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DistIT

SEKm 2018 2019e 2020e
Sales 2272 2417 2499
Sales growth (%) 27,6 6,4 3,4
EBITDA 84 112 118
EBITDA margin (%) 3,7 4,6 4,7
EBIT adj 86 100 106
EBIT adj margin (%) 3,8 4,1 4,2
Pretax profit 56 87 96
EPS rep 3,27 5,31 5,76
EPS growth (%) -90,6 62,2 8,5
EPS adj 4,4 5,31 5,76
DPS 1 2 2,15
EV/EBITDA (x) 8,4 6,8 6,3
EV/EBIT adj (x) 8,2 7,7 7
P/E (x) 11,1 8,3 7,6
P/E adj (x) 8,3 8,3 7,6
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 0,5 9,1 8,9
Dividend yield (%) 2,7 4,6 4,9
Net IB debt/EBITDA 2,8 1,8 1,5
SEKm 2018 2019e 2020e
Sales 2272 2417 2499
COGS -1779 -1891 -1951
Gross profit 493 527 548
Other operating items -410 -415 -430
EBITDA 84 112 118
Depreciation on tangibles -11 -12 -12
Depreciation on intangibles 0 0 0
EBITA 72 100 106
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 72 100 106
Other financial items 0 0 0
Net financial items -16 -12 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 56 87 96
Tax -12 -19 -21
Net profit 44 68 75
Minority interest -4 -3 -4
Net profit discontinued 0 0 0
Net profit to shareholders 40 65 71
EPS 3,27 5,31 5,76
EPS Adj 4,4 5,31 5,76
Total extraordinary items after tax -13,8 0 0
Tax rate (%) -21,6 -22 -22
Gross margin (%) 21,7 21,8 21,9
EBITDA margin (%) 3,7 4,6 4,7
EBITA margin (%) 3,2 4,1 4,2
EBIT margin (%) 3,2 4,1 4,2
Pretax margin (%) 2,5 3,6 3,8
Net margin (%) 1,9 2,8 3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,6 6,4 3,4
EBITDA growth (%) 17,3 33,9 5,6
EBIT growth (%) 22,2 38,1 6,4
Net profit growth (%) 6,3 55,2 9,6
EPS growth (%) -90,6 62,2 8,5
Profitability 2018 2019 2020
ROE (%) 11,6 17,2 16,6
ROE Adj (%) 15,6 17,2 16,6
ROCE (%) 12,1 16,2 16,7
ROCE Adj(%) 14,4 16,2 16,7
ROIC (%) 9,7 12,8 13,2
ROIC Adj (%) 11,5 12,8 13,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 97 112 118
EBITDA Adj margin (%) 4,3 4,6 4,7
EBITA Adj 86 100 106
EBITA Adj margin (%) 3,8 4,1 4,2
EBIT Adj 86 100 106
EBIT Adj margin (%) 3,8 4,1 4,2
Pretax profit Adj 70 87 96
Net profit Adj 58 68 75
Net profit to shareholders Adj 54 65 71
Net Adj margin (%) 2,5 2,8 3
SEKm 2018 2019e 2020e
EBITDA 84 112 118
Net financial items -16 -12 -10
Paid tax -12 -19 -21
Non-cash items 0 0 0
Cash flow before change in WC 55 80 87
Change in WC -14 -16 -22
Operating cash flow 70 61 61
CAPEX tangible fixed assets -9 -12 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -59 0 0
Free cash flow 2 49 48
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Other non cash items -8 0 0
Decrease in net IB debt -5 37 24
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 135 135 135
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 49 49 49
Other fixed assets 10 10 10
Fixed assets 194 194 195
Inventories 488 497 532
Receivables 486 492 505
Other current assets 0 0 0
Cash and liquid assets 178 215 218
Total assets 1345 1398 1450
Shareholders equity 355 405 447
Minority 20 23 27
Total equity 375 428 474
Long-term debt 411 411 391
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 559 559 585
Other current liabilities 0 0 0
Total liabilities and equity 1010 1109 1345
Net IB debt 233 196 173
Net IB debt excl. pension debt 233 196 173
Capital invested 598 614 636
Working capital 414 430 452
EV breakdown 2018 2019 2020
Market cap. diluted (m) 447 539 539
Net IB debt Adj 233 196 173
Market value of minority 24 28 32
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 704 763 744
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,1 176,3 175,5
Capital invested turnover (%) 387,9 399,1 400
Capital employed turnover (%) 381,7 392,4 393,4
Inventories / sales (%) 19,6 20,4 20,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,2 23,1 22,9
Working capital / sales (%) 17,9 17,4 17,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 62,2 45,9 36,4
Net debt / market cap (%) 48,7 36,4 32
Equity ratio (%) 27,9 30,6 32,7
Net IB debt adj. / equity (%) 62,2 45,9 36,4
Current ratio (%) 205,8 215,3 214,6
EBITDA / net interest (%) 515,4 906,5 1148,4
Net IB debt / EBITDA (%) 279,4 175,6 146,3
Interest cover (%) 445,7 808,3 1031,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,27 5,31 5,76
Dividend per share Adj 1 2 2,1
EPS Adj 4,4 5,31 5,76
BVPS 28,89 32,96 36,4
BVPS Adj 17,89 21,96 25,37
Net IB debt / share 19 16 14,1
Share price 39,02 43,9 43,9
Market cap. (m) 479 539 539
Valuation 2018 2019 2020
P/E 11,1 8,3 7,6
EV/sales 0,31 0,32 0,3
EV/EBITDA 8,4 6,8 6,3
EV/EBITA 9,8 7,7 7
EV/EBIT 9,8 7,7 7
Dividend yield (%) 2,7 4,6 4,9
FCF yield (%) 0,5 9,1 8,9
P/BVPS 1,26 1,33 1,21
P/BVPS Adj 2,03 2 1,73
P/E Adj 8,3 8,3 7,6
EV/EBITDA Adj 7,2 6,8 6,3
EV/EBITA Adj 8,2 7,7 7
EV/EBIT Adj 8,2 7,7 7
EV/cap. employed 1,2 1,2 1,2
Investment ratios 2018 2019 2020
Capex / sales 0,4 0,5 0,5
Capex / depreciation 82,3 99,9 104,1
Capex tangibles / tangible fixed assets 19,1 24,8 25,5
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 23,2 24,8 24,5

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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