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Doro

Financials

SEKm 2018 2019e 2020e
Sales 1906 2010 2035
Sales growth (%) -0,9 5,4 1,2
EBITDA 194 174 221
EBITDA margin (%) 10,2 8,7 10,8
EBIT adj 136 111 128
EBIT adj margin (%) 7,1 5,5 6,3
Pretax profit 123 102 123
EPS rep 3,85 3,32 4
EPS growth (%) 34,3 -13,8 20,5
EPS adj 4,41 3,49 4
DPS 0 1 1,25
EV/EBITDA (x) 5 5,1 3,7
EV/EBIT adj (x) 7,1 8 6,3
P/E (x) 8,9 10,1 8,4
P/E adj (x) 7,7 9,6 8,4
EV/sales (x) 0,5 0,4 0,4
FCF yield (%) 1,5 12,2 12,7
Dividend yield (%) 0 3 3,7
Net IB debt/EBITDA 0,8 0,5 0,1
SEKm 2018 2019e 2020e
Sales 1906 2010 2035
COGS -1269 -1383 -1373
Gross profit 637 627 662
Other operating items -443 -453 -442
EBITDA 194 174 221
Depreciation on tangibles -12 -20 -28
Depreciation on intangibles -60 -47 -65
EBITA 122 107 128
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 107 128
Other financial items 0 0 0
Net financial items 1 -4 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 102 123
Tax -32 -24 -28
Net profit 92 79 95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 79 95
EPS 3,85 3,32 4
EPS Adj 4,41 3,49 4
Total extraordinary items after tax -13,4 -4 0
Tax rate (%) -25,6 -23,2 -23
Gross margin (%) 33,4 31,2 32,5
EBITDA margin (%) 10,2 8,7 10,8
EBITA margin (%) 6,4 5,3 6,3
EBIT margin (%) 6,4 5,3 6,3
Pretax margin (%) 6,5 5,1 6
Net margin (%) 4,8 3,9 4,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 5,4 1,2
EBITDA growth (%) 24,3 -10,4 26,8
EBIT growth (%) 31,4 -12,9 19,9
Net profit growth (%) 35,4 -14,2 20,5
EPS growth (%) 34,3 -13,8 20,5
Profitability 2018 2019 2020
ROE (%) 14,4 10,7 11,6
ROE Adj (%) 16,6 11,3 11,6
ROCE (%) 14,3 10,3 11,2
ROCE Adj(%) 15,9 10,7 11,2
ROIC (%) 12 9,6 11,3
ROIC Adj (%) 13,3 9,9 11,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 178 221
EBITDA Adj margin (%) 10,9 8,9 10,8
EBITA Adj 136 111 128
EBITA Adj margin (%) 7,1 5,5 6,3
EBIT Adj 136 111 128
EBIT Adj margin (%) 7,1 5,5 6,3
Pretax profit Adj 136 106 123
Net profit Adj 105 83 95
Net profit to shareholders Adj 105 83 95
Net Adj margin (%) 5,5 4,1 4,7
SEKm 2018 2019e 2020e
EBITDA 194 174 221
Net financial items 1 -4 -5
Paid tax -32 -24 -28
Non-cash items 0 0 0
Cash flow before change in WC 163 146 188
Change in WC 18 39 3
Operating cash flow 222 186 191
CAPEX tangible fixed assets -30 -27 -27
CAPEX intangible fixed assets -70 -62 -63
Acquisitions and disposals -111 0 0
Free cash flow 12 97 101
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -42 0
Decrease in net IB debt -47 55 77
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 466 466 466
Indefinite intangible assets 0 0 0
Definite intangible assets 146 157 154
Tangible fixed assets 41 114 113
Other fixed assets 14 12 12
Fixed assets 667 749 745
Inventories 264 268 261
Receivables 399 406 403
Other current assets 0 0 0
Cash and liquid assets 134 229 306
Total assets 1464 1652 1715
Shareholders equity 684 781 852
Minority 0 0 0
Total equity 684 781 852
Long-term debt 284 324 324
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 496 547 539
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 95 18
Net IB debt excl. pension debt 150 95 18
Capital invested 834 876 870
Working capital 166 128 125
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 793 793
Net IB debt Adj 150 95 18
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 962 888 811
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 129 120,9
Capital invested turnover (%) 250,8 235,1 233,1
Capital employed turnover (%) 222,8 194 178,5
Inventories / sales (%) 12,1 13,2 13
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 25,9 26,7
Working capital / sales (%) 9,2 7,3 6,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 12,2 2,1
Net debt / market cap (%) 15,4 12 2,2
Equity ratio (%) 46,7 47,3 49,7
Net IB debt adj. / equity (%) 21,9 12,2 2,1
Current ratio (%) 160,5 165,1 179,8
EBITDA / net interest (%) -27742,9 4049,5 4546,9
Net IB debt / EBITDA (%) 77,2 54,6 8
Interest cover (%) -17471,4 2479,3 2631,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,32 4
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 3,49 4
BVPS 28,77 33 36
BVPS Adj 3 6,7 9,8
Net IB debt / share 6,3 4 0,7
Share price 40,88 33,5 33,5
Market cap. (m) 972 793 793
Valuation 2018 2019 2020
P/E 8,9 10,1 8,4
EV/sales 0,5 0,44 0,4
EV/EBITDA 5 5,1 3,7
EV/EBITA 7,9 8,3 6,3
EV/EBIT 7,9 8,3 6,3
Dividend yield (%) 0 3 3,7
FCF yield (%) 1,5 12,2 12,7
P/BVPS 1,19 1,02 0,93
P/BVPS Adj 11,37 5 3,42
P/E Adj 7,7 9,6 8,4
EV/EBITDA Adj 4,6 5 3,7
EV/EBITA Adj 7,1 8 6,3
EV/EBIT Adj 7,1 8 6,3
EV/cap. employed 1 0,8 0,7
Investment ratios 2018 2019 2020
Capex / sales 5,2 4,4 4,4
Capex / depreciation 138,1 131,2 96,3
Capex tangibles / tangible fixed assets 72,5 23,3 23,8
Capex intangibles / definite intangibles 47,5 39,5 40,6
Depreciation on intangibles / definite intangibles 40,6 30,2 42,2
Depreciation on tangibles / tangibles 30,2 17,8 24,7

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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