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Doro

SEKm 2018 2019e 2020e
Sales 1906 1914 1924
Sales growth (%) -0,9 0,4 0,5
EBITDA 194 228 246
EBITDA margin (%) 10,2 11,9 12,8
EBIT adj 136 127 142
EBIT adj margin (%) 7,1 6,7 7,4
Pretax profit 123 120 134
EPS rep 3,85 3,83 4,28
EPS growth (%) 34,3 -0,6 11,8
EPS adj 4,41 3,83 4,28
DPS 0 1 1,25
EV/EBITDA (x) 4,9 4,4 3,6
EV/EBIT adj (x) 7,1 7,9 6,3
P/E (x) 8,9 9,7 8,7
P/E adj (x) 7,7 9,7 8,7
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 1,5 12,8 14,5
Dividend yield (%) 0 2,7 3,4
Net IB debt/EBITDA 0,8 0,4 0
SEKm 2018 2019e 2020e
Sales 1906 1914 1924
COGS -1269 -1270 -1255
Gross profit 637 643 669
Other operating items -443 -415 -423
EBITDA 194 228 246
Depreciation on tangibles -22 -30 -31
Depreciation on intangibles -50 -70 -73
EBITA 122 127 142
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 122 127 142
Other financial items 0 0 0
Net financial items 1 -7 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 120 134
Tax -32 -28 -31
Net profit 92 93 103
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 92 93 103
EPS 3,85 3,83 4,28
EPS Adj 4,41 3,83 4,28
Total extraordinary items after tax -13,4 0 0
Tax rate (%) -25,6 -23 -23
Gross margin (%) 33,4 33,6 34,8
EBITDA margin (%) 10,2 11,9 12,8
EBITA margin (%) 6,4 6,7 7,4
EBIT margin (%) 6,4 6,7 7,4
Pretax margin (%) 6,5 6,3 7
Net margin (%) 4,8 4,8 5,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,9 0,4 0,5
EBITDA growth (%) 24,4 17,3 7,8
EBIT growth (%) 31,4 4,2 11,1
Net profit growth (%) 35,4 1,2 11,8
EPS growth (%) 34,3 -0,6 11,8
Profitability 2018 2019 2020
ROE (%) 14,4 12,7 12,7
ROE Adj (%) 16,6 12,7 12,7
ROCE (%) 16,1 14,9 16,4
ROCE Adj(%) 17,9 14,9 16,4
ROIC (%) 12,2 12,1 13,9
ROIC Adj (%) 13,6 12,1 13,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 208 228 246
EBITDA Adj margin (%) 10,9 11,9 12,8
EBITA Adj 136 127 142
EBITA Adj margin (%) 7,1 6,7 7,4
EBIT Adj 136 127 142
EBIT Adj margin (%) 7,1 6,7 7,4
Pretax profit Adj 136 120 134
Net profit Adj 105 93 103
Net profit to shareholders Adj 105 93 103
Net Adj margin (%) 5,5 4,8 5,4
SEKm 2018 2019e 2020e
EBITDA 194 228 246
Net financial items 1 -7 -7
Paid tax -32 -28 -31
Non-cash items 0 0 0
Cash flow before change in WC 164 193 207
Change in WC 18 11 10
Operating cash flow 222 204 217
CAPEX tangible fixed assets -30 -27 -26
CAPEX intangible fixed assets -70 -62 -61
Acquisitions and disposals -111 0 0
Free cash flow 12 116 131
Dividend paid 0 0 -24
Share issues and buybacks -19 0 0
Other non cash items -40 -66 0
Decrease in net IB debt -47 50 107
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 550 550 550
Indefinite intangible assets 0 0 0
Definite intangible assets 63 54 42
Tangible fixed assets 41 38 32
Other fixed assets 14 80 80
Fixed assets 668 722 704
Inventories 264 248 237
Receivables 399 392 389
Other current assets 0 0 0
Cash and liquid assets 134 229 336
Total assets 1464 1591 1666
Shareholders equity 684 776 856
Minority 0 0 0
Total equity 684 776 856
Long-term debt 284 329 329
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 496 485 481
Other current liabilities 0 0 0
Total liabilities and equity 1288 1177 1464
Net IB debt 150 100 -6
Net IB debt excl. pension debt 150 100 -6
Capital invested 820 797 769
Working capital 166 155 145
EV breakdown 2018 2019 2020
Market cap. diluted (m) 812 900 900
Net IB debt Adj 150 100 -6
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 1001 894
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 144,3 125,3 118,1
Capital invested turnover (%) 256,1 236,8 245,7
Capital employed turnover (%) 250,8 223,8 222,9
Inventories / sales (%) 12,1 13,4 12,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,4 25,6 25,1
Working capital / sales (%) 9,2 8,4 7,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 12,9 -0,7
Net debt / market cap (%) 15,4 11,1 -0,7
Equity ratio (%) 46,7 48,8 51,4
Net IB debt adj. / equity (%) 21,9 12,9 -0,7
Current ratio (%) 160,5 179,1 199,9
EBITDA / net interest (%) -27757,1 3153,1 3391,5
Net IB debt / EBITDA (%) 77,2 44 -2,6
Interest cover (%) -17471,4 1763,9 1955,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 3,85 3,83 4,28
Dividend per share Adj 0 1 1,3
EPS Adj 4,41 3,83 4,28
BVPS 28,77 32,07 35,35
BVPS Adj 3 7,12 10,9
Net IB debt / share 6,3 4,1 -0,3
Share price 40,88 37,2 37,2
Market cap. (m) 972 900 900
Valuation 2018 2019 2020
P/E 8,9 9,7 8,7
EV/sales 0,5 0,52 0,46
EV/EBITDA 4,9 4,4 3,6
EV/EBITA 7,9 7,9 6,3
EV/EBIT 7,9 7,9 6,3
Dividend yield (%) 0 2,7 3,4
FCF yield (%) 1,5 12,8 14,5
P/BVPS 1,19 1,16 1,05
P/BVPS Adj 11,38 5,23 3,41
P/E Adj 7,7 9,7 8,7
EV/EBITDA Adj 4,6 4,4 3,6
EV/EBITA Adj 7,1 7,9 6,3
EV/EBIT Adj 7,1 7,9 6,3
EV/cap. employed 1,2 1,1 1,1
Investment ratios 2018 2019 2020
Capex / sales 5,2 4,6 4,5
Capex / depreciation 137,9 88,1 83,2
Capex tangibles / tangible fixed assets 72,5 70,7 80,4
Capex intangibles / definite intangibles 111,2 114,4 144,5
Depreciation on intangibles / definite intangibles 80,6 129,8 173,6
Depreciation on tangibles / tangibles 52,6 80,3 96,6

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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