22,5 20,9
Working capital / sales (%) 21,4 19,3 18,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -32,3 -26,1 -29,6
Net debt / market cap (%) -3,9 -2 -2,6
Equity ratio (%) 66,2 65,9 67,6
Net IB debt adj. / equity (%) -32,3 -26,1 -29,6
Current ratio (%) 319,4 301,8 315,8
EBITDA / net interest (%) 7890,6 26504,4 14962,7
Net IB debt / EBITDA (%) -61,4 -46,6 -54,4
Interest cover (%) 7468,8 25304,4 14262,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 7,39 7,85 8,82
Dividend per share Adj 8,1 5,8 6,4
EPS Adj 6,84 7,85 8,82
BVPS 19,17 18,92 21,98
BVPS Adj 14,82 13,95 16,66
Net IB debt / share -6,2 -4,9 -6,5
Share price 158,02 250 250
Market cap. (m) 1980 3132 3132
Valuation 2019 2020 2021
P/E 23,9 31,9 28,4
EV/sales 6,02 8,44 7,38
EV/EBITDA 16,9 23,2 20,4
EV/EBITA 17,9 24,3 21,4
EV/EBIT 17,9 24,3 21,4
Dividend yield (%) 4,6 2,3 2,6
FCF yield (%) 4,1 2,7 2,9
P/BVPS 9,22 13,22 11,37
P/BVPS Adj 11,93 17,92 15
P/E Adj 25,8 31,9 28,4
EV/EBITDA Adj 17,9 23,2 20,4
EV/EBITA Adj 19 24,3 21,4
EV/EBIT Adj 19 24,3 21,4
EV/cap. employed 7,8 11,4 9,9
Investment ratios 2019 2020 2021
Capex / sales 6,3 4,7 3,5
Capex / depreciation 330,4 285 206,6
Capex tangibles / tangible fixed assets 18,8 12,7 12
Capex intangibles / definite intangibles 25,3 17,6 12,4
Depreciation on intangibles / definite intangibles 6,7 5,2 5,7
Depreciation on tangibles / tangibles 6,9 5,7 6,2

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>

28,3

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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22,2

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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7,7

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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11,8