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Elanders

Elanders

SEKm 2019 2020e 2021e
Sales 11254 11041 11428
Sales growth (%) 4,8 -1,9 3,5
EBITDA 1286 1273 1541
EBITDA margin (%) 11,4 11,5 13,5
EBIT adj 509 361 579
EBIT adj margin (%) 4,5 3,3 5,1
Pretax profit 216 229 452
EPS rep 4,19 4,31 8,93
EPS growth (%) -41,6 3 107,1
EPS adj 9,96 5,78 10,4
DPS 0 1,4 2,9
EV/EBITDA (x) 5,5 4,9 3,9
EV/EBIT adj (x) 13,8 17,1 10,3
P/E (x) 20,8 16 7,7
P/E adj (x) 8,8 11,9 6,6
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 38,9 37,5 40,8
Dividend yield (%) 0 2 4,2
Net IB debt/EBITDA 3,1 2,9 2,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 11254 11041 11428
COGS -9780 -9532 -9677
Gross profit 1474 1510 1752
Other operating items -188 -237 -211
EBITDA 1286 1273 1541
Depreciation on tangibles -196 -170 -170
Depreciation on intangibles 0 0 0
EBITA 413 413 631
Goodwill impairment charges 0 0 0
Other impairment and amortisation -54 -52 -52
EBIT 359 361 579
Other financial items 0 0 0
Net financial items -143 -133 -127
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 229 452
Tax -63 -72 -131
Net profit 153 156 321
Minority interest -5 -4 -5
Net profit discontinued 0 0 0
Net profit to shareholders 148 152 316
EPS 4,19 4,31 8,93
EPS Adj 9,96 5,78 10,4
Total extraordinary items after tax -150 0 0
Tax rate (%) -29,2 -31,6 -29
Gross margin (%) 13,1 13,7 15,3
EBITDA margin (%) 11,4 11,5 13,5
EBITA margin (%) 3,7 3,7 5,5
EBIT margin (%) 3,2 3,3 5,1
Pretax margin (%) 1,9 2,1 4
Net margin (%) 1,4 1,4 2,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,8 -1,9 3,5
EBITDA growth (%) 77,4 -1 21
EBIT growth (%) -21,8 0,6 60,2
Net profit growth (%) -40,7 2,2 105
EPS growth (%) -41,6 3 107,1
Profitability 2019 2020 2021
ROE (%) 5,4 5,4 10,3
ROE Adj (%) 12,9 7,2 12
ROCE (%) 5,4 4,8 7,5
ROCE Adj(%) 8,4 5,5 8,2
ROIC (%) 4,1 3,6 6
ROIC Adj (%) 5,8 3,6 6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1436 1273 1541
EBITDA Adj margin (%) 12,8 11,5 13,5
EBITA Adj 563 413 631
EBITA Adj margin (%) 5 3,7 5,5
EBIT Adj 509 361 579
EBIT Adj margin (%) 4,5 3,3 5,1
Pretax profit Adj 420 281 504
Net profit Adj 357 208 373
Net profit to shareholders Adj 352 204 368
Net Adj margin (%) 3,2 1,9 3,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1286 1273 1541
Net financial items -143 -133 -127
Paid tax -114 -72 -131
Non-cash items 126 8 -15
Cash flow before change in WC 1155 1077 1267
Change in WC 182 -74 -99
Operating cash flow 1337 1003 1168
CAPEX tangible fixed assets -133 -88 -171
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 1199 914 997
Dividend paid -104 0 -50
Share issues and buybacks 0 0 0
Other non cash items -1851 0 0
Decrease in net IB debt -1422 220 217
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 2480 2480 2480
Indefinite intangible assets 749 715 697
Definite intangible assets 0 0 0
Tangible fixed assets 296 197 164
Other fixed assets 311 311 311
Fixed assets 6026 5882 5822
Inventories 335 486 503
Receivables 1740 1689 1806
Other current assets 448 440 455
Cash and liquid assets 655 875 1093
Total assets 9204 9373 9678
Shareholders equity 2767 2919 3185
Minority 10 14 19
Total equity 2777 2933 3205
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 214 200 200
Short-term debt 438 438 438
Accounts payable 1597 1623 1657
Other current liabilities 0 0 0
Total liabilities and equity 9204 9373 9678
Net IB debt 3961 3741 3523
Net IB debt excl. pension debt 3961 3741 3523
Capital invested 6952 6874 6928
Working capital 926 992 1106
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3083 2440 2440
Net IB debt Adj 3961 3741 3523
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 6180 5963
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 132,9 118,9 120
Capital invested turnover (%) 181,6 159,7 165,6
Capital employed turnover (%) 168,5 147,8 148,7
Inventories / sales (%) 3,6 3,7 4,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,1 14,6 14,4
Working capital / sales (%) 9,3 8,7 9,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 142,6 127,5 110
Net debt / market cap (%) 131,8 153,3 144,4
Equity ratio (%) 30,2 31,3 33,1
Net IB debt adj. / equity (%) 142,6 127,5 110
Current ratio (%) 120,7 131,2 143,1
EBITDA / net interest (%) 899,3 960,9 1213,1
Net IB debt / EBITDA (%) 308 293,8 228,7
Interest cover (%) 288,8 311,8 496,6
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 4,19 4,31 8,93
Dividend per share Adj 0 1,4 2,9
EPS Adj 9,96 5,78 10,4
BVPS 78,25 82,56 90,09
BVPS Adj 8,11 12,42 19,95
Net IB debt / share 112 105,8 99,7
Share price 85,02 69 69
Market cap. (m) 3006 2440 2440
Valuation 2019 2020 2021
P/E 20,8 16 7,7
EV/sales 0,63 0,56 0,52
EV/EBITDA 5,5 4,9 3,9
EV/EBITA 17,1 15 9,5
EV/EBIT 19,6 17,1 10,3
Dividend yield (%) 0 2 4,2
FCF yield (%) 38,9 37,5 40,8
P/BVPS 1,11 0,84 0,77
P/BVPS Adj 10,76 5,56 3,46
P/E Adj 8,8 11,9 6,6
EV/EBITDA Adj 4,9 4,9 3,9
EV/EBITA Adj 12,5 15 9,5
EV/EBIT Adj 13,8 17,1 10,3
EV/cap. employed 1 0,8 0,8
Investment ratios 2019 2020 2021
Capex / sales 1,2 0,8 1,5
Capex / depreciation 67,9 52 100,8
Capex tangibles / tangible fixed assets 44,9 44,9 104,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 66,2 86,4 103,8
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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10,3

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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0,5

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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