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Eltel

Eltel

EURm 2020 2021e 2022e
Sales 938 853 849
Sales growth (%) -13,8 -9 -0,5
EBITDA 63 53 61
EBITDA margin (%) 6,7 6,3 7,2
EBIT adj 11 20 29
EBIT adj margin (%) 1,1 2,3 3,4
Pretax profit 15 12 20
EPS rep 0,03 0,05 0,1
EPS growth (%) 118,2 78,6 90,7
EPS adj -0,05 0,06 0,11
DPS 0 0 0,05
EV/EBITDA (x) 7,6 9 7,6
EV/EBIT adj (x) 44,9 24,3 16,1
P/E (x) 74,5 43 22,5
P/E adj (x) -46,7 40,9 21,6
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 23,7 8,1 11,4
Dividend yield (%) 0 0 2,2
Net IB debt/EBITDA 1,9 2,1 1,5
Lease adj. FCF yield (%) 5,4 1,9 4,1
Lease adj. ND/EBITDA 2,9 2 1,1
EURm 2020 2021e 2022e
Sales 938 853 849
COGS -839 -747 -737
Gross profit 99 106 112
Other operating items -36 -52 -51
EBITDA 63 53 61
Depreciation and amortisation -38 -33 -31
Of which leasing depreciation -27 -24 -23
EBITA 26 20 29
EO items 14 0 0
Impairment and PPA amortisation -1 -1 -1
EBIT 25 20 29
Net financial items -10 -8 -8
Pretax profit 15 12 20
Tax -10 -3 -4
Net profit 5 8 16
Minority interest 1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 6 8 16
EPS 0,03 0,05 0,1
EPS Adj -0,05 0,06 0,11
Total extraordinary items after tax 14,1 0 0
Leasing payments -27 -24 -23
Tax rate (%) -64,7 -29,5 -20,8
Gross margin (%) 10,6 12,4 13,2
EBITDA margin (%) 6,7 6,3 7,2
EBITA margin (%) 2,7 2,4 3,5
EBIT margin (%) 2,6 2,3 3,4
Pretax margin (%) 1,6 1,4 2,4
Net margin (%) 0,6 1 1,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,8 -9 -0,5
EBITDA growth (%) 112,1 -15,2 13,8
EBIT growth (%) 321,4 -20,3 45,1
Net profit growth (%) 120,9 56,5 93
EPS growth (%) 118,2 78,6 90,7
Profitability 2020 2021 2022
ROE (%) 2,8 3,8 7
ROE Adj (%) -3,5 4,1 7,3
ROCE (%) 5,7 5 7
ROCE Adj(%) 2,7 5,1 7,1
ROIC (%) 2,3 3,9 6,5
ROIC Adj (%) 1 3,9 6,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 49 53 61
EBITDA Adj margin (%) 5,2 6,3 7,2
EBITDA lease Adj 22 29 38
EBITDA lease Adj margin (%) 2,4 3,4 4,5
EBITA Adj 11 20 29
EBITA Adj margin (%) 1,2 2,4 3,5
EBIT Adj 11 20 29
EBIT Adj margin (%) 1,1 2,3 3,4
Pretax profit Adj 2 12 21
Net profit Adj -8 9 17
Net profit to shareholders Adj -8 9 17
Net Adj margin (%) -0,9 1 2
EURm 2020 2021e 2022e
Shareholders equity 212 220 236
Minority 8 8 8
Total equity 219 228 244
Long-term debt 28 26 26
Pension debt 17 14 10
Convertible debt 0 0 0
Leasing liability 61 60 60
Total other long-term liabilities 14 14 14
Short-term debt 62 79 79
Accounts payable 197 179 183
Other current liabilities 79 71 71
Total liabilities and equity 677 671 687
Net IB debt 122 112 93
Net IB debt excl. pension debt 105 98 83
Net IB debt excl. leasing 64 58 43
Capital invested 355 353 351
Working capital -27 -25 -29
EV breakdown 2020 2021 2022
Market cap. diluted (m) 350 361 361
Net IB debt Adj 122 112 93
Market value of minority 8 8 8
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 480 480 462
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,4 126,7 125,2
Working capital / sales (%) -2,1 -3,1 -3,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 55,8 49,1 38,3
Net debt / market cap (%) 41,4 30,9 25,9
Equity ratio (%) 32,4 33,9 35,5
Net IB debt adj. / equity (%) 55,8 49,1 38,3
Current ratio (%) 76,4 77,9 81,1
EBITDA / net interest (%) 642,9 667 716
Net IB debt / EBITDA (%) 194,3 208,9 153,7
Net IB debt / EBITDA lease Adj (%) 287,4 197 114,4
Interest cover (%) 252,4 254,7 346
EBITDA 63 53 61
Net financial items -10 -8 -8
Paid tax -4 -3 -4
Non-cash items -17 -4 -4
Cash flow before change in WC 33 38 45
Change in WC 17 -1 4
Operating cash flow 49 37 49
CAPEX tangible fixed assets -4 -4 -8
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 45 33 41
Dividend paid -1 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation -26 -26 -26
Other non cash items 0 1 0
Balance Sheet (EURm) 2020 2021 2022
Goodwill 265 265 265
Other intangible assets 38 41 41
Tangible fixed assets 20 11 11
Right-of-use asset 59 60 64
Total other fixed assets 20 20 20
Fixed assets 402 398 400
Inventories 12 11 11
Receivables 202 179 178
Other current assets 35 35 35
Cash and liquid assets 26 47 62
Total assets 677 670 686
EURm 2020 2021e 2022e
Shares outstanding adj. 157 157 157
Fully diluted shares Adj 157 157 157
EPS 0,03 0,05 0,1
Dividend per share Adj 0 0 0,1
EPS Adj -0,05 0,06 0,11
BVPS 1,35 1,4 1,51
BVPS Adj -0,34 -0,29 -0,18
Net IB debt / share 0,8 0,8 0,7
Share price 1,89 2,3 2,3
Market cap. (m) 296 361 361
Valuation 2020 2021 2022
P/E 74,5 43 22,5
EV/sales 0,51 0,56 0,54
EV/EBITDA 7,6 9 7,6
EV/EBITA 18,8 23,5 15,7
EV/EBIT 19,4 24,3 16,1
Dividend yield (%) 0 0 2,2
FCF yield (%) 23,7 8,1 11,4
Lease adj. FCF yield (%) 5,4 1,9 4,1
P/BVPS 1,65 1,64 1,53
P/BVPS Adj -6,58 -8,04 -12,49
P/E Adj -46,7 40,9 21,6
EV/EBITDA Adj 9,8 9 7,6
EV/EBITA Adj 42,1 23,5 15,7
EV/EBIT Adj 44,9 24,3 16,1
EV/cap. employed 1,2 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,5 0,5 0,9
Capex / depreciation 40,7 47,9 90
Capex tangibles / tangible fixed assets 22 37,9 72,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 54 79 80,4

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.

23,0

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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15,7

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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1,5