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Eurocon

Eurocon

SEKm 2020 2021e 2022e
Sales 246 268 284
Sales growth (%) -5,8 8,8 6
EBITDA 27 34 39
EBITDA margin (%) 11,1 12,6 13,7
EBIT adj 14 21 26
EBIT adj margin (%) 5,6 7,8 9,1
Pretax profit 13 20 25
EPS rep 0,22 0,37 0,46
EPS growth (%) 91,3 64,4 25
EPS adj 0,22 0,37 0,46
DPS 0,2 0,25 0,3
EV/EBITDA (x) 8,6 7,3 6,1
EV/EBIT adj (x) 17 11,8 9,2
P/E (x) 22,1 14,6 11,7
P/E adj (x) 22,1 14,6 11,7
EV/sales (x) 1 0,9 0,8
FCF yield (%) 11,5 11 12,4
Dividend yield (%) 4 4,6 5,6
Net IB debt/EBITDA 0,6 0,3 0,1
Lease adj. FCF yield (%) 6,3 6,2 7,7
Lease adj. ND/EBITDA -0,6 -0,7 -0,8
SEKm 2020 2021e 2022e
Sales 246 268 284
COGS -22 -22 -23
Gross profit 224 245 260
Other operating items -197 -212 -221
EBITDA 27 34 39
Depreciation on tangibles 0 -2 -2
Depreciation on intangibles 0 0 0
EBITA 14 21 26
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 14 21 26
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 13 20 25
Tax -3 -4 -5
Net profit 10 16 20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 16 20
EPS 0,22 0,37 0,46
EPS Adj 0,22 0,37 0,46
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,1 -20,6 -20,6
Gross margin (%) 91,1 91,7 91,8
EBITDA margin (%) 11,1 12,6 13,7
EBITA margin (%) 5,6 7,8 9,1
EBIT margin (%) 5,6 7,8 9,1
Pretax margin (%) 5,2 7,6 9
Net margin (%) 4 6 7,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -5,8 8,8 6
EBITDA growth (%) 53,2 23,8 15,3
EBIT growth (%) 162,4 51,6 24,4
Net profit growth (%) 94,9 64,4 25
EPS growth (%) 91,3 64,4 25
Profitability 2020 2021 2022
ROE (%) 10,9 16,3 18,8
ROE Adj (%) 10,9 16,3 18,8
ROCE (%) 10,7 15,2 17,8
ROCE Adj(%) 10,7 15,2 17,8
ROIC (%) 9,3 14,6 17,8
ROIC Adj (%) 9,3 14,6 17,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 27 34 39
EBITDA Adj margin (%) 11,1 12,6 13,7
EBITA Adj 14 21 26
EBITA Adj margin (%) 5,6 7,8 9,1
EBIT Adj 14 21 26
EBIT Adj margin (%) 5,6 7,8 9,1
Pretax profit Adj 13 20 25
Net profit Adj 10 16 20
Net profit to shareholders Adj 10 16 20
Net Adj margin (%) 4 6 7,1
Depreciation and amortisation -14 -13 -13
Of which leasing depreciation -14 -11 -11
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 16 22 27
EBITDA lease Adj margin (%) 6,4 8,3 9,7
Leasing payments -12 -12 -12
SEKm 2020 2021e 2022e
EBITDA 27 34 39
Net financial items -1 -1 -1
Paid tax -3 -4 -5
Non-cash items 0 0 0
Cash flow before change in WC 23 29 33
Change in WC 2 -1 -1
Operating cash flow 25 28 32
CAPEX tangible fixed assets 0 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 25 26 29
Dividend paid 0 -9 -11
Share issues and buybacks 0 0 0
Other non cash items -1 0 0
Decrease in net IB debt 12 6 7
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 62 62 62
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 2 3 4
Other fixed assets 1 1 1
Fixed assets 95 96 97
Inventories 0 0 0
Receivables 67 75 79
Other current assets 0 0 0
Cash and liquid assets 22 27 35
Total assets 183 198 211
Shareholders equity 95 103 112
Minority 0 0 0
Total equity 95 103 112
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 1 1 1
Short-term debt 12 12 12
Accounts payable 49 56 60
Other current liabilities 0 0 0
Total liabilities and equity 183 198 211
Net IB debt 17 11 4
Net IB debt excl. pension debt 17 11 4
Capital invested 113 114 116
Working capital 18 19 20
EV breakdown 2020 2021 2022
Market cap. diluted (m) 217 236 236
Net IB debt Adj 17 11 4
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 234 247 239
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 136,5 140,5 138,8
Capital invested turnover (%) 216,2 235,9 245,9
Capital employed turnover (%) 192 195,2 194,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,7 19,6 20,4
Working capital / sales (%) 7,8 6,9 6,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 17,5 10,7 3,4
Net debt / market cap (%) 8,9 4,7 1,6
Equity ratio (%) 52 51,8 53
Net IB debt adj. / equity (%) 17,5 10,7 3,4
Current ratio (%) 121,6 127,6 136,5
EBITDA / net interest (%) 2790,4 6762,1 7799
Net IB debt / EBITDA (%) 60,9 32,4 9,7
Interest cover (%) 1403 4165,3 5182,2
Lease liability amortisation -11 -11 -11
Other intangible assets 3 3 3
Right-of-use asset 26 26 27
Total other fixed assets 1 1 1
Leasing liability 26 27 27
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing -10 -16 -23
Net IB debt / EBITDA lease Adj (%) -62 -70,3 -84
SEKm 2020 2021e 2022e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 0,22 0,37 0,46
Dividend per share Adj 0,2 0,3 0,3
EPS Adj 0,22 0,37 0,46
BVPS 2,18 2,35 2,56
BVPS Adj 0,7 0,87 1,08
Net IB debt / share 0,4 0,3 0,1
Share price 4,28 5,4 5,4
Market cap. (m) 187 236 236
Valuation 2020 2021 2022
P/E 22,1 14,6 11,7
EV/sales 0,95 0,92 0,84
EV/EBITDA 8,6 7,3 6,1
EV/EBITA 17 11,8 9,2
EV/EBIT 17 11,8 9,2
Dividend yield (%) 4 4,6 5,6
FCF yield (%) 11,5 11 12,4
P/BVPS 2,28 2,3 2,11
P/BVPS Adj 7,12 6,21 4,99
P/E Adj 22,1 14,6 11,7
EV/EBITDA Adj 8,6 7,3 6,1
EV/EBITA Adj 17 11,8 9,2
EV/EBIT Adj 17 11,8 9,2
EV/cap. employed 1,8 1,7 1,6
Investment ratios 2020 2021 2022
Capex / sales 0 1 1
Capex / depreciation 0 133,9 135,2
Capex tangibles / tangible fixed assets 2,2 83,6 72
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 62,5 53,3
Lease adj. FCF yield (%) 6,3 6,2 7,7

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.

11,7

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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9,3

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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0,9

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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