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Elanders

Financials

SEKm 2018 2019e 2020e
Sales 10742 11051 11543
Sales growth (%) 15 2,9 4,5
EBITDA 726 1541 1624
EBITDA margin (%) 6,8 13,9 14,1
EBIT adj 459 590 643
EBIT adj margin (%) 4,3 5,3 5,6
Pretax profit 366 497 552
EPS rep 7,33 10,02 11,09
EPS growth (%) 57 36,8 10,7
EPS adj 9,11 11,9 13,05
DPS 2,9 2,95 3
EV/EBITDA (x) 7,7 4,2 4,1
EV/EBIT adj (x) 12,2 10,9 10,5
P/E (x) 11,9 9,1 8,2
P/E adj (x) 9,6 7,7 7
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 10,3 23,9 14,1
Dividend yield (%) 3,3 3,2 3,3
Net IB debt/EBITDA 3,5 2,1 2,2
SEKm 2018 2019e 2020e
Sales 10742 11051 11543
COGS -9331 -9506 -9871
Gross profit 1411 1545 1672
Other operating items -685 -5 -48
EBITDA 726 1541 1624
Depreciation on tangibles -204 -884 -912
Depreciation on intangibles 0 0 0
EBITA 522 657 712
Goodwill impairment charges 0 0 0
Other impairment and amortisation -63 -66 -69
EBIT 459 590 643
Other financial items 0 0 0
Net financial items -93 -93 -91
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 497 552
Tax -107 -143 -160
Net profit 259 354 392
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 259 354 392
EPS 7,33 10,02 11,09
EPS Adj 9,11 11,9 13,05
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -28,8 -29
Gross margin (%) 13,1 14 14,5
EBITDA margin (%) 6,8 13,9 14,1
EBITA margin (%) 4,9 5,9 6,2
EBIT margin (%) 4,3 5,3 5,6
Pretax margin (%) 3,4 4,5 4,8
Net margin (%) 2,4 3,2 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15 2,9 4,5
EBITDA growth (%) 29 112,2 5,4
EBIT growth (%) 49 28,6 8,9
Net profit growth (%) 57 36,8 10,7
EPS growth (%) 57 36,8 10,7
Profitability 2018 2019 2020
ROE (%) 10 12,1 11,9
ROE Adj (%) 12,5 14,4 14
ROCE (%) 8,9 10,2 9,7
ROCE Adj(%) 10,1 11,3 10,7
ROIC (%) 6,9 8,2 8,4
ROIC Adj (%) 6,9 8,2 8,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 726 1541 1624
EBITDA Adj margin (%) 6,8 13,9 14,1
EBITA Adj 522 657 712
EBITA Adj margin (%) 4,9 5,9 6,2
EBIT Adj 459 590 643
EBIT Adj margin (%) 4,3 5,3 5,6
Pretax profit Adj 429 564 622
Net profit Adj 322 421 461
Net profit to shareholders Adj 322 421 461
Net Adj margin (%) 3 3,8 4
SEKm 2018 2019e 2020e
EBITDA 726 1541 1624
Net financial items -93 -93 -91
Paid tax -127 -143 -160
Non-cash items -171 -658 -681
Cash flow before change in WC 335 647 692
Change in WC 121 263 -75
Operating cash flow 456 910 617
CAPEX tangible fixed assets -161 -137 -162
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 24 0 0
Free cash flow 319 773 455
Dividend paid -93 -98 -104
Share issues and buybacks 0 0 0
Other non cash items -100 -1351 -628
Decrease in net IB debt 126 -676 -277
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 3218 3152 3082
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 789 1980 1841
Other fixed assets 267 528 1226
Fixed assets 4274 5660 6150
Inventories 468 508 577
Receivables 1762 1547 1639
Other current assets 511 511 511
Cash and liquid assets 722 1984 1707
Total assets 7737 10211 10584
Shareholders equity 2707 3155 3443
Minority 0 0 0
Total equity 2707 3155 3443
Long-term debt 2442 3796 3796
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 199 199 199
Short-term debt 819 1403 1403
Accounts payable 1569 1658 1743
Other current liabilities 0 0 0
Total liabilities and equity 6781 7408 7737
Net IB debt 2539 3215 3492
Net IB debt excl. pension debt 2539 3215 3492
Capital invested 4668 5529 5397
Working capital 661 398 473
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3083 3232 3232
Net IB debt Adj 2539 3215 3492
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 5622 6446 6724
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 141,9 123,1 111
Capital invested turnover (%) 228,2 216,7 211,3
Capital employed turnover (%) 207,3 190,3 173,5
Inventories / sales (%) 4 4,4 4,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 14,6 14,7
Working capital / sales (%) 6,7 4,8 3,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 93,8 101,9 101,4
Net debt / market cap (%) 88,8 99,5 108,1
Equity ratio (%) 35 30,9 32,5
Net IB debt adj. / equity (%) 93,8 101,9 101,4
Current ratio (%) 145 148,7 140,9
EBITDA / net interest (%) 780,6 1656,8 1793,5
Net IB debt / EBITDA (%) 349,8 208,7 215
Interest cover (%) 561,3 706,1 786,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 7,33 10,02 11,09
Dividend per share Adj 2,9 3 3
EPS Adj 9,11 11,9 13,05
BVPS 76,56 89,23 97,37
BVPS Adj -14,45 0,09 10,19
Net IB debt / share 71,8 90,9 98,8
Share price 80,84 91,4 91,4
Market cap. (m) 2858 3232 3232
Valuation 2018 2019 2020
P/E 11,9 9,1 8,2
EV/sales 0,52 0,58 0,58
EV/EBITDA 7,7 4,2 4,1
EV/EBITA 10,8 9,8 9,4
EV/EBIT 12,2 10,9 10,5
Dividend yield (%) 3,3 3,2 3,3
FCF yield (%) 10,3 23,9 14,1
P/BVPS 1,14 1,02 0,94
P/BVPS Adj -6,03 1010,96 8,97
P/E Adj 9,6 7,7 7
EV/EBITDA Adj 7,7 4,2 4,1
EV/EBITA Adj 10,8 9,8 9,4
EV/EBIT Adj 12,2 10,9 10,5
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,2 1,4
Capex / depreciation 78,9 15,5 17,7
Capex tangibles / tangible fixed assets 20,4 6,9 8,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 25,9 44,7 49,5

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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