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Doro

Doro

SEKm 2020 2021e 2022e
Sales 1714 1721 1743
Sales growth (%) -16,9 0,4 1,3
EBITDA 186 256 274
EBITDA margin (%) 10,9 14,9 15,7
EBIT adj 91 139 159
EBIT adj margin (%) 5,3 8,1 9,1
Pretax profit 60 135 156
EPS rep 1,85 4,34 5,01
EPS growth (%) -43,7 135 15,4
EPS adj 3,09 4,71 5,35
DPS 0,75 1,25 1,75
EV/EBITDA (x) 7,2 5,2 4,8
EV/EBIT adj (x) 14,8 9,6 8,3
P/E (x) 25,2 10,7 9,3
P/E adj (x) 15,1 9,9 8,7
EV/sales (x) 0,8 0,8 0,8
FCF yield (%) -5,7 5,7 4,7
Dividend yield (%) 1,6 2,7 3,8
Net IB debt/EBITDA 1,3 0,8 0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1714 1721 1743
COGS -1142 -1120 -1117
Gross profit 573 601 626
Other operating items -386 -345 -353
EBITDA 186 256 274
Depreciation on tangibles -13 -17 -16
Depreciation on intangibles -78 -74 -72
EBITA 77 147 168
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -9 -8
EBIT 69 139 159
Other financial items 0 0 0
Net financial items -9 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 60 135 156
Tax -16 -31 -36
Net profit 44 104 120
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 44 104 120
EPS 1,85 4,34 5,01
EPS Adj 3,09 4,71 5,35
Total extraordinary items after tax -21,7 0 0
Tax rate (%) -26,7 -23 -23
Gross margin (%) 33,4 34,9 35,9
EBITDA margin (%) 10,9 14,9 15,7
EBITA margin (%) 4,5 8,6 9,6
EBIT margin (%) 4 8,1 9,1
Pretax margin (%) 3,5 7,9 9
Net margin (%) 2,6 6,1 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -16,9 0,4 1,3
EBITDA growth (%) -11 37,3 7
EBIT growth (%) -38,3 100,4 15,1
Net profit growth (%) -43,7 137,3 15,4
EPS growth (%) -43,7 135 15,4
Profitability 2020 2021 2022
ROE (%) 5,5 12 12,6
ROE Adj (%) 9,1 13 13,4
ROCE (%) 5,9 11,3 12,1
ROCE Adj(%) 8,5 12 12,8
ROIC (%) 5,1 9,8 10,6
ROIC Adj (%) 6,6 9,8 10,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 208 256 274
EBITDA Adj margin (%) 12,1 14,9 15,7
EBITA Adj 99 147 168
EBITA Adj margin (%) 5,8 8,6 9,6
EBIT Adj 91 139 159
EBIT Adj margin (%) 5,3 8,1 9,1
Pretax profit Adj 89 144 164
Net profit Adj 73 113 128
Net profit to shareholders Adj 73 113 128
Net Adj margin (%) 4,3 6,6 7,4
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 186 256 274
Net financial items -9 -3 -3
Paid tax -16 -31 -36
Non-cash items -28 0 0
Cash flow before change in WC 133 221 234
Change in WC 14 5 -10
Operating cash flow 147 226 224
CAPEX tangible fixed assets -44 -40 -43
CAPEX intangible fixed assets -103 -121 -129
Acquisitions and disposals -63 0 0
Free cash flow -63 64 53
Dividend paid 0 -18 -30
Share issues and buybacks 0 0 0
Other non cash items 14 0 0
Decrease in net IB debt -67 28 5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 529 529 529
Indefinite intangible assets 0 0 0
Definite intangible assets 260 299 348
Tangible fixed assets 77 100 127
Other fixed assets 22 22 22
Fixed assets 951 1014 1089
Inventories 206 221 223
Receivables 345 344 340
Other current assets 0 0 0
Cash and liquid assets 124 152 157
Total assets 1626 1730 1809
Shareholders equity 824 910 1001
Minority 0 0 0
Total equity 824 910 1001
Long-term debt 295 295 295
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 443 462 451
Other current liabilities 0 0 0
Total liabilities and equity 1626 1730 1809
Net IB debt 234 206 201
Net IB debt excl. pension debt 234 206 201
Capital invested 1059 1117 1202
Working capital 107 103 113
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1107 1118 1118
Net IB debt Adj 234 206 201
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 1342 1325 1320
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 103,8 102,5 98,5
Capital invested turnover (%) 170,8 158,2 150,4
Capital employed turnover (%) 147,2 140,4 132,7
Inventories / sales (%) 13,1 12,4 12,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 26,3 26,2
Working capital / sales (%) 6,2 6,1 6,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 28,4 22,6 20,1
Net debt / market cap (%) 24,6 18,4 18
Equity ratio (%) 50,7 52,6 55,3
Net IB debt adj. / equity (%) 28,4 22,6 20,1
Current ratio (%) 145,6 148,7 153
EBITDA / net interest (%) 1996,8 7564,9 8093,6
Net IB debt / EBITDA (%) 125,9 80,6 73,6
Interest cover (%) 826,2 4363,7 4960,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 1,85 4,34 5,01
Dividend per share Adj 0,8 1,3 1,8
EPS Adj 3,09 4,71 5,35
BVPS 34,69 37,94 41,69
BVPS Adj 1,47 3,42 5,16
Net IB debt / share 9,9 8,6 8,4
Share price 40,1 46,6 46,6
Market cap. (m) 953 1118 1118
Valuation 2020 2021 2022
P/E 25,2 10,7 9,3
EV/sales 0,78 0,77 0,76
EV/EBITDA 7,2 5,2 4,8
EV/EBITA 17,4 9 7,9
EV/EBIT 19,4 9,6 8,3
Dividend yield (%) 1,6 2,7 3,8
FCF yield (%) -5,7 5,7 4,7
P/BVPS 1,34 1,23 1,12
P/BVPS Adj 31,79 13,63 9,04
P/E Adj 15,1 9,9 8,7
EV/EBITDA Adj 6,5 5,2 4,8
EV/EBITA Adj 13,6 9 7,9
EV/EBIT Adj 14,8 9,6 8,3
EV/cap. employed 1,1 1 1
Investment ratios 2020 2021 2022
Capex / sales 8,6 9,4 9,9
Capex / depreciation 160,3 178,7 194,7
Capex tangibles / tangible fixed assets 57,3 40,3 33,7
Capex intangibles / definite intangibles 39,5 40,6 37,1
Depreciation on intangibles / definite intangibles 30,1 24,6 20,8
Depreciation on tangibles / tangibles 17,2 16,9 12,6
N/A N/A N/A

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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