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DistIT

DistIT

SEKm 2019 2020e 2021e
Sales 2379 2480 2560
Sales growth (%) 4,7 4,2 3,2
EBITDA 64 121 131
EBITDA margin (%) 2,7 4,9 5,1
EBIT adj 70 109 119
EBIT adj margin (%) 2,9 4,4 4,7
Pretax profit 3 100 111
EPS rep 2,87 6,08 6,73
EPS growth (%) -12,2 111,7 10,6
EPS adj 3,85 6,08 6,73
DPS 2 2,15 2,15
EV/EBITDA (x) 11,2 5,7 5
EV/EBIT adj (x) 10,3 6,3 5,5
P/E (x) 13,7 6,5 5,9
P/E adj (x) 10,2 6,5 5,9
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) -0,7 12,7 13,2
Dividend yield (%) 5,1 5,5 5,5
Net IB debt/EBITDA 3,3 1,4 1
SEKm 2019 2020e 2021e
Sales 2379 2480 2560
COGS -1872 -1931 -1987
Gross profit 507 549 573
Other operating items -443 -427 -442
EBITDA 64 121 131
Depreciation on tangibles -51 -12 -12
Depreciation on intangibles 0 0 0
EBITA 13 109 119
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 13 109 119
Other financial items 0 0 0
Net financial items -11 -9 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 100 111
Tax -10 -22 -24
Net profit -7 78 87
Minority interest -2 -4 -4
Net profit discontinued 45 0 0
Net profit to shareholders 35 75 83
EPS 2,87 6,08 6,73
EPS Adj 3,85 6,08 6,73
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -378,6 -22 -22
Gross margin (%) 21,3 22,1 22,4
EBITDA margin (%) 2,7 4,9 5,1
EBITA margin (%) 0,6 4,4 4,7
EBIT margin (%) 0,6 4,4 4,7
Pretax margin (%) 0,1 4 4,3
Net margin (%) -0,3 3,2 3,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,7 4,2 3,2
EBITDA growth (%) -22,8 88,1 8,3
EBIT growth (%) -81,6 722,5 9,2
Net profit growth (%) -116 1213,9 10,5
EPS growth (%) -12,2 111,7 10,6
Profitability 2019 2020 2021
ROE (%) 9,6 18,4 18,1
ROE Adj (%) 12,8 18,4 18,1
ROCE (%) 1,7 14,1 14,8
ROCE Adj(%) 9 14,1 14,8
ROIC (%) -6,1 13,7 14,6
ROIC Adj (%) -31,8 13,7 14,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 121 121 131
EBITDA Adj margin (%) 5,1 4,9 5,1
EBITA Adj 70 109 119
EBITA Adj margin (%) 2,9 4,4 4,7
EBIT Adj 70 109 119
EBIT Adj margin (%) 2,9 4,4 4,7
Pretax profit Adj 59 100 111
Net profit Adj 49 78 87
Net profit to shareholders Adj 47 75 83
Net Adj margin (%) 2,1 3,2 3,4
SEKm 2019 2020e 2021e
EBITDA 64 121 131
Net financial items -11 -9 -8
Paid tax -10 -22 -24
Non-cash items 0 0 0
Cash flow before change in WC 44 90 99
Change in WC -21 -13 -18
Operating cash flow 21 74 77
CAPEX tangible fixed assets -25 -12 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -4 61 64
Dividend paid -12 -25 -26
Share issues and buybacks 0 0 0
Other non cash items 13 -40 24
Decrease in net IB debt 23 37 38
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 118 119 119
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 50 50 51
Other fixed assets 11 11 11
Fixed assets 179 180 181
Inventories 503 528 551
Receivables 430 466 479
Other current assets 68 35 36
Cash and liquid assets 145 162 180
Total assets 1326 1370 1426
Shareholders equity 383 429 481
Minority 22 26 30
Total equity 405 455 511
Long-term debt 355 335 315
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 408 382 425
Other current liabilities 159 198 174
Total liabilities and equity 1109 1345 1326
Net IB debt 210 173 136
Net IB debt excl. pension debt 210 173 136
Capital invested 615 628 647
Working capital 435 448 466
EV breakdown 2019 2020 2021
Market cap. diluted (m) 484 484 484
Net IB debt Adj 210 173 136
Market value of minority 27 31 36
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 720 688 655
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 178,1 183,9 183,1
Capital invested turnover (%) 389,1 399 401,6
Capital employed turnover (%) 307,8 319,9 316,7
Inventories / sales (%) 20,8 20,8 21,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,5 15,9 15,8
Working capital / sales (%) 17,8 17,8 17,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 51,8 38 26,5
Net debt / market cap (%) 41,6 35,8 28
Equity ratio (%) 30,5 33,2 35,9
Net IB debt adj. / equity (%) 51,8 38 26,5
Current ratio (%) 202,6 205,2 207,8
EBITDA / net interest (%) 599,1 1366 1567,5
Net IB debt / EBITDA (%) 325,5 142,7 103,2
Interest cover (%) 123,4 1230,8 1424,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 2,87 6,08 6,73
Dividend per share Adj 2 2,1 2,1
EPS Adj 3,85 6,08 6,73
BVPS 31,17 34,95 39,21
BVPS Adj 21,52 25,28 29,49
Net IB debt / share 17,1 14,1 11
Share price 41,06 39,4 39,4
Market cap. (m) 504 484 484
Valuation 2019 2020 2021
P/E 13,7 6,5 5,9
EV/sales 0,3 0,28 0,26
EV/EBITDA 11,2 5,7 5
EV/EBITA 54,2 6,3 5,5
EV/EBIT 54,2 6,3 5,5
Dividend yield (%) 5,1 5,5 5,5
FCF yield (%) -0,7 12,7 13,2
P/BVPS 1,26 1,13 1
P/BVPS Adj 1,83 1,56 1,34
P/E Adj 10,2 6,5 5,9
EV/EBITDA Adj 6 5,7 5
EV/EBITA Adj 10,3 6,3 5,5
EV/EBIT Adj 10,3 6,3 5,5
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 1 0,5 0,5
Capex / depreciation 48,8 103,3 106,7
Capex tangibles / tangible fixed assets 49,6 24,6 25,3
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 101,6 23,8 23,7

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>

5,9

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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5,1

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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0,2

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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1,0