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CTT Systems

SEKm 2018 2019e 2020e
Sales 315 351 349
Sales growth (%) 15,4 11,2 -0,5
EBITDA 96 110 114
EBITDA margin (%) 30,5 31,4 32,6
EBIT adj 92 103 106
EBIT adj margin (%) 29,3 29,3 30,5
Pretax profit 89 102 105
EPS rep 5,56 6,36 6,54
EPS growth (%) 46,5 14,4 2,8
EPS adj 5,74 6,36 6,54
DPS 4,05 4,4 4,65
EV/EBITDA (x) 15,7 20 19,2
EV/EBIT adj (x) 16,3 21,4 20,5
P/E (x) 22,2 28,1 27,4
P/E adj (x) 21,4 28,1 27,4
EV/sales (x) 4,8 6,3 6,3
FCF yield (%) 2,4 2,6 3,2
Dividend yield (%) 3,3 2,5 2,6
Net IB debt/EBITDA -0,4 -0,4 -0,5
SEKm 2018 2019e 2020e
Sales 315 351 349
COGS 0 0 0
Gross profit 315 351 349
Other operating items -219 -241 -235
EBITDA 96 110 114
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -3 -4 -4
EBITA 90 103 106
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 90 103 106
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 89 102 105
Tax -20 -22 -23
Net profit 70 80 82
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 70 80 82
EPS 5,56 6,36 6,54
EPS Adj 5,74 6,36 6,54
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -22,1 -21,9 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 30,5 31,4 32,6
EBITA margin (%) 28,6 29,3 30,5
EBIT margin (%) 28,6 29,3 30,5
Pretax margin (%) 28,4 29,1 30,1
Net margin (%) 22,1 22,7 23,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,4 11,2 -0,5
EBITDA growth (%) 46,8 14,3 3,5
EBIT growth (%) 55,6 14,1 3,4
Net profit growth (%) 46,5 14,4 2,8
EPS growth (%) 46,5 14,4 2,8
Profitability 2018 2019 2020
ROE (%) 38,6 37,5 34,1
ROE Adj (%) 39,8 37,5 34,1
ROCE (%) 42,8 42,1 39,1
ROCE Adj(%) 43,9 42,1 39,1
ROIC (%) 46,3 45,1 42,8
ROIC Adj (%) 47,5 45,1 42,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 99 110 114
EBITDA Adj margin (%) 31,2 31,4 32,6
EBITA Adj 92 103 106
EBITA Adj margin (%) 29,3 29,3 30,5
EBIT Adj 92 103 106
EBIT Adj margin (%) 29,3 29,3 30,5
Pretax profit Adj 92 102 105
Net profit Adj 72 80 82
Net profit to shareholders Adj 72 80 82
Net Adj margin (%) 22,8 22,7 23,5
SEKm 2018 2019e 2020e
EBITDA 96 110 114
Net financial items -1 -1 -1
Paid tax -20 -22 -23
Non-cash items 3 0 0
Cash flow before change in WC 79 87 89
Change in WC -18 -5 -2
Operating cash flow 61 82 88
CAPEX tangible fixed assets -5 -6 -6
CAPEX intangible fixed assets -20 -18 -10
Acquisitions and disposals 0 0 0
Free cash flow 37 59 71
Dividend paid -35 -51 -55
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 2 8 16
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 43 57 63
Tangible fixed assets 41 43 45
Other fixed assets 2 2 2
Fixed assets 86 102 110
Inventories 78 90 91
Receivables 87 91 92
Other current assets 0 0 0
Cash and liquid assets 69 77 93
Total assets 319 360 387
Shareholders equity 198 227 254
Minority 0 0 0
Total equity 198 227 254
Long-term debt 31 31 31
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 0 0 0
Accounts payable 83 95 94
Other current liabilities 0 0 0
Total liabilities and equity 245 262 319
Net IB debt -37 -46 -62
Net IB debt excl. pension debt -37 -46 -62
Capital invested 168 189 199
Working capital 82 87 89
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1544 2243 2243
Net IB debt Adj -37 -46 -62
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 1506 2197 2181
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 108,6 103,3 93,4
Capital invested turnover (%) 208 196,7 179,9
Capital employed turnover (%) 149,6 143,7 128,2
Inventories / sales (%) 23 24 26
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 25,3 27,1
Working capital / sales (%) 23,3 24,1 25,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -18,8 -20 -24,4
Net debt / market cap (%) -1,7 -2 -2,8
Equity ratio (%) 62,2 63,1 65,7
Net IB debt adj. / equity (%) -18,8 -20 -24,4
Current ratio (%) 282,9 273,1 293,5
EBITDA / net interest (%) 13750 13752 9484,8
Net IB debt / EBITDA (%) -38,6 -41,4 -54,4
Interest cover (%) 12878,6 12858,3 8859,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 5,56 6,36 6,54
Dividend per share Adj 4 4,4 4,7
EPS Adj 5,74 6,36 6,54
BVPS 15,83 18,14 20,28
BVPS Adj 12,39 13,61 15,24
Net IB debt / share -3 -3,6 -4,9
Share price 170,2 179 179
Market cap. (m) 2133 2243 2243
Valuation 2018 2019 2020
P/E 22,2 28,1 27,4
EV/sales 4,78 6,26 6,25
EV/EBITDA 15,7 20 19,2
EV/EBITA 16,7 21,4 20,5
EV/EBIT 16,7 21,4 20,5
Dividend yield (%) 3,3 2,5 2,6
FCF yield (%) 2,4 2,6 3,2
P/BVPS 7,78 9,87 8,82
P/BVPS Adj 9,95 13,15 11,75
P/E Adj 21,4 28,1 27,4
EV/EBITDA Adj 15,3 20 19,2
EV/EBITA Adj 16,3 21,4 20,5
EV/EBIT Adj 16,3 21,4 20,5
EV/cap. employed 6,6 8,5 7,6
Investment ratios 2018 2019 2020
Capex / sales 7,8 6,6 4,6
Capex / depreciation 404,9 323,7 213,9
Capex tangibles / tangible fixed assets 12,5 13 12,4
Capex intangibles / definite intangibles 45,5 30,9 16,6
Depreciation on intangibles / definite intangibles 7,6 6,8 6,4
Depreciation on tangibles / tangibles 6,9 7,7 7,7

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.

27,4

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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21,4

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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6,5

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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9,2