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Eurocon

Eurocon

SEKm 2019 2020e 2021e
Sales 261 263 278
Sales growth (%) 3,3 0,6 6
EBITDA 18 28 34
EBITDA margin (%) 6,8 10,8 12,2
EBIT adj 5 15 21
EBIT adj margin (%) 2 5,9 7,5
Pretax profit 6 15 21
EPS rep 0,12 0,27 0,37
EPS growth (%) -80,3 131,1 34,4
EPS adj 0,12 0,27 0,37
DPS 0,1 0,2 0,25
EV/EBITDA (x) 15,3 5,8 4,7
EV/EBIT adj (x) 52 10,7 7,6
P/E (x) 48,5 12,1 9
P/E adj (x) 48,5 12,1 9
EV/sales (x) 1 0,6 0,6
FCF yield (%) 3,2 10,4 18,9
Dividend yield (%) 1,8 6,1 7,6
Net IB debt/EBITDA 1,6 0,7 0,4
SEKm 2019 2020e 2021e
Sales 261 263 278
COGS -28 -24 -25
Gross profit 234 239 254
Other operating items -216 -211 -220
EBITDA 18 28 34
Depreciation on tangibles 0 -2 -2
Depreciation on intangibles 0 0 0
EBITA 5 15 21
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 5 15 21
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 6 15 21
Tax -1 -3 -5
Net profit 5 12 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 12 16
EPS 0,12 0,27 0,37
EPS Adj 0,12 0,27 0,37
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,1 -22 -22
Gross margin (%) 89,4 91 91,2
EBITDA margin (%) 6,8 10,8 12,2
EBITA margin (%) 2 5,9 7,5
EBIT margin (%) 2 5,9 7,5
Pretax margin (%) 2,4 5,9 7,4
Net margin (%) 1,9 4,6 5,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 3,3 0,6 6
EBITDA growth (%) -37,4 59,6 18,9
EBIT growth (%) -78,9 195,6 34,2
Net profit growth (%) -80,3 138,1 34,4
EPS growth (%) -80,3 131,1 34,4
Profitability 2019 2020 2021
ROE (%) 5,8 13,4 16,6
ROE Adj (%) 5,8 13,4 16,6
ROCE (%) 4,8 12,2 15,4
ROCE Adj(%) 4,8 12,2 15,4
ROIC (%) 4,2 10,5 14
ROIC Adj (%) 4,2 10,5 14
Adj earnings numbers 2019 2020 2021
EBITDA Adj 18 28 34
EBITDA Adj margin (%) 6,8 10,8 12,2
EBITA Adj 5 15 21
EBITA Adj margin (%) 2 5,9 7,5
EBIT Adj 5 15 21
EBIT Adj margin (%) 2 5,9 7,5
Pretax profit Adj 6 15 21
Net profit Adj 5 12 16
Net profit to shareholders Adj 5 12 16
Net Adj margin (%) 1,9 4,6 5,8
SEKm 2019 2020e 2021e
EBITDA 18 28 34
Net financial items 1 0 0
Paid tax -1 -3 -5
Non-cash items 0 0 0
Cash flow before change in WC 18 25 29
Change in WC -4 0 1
Operating cash flow 6 25 30
CAPEX tangible fixed assets 9 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -7 -7 0
Free cash flow 8 15 27
Dividend paid -15 -4 -9
Share issues and buybacks 0 0 0
Other non cash items -17 7 0
Decrease in net IB debt -35 7 7
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 62 62 62
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 2 3 4
Other fixed assets 2 2 2
Fixed assets 95 95 96
Inventories 0 0 0
Receivables 73 73 78
Other current assets 0 0 0
Cash and liquid assets 10 16 24
Total assets 177 185 198
Shareholders equity 86 93 101
Minority 0 0 0
Total equity 85 93 100
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 2 2 2
Short-term debt 13 13 13
Accounts payable 53 53 58
Other current liabilities 0 0 0
Total liabilities and equity 177 185 198
Net IB debt 28 21 14
Net IB debt excl. pension debt 28 21 14
Capital invested 115 116 116
Working capital 20 20 19
EV breakdown 2019 2020 2021
Market cap. diluted (m) 244 145 145
Net IB debt Adj 28 21 14
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 272 166 159
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 155,1 145 145,3
Capital invested turnover (%) 263,8 227,6 240,3
Capital employed turnover (%) 241,2 207,1 207
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,5 20 20
Working capital / sales (%) 7,1 7,8 7,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 33,1 22,9 14
Net debt / market cap (%) 10,9 14,7 9,7
Equity ratio (%) 48,1 50,2 50,5
Net IB debt adj. / equity (%) 33,1 22,9 14
Current ratio (%) 107,7 116,6 123,3
EBITDA / net interest (%) -1552,9 28460,3 33845,8
Net IB debt / EBITDA (%) 158 74,9 41,3
Interest cover (%) -456 15476,3 20761,8
SEKm 2019 2020e 2021e
Shares outstanding adj. 43 44 44
Fully diluted shares Adj 43 44 44
EPS 0,12 0,27 0,37
Dividend per share Adj 0,1 0,2 0,3
EPS Adj 0,12 0,27 0,37
BVPS 2 2,12 2,28
BVPS Adj 0,46 0,62 0,78
Net IB debt / share 0,7 0,5 0,3
Share price 6,04 3,28 3,28
Market cap. (m) 259 145 145
Valuation 2019 2020 2021
P/E 48,5 12,1 9
EV/sales 1,04 0,63 0,57
EV/EBITDA 15,3 5,8 4,7
EV/EBITA 52 10,7 7,6
EV/EBIT 52 10,7 7,6
Dividend yield (%) 1,8 6,1 7,6
FCF yield (%) 3,2 10,4 18,9
P/BVPS 2,85 1,55 1,44
P/BVPS Adj 12,45 5,3 4,18
P/E Adj 48,5 12,1 9
EV/EBITDA Adj 15,3 5,8 4,7
EV/EBITA Adj 52 10,7 7,6
EV/EBIT Adj 52 10,7 7,6
EV/cap. employed 2,2 1,3 1,1
Investment ratios 2019 2020 2021
Capex / sales -3,3 1 1
Capex / depreciation N/A 131,3 132,6
Capex tangibles / tangible fixed assets -388,1 92 78,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 70,1 59,4

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>

8,9

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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7,5

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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0,6

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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1,4