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Doro

Doro

SEKm 2020 2021e 2022e
Sales 1689 1600 1617
Sales growth (%) -18,1 -5,3 1,1
EBITDA 204 243 267
EBITDA margin (%) 12,1 15,2 16,5
EBIT adj 102 132 148
EBIT adj margin (%) 6 8,2 9,1
Pretax profit 69 124 145
EPS rep 2,05 3,95 4,65
EPS growth (%) -37,6 93 17,8
EPS adj 3,1 4,8 5,01
DPS 0 1,25 1,75
EV/EBITDA (x) 6 5,9 4,9
EV/EBIT adj (x) 12,1 10,9 8,9
P/E (x) 22,8 14,7 12,5
P/E adj (x) 15,1 12,1 11,6
EV/sales (x) 0,7 0,9 0,8
FCF yield (%) 12,7 6 12,6
Dividend yield (%) 0 2,2 3
Net IB debt/EBITDA 0,5 0,2 -0,3
Lease adj. FCF yield (%) 11,1 4,8 11,3
Lease adj. ND/EBITDA 0,2 -0,1 -0,6
SEKm 2020 2021e 2022e
Sales 1689 1600 1617
COGS -1119 -1025 -1021
Gross profit 570 575 596
Other operating items -366 -333 -329
EBITDA 204 243 267
Depreciation on tangibles -12 -21 -20
Depreciation on intangibles -79 -81 -80
EBITA 95 130 156
Goodwill impairment charges 0 0 0
Other impairment and amortisation -9 -9 -9
EBIT 86 121 148
Other financial items 0 0 0
Net financial items -17 4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 69 124 145
Tax -20 -30 -33
Net profit 49 95 112
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 95 112
EPS 2,05 3,95 4,65
EPS Adj 3,1 4,8 5,01
Total extraordinary items after tax -15,9 -11 0
Tax rate (%) -28,4 -23,8 -23
Gross margin (%) 33,7 36 36,8
EBITDA margin (%) 12,1 15,2 16,5
EBITA margin (%) 5,6 8,1 9,7
EBIT margin (%) 5,1 7,5 9,1
Pretax margin (%) 4,1 7,8 9
Net margin (%) 2,9 5,9 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -18,1 -5,3 1,1
EBITDA growth (%) -2,5 19 9,8
EBIT growth (%) -23,6 40,9 22,2
Net profit growth (%) -37 93 17,8
EPS growth (%) -37,6 93 17,8
Profitability 2020 2021 2022
ROE (%) 6,2 11,1 11,9
ROE Adj (%) 9,4 13,5 12,8
ROCE (%) 7,7 10,7 12,1
ROCE Adj(%) 9,9 12,5 12,8
ROIC (%) 6,6 9,9 12,3
ROIC Adj (%) 7,8 10,8 12,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 220 254 267
EBITDA Adj margin (%) 13 15,9 16,5
EBITA Adj 111 141 156
EBITA Adj margin (%) 6,6 8,8 9,7
EBIT Adj 102 132 148
EBIT Adj margin (%) 6 8,2 9,1
Pretax profit Adj 94 145 154
Net profit Adj 74 115 120
Net profit to shareholders Adj 74 115 120
Net Adj margin (%) 4,4 7,2 7,4
Leasing payments -18 -18 -18
Depreciation and amortisation -109 -113 -110
Of which leasing depreciation -18 -18 -18
EO items -16 -11 0
Impairment and PPA amortisation -9 -9 -9
EBITDA lease Adj 202 236 249
EBITDA lease Adj margin (%) 12 14,8 15,4
SEKm 2020 2021e 2022e
EBITDA 204 243 267
Net financial items -17 4 -3
Paid tax -27 -30 -33
Non-cash items 12 0 0
Cash flow before change in WC 172 217 231
Change in WC 72 -51 19
Operating cash flow 244 165 250
CAPEX tangible fixed assets -20 -19 -19
CAPEX intangible fixed assets -43 -51 -55
Acquisitions and disposals -38 -11 0
Free cash flow 142 84 175
Dividend paid 0 0 -30
Share issues and buybacks 0 0 0
Other non cash items -68 0 0
Decrease in net IB debt 57 52 64
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 514 519 519
Indefinite intangible assets 0 0 0
Definite intangible assets 239 221 222
Tangible fixed assets 60 62 64
Other fixed assets 18 18 18
Fixed assets 894 871 844
Inventories 224 176 175
Receivables 293 301 315
Other current assets 0 0 0
Cash and liquid assets 171 237 365
Total assets 1581 1585 1699
Shareholders equity 805 899 981
Minority 0 0 0
Total equity 805 899 981
Long-term debt 218 218 218
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 496 405 437
Other current liabilities 0 0 0
Total liabilities and equity 1581 1585 1699
Net IB debt 110 44 -84
Net IB debt excl. pension debt 110 44 -84
Capital invested 915 943 897
Working capital 21 73 53
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1121 1392 1392
Net IB debt Adj 110 44 -84
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 1231 1436 1308
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 103,7 101,1 98,5
Capital invested turnover (%) 181,2 178,7 174,2
Capital employed turnover (%) 151,3 147,7 138
Inventories / sales (%) 13,9 11,4 10,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,4 26,8 24,8
Working capital / sales (%) 3,7 2,9 3,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 13,7 4,9 -8,5
Net debt / market cap (%) 11,5 3,2 -6
Equity ratio (%) 50,9 56,7 57,7
Net IB debt adj. / equity (%) 13,7 4,9 -8,5
Current ratio (%) 133,3 168,2 187,2
EBITDA / net interest (%) 1192,4 -6738,7 10213,3
Net IB debt / EBITDA (%) 54,1 18,1 -31,4
Interest cover (%) 556,1 -3612,7 5987,3
Lease liability amortisation -18 -18 -18
Other intangible assets 239 209 180
Right-of-use asset 63 63 63
Total other fixed assets 18 18 18
Leasing liability 63 63 63
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 48 -19 -146
Net IB debt / EBITDA lease Adj (%) 23,6 -7,9 -58,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 2,05 3,95 4,65
Dividend per share Adj 0 1,3 1,8
EPS Adj 3,1 4,8 5,01
BVPS 33,52 37,47 40,87
BVPS Adj 2,16 7,14 11,75
Net IB debt / share 4,6 1,8 -3,5
Share price 40,1 58 58
Market cap. (m) 962 1392 1392
Valuation 2020 2021 2022
P/E 22,8 14,7 12,5
EV/sales 0,73 0,9 0,81
EV/EBITDA 6 5,9 4,9
EV/EBITA 12,9 11 8,4
EV/EBIT 14,4 11,9 8,9
Dividend yield (%) 0 2,2 3
FCF yield (%) 12,7 6 12,6
P/BVPS 1,39 1,55 1,42
P/BVPS Adj 21,59 8,12 4,94
P/E Adj 15,1 12,1 11,6
EV/EBITDA Adj 5,6 5,7 4,9
EV/EBITA Adj 11,1 10,2 8,4
EV/EBIT Adj 12,1 10,9 8,9
EV/cap. employed 1,1 1,2 1
Investment ratios 2020 2021 2022
Capex / sales 3,8 4,4 4,6
Capex / depreciation 69,6 74,1 80,3
Capex tangibles / tangible fixed assets 33,6 30,9 30,3
Capex intangibles / definite intangibles 18,1 24,5 30,6
Depreciation on intangibles / definite intangibles 33,1 37,1 41,8
Depreciation on tangibles / tangibles 20 28,2 27,3
Lease adj. FCF yield (%) 11,1 4,8 11,3

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.

12,5

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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8,8

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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0,8

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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1,4