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Doro

SEKm 2018 2019e 2020e
Sales 1906 2029 2103
Sales growth (%) -0,9 6,4 3,6
EBITDA 194 221 238
EBITDA margin (%) 10,2 10,9 11,3
EBIT adj 136 141 146
EBIT adj margin (%) 7,1 7 7
Pretax profit 123 125 142
EPS rep 3,85 3,99 4,6
EPS growth (%) 34,3 3,7 15,2
EPS adj 4,41 4,48 4,6
DPS 0 1 1,25
EV/EBITDA (x) 5 5,3 4,7
EV/EBIT adj (x) 7,1 8,3 7,6
P/E (x) 8,9 9,8 8,5
P/E adj (x) 7,7 8,7 8,5
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 1,5 -0,8 9,8
Dividend yield (%) 0 2,6 3,2
Net IB debt/EBITDA 0,8 1,1 0,8
SEKm 2018 2019e 2020e
Sales 1906 2029 2103
COGS -1269 -1360 -1401
Gross profit 637 669 702
Other operating items -443 -448 -464
EBITDA 194 221 238
Depreciation on tangibles -12 -14 -14
Depreciation on intangibles -60 -66 -68
EBITA 122 130 146
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 130 146
Other financial items 0 0 0
Net financial items 1 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 125 142
Tax -32 -30 -33
Net profit 92 95 109
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 95 109
EPS 3,85 3,99 4,6
EPS Adj 4,41 4,48 4,6
Total extraordinary items after tax -13,4 -11,7 0
Tax rate (%) -25,6 -24 -23
Gross margin (%) 33,4 33 33,4
EBITDA margin (%) 10,2 10,9 11,3
EBITA margin (%) 6,4 6,4 7
EBIT margin (%) 6,4 6,4 7
Pretax margin (%) 6,5 6,2 6,7
Net margin (%) 4,8 4,7 5,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 6,4 3,6
EBITDA growth (%) 23,5 13,9 7,7
EBIT growth (%) 31,4 6,1 12,7
Net profit growth (%) 35,4 3,6 15,2
EPS growth (%) 34,3 3,7 15,2
Profitability 2018 2019 2020
ROE (%) 14,4 12,8 13
ROE Adj (%) 16,6 14,4 13
ROCE (%) 14,3 12,2 12,2
ROCE Adj(%) 15,9 13,3 12,2
ROIC (%) 12 10,5 10,7
ROIC Adj (%) 13,3 11,5 10,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 233 238
EBITDA Adj margin (%) 10,9 11,5 11,3
EBITA Adj 136 141 146
EBITA Adj margin (%) 7,1 7 7
EBIT Adj 136 141 146
EBIT Adj margin (%) 7,1 7 7
Pretax profit Adj 136 137 142
Net profit Adj 105 107 109
Net profit to shareholders Adj 105 107 109
Net Adj margin (%) 5,5 5,2 5,2
SEKm 2018 2019e 2020e
EBITDA 194 221 238
Net financial items 1 -5 -4
Paid tax -15 -30 -33
Non-cash items -11 -2 0
Cash flow before change in WC 169 184 201
Change in WC 18 -35 -5
Operating cash flow 222 158 196
CAPEX tangible fixed assets -19 -32 -32
CAPEX intangible fixed assets -81 -74 -74
Acquisitions and disposals -111 -60 0
Free cash flow 12 -8 91
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -74 0
Decrease in net IB debt -47 -92 57
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 466 484 484
Indefinite intangible assets 0 0 0
Definite intangible assets 146 207 213
Tangible fixed assets 41 68 85
Other fixed assets 14 13 13
Fixed assets 667 835 858
Inventories 264 318 309
Receivables 399 441 452
Other current assets 0 0 0
Cash and liquid assets 134 116 173
Total assets 1464 1709 1792
Shareholders equity 684 795 880
Minority 0 0 0
Total equity 684 795 880
Long-term debt 284 294 294
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 496 557 555
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 242 184
Net IB debt excl. pension debt 150 242 184
Capital invested 834 1036 1065
Working capital 166 202 207
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 927 927
Net IB debt Adj 150 242 184
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 962 1168 1111
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 127,9 120,1
Capital invested turnover (%) 250,8 217 200,2
Capital employed turnover (%) 222,8 191,4 176
Inventories / sales (%) 12,1 14,3 14,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 26 26,4
Working capital / sales (%) 9,2 9,1 9,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 30,4 20,9
Net debt / market cap (%) 15,4 26,1 19,9
Equity ratio (%) 46,7 46,5 49,1
Net IB debt adj. / equity (%) 21,9 30,4 20,9
Current ratio (%) 160,5 153,4 164,6
EBITDA / net interest (%) -27742,9 4506 5536,9
Net IB debt / EBITDA (%) 77,2 109,2 77,4
Interest cover (%) -17471,4 2642,2 3398,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,99 4,6
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 4,48 4,6
BVPS 28,77 33,44 37,04
BVPS Adj 3 4,36 7,73
Net IB debt / share 6,3 10,2 7,8
Share price 40,88 39 39
Market cap. (m) 972 927 927
Valuation 2018 2019 2020
P/E 8,9 9,8 8,5
EV/sales 0,5 0,58 0,53
EV/EBITDA 5 5,3 4,7
EV/EBITA 7,9 9 7,6
EV/EBIT 7,9 9 7,6
Dividend yield (%) 0 2,6 3,2
FCF yield (%) 1,5 -0,8 9,8
P/BVPS 1,19 1,17 1,05
P/BVPS Adj 11,37 8,95 5,05
P/E Adj 7,7 8,7 8,5
EV/EBITDA Adj 4,6 5 4,7
EV/EBITA Adj 7,1 8,3 7,6
EV/EBIT Adj 7,1 8,3 7,6
EV/cap. employed 1 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 5,2 5,2 5
Capex / depreciation 138,1 133 128,2
Capex tangibles / tangible fixed assets 45,5 47 37
Capex intangibles / definite intangibles 55,1 35,7 34,6
Depreciation on intangibles / definite intangibles 40,6 31,7 32,1
Depreciation on tangibles / tangibles 30,2 20,3 16,2

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>

8,5

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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7,7

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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0,5

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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1,1