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CTT Systems

CTT Systems

SEKm 2020 2021e 2022e
Sales 203 279 378
Sales growth (%) -42,8 37,2 35,6
EBITDA 51 90 140
EBITDA margin (%) 25,1 32,1 37
EBIT adj 41 82 132
EBIT adj margin (%) 20 29,4 34,9
Pretax profit 42 81 131
EPS rep 2,64 5,04 8,11
EPS growth (%) -64,2 90,9 60,7
EPS adj 2,37 5,04 8,11
DPS 1,85 3,53 5,67
EV/EBITDA (x) 39,6 22 13,9
EV/EBIT adj (x) 49,7 24 14,7
P/E (x) 61,6 32,3 20,1
P/E adj (x) 68,7 32,3 20,1
EV/sales (x) 9,9 7,1 5,1
FCF yield (%) -0,2 3,4 3,6
Dividend yield (%) 1,1 2,2 3,5
Net IB debt/EBITDA -0,4 -0,8 -0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 203 279 378
COGS 0 0 0
Gross profit 203 279 378
Other operating items -152 -189 -238
EBITDA 51 90 140
Depreciation on tangibles -5 -3 -4
Depreciation on intangibles -2 -4 -4
EBITA 44 82 132
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 44 82 132
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 42 81 131
Tax -9 -18 -29
Net profit 33 63 102
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 63 102
EPS 2,64 5,04 8,11
EPS Adj 2,37 5,04 8,11
Total extraordinary items after tax 3,4 0 0
Tax rate (%) -21,6 -22 -22,3
Gross margin (%) 100 100 100
EBITDA margin (%) 25,1 32,1 37
EBITA margin (%) 21,7 29,4 34,9
EBIT margin (%) 21,7 29,4 34,9
Pretax margin (%) 20,8 29,1 34,6
Net margin (%) 16,3 22,7 26,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -42,8 37,2 35,6
EBITDA growth (%) -59,7 75,8 56,1
EBIT growth (%) -63,2 86,6 60,6
Net profit growth (%) -64,2 90,9 60,7
EPS growth (%) -64,2 90,9 60,7
Profitability 2020 2021 2022
ROE (%) 14,3 26 34,9
ROE Adj (%) 12,8 26 34,9
ROCE (%) 16,7 29,8 40,7
ROCE Adj(%) 15,4 29,8 40,7
ROIC (%) 18,2 31,1 47,3
ROIC Adj (%) 16,8 31,1 47,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 48 90 140
EBITDA Adj margin (%) 23,4 32,1 37
EBITA Adj 41 82 132
EBITA Adj margin (%) 20 29,4 34,9
EBIT Adj 41 82 132
EBIT Adj margin (%) 20 29,4 34,9
Pretax profit Adj 39 81 131
Net profit Adj 30 63 102
Net profit to shareholders Adj 30 63 102
Net Adj margin (%) 14,6 22,7 26,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 51 90 140
Net financial items -2 -1 -1
Paid tax -9 -18 -29
Non-cash items 0 0 0
Cash flow before change in WC 40 71 110
Change in WC -14 15 -19
Operating cash flow 26 86 91
CAPEX tangible fixed assets -12 -6 -6
CAPEX intangible fixed assets -18 -11 -11
Acquisitions and disposals 0 0 0
Free cash flow -4 69 74
Dividend paid -51 -23 -44
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -55 46 30
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 70 77 85
Tangible fixed assets 53 55 57
Other fixed assets 2 2 2
Fixed assets 125 134 143
Inventories 67 70 91
Receivables 61 61 81
Other current assets 0 0 0
Cash and liquid assets 55 101 131
Total assets 308 366 446
Shareholders equity 223 263 320
Minority 0 0 0
Total equity 223 263 320
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 45 63 85
Other current liabilities 0 0 0
Total liabilities and equity 308 366 446
Net IB debt -23 -68 -98
Net IB debt excl. pension debt -23 -68 -98
Capital invested 208 203 230
Working capital 83 68 87
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2040 2040 2040
Net IB debt Adj -23 -68 -98
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 2017 1971 1942
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 60,5 82,6 93
Capital invested turnover (%) 107 135,6 174,6
Capital employed turnover (%) 76,9 101,3 116,7
Inventories / sales (%) 35,1 24,5 21,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,1 19,3 19,5
Working capital / sales (%) 37,6 27,2 20,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -10,2 -26,1 -30,7
Net debt / market cap (%) -1,2 -3,4 -4,8
Equity ratio (%) 72,2 71,7 71,8
Net IB debt adj. / equity (%) -10,2 -26,1 -30,7
Current ratio (%) 409,8 370 355,9
EBITDA / net interest (%) 2908,9 8951,2 13969,8
Net IB debt / EBITDA (%) -44,5 -76,5 -70,2
Interest cover (%) 2511,8 8201,2 13169,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 2,64 5,04 8,11
Dividend per share Adj 1,8 3,5 5,7
EPS Adj 2,37 5,04 8,11
BVPS 17,76 20,96 25,53
BVPS Adj 12,15 14,77 18,79
Net IB debt / share -1,8 -5,5 -7,8
Share price 154,37 162,8 162,8
Market cap. (m) 1934 2040 2040
Valuation 2020 2021 2022
P/E 61,6 32,3 20,1
EV/sales 9,94 7,08 5,14
EV/EBITDA 39,6 22 13,9
EV/EBITA 45,9 24 14,7
EV/EBIT 45,9 24 14,7
Dividend yield (%) 1,1 2,2 3,5
FCF yield (%) -0,2 3,4 3,6
P/BVPS 9,16 7,77 6,38
P/BVPS Adj 13,4 11,02 8,67
P/E Adj 68,7 32,3 20,1
EV/EBITDA Adj 42,5 22 13,9
EV/EBITA Adj 49,7 24 14,7
EV/EBIT Adj 49,7 24 14,7
EV/cap. employed 7,9 6,7 5,5
Investment ratios 2020 2021 2022
Capex / sales 15 6 4,5
Capex / depreciation 438,1 222,8 212,5
Capex tangibles / tangible fixed assets 23,1 10,1 10
Capex intangibles / definite intangibles 25,9 14,4 13,4
Depreciation on intangibles / definite intangibles 3,4 5,2 5,1
Depreciation on tangibles / tangibles 8,7 6,3 6,5
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.

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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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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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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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