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Elanders

Elanders

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Financials

SEKm 2020 2021e 2022e
Sales 11049 11368 12080
Sales growth (%) -1,8 2,9 6,3
EBITDA 1418 1497 1595
EBITDA margin (%) 12,8 13,2 13,2
EBIT adj 546 648 721
EBIT adj margin (%) 4,9 5,7 6
Pretax profit 415 553 626
EPS rep 8,14 11 12,23
EPS growth (%) 94,5 35,1 11,1
EPS adj 9,61 12,51 13,76
DPS 1,4 2,9 3,5
EV/EBITDA (x) 5 5,4 4,8
EV/EBIT adj (x) 13 12,4 10,6
P/E (x) 14,7 14 12,6
P/E adj (x) 12,4 12,3 11,2
EV/sales (x) 0,6 0,7 0,6
FCF yield (%) 38 19,7 20,8
Dividend yield (%) 1,2 1,9 2,3
Net IB debt/EBITDA 2,1 1,7 1,4
Lease adj. FCF yield (%) 22,5 7,6 8,3
Lease adj. ND/EBITDA 1,4 0,9 0,5
SEKm 2020 2021e 2022e
Sales 11049 11368 12080
COGS -9479 -9705 -10278
Gross profit 1570 1664 1803
Other operating items -152 -166 -207
EBITDA 1418 1497 1595
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 598 702 775
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 546 648 721
Other financial items 0 0 0
Net financial items -131 -95 -95
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 415 553 626
Tax -123 -158 -188
Net profit 292 395 438
Minority interest -4 -6 -6
Net profit discontinued 0 0 0
Net profit to shareholders 288 389 432
EPS 8,14 11 12,23
EPS Adj 9,61 12,51 13,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,6 -28,6 -30
Gross margin (%) 14,2 14,6 14,9
EBITDA margin (%) 12,8 13,2 13,2
EBITA margin (%) 5,4 6,2 6,4
EBIT margin (%) 4,9 5,7 6
Pretax margin (%) 3,8 4,9 5,2
Net margin (%) 2,6 3,5 3,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,8 2,9 6,3
EBITDA growth (%) 10,2 5,6 6,5
EBIT growth (%) 52 18,8 11,3
Net profit growth (%) 90,8 35,4 11
EPS growth (%) 94,5 35,1 11,1
Profitability 2020 2021 2022
ROE (%) 10,2 12,7 12,8
ROE Adj (%) 12 14,5 14,3
ROCE (%) 7,7 9,1 9,7
ROCE Adj(%) 8,4 9,9 10,4
ROIC (%) 5,9 7,6 8,3
ROIC Adj (%) 5,9 7,6 8,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1418 1497 1595
EBITDA Adj margin (%) 12,8 13,2 13,2
EBITA Adj 598 702 775
EBITA Adj margin (%) 5,4 6,2 6,4
EBIT Adj 546 648 721
EBIT Adj margin (%) 4,9 5,7 6
Pretax profit Adj 467 607 680
Net profit Adj 344 448 492
Net profit to shareholders Adj 340 442 486
Net Adj margin (%) 3,1 3,9 4,1
Leasing payments -658 -660 -680
Depreciation and amortisation -820 -796 -820
Of which leasing depreciation -700 -635 -650
EO items 0 0 0
Impairment and PPA amortisation -52 -53 -54
EBITDA lease Adj 760 837 915
EBITDA lease Adj margin (%) 6,9 7,4 7,6
SEKm 2020 2021e 2022e
EBITDA 1418 1497 1595
Net financial items -131 -95 -95
Paid tax -42 -158 -188
Non-cash items 181 -51 -23
Cash flow before change in WC 1426 1193 1289
Change in WC 300 19 -10
Operating cash flow 1725 1212 1279
CAPEX tangible fixed assets -87 -136 -145
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -30 0 0
Free cash flow 1608 1076 1134
Dividend paid 0 -50 -103
Share issues and buybacks 0 0 0
Other non cash items -7 0 0
Decrease in net IB debt 1107 145 394
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2413 2413 2413
Indefinite intangible assets 672 646 622
Definite intangible assets 0 0 0
Tangible fixed assets 519 467 413
Other fixed assets 297 297 297
Fixed assets 5637 5585 5536
Inventories 233 387 411
Receivables 1344 1421 1510
Other current assets 324 375 399
Cash and liquid assets 1101 1468 1819
Total assets 8639 9235 9674
Shareholders equity 2887 3226 3556
Minority 21 27 33
Total equity 2908 3253 3589
Long-term debt 1981 1981 1981
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 188 200 200
Short-term debt 269 269 269
Accounts payable 1398 1648 1752
Other current liabilities 0 0 0
Total liabilities and equity 8639 9235 9674
Net IB debt 2937 2570 2219
Net IB debt excl. pension debt 2937 2570 2219
Capital invested 6140 6119 6103
Working capital 503 534 568
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4229 5452 5452
Net IB debt Adj 2854 2570 2219
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 7083 8022 7671
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,8 127,2 127,8
Capital invested turnover (%) 171,3 181,3 189,2
Capital employed turnover (%) 155 156 157,2
Inventories / sales (%) 2,6 2,8 3,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,4 14,5 14,1
Working capital / sales (%) 6,5 4,6 4,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 101 79 61,8
Net debt / market cap (%) 119,2 47,1 40,7
Equity ratio (%) 33,7 35,2 37,1
Net IB debt adj. / equity (%) 98,1 79 61,8
Current ratio (%) 131,9 144,5 157,4
EBITDA / net interest (%) 1082,2 1576,1 1679,3
Net IB debt / EBITDA (%) 207,1 171,6 139,1
Interest cover (%) 456,3 738,5 816,1
Lease liability amortisation -658 -660 -680
Other intangible assets 672 646 621
Right-of-use asset 1737 1762 1792
Total other fixed assets 297 297 297
Leasing liability 1789 1789 1789
Total other long-term liabilities 296 296 296
Net IB debt excl. leasing 1065 781 430
Net IB debt / EBITDA lease Adj (%) 140,2 93,3 47
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 8,14 11 12,23
Dividend per share Adj 1,4 2,9 3,5
EPS Adj 9,61 12,51 13,76
BVPS 81,65 91,25 100,58
BVPS Adj 13,39 23 32,33
Net IB debt / share 83,1 72,7 62,8
Share price 69,69 154,2 154,2
Market cap. (m) 2464 5452 5452
Valuation 2020 2021 2022
P/E 14,7 14 12,6
EV/sales 0,64 0,71 0,63
EV/EBITDA 5 5,4 4,8
EV/EBITA 11,9 11,4 9,9
EV/EBIT 13 12,4 10,6
Dividend yield (%) 1,2 1,9 2,3
FCF yield (%) 38 19,7 20,8
P/BVPS 1,46 1,69 1,53
P/BVPS Adj 8,93 6,7 4,77
P/E Adj 12,4 12,3 11,2
EV/EBITDA Adj 5 5,4 4,8
EV/EBITA Adj 11,9 11,4 9,9
EV/EBIT Adj 13 12,4 10,6
EV/cap. employed 1 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 72,5 84,8 85,3
Capex tangibles / tangible fixed assets 16,8 29,2 35,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,1 34,4 41,2
Lease adj. FCF yield (%) 22,5 7,6 8,3

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.

12,6

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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10,6

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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0,6

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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1,5