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Eurocon

Eurocon

SEKm 2019 2020e 2021e
Sales 268 285 301
Sales growth (%) 6 6,4 5,6
EBITDA 24 34 39
EBITDA margin (%) 8,9 11,8 13
EBIT adj 11 21 26
EBIT adj margin (%) 4 7,2 8,7
Pretax profit 11 21 26
EPS rep 0,19 0,37 0,47
EPS growth (%) -68 91,9 26,9
EPS adj 0,19 0,37 0,47
DPS 0,2 0,3 0,35
EV/EBITDA (x) 11 7,7 6,4
EV/EBIT adj (x) 24,3 12,5 9,6
P/E (x) 28,8 15 11,8
P/E adj (x) 28,8 15 11,8
EV/sales (x) 1 0,9 0,8
FCF yield (%) 8,5 10,4 12,5
Dividend yield (%) 3,6 5,5 6,4
Net IB debt/EBITDA 0,9 0,5 0,3
SEKm 2019 2020e 2021e
Sales 268 285 301
COGS -29 -30 -32
Gross profit 240 255 270
Other operating items -216 -221 -231
EBITDA 24 34 39
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 11 21 26
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 11 21 26
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 11 21 26
Tax -2 -5 -6
Net profit 8 16 20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 16 20
EPS 0,19 0,37 0,47
EPS Adj 0,19 0,37 0,47
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 89,4 89,4 89,5
EBITDA margin (%) 8,9 11,8 13
EBITA margin (%) 4 7,2 8,7
EBIT margin (%) 4 7,2 8,7
Pretax margin (%) 4 7,2 8,6
Net margin (%) 3,1 5,6 6,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6 6,4 5,6
EBITDA growth (%) -16,5 41,2 16,7
EBIT growth (%) -56,5 91 26,8
Net profit growth (%) -67,3 91,9 26,9
EPS growth (%) -68 91,9 26,9
Profitability 2019 2020 2021
ROE (%) 9,8 18,7 21,8
ROE Adj (%) 9,8 18,7 21,8
ROCE (%) 10,2 17 20,4
ROCE Adj(%) 10,2 17 20,4
ROIC (%) 8,9 15 18,7
ROIC Adj (%) 8,9 15 18,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 24 34 39
EBITDA Adj margin (%) 8,9 11,8 13
EBITA Adj 11 21 26
EBITA Adj margin (%) 4 7,2 8,7
EBIT Adj 11 21 26
EBIT Adj margin (%) 4 7,2 8,7
Pretax profit Adj 11 21 26
Net profit Adj 8 16 20
Net profit to shareholders Adj 8 16 20
Net Adj margin (%) 3,1 5,6 6,7
SEKm 2019 2020e 2021e
EBITDA 24 34 39
Net financial items 0 0 0
Paid tax -2 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC 21 29 33
Change in WC 9 -1 0
Operating cash flow 30 28 33
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -7 0 0
Free cash flow 20 25 30
Dividend paid -15 -9 -13
Share issues and buybacks 0 0 0
Other non cash items -24 0 0
Decrease in net IB debt -29 5 6
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 3 4 5
Other fixed assets 4 4 4
Fixed assets 98 100 101
Inventories 0 0 0
Receivables 65 68 72
Other current assets 0 0 0
Cash and liquid assets 13 18 24
Total assets 176 186 197
Shareholders equity 82 89 97
Minority 0 0 0
Total equity 82 89 97
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 1 1 1
Short-term debt 9 9 9
Accounts payable 57 60 63
Other current liabilities 0 0 0
Total liabilities and equity 154 160 176
Net IB debt 23 17 12
Net IB debt excl. pension debt 23 17 12
Capital invested 106 108 110
Working capital 7 9 9
EV breakdown 2019 2020 2021
Market cap. diluted (m) 240 240 240
Net IB debt Adj 23 17 12
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 263 257 252
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 160 157,8 157,6
Capital invested turnover (%) 283,9 266,6 276,7
Capital employed turnover (%) 254,5 235,9 234,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,8 20,5 20,4
Working capital / sales (%) 4,5 2,8 2,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 27,5 19,5 12,3
Net debt / market cap (%) 8,6 7,3 4,9
Equity ratio (%) 46,7 48,1 49,1
Net IB debt adj. / equity (%) 27,5 19,5 12,3
Current ratio (%) 101,6 109,6 116,7
EBITDA / net interest (%) 23790,3 33592,1 39216
Net IB debt / EBITDA (%) 94,8 51,9 30,2
Interest cover (%) 10787,3 20608 26132
SEKm 2019 2020e 2021e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 0,19 0,37 0,47
Dividend per share Adj 0,2 0,3 0,3
EPS Adj 0,19 0,37 0,47
BVPS 1,88 2,05 2,21
BVPS Adj 0,37 0,54 0,7
Net IB debt / share 0,5 0,4 0,3
Share price 6,04 5,5 5,5
Market cap. (m) 263 240 240
Valuation 2019 2020 2021
P/E 28,8 15 11,8
EV/sales 0,98 0,9 0,84
EV/EBITDA 11 7,7 6,4
EV/EBITA 24,3 12,5 9,6
EV/EBIT 24,3 12,5 9,6
Dividend yield (%) 3,6 5,5 6,4
FCF yield (%) 8,5 10,4 12,5
P/BVPS 2,92 2,68 2,48
P/BVPS Adj 14,78 10,21 7,81
P/E Adj 28,8 15 11,8
EV/EBITDA Adj 11 7,7 6,4
EV/EBITA Adj 24,3 12,5 9,6
EV/EBIT Adj 24,3 12,5 9,6
EV/cap. employed 2,2 2,1 1,9
Investment ratios 2019 2020 2021
Capex / sales 1 1 1
Capex / depreciation 137,3 142,6 143,5
Capex tangibles / tangible fixed assets 92,8 76,2 64,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 67,6 53,4 45,1

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>

11,7

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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9,8

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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0,8

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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2,5