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eWork

eWork

SEKm 2020 2021e 2022e
Sales 12238 13008 14096
Sales growth (%) -3 6,3 8,4
EBITDA 126 160 166
EBITDA margin (%) 1 1,2 1,2
EBIT adj 105 128 131
EBIT adj margin (%) 0,9 1 0,9
Pretax profit 85 124 127
EPS rep 4,02 5,56 5,73
EPS growth (%) -8,4 38,2 3,1
EPS adj 4,66 5,74 5,73
DPS 4,5 4,5 4,75
EV/EBITDA (x) 11,2 10,9 10,5
EV/EBIT adj (x) 13,3 13,6 13,3
P/E (x) 20,1 17,6 17,1
P/E adj (x) 17,3 17,1 17,1
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 25,8 4,8 6,1
Dividend yield (%) 5,6 4,6 4,8
Net IB debt/EBITDA 0,1 0,4 0,3
Lease adj. FCF yield (%) 24 3,4 4,8
Lease adj. ND/EBITDA -0,2 0,2 0,1
SEKm 2020 2021e 2022e
Sales 12238 13008 14096
COGS -11804 -12532 -13584
Gross profit 434 476 512
Other operating items -308 -317 -346
EBITDA 126 160 166
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -8
EBITA 94 125 131
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 94 125 131
Other financial items 0 0 0
Net financial items -9 -2 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 85 124 127
Tax -16 -28 -29
Net profit 69 96 99
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 69 96 99
EPS 4,02 5,56 5,73
EPS Adj 4,66 5,74 5,73
Total extraordinary items after tax -11,1 -3,1 0
Tax rate (%) -18,4 -22,4 -22,5
Gross margin (%) 3,5 3,7 3,6
EBITDA margin (%) 1 1,2 1,2
EBITA margin (%) 0,8 1 0,9
EBIT margin (%) 0,8 1 0,9
Pretax margin (%) 0,7 0,9 0,9
Net margin (%) 0,6 0,7 0,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3 6,3 8,4
EBITDA growth (%) -9 27 3,9
EBIT growth (%) -13 32,9 4,7
Net profit growth (%) -8,4 38,2 3,1
EPS growth (%) -8,4 38,2 3,1
Profitability 2020 2021 2022
ROE (%) 37,5 46,7 47,4
ROE Adj (%) 43,4 48,3 47,4
ROCE (%) 13,9 29,2 32,6
ROCE Adj(%) 15,7 29,9 32,6
ROIC (%) 20,9 40,7 38,6
ROIC Adj (%) 23,3 41,7 38,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 137 163 166
EBITDA Adj margin (%) 1,1 1,3 1,2
EBITA Adj 105 128 131
EBITA Adj margin (%) 0,9 1 0,9
EBIT Adj 105 128 131
EBIT Adj margin (%) 0,9 1 0,9
Pretax profit Adj 96 127 127
Net profit Adj 80 99 99
Net profit to shareholders Adj 80 99 99
Net Adj margin (%) 0,7 0,8 0,7
Depreciation and amortisation -31 -34 -35
Of which leasing depreciation -22 -22 -22
EO items -11 -3 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 141 144
EBITDA lease Adj margin (%) 0,9 1,1 1
Leasing payments -22 -22 -22
SEKm 2020 2021e 2022e
EBITDA 126 160 166
Net financial items -9 -2 -4
Paid tax -16 -28 -29
Non-cash items -18 0 0
Cash flow before change in WC 83 130 133
Change in WC 296 -32 -13
Operating cash flow 379 98 121
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -17 -15 -14
Acquisitions and disposals 0 0 0
Free cash flow 360 81 103
Dividend paid 0 -112 -78
Share issues and buybacks 0 0 0
Other non cash items 11 9 0
Decrease in net IB debt 345 -142 -13
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 57 66 72
Definite intangible assets 0 0 0
Tangible fixed assets 4 2 3
Other fixed assets 4 4 4
Fixed assets 109 108 113
Inventories 0 0 0
Receivables 3014 3578 3877
Other current assets 0 0 0
Cash and liquid assets 239 122 126
Total assets 3363 3809 4116
Shareholders equity 212 198 219
Minority 0 0 0
Total equity 212 198 219
Long-term debt 215 149 149
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 2896 3428 3714
Other current liabilities 0 0 0
Total liabilities and equity 3363 3809 4116
Net IB debt 11 57 53
Net IB debt excl. pension debt 11 57 53
Capital invested 223 255 272
Working capital 118 151 163
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1393 1690 1690
Net IB debt Adj 11 57 53
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 1404 1746 1743
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 339,1 362,8 355,7
Capital invested turnover (%) 3318,9 4729,1 4107,2
Capital employed turnover (%) 2000,7 2924 3227
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,5 23,7 24,5
Working capital / sales (%) 2,2 1 1,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,3 28,6 24,2
Net debt / market cap (%) 0,9 3,3 3,1
Equity ratio (%) 6,3 5,2 5,3
Net IB debt adj. / equity (%) 5,3 28,6 24,2
Current ratio (%) 110,8 106,9 106,8
EBITDA / net interest (%) 1339 8962,5 4445,7
Net IB debt / EBITDA (%) 9 35,5 32
Interest cover (%) 0 0 0
Lease liability amortisation -26 -23 -22
Other intangible assets 57 63 68
Right-of-use asset 44 38 38
Total other fixed assets 4 4 4
Leasing liability 39 34 34
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -28 23 19
Net IB debt / EBITDA lease Adj (%) -24,4 16,1 13,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,02 5,56 5,73
Dividend per share Adj 4,5 4,5 4,8
EPS Adj 4,66 5,74 5,73
BVPS 12,3 11,48 12,71
BVPS Adj 12,3 11,48 12,71
Net IB debt / share 0,7 3,3 3,1
Share price 69,88 98 98
Market cap. (m) 1205 1690 1690
Valuation 2020 2021 2022
P/E 20,1 17,6 17,1
EV/sales 0,11 0,13 0,12
EV/EBITDA 11,2 10,9 10,5
EV/EBITA 14,9 13,9 13,3
EV/EBIT 14,9 13,9 13,3
Dividend yield (%) 5,6 4,6 4,8
FCF yield (%) 25,8 4,8 6,1
P/BVPS 6,57 8,53 7,71
P/BVPS Adj 6,57 8,53 7,71
P/E Adj 17,3 17,1 17,1
EV/EBITDA Adj 10,3 10,7 10,5
EV/EBITA Adj 13,3 13,6 13,3
EV/EBIT Adj 13,3 13,6 13,3
EV/cap. employed 3 4,6 4,3
Investment ratios 2020 2021 2022
Capex / sales 0,2 0,1 0,1
Capex / depreciation 196,8 133,3 140
Capex tangibles / tangible fixed assets 50 68,3 115,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58,4 117,8 94,9
Lease adj. FCF yield (%) 24 3,4 4,8

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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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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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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