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Embracer Group

Embracer Group

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Financials

SEKm 2020 2021e 2022e
Sales 9024 17263 20169
Sales growth (%) 71,9 91,3 16,8
EBITDA 3985 7737 9393
EBITDA margin (%) 44,2 44,8 46,6
EBIT adj 2912 6019 7073
EBIT adj margin (%) 32,3 34,9 35,1
Pretax profit 296 -1346 -1039
EPS rep -0,23 -3,87 -2,81
EPS growth (%) -125,1 -1601,1 27,5
EPS adj 6,38 11,1 13,39
DPS 0 0 0
EV/EBITDA (x) 17,9 10,2 8
EV/EBIT adj (x) 24,5 13,1 10,7
P/E (x) -863,7 -46,3 -63,8
P/E adj (x) 30,8 16,2 13,4
EV/sales (x) 7,9 4,6 3,7
FCF yield (%) -3,5 -2,2 4,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,3 -1,4 -1,5
Lease adj. FCF yield (%) -3,5 -2,2 4,4
Lease adj. ND/EBITDA -1,9 -0,7 -0,8
SEKm 2020 2021e 2022e
Sales 9024 17263 20169
COGS -3618 -5167 -5989
Gross profit 5406 12096 14180
Other operating items -1420 -4359 -4787
EBITDA 3985 7737 9393
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1476 -3486 -7939
EBITA 92 -1430 -1019
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 92 -1430 -1019
Other financial items 0 0 0
Net financial items 203 83 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 296 -1346 -1039
Tax -393 -580 -364
Net profit -97 -1926 -1403
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -97 -1926 -1403
EPS -0,23 -3,87 -2,81
EPS Adj 6,38 11,1 13,39
Total extraordinary items after tax -2819,9 -7448,7 -8092
Tax rate (%) -132,9 43,1 35
Gross margin (%) 59,9 70,1 70,3
EBITDA margin (%) 44,2 44,8 46,6
EBITA margin (%) 1 -8,3 -5,1
EBIT margin (%) 1 -8,3 -5,1
Pretax margin (%) 3,3 -7,8 -5,2
Net margin (%) -1,1 -11,2 -7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 71,9 91,3 16,8
EBITDA growth (%) 118,8 94,1 21,4
EBIT growth (%) -73,2 -1649,1 28,7
Net profit growth (%) -134,4 -1881,8 27,2
EPS growth (%) -125,1 -1601,1 27,5
Profitability 2020 2021 2022
ROE (%) -0,5 -5,8 -3,9
ROE Adj (%) 14,5 16,7 18,6
ROCE (%) 2,2 -3,6 -2,7
ROCE Adj(%) 15,9 17,8 18,7
ROIC (%) -0,3 -7,7 -4,1
ROIC Adj (%) -8,2 32,5 28,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 6805 15186 17485
EBITDA Adj margin (%) 75,4 88 86,7
EBITA Adj 2912 6019 7073
EBITA Adj margin (%) 32,3 34,9 35,1
EBIT Adj 2912 6019 7073
EBIT Adj margin (%) 32,3 34,9 35,1
Pretax profit Adj 3115 6102 7053
Net profit Adj 2723 5522 6689
Net profit to shareholders Adj 2723 5522 6689
Net Adj margin (%) 30,2 32 33,2
Depreciation and amortisation -3893 -9167 -10412
Of which leasing depreciation 0 0 0
EO items -2820 -7449 -8092
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 6805 15186 17485
EBITDA lease Adj margin (%) 75,4 88 86,7
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 3985 7737 9393
Net financial items 203 83 -20
Paid tax -277 -422 -580
Non-cash items 0 0 0
Cash flow before change in WC 3911 7398 8793
Change in WC -12 -883 216
Operating cash flow 3899 6515 9009
CAPEX tangible fixed assets -70 -173 -202
CAPEX intangible fixed assets -2139 -4143 -4840
Acquisitions and disposals -4591 -4200 0
Free cash flow -2900 -2001 3967
Dividend paid 0 0 0
Share issues and buybacks 14725 0 0
Other non cash items 257 -11231 1443
Decrease in net IB debt -1338 5193 317
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 10804 26285 18832
Indefinite intangible assets 0 0 0
Definite intangible assets 4521 4484 1256
Tangible fixed assets 238 325 419
Other fixed assets 196 196 196
Fixed assets 17199 36503 31093
Inventories 243 243 243
Receivables 2010 2010 2010
Other current assets 0 0 0
Cash and liquid assets 14300 12208 15710
Total assets 33752 50964 49056
Shareholders equity 29982 36054 36054
Minority 0 0 0
Total equity 29982 36054 36054
Long-term debt 246 246 246
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 1494 1494 1494
Accounts payable 2030 2030 2030
Other current liabilities 0 0 0
Total liabilities and equity 33752 50964 49056
Net IB debt -13131 -11039 -14541
Net IB debt excl. pension debt -13131 -11039 -14541
Capital invested 16851 36155 30745
Working capital 223 223 223
EV breakdown 2020 2021 2022
Market cap. diluted (m) 83948 89193 89559
Net IB debt Adj -12560 -10467 -13970
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 71389 78725 75589
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 40,7 40,8 40,3
Capital invested turnover (%) 98,2 81,4 81,5
Capital employed turnover (%) 67,3 57,3 59,4
Inventories / sales (%) 6,8 5,1 4,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,5 27,8 30
Working capital / sales (%) 4,2 1,3 1,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -43,8 -30,6 -40,3
Net debt / market cap (%) -23,3 -12,4 -16,2
Equity ratio (%) 88,8 70,7 73,5
Net IB debt adj. / equity (%) -41,9 -29 -38,7
Current ratio (%) 469,7 410,3 509,7
EBITDA / net interest (%) -1961,3 -9276,9 46964
Net IB debt / EBITDA (%) -329,5 -142,7 -154,8
Interest cover (%) 293,4 -1615,2 -4056,8
Lease liability amortisation 0 0 0
Other intangible assets 5586 9322 11271
Right-of-use asset 0 0 0
Total other fixed assets 572 572 572
Leasing liability 0 0 0
Total other long-term liabilities 0 11140 9232
Net IB debt excl. leasing -13131 -11039 -14541
Net IB debt / EBITDA lease Adj (%) -193 -72,7 -83,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 427 497 499
Fully diluted shares Adj 427 497 499
EPS -0,23 -3,87 -2,81
Dividend per share Adj 0 0 0
EPS Adj 6,38 11,1 13,39
BVPS 70,22 72,48 72,18
BVPS Adj 31,83 0,9 11,92
Net IB debt / share -30,8 -22,2 -29,1
Share price 132,01 179,3 179,3
Market cap. (m) 56369 89193 89559
Valuation 2020 2021 2022
P/E -863,7 -46,3 -63,8
EV/sales 7,91 4,56 3,75
EV/EBITDA 17,9 10,2 8
EV/EBITA 773,4 -55,1 -74,2
EV/EBIT 773,4 -55,1 -74,2
Dividend yield (%) 0 0 0
FCF yield (%) -3,5 -2,2 4,4
P/BVPS 2,8 2,47 2,48
P/BVPS Adj 6,18 199,61 15,05
P/E Adj 30,8 16,2 13,4
EV/EBITDA Adj 10,5 5,2 4,3
EV/EBITA Adj 24,5 13,1 10,7
EV/EBIT Adj 24,5 13,1 10,7
EV/cap. employed 2,3 2,1 2
Investment ratios 2020 2021 2022
Capex / sales 24,5 25 25
Capex / depreciation 56,7 47,1 48,4
Capex tangibles / tangible fixed assets 29,3 53,2 48,1
Capex intangibles / definite intangibles 38,3 44,4 42,9
Depreciation on intangibles / definite intangibles 69,7 98,3 92,4
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -3,5 -2,2 4,4

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.

- 63,8

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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- 73,5

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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3,7

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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2,5