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Elanders

Elanders

SEKm 2019 2020e 2021e
Sales 11254 11477 11798
Sales growth (%) 4,8 2 2,8
EBITDA 1226 1497 1562
EBITDA margin (%) 10,9 13 13,2
EBIT adj 359 639 698
EBIT adj margin (%) 3,2 5,6 5,9
Pretax profit 216 512 571
EPS rep 4,33 10,28 11,46
EPS growth (%) -40,9 137,7 11,4
EPS adj 5,88 11,7 12,87
DPS 2,9 3,3 3,5
EV/EBITDA (x) 5,7 4,4 4,1
EV/EBIT adj (x) 19,6 10,3 9,1
P/E (x) 20,2 8,6 7,8
P/E adj (x) 14,8 7,6 6,9
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 38,8 38,8 29,4
Dividend yield (%) 3,3 3,7 3,9
Net IB debt/EBITDA 3,2 2,3 2
SEKm 2019 2020e 2021e
Sales 11254 11477 11798
COGS -9780 -9789 -10010
Gross profit 1474 1688 1788
Other operating items -248 -191 -226
EBITDA 1226 1497 1562
Depreciation on tangibles -234 -230 -236
Depreciation on intangibles 0 0 0
EBITA 414 689 748
Goodwill impairment charges 0 0 0
Other impairment and amortisation -55 -50 -50
EBIT 359 639 698
Other financial items 0 0 0
Net financial items -143 -127 -127
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 512 571
Tax -63 -149 -165
Net profit 153 364 405
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 153 364 405
EPS 4,33 10,28 11,46
EPS Adj 5,88 11,7 12,87
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -29 -29
Gross margin (%) 13,1 14,7 15,2
EBITDA margin (%) 10,9 13 13,2
EBITA margin (%) 3,7 6 6,3
EBIT margin (%) 3,2 5,6 5,9
Pretax margin (%) 1,9 4,5 4,8
Net margin (%) 1,4 3,2 3,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,8 2 2,8
EBITDA growth (%) 68,9 22,1 4,3
EBIT growth (%) -21,8 78,1 9,1
Net profit growth (%) -40,9 137,7 11,4
EPS growth (%) -40,9 137,7 11,4
Profitability 2019 2020 2021
ROE (%) 5,6 12,5 12,7
ROE Adj (%) 7,6 14,2 14,3
ROCE (%) 5,4 8,5 8,9
ROCE Adj(%) 6,2 9,2 9,6
ROIC (%) 4,1 6,7 7,4
ROIC Adj (%) 4,1 6,7 7,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1226 1497 1562
EBITDA Adj margin (%) 10,9 13 13,2
EBITA Adj 414 689 748
EBITA Adj margin (%) 3,7 6 6,3
EBIT Adj 359 639 698
EBIT Adj margin (%) 3,2 5,6 5,9
Pretax profit Adj 271 562 621
Net profit Adj 208 414 455
Net profit to shareholders Adj 208 414 455
Net Adj margin (%) 1,8 3,6 3,9
SEKm 2019 2020e 2021e
EBITDA 1226 1497 1562
Net financial items -143 -127 -127
Paid tax -114 -149 -165
Non-cash items 121 0 0
Cash flow before change in WC 1090 1222 1270
Change in WC 246 140 -193
Operating cash flow 1336 1362 1077
CAPEX tangible fixed assets -135 -143 -153
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 1196 1218 923
Dividend paid -104 -103 -117
Share issues and buybacks 0 0 0
Other non cash items -1950 1 0
Decrease in net IB debt -1422 538 228
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 3229 3179 3129
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 443 357 274
Other fixed assets 311 310 310
Fixed assets 6026 5889 5756
Inventories 335 482 496
Receivables 2188 2037 2277
Other current assets 0 0 0
Cash and liquid assets 655 1193 1421
Total assets 9204 9601 9950
Shareholders equity 2777 3038 3326
Minority 0 0 0
Total equity 2777 3038 3326
Long-term debt 2135 2135 2135
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 214 214 214
Short-term debt 438 438 438
Accounts payable 1597 1733 1793
Other current liabilities 0 0 0
Total liabilities and equity 7408 7737 9204
Net IB debt 3961 3423 3195
Net IB debt excl. pension debt 3961 3423 3195
Capital invested 6952 6675 6735
Working capital 926 786 979
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3083 3140 3140
Net IB debt Adj 3961 3422 3194
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 7044 6562 6334
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 132,9 122,1 120,7
Capital invested turnover (%) 181,6 168,5 176
Capital employed turnover (%) 168,5 152,6 151,3
Inventories / sales (%) 3,6 3,6 4,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,1 14,5 14,9
Working capital / sales (%) 9,3 7,5 7,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 142,6 112,7 96
Net debt / market cap (%) 131,8 109 101,8
Equity ratio (%) 30,2 31,6 33,4
Net IB debt adj. / equity (%) 142,6 112,7 96
Current ratio (%) 120,7 134 148,2
EBITDA / net interest (%) 857,5 1178,2 1229,2
Net IB debt / EBITDA (%) 323 228,6 204,5
Interest cover (%) 289,5 542,3 588,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 4,33 10,28 11,46
Dividend per share Adj 2,9 3,3 3,5
EPS Adj 5,88 11,7 12,87
BVPS 78,54 85,92 94,08
BVPS Adj -12,78 -3,99 5,59
Net IB debt / share 112 96,8 90,4
Share price 85,02 88,8 88,8
Market cap. (m) 3006 3140 3140
Valuation 2019 2020 2021
P/E 20,2 8,6 7,8
EV/sales 0,63 0,57 0,54
EV/EBITDA 5,7 4,4 4,1
EV/EBITA 17 9,5 8,5
EV/EBIT 19,6 10,3 9,1
Dividend yield (%) 3,3 3,7 3,9
FCF yield (%) 38,8 38,8 29,4
P/BVPS 1,11 1,03 0,94
P/BVPS Adj -6,82 -22,28 15,9
P/E Adj 14,8 7,6 6,9
EV/EBITDA Adj 5,7 4,4 4,1
EV/EBITA Adj 17 9,5 8,5
EV/EBIT Adj 19,6 10,3 9,1
EV/cap. employed 1 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 1,2 1,3 1,3
Capex / depreciation 57,8 62,5 65
Capex tangibles / tangible fixed assets 30,5 40,2 55,9
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 52,7 64,3 86

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

7,7

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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9,0

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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0,5

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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0,9