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Embracer Group

Embracer Group

SEKm 2019 2020e 2021e
Sales 5249 8409 9485
Sales growth (%) -8,8 60,2 12,8
EBITDA 1821 3288 3731
EBITDA margin (%) 34,7 39,1 39,3
EBIT adj 345 297 500
EBIT adj margin (%) 6,6 3,5 5,3
Pretax profit 409 244 480
EPS rep 0,91 0,36 0,95
EPS growth (%) -78,5 -60 163,3
EPS adj 0,91 0,36 0,95
DPS 0 0 0
EV/EBITDA (x) 11,8 18,9 16,3
EV/EBIT adj (x) 62 208,7 121,3
P/E (x) 78 474,5 180,2
P/E adj (x) 78 474,5 180,2
EV/sales (x) 4,1 7,4 6,4
FCF yield (%) -8,4 1,5 2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,5 -0,7 -0,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 5249 8409 9485
COGS -2576 -3662 -4099
Gross profit 2673 4747 5386
Other operating items -852 -1459 -1655
EBITDA 1821 3288 3731
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1476 -2991 -3231
EBITA 345 297 500
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 345 297 500
Other financial items 0 0 0
Net financial items 63 -54 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 409 244 480
Tax -126 -109 -125
Net profit 283 135 355
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 283 135 355
EPS 0,91 0,36 0,95
EPS Adj 0,91 0,36 0,95
Total extraordinary items after tax 0 0 0
Tax rate (%) -30,7 -44,6 -26
Gross margin (%) 50,9 56,5 56,8
EBITDA margin (%) 34,7 39,1 39,3
EBITA margin (%) 6,6 3,5 5,3
EBIT margin (%) 6,6 3,5 5,3
Pretax margin (%) 7,8 2,9 5,1
Net margin (%) 5,4 1,6 3,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -8,8 60,2 12,8
EBITDA growth (%) 14,3 80,5 13,5
EBIT growth (%) -39,9 -13,9 68,4
Net profit growth (%) -28,7 -52,3 163,3
EPS growth (%) -78,5 -60 163,3
Profitability 2019 2020 2021
ROE (%) 4,1 1,4 2,8
ROE Adj (%) 4,1 1,4 2,8
ROCE (%) 5,8 2,8 3,7
ROCE Adj(%) 5,8 2,8 3,7
ROIC (%) 4,5 2 3,8
ROIC Adj (%) 4,5 2 3,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1821 3288 3731
EBITDA Adj margin (%) 34,7 39,1 39,3
EBITA Adj 345 297 500
EBITA Adj margin (%) 6,6 3,5 5,3
EBIT Adj 345 297 500
EBIT Adj margin (%) 6,6 3,5 5,3
Pretax profit Adj 409 244 480
Net profit Adj 283 135 355
Net profit to shareholders Adj 283 135 355
Net Adj margin (%) 5,4 1,6 3,7
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1821 3288 3731
Net financial items 63 -54 -20
Paid tax -126 -109 -125
Non-cash items 0 0 0
Cash flow before change in WC 1759 3126 3586
Change in WC -84 1108 376
Operating cash flow 1675 4234 3962
CAPEX tangible fixed assets -42 -84 -95
CAPEX intangible fixed assets -1653 -2102 -2561
Acquisitions and disposals -1840 -1103 0
Free cash flow -1861 945 1306
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 523 203 0
Decrease in net IB debt -1338 1348 1306
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1412 6412 6412
Indefinite intangible assets 0 0 0
Definite intangible assets 4521 4532 3863
Tangible fixed assets 198 282 377
Other fixed assets 196 196 196
Fixed assets 6327 11422 10848
Inventories 394 462 522
Receivables 1575 1934 2182
Other current assets 0 0 0
Cash and liquid assets 1591 2939 4245
Total assets 9886 16758 17796
Shareholders equity 7393 12528 12884
Minority 0 0 0
Total equity 7393 12528 12884
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 1575 3111 3794
Other current liabilities 0 200 200
Total liabilities and equity 9886 16758 17796
Net IB debt -869 -2217 -3523
Net IB debt excl. pension debt -869 -2217 -3523
Capital invested 6524 10311 9361
Working capital 394 -915 -1291
EV breakdown 2019 2020 2021
Market cap. diluted (m) 22083 64045 64045
Net IB debt Adj -673 -2021 -3327
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 21410 62024 60718
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 56,8 63,1 54,9
Capital invested turnover (%) 98,2 99,9 96,4
Capital employed turnover (%) 67,3 77,3 69,6
Inventories / sales (%) 6,8 5,1 5,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,5 27,9 36,4
Working capital / sales (%) 6,7 -3,1 -11,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -11,8 -17,7 -27,3
Net debt / market cap (%) -3,9 -3,5 -5,5
Equity ratio (%) 74,8 74,8 72,4
Net IB debt adj. / equity (%) -9,1 -16,1 -25,8
Current ratio (%) 226 161,1 174
EBITDA / net interest (%) -2872,4 6134,2 18654,3
Net IB debt / EBITDA (%) -47,7 -67,4 -94,4
Interest cover (%) 974,9 535 2021,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 312 372 372
Fully diluted shares Adj 312 372 372
EPS 0,91 0,36 0,95
Dividend per share Adj 0 0 0
EPS Adj 0,91 0,36 0,95
BVPS 23,7 33,65 34,6
BVPS Adj 4,68 4,25 7,01
Net IB debt / share -2,8 -6 -9,5
Share price 71,46 172 172
Market cap. (m) 22297 64045 64045
Valuation 2019 2020 2021
P/E 78 474,5 180,2
EV/sales 4,08 7,38 6,4
EV/EBITDA 11,8 18,9 16,3
EV/EBITA 62 208,7 121,3
EV/EBIT 62 208,7 121,3
Dividend yield (%) 0 0 0
FCF yield (%) -8,4 1,5 2
P/BVPS 2,99 5,11 4,97
P/BVPS Adj 15,12 40,42 24,54
P/E Adj 78 474,5 180,2
EV/EBITDA Adj 11,8 18,9 16,3
EV/EBITA Adj 62 208,7 121,3
EV/EBIT Adj 62 208,7 121,3
EV/cap. employed 2,6 4,6 4,4
Investment ratios 2019 2020 2021
Capex / sales 32,3 26 28
Capex / depreciation 114,9 73,1 82,2
Capex tangibles / tangible fixed assets 21,4 29,8 25,2
Capex intangibles / definite intangibles 36,6 46,4 66,3
Depreciation on intangibles / definite intangibles 32,6 66 83,6
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.

181,1

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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120,9

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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6,4

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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5,0