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DistIT

DistIT

SEKm 2019 2020e 2021e
Sales 2330 2174 2430
Sales growth (%) 2,6 -6,7 11,8
EBITDA 75 72 123
EBITDA margin (%) 3,2 3,3 5,1
EBIT adj 73 58 110
EBIT adj margin (%) 3,1 2,7 4,5
Pretax profit 4 43 100
EPS rep 3,18 2,53 6,14
EPS growth (%) -4 -20,2 142,1
EPS adj 4,15 2,53 6,14
DPS 0 1,25 1,25
EV/EBITDA (x) 10,2 8,8 4,8
EV/EBIT adj (x) 10,4 11 5,4
P/E (x) 13,1 13,7 5,6
P/E adj (x) 10 13,7 5,6
EV/sales (x) 0,3 0,3 0,2
FCF yield (%) 6,1 9,9 11,9
Dividend yield (%) 0 3,6 3,6
Net IB debt/EBITDA 3,1 2,8 1,2
SEKm 2019 2020e 2021e
Sales 2330 2174 2430
COGS -1823 -1721 -1917
Gross profit 507 452 513
Other operating items -433 -380 -390
EBITDA 75 72 123
Depreciation on tangibles -58 -14 -13
Depreciation on intangibles 0 0 0
EBITA 16 58 110
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 58 110
Other financial items 0 0 0
Net financial items -12 -16 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 4 43 100
Tax -7 -9 -22
Net profit -3 33 78
Minority interest -3 -2 -3
Net profit discontinued 45 0 0
Net profit to shareholders 39 31 75
EPS 3,18 2,53 6,14
EPS Adj 4,15 2,53 6,14
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -167,5 -22 -22
Gross margin (%) 21,8 20,8 21,1
EBITDA margin (%) 3,2 3,3 5,1
EBITA margin (%) 0,7 2,7 4,5
EBIT margin (%) 0,7 2,7 4,5
Pretax margin (%) 0,2 2 4,1
Net margin (%) -0,1 1,5 3,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 -6,7 11,8
EBITDA growth (%) -11 -2,9 69,5
EBIT growth (%) -77,7 259,2 88,9
Net profit growth (%) -106,1 1330,7 134,5
EPS growth (%) -4 -20,2 142,1
Profitability 2019 2020 2021
ROE (%) 10,3 7,5 16,3
ROE Adj (%) 13,4 7,5 16,3
ROCE (%) 3,1 8,7 15,3
ROCE Adj(%) 11 8,7 15,3
ROIC (%) -1,7 7 13,2
ROIC Adj (%) -7,8 7 13,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 131 72 123
EBITDA Adj margin (%) 5,6 3,3 5,1
EBITA Adj 73 58 110
EBITA Adj margin (%) 3,1 2,7 4,5
EBIT Adj 73 58 110
EBIT Adj margin (%) 3,1 2,7 4,5
Pretax profit Adj 61 43 100
Net profit Adj 54 33 78
Net profit to shareholders Adj 51 31 75
Net Adj margin (%) 2,3 1,5 3,2
SEKm 2019 2020e 2021e
EBITDA 75 72 123
Net financial items -12 -16 -10
Paid tax -7 -9 -22
Non-cash items 0 0 0
Cash flow before change in WC 56 47 91
Change in WC -55 11 -6
Operating cash flow -10 71 87
CAPEX tangible fixed assets -18 -29 -36
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 58 0 0
Free cash flow 31 42 51
Dividend paid -12 0 -15
Share issues and buybacks 0 0 0
Other non cash items -28 4 -3
Decrease in net IB debt -1 34 48
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 90 92 92
Indefinite intangible assets 24 26 26
Definite intangible assets 0 0 0
Tangible fixed assets 6 9 15
Other fixed assets 10 10 10
Fixed assets 172 178 184
Inventories 432 413 449
Receivables 413 413 437
Other current assets 49 51 57
Cash and liquid assets 11 43 91
Total assets 1077 1098 1219
Shareholders equity 395 432 492
Minority 12 11 11
Total equity 408 443 503
Long-term debt 204 203 203
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 0 0
Short-term debt 0 0 0
Accounts payable 283 283 328
Other current liabilities 133 128 143
Total liabilities and equity 1077 1098 1219
Net IB debt 235 201 153
Net IB debt excl. pension debt 235 201 153
Capital invested 650 644 656
Working capital 478 466 473
EV breakdown 2019 2020 2021
Market cap. diluted (m) 510 425 425
Net IB debt Adj 235 201 153
Market value of minority 15 14 14
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 759 640 592
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 192,4 199,9 209,7
Capital invested turnover (%) 368 336 373,6
Capital employed turnover (%) 323,9 324,3 338,6
Inventories / sales (%) 19,7 19,4 17,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 13 12,6
Working capital / sales (%) 19,3 21,7 19,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,6 45,3 30,4
Net debt / market cap (%) 46,5 47,3 36
Equity ratio (%) 37,9 40,4 41,3
Net IB debt adj. / equity (%) 57,6 45,3 30,4
Current ratio (%) 217,3 224,1 219,6
EBITDA / net interest (%) 611,5 464,2 1227,1
Net IB debt / EBITDA (%) 314,6 277,5 124,8
Interest cover (%) 121,5 373 1099,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,18 2,53 6,14
Dividend per share Adj 0 1,3 1,3
EPS Adj 4,15 2,53 6,14
BVPS 32,19 35,16 40,05
BVPS Adj 24,88 27,66 32,55
Net IB debt / share 19,1 16,4 12,5
Share price 41,06 34,6 34,6
Market cap. (m) 504 425 425
Valuation 2019 2020 2021
P/E 13,1 13,7 5,6
EV/sales 0,33 0,29 0,24
EV/EBITDA 10,2 8,8 4,8
EV/EBITA 46,8 11 5,4
EV/EBIT 46,8 11 5,4
Dividend yield (%) 0 3,6 3,6
FCF yield (%) 6,1 9,9 11,9
P/BVPS 1,29 0,98 0,86
P/BVPS Adj 1,67 1,25 1,06
P/E Adj 10 13,7 5,6
EV/EBITDA Adj 5,8 8,8 4,8
EV/EBITA Adj 10,4 11 5,4
EV/EBIT Adj 10,4 11 5,4
EV/cap. employed 1,2 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 0,8 1,3 1,5
Capex / depreciation 30,1 203,2 284,7
Capex tangibles / tangible fixed assets 283,5 317,8 242,9
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 941,9 156,4 85,3

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>

5,6

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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5,2

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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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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0,8