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ENLABS

ENLABS

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Financials

EURm 2019 2020e 2021e
Sales 40 50 58
Sales growth (%) 30,2 26,2 15,4
EBITDA 12 16 19
EBITDA margin (%) 30,2 31,7 32,5
EBIT adj 10 14 17
EBIT adj margin (%) 26,1 27,4 28,7
Pretax profit 10 14 17
EPS rep 0,16 0,21 0,25
EPS growth (%) 43,5 32,3 21,2
EPS adj 0,16 0,21 0,25
DPS 0 0 0
EV/EBITDA (x) 11,6 8,1 6,1
EV/EBIT adj (x) 13,5 9,4 6,9
P/E (x) 15,9 12 9,9
P/E adj (x) 15,3 12 9,9
EV/sales (x) 3,5 2,6 2
FCF yield (%) 4,9 6,8 8,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,4 -1,7 -2,2
EURm 2019 2020e 2021e
Sales 40 50 58
COGS -11 -13 -15
Gross profit 29 37 43
Other operating items -17 -21 -24
EBITDA 12 16 19
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -2 -2
EBITA 10 14 17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 10 14 17
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 10 14 17
Tax 0 -1 -1
Net profit 10 13 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 13 16
EPS 0,16 0,21 0,25
EPS Adj 0,16 0,21 0,25
Total extraordinary items after tax -0,4 0 0
Tax rate (%) -1,1 -5 -5
Gross margin (%) 73,3 73,8 74,5
EBITDA margin (%) 30,2 31,7 32,5
EBITA margin (%) 25,2 27,4 28,7
EBIT margin (%) 25,2 27,4 28,7
Pretax margin (%) 25,1 27,4 28,7
Net margin (%) 24,8 26 27,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 30,2 26,2 15,4
EBITDA growth (%) 28,1 32,5 18,3
EBIT growth (%) 43,2 37,2 21,2
Net profit growth (%) 44 32,3 21,2
EPS growth (%) 43,5 32,3 21,2
Profitability 2019 2020 2021
ROE (%) 27,5 27,8 25,8
ROE Adj (%) 28,5 27,8 25,8
ROCE (%) 27 27,9 26,1
ROCE Adj(%) 27,9 27,9 26,1
ROIC (%) 46 52,6 58,3
ROIC Adj (%) 47,6 52,6 58,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 12 16 19
EBITDA Adj margin (%) 31,1 31,7 32,5
EBITA Adj 10 14 17
EBITA Adj margin (%) 26,1 27,4 28,7
EBIT Adj 10 14 17
EBIT Adj margin (%) 26,1 27,4 28,7
Pretax profit Adj 10 14 17
Net profit Adj 10 13 16
Net profit to shareholders Adj 10 13 16
Net Adj margin (%) 25,7 26 27,3
EURm 2019 2020e 2021e
Other non cash items -3 0 0
Decrease in net IB debt 5 11 14
Balance Sheet (EURm) 2019 2020 2021
Goodwill 17 17 17
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 4 6 9
Other fixed assets 0 0 0
Fixed assets 25 27 30
Inventories 0 0 0
Receivables 3 5 5
Other current assets 0 0 0
Cash and liquid assets 19 30 43
Total assets 48 62 79
Shareholders equity 40 54 69
Minority 0 0 0
Total equity 40 54 69
Long-term debt 2 2 2
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 5 6 7
Other current liabilities 0 0 0
Total liabilities and equity 31 36 48
Net IB debt -17 -27 -41
Net IB debt excl. pension debt -17 -27 -41
Capital invested 24 26 28
Working capital -2 -1 -2
EV breakdown 2019 2020 2021
Market cap. diluted (m) 157 157 157
Net IB debt Adj -17 -27 -41
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 140 129 116
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 95,4 91,9 82,6
Capital invested turnover (%) 184,7 202,5 213,4
Capital employed turnover (%) 107,2 101,9 90,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,6 10,6 11,2
Working capital / sales (%) -3,3 -2,9 -2,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -41,7 -51,3 -59,2
Net debt / market cap (%) -13,5 -17,5 -26,2
Equity ratio (%) 85,1 86,5 88,1
Net IB debt adj. / equity (%) -41,6 -51,2 -59,1
Current ratio (%) 475,3 573,4 700,8
EBITDA / net interest (%) 34590,7 706748,8 -622278,6
Net IB debt / EBITDA (%) -140 -172 -217,5
Interest cover (%) 28796,5 609317,4 -549743,1
EBITDA 12 16 19
Net financial items 0 0 0
Paid tax 0 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC 12 15 18
Change in WC 1 0 0
Operating cash flow 12 15 18
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -5 -5
Acquisitions and disposals 0 0 0
Free cash flow 8 11 14
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
EURm 2019 2020e 2021e
Shares outstanding adj. 63 63 63
Fully diluted shares Adj 63 63 63
EPS 0,16 0,21 0,25
Dividend per share Adj 0 0 0
EPS Adj 0,16 0,21 0,25
BVPS 0,64 0,85 1,1
BVPS Adj 0,3 0,51 0,76
Net IB debt / share -0,3 -0,4 -0,7
Share price 2 2,49 2,49
Market cap. (m) 125 157 157
Valuation 2019 2020 2021
P/E 15,9 12 9,9
EV/sales 3,51 2,57 1,99
EV/EBITDA 11,6 8,1 6,1
EV/EBITA 13,9 9,4 6,9
EV/EBIT 13,9 9,4 6,9
Dividend yield (%) 0 0 0
FCF yield (%) 4,9 6,8 8,7
P/BVPS 3,87 2,93 2,26
P/BVPS Adj 8,2 4,87 3,26
P/E Adj 15,3 12 9,9
EV/EBITDA Adj 11,3 8,1 6,1
EV/EBITA Adj 13,5 9,4 6,9
EV/EBIT Adj 13,5 9,4 6,9
EV/cap. employed 3,3 2,3 1,6
Investment ratios 2019 2020 2021
Capex / sales 9,7 9 8
Capex / depreciation 192 204,8 211,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 97,3 113,1 117
Depreciation on intangibles / definite intangibles 50,7 55,2 55,2
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

10,0

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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6,8

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,0

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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2,3