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Embracer Group

Embracer Group

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Financials

SEKm 2020 2021e 2022e
Sales 8589 10960 12039
Sales growth (%) 63,6 27,6 9,8
EBITDA 3563 4518 5021
EBITDA margin (%) 41,5 41,2 41,7
EBIT adj 2494 3377 3871
EBIT adj margin (%) 29 30,8 32,2
Pretax profit 167 765 1046
EPS rep 0,09 1,33 1,82
EPS growth (%) -90,1 1386,2 36,7
EPS adj 5,67 7,44 8,43
DPS 0 0 0
EV/EBITDA (x) 22 17 15
EV/EBIT adj (x) 31,5 22,7 19,5
P/E (x) 2213,7 149 109
P/E adj (x) 35 26,7 23,6
EV/sales (x) 9,1 7 6,3
FCF yield (%) -2,6 2,1 1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,7 -1,7 -1,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 8589 10960 12039
COGS -3589 -4502 -4851
Gross profit 5000 6458 7188
Other operating items -1438 -1940 -2167
EBITDA 3563 4518 5021
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3438 -3733 -3956
EBITA 124 785 1066
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 124 785 1066
Other financial items 0 0 0
Net financial items 43 -20 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 167 765 1046
Tax -129 -199 -272
Net profit 38 566 774
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 566 774
EPS 0,09 1,33 1,82
EPS Adj 5,67 7,44 8,43
Total extraordinary items after tax -2369,7 -2592 -2805
Tax rate (%) -77,2 -26 -26
Gross margin (%) 58,2 58,9 59,7
EBITDA margin (%) 41,5 41,2 41,7
EBITA margin (%) 1,4 7,2 8,9
EBIT margin (%) 1,4 7,2 8,9
Pretax margin (%) 1,9 7 8,7
Net margin (%) 0,4 5,2 6,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 63,6 27,6 9,8
EBITDA growth (%) 95,6 26,8 11,1
EBIT growth (%) -64 531,7 35,7
Net profit growth (%) -86,5 1386,2 36,7
EPS growth (%) -90,1 1386,2 36,7
Profitability 2020 2021 2022
ROE (%) 0,3 2,6 3,3
ROE Adj (%) 17,2 14,5 15,2
ROCE (%) 1,6 3,5 4,4
ROCE Adj(%) 17,5 14,9 15,9
ROIC (%) 0,3 3,9 5,2
ROIC Adj (%) 5,4 16,9 19
Adj earnings numbers 2020 2021 2022
EBITDA Adj 5932 7110 7826
EBITDA Adj margin (%) 69,1 64,9 65
EBITA Adj 2494 3377 3871
EBITA Adj margin (%) 29 30,8 32,2
EBIT Adj 2494 3377 3871
EBIT Adj margin (%) 29 30,8 32,2
Pretax profit Adj 2537 3357 3851
Net profit Adj 2408 3158 3579
Net profit to shareholders Adj 2408 3158 3579
Net Adj margin (%) 28 28,8 29,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 3563 4518 5021
Net financial items 43 -20 -20
Paid tax -129 -199 -272
Non-cash items 0 0 0
Cash flow before change in WC 3476 4299 4729
Change in WC 1124 530 124
Operating cash flow 4600 4829 4853
CAPEX tangible fixed assets -86 -110 -120
CAPEX intangible fixed assets -2577 -2959 -3612
Acquisitions and disposals -4103 0 0
Free cash flow -2165 1760 1121
Dividend paid 0 0 0
Share issues and buybacks 6000 0 0
Other non cash items 1203 0 0
Decrease in net IB debt 5238 1760 1121
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 10512 12512 12512
Indefinite intangible assets 0 0 0
Definite intangible assets 4559 3786 3442
Tangible fixed assets 284 393 514
Other fixed assets 196 196 196
Fixed assets 15551 16887 16664
Inventories 472 603 662
Receivables 1975 2521 2769
Other current assets 0 0 0
Cash and liquid assets 6829 8589 9710
Total assets 24827 28600 29805
Shareholders equity 20531 23098 23872
Minority 0 0 0
Total equity 20531 23098 23872
Long-term debt 918 918 918
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 0 0 0
Accounts payable 3178 4384 4816
Other current liabilities 200 200 200
Total liabilities and equity 24827 28600 29805
Net IB debt -6107 -7867 -8988
Net IB debt excl. pension debt -6107 -7867 -8988
Capital invested 14425 15231 14883
Working capital -930 -1460 -1584
EV breakdown 2020 2021 2022
Market cap. diluted (m) 84352 84352 84352
Net IB debt Adj -5910 -7671 -8792
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 78442 76681 75560
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 49,5 41 41,2
Capital invested turnover (%) 82 73,9 80
Capital employed turnover (%) 57,7 48,2 49,3
Inventories / sales (%) 5 4,9 5,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,7 34,5 38,2
Working capital / sales (%) -3,1 -10,9 -12,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -29,7 -34,1 -37,7
Net debt / market cap (%) -10,9 -9,3 -10,7
Equity ratio (%) 82,7 80,8 80,1
Net IB debt adj. / equity (%) -28,8 -33,2 -36,8
Current ratio (%) 274,6 255,5 262
EBITDA / net interest (%) -8362,7 22588,9 25106,4
Net IB debt / EBITDA (%) -171,4 -174,1 -179
Interest cover (%) 332,5 3161,1 4283,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 424 424 424
Fully diluted shares Adj 424 424 424
EPS 0,09 1,33 1,82
Dividend per share Adj 0 0 0
EPS Adj 5,67 7,44 8,43
BVPS 48,39 54,44 56,26
BVPS Adj 12,87 16,03 18,66
Net IB debt / share -14,4 -18,5 -21,2
Share price 132,01 198,8 198,8
Market cap. (m) 56014 84352 84352
Valuation 2020 2021 2022
P/E 2213,7 149 109
EV/sales 9,13 7 6,28
EV/EBITDA 22 17 15
EV/EBITA 631 97,6 70,9
EV/EBIT 631 97,6 70,9
Dividend yield (%) 0 0 0
FCF yield (%) -2,6 2,1 1,3
P/BVPS 4,11 3,65 3,53
P/BVPS Adj 15,45 12,4 10,65
P/E Adj 35 26,7 23,6
EV/EBITDA Adj 13,2 10,8 9,7
EV/EBITA Adj 31,5 22,7 19,5
EV/EBIT Adj 31,5 22,7 19,5
EV/cap. employed 3,7 3,2 3
Investment ratios 2020 2021 2022
Capex / sales 31 28 31
Capex / depreciation 77,4 82,2 94,4
Capex tangibles / tangible fixed assets 30,3 27,9 23,4
Capex intangibles / definite intangibles 56,5 78,2 104,9
Depreciation on intangibles / definite intangibles 75,4 98,6 114,9
Depreciation on tangibles / tangibles 0 0 0
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.

109,2

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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70,6

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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6,3

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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3,5