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Empir Group

Empir Group

SEKm 2020 2021e 2022e
Sales 202 146 158
Sales growth (%) -21,2 -27,4 7,9
EBITDA 13 -4 6
EBITDA margin (%) 6,4 -2,5 3,7
EBIT adj 0 -12 -4
EBIT adj margin (%) -0,2 -8,2 -2,2
Pretax profit -20 -17 -4
EPS rep -4,32 -3,09 -1,17
EPS growth (%) -113 28,6 62,1
EPS adj -0,67 -2,2 -1,17
DPS 1,3 0,5 0,5
EV/EBITDA (x) 5,9 -31,6 20,2
EV/EBIT adj (x) -198,8 -9,5 -33,1
P/E (x) -2,8 -7 -18,4
P/E adj (x) -18,2 -9,8 -18,4
EV/sales (x) 0,4 0,8 0,7
FCF yield (%) 15,8 27,3 9,3
Dividend yield (%) 10,6 2,3 2,3
Net IB debt/EBITDA -0,8 7,7 -4,8
Lease adj. FCF yield (%) 3 20,3 2,3
Lease adj. ND/EBITDA -1,1 4,6 8,6
SEKm 2020 2021e 2022e
Sales 202 146 158
COGS 0 0 0
Gross profit 202 146 158
Other operating items -189 -150 -152
EBITDA 13 -4 6
Depreciation on tangibles -33 -3 -3
Depreciation on intangibles 0 0 0
EBITA -21 -17 -4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -21 -17 -4
Other financial items 0 0 0
Net financial items 1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -17 -4
Tax -2 0 0
Net profit -22 -17 -4
Minority interest -2 -1 -3
Net profit discontinued 0 0 0
Net profit to shareholders -24 -18 -7
EPS -4,32 -3,09 -1,17
EPS Adj -0,67 -2,2 -1,17
Total extraordinary items after tax -20,2 -5,1 0
Tax rate (%) 12 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) 6,4 -2,5 3,7
EBITA margin (%) -10,2 -11,7 -2,2
EBIT margin (%) -10,2 -11,7 -2,2
Pretax margin (%) -9,7 -11,7 -2,3
Net margin (%) -10,9 -11,7 -2,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,2 -27,4 7,9
EBITDA growth (%) -15,6 -128,2 260,4
EBIT growth (%) -51,8 17 79,3
Net profit growth (%) -80,5 22 79,2
EPS growth (%) -113 28,6 62,1
Profitability 2020 2021 2022
ROE (%) -20,4 -21,4 -10,2
ROE Adj (%) -3,2 -15,2 -10,2
ROCE (%) -12,3 -13,6 -3,2
ROCE Adj(%) -0,2 -9,6 -3,2
ROIC (%) -17,6 -20,7 -6,1
ROIC Adj (%) -0,3 -14,6 -6,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 33 1 6
EBITDA Adj margin (%) 16,4 1 3,7
EBITA Adj 0 -12 -4
EBITA Adj margin (%) -0,2 -8,2 -2,2
EBIT Adj 0 -12 -4
EBIT Adj margin (%) -0,2 -8,2 -2,2
Pretax profit Adj 1 -12 -4
Net profit Adj -2 -12 -4
Net profit to shareholders Adj -4 -13 -7
Net Adj margin (%) -0,9 -8,2 -2,3
Depreciation and amortisation -33 -13 -9
Of which leasing depreciation 0 -9 -9
EO items -20 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 22 -9 -5
EBITDA lease Adj margin (%) 11 -6,4 -3,2
Leasing payments -11 -11 -11
SEKm 2020 2021e 2022e
EBITDA 13 -4 6
Net financial items 1 0 0
Paid tax -2 0 0
Non-cash items 0 0 0
Cash flow before change in WC 11 -4 6
Change in WC 3 -2 0
Operating cash flow 15 -6 6
CAPEX tangible fixed assets -4 -4 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 44 10
Free cash flow 11 34 12
Dividend paid 0 -7 -3
Share issues and buybacks 0 0 0
Other non cash items -7 0 0
Decrease in net IB debt -2 33 4
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 83 39 29
Indefinite intangible assets 0 0 0
Definite intangible assets 10 10 10
Tangible fixed assets 1 1 5
Other fixed assets 10 10 10
Fixed assets 117 72 66
Inventories 0 0 0
Receivables 31 25 27
Other current assets 31 31 31
Cash and liquid assets 34 52 52
Total assets 213 180 176
Shareholders equity 96 71 61
Minority 18 18 22
Total equity 113 89 83
Long-term debt 4 4 4
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 5 5 5
Accounts payable 15 15 16
Other current liabilities 60 53 54
Total liabilities and equity 213 180 176
Net IB debt -10 -28 -28
Net IB debt excl. pension debt -10 -28 -28
Capital invested 103 61 55
Working capital -13 -11 -12
EV breakdown 2020 2021 2022
Market cap. diluted (m) 68 124 124
Net IB debt Adj -10 -28 -28
Market value of minority 18 18 22
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 76 114 117
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 82,9 74,5 88,6
Capital invested turnover (%) 154 207,5 284,7
Capital employed turnover (%) 120,8 129,6 134,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 12,3 12,3 10,9
Payables / sales (%) 8,2 9,3 9,9
Working capital / sales (%) 0,9 -8,4 -7,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -8,7 -31,3 -33,8
Net debt / market cap (%) -16,4 -23,4 -23,5
Equity ratio (%) 53,4 49,4 46,9
Net IB debt adj. / equity (%) -8,7 -31,3 -33,8
Current ratio (%) 110,7 137,5 136
EBITDA / net interest (%) -1277,8 -19015,4 30502,1
Net IB debt / EBITDA (%) -77,1 770,5 -482
Interest cover (%) 2049,9 -89904,9 -18636,6
Lease liability amortisation -9 -9 -9
Other intangible assets 10 10 10
Right-of-use asset 12 12 12
Total other fixed assets 10 10 10
Leasing liability 15 15 15
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -25 -43 -43
Net IB debt / EBITDA lease Adj (%) -111,7 459,7 858,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 6 6 6
Fully diluted shares Adj 6 6 6
EPS -4,32 -3,09 -1,17
Dividend per share Adj 1,3 0,5 0,5
EPS Adj -0,67 -2,2 -1,17
BVPS 17,26 12,75 11,04
BVPS Adj 0,38 3,82 3,91
Net IB debt / share -1,8 -5 -5
Share price 10,93 21,5 21,5
Market cap. (m) 60 119 119
Valuation 2020 2021 2022
P/E -2,8 -7 -18,4
EV/sales 0,38 0,78 0,74
EV/EBITDA 5,9 -31,6 20,2
EV/EBITA -3,7 -6,7 -33,1
EV/EBIT -3,7 -6,7 -33,1
Dividend yield (%) 10,6 2,3 2,3
FCF yield (%) 15,8 27,3 9,3
P/BVPS 0,71 1,69 1,95
P/BVPS Adj 32,56 5,63 5,5
P/E Adj -18,2 -9,8 -18,4
EV/EBITDA Adj 2,3 76,8 20,2
EV/EBITA Adj -198,8 -9,5 -33,1
EV/EBIT Adj -198,8 -9,5 -33,1
EV/cap. employed 0,6 1 1,1
Investment ratios 2020 2021 2022
Capex / sales 2 3 3
Capex / depreciation 12 90,2 643,4
Capex tangibles / tangible fixed assets 268,8 435,2 94,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 2245,3 482,8 14,7
Lease adj. FCF yield (%) 3 20,3 2,3

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.

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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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- 25,2

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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2,1