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eWork

SEKm 2018 2019e 2020e
Sales 11036 12792 14167
Sales growth (%) 16,1 15,9 10,8
EBITDA 112 161 199
EBITDA margin (%) 1 1,3 1,4
EBIT adj 107 153 191
EBIT adj margin (%) 1 1,2 1,3
Pretax profit 102 146 184
EPS rep 4,58 6,49 8,15
EPS growth (%) -1,6 41,8 25,5
EPS adj 4,58 6,49 8,15
DPS 4,5 5 5,75
EV/EBITDA (x) 14,6 10,8 8,6
EV/EBIT adj (x) 15,4 11,3 8,9
P/E (x) 18,1 13,4 10,7
P/E adj (x) 18,1 13,4 10,7
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 1,1 4 7,4
Dividend yield (%) 5,4 5,7 6,6
Net IB debt/EBITDA 1,9 1,4 1
SEKm 2018 2019e 2020e
Sales 11036 12792 14167
COGS -10577 -12273 -13584
Gross profit 459 518 584
Other operating items -347 -358 -385
EBITDA 112 161 199
Depreciation on tangibles 0 0 0
Depreciation on intangibles -6 -8 -9
EBITA 107 153 191
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 107 153 191
Other financial items 0 0 0
Net financial items -5 -7 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 146 184
Tax -23 -34 -43
Net profit 79 112 140
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 112 140
EPS 4,58 6,49 8,15
EPS Adj 4,58 6,49 8,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,4 -23,5 -23,5
Gross margin (%) 4,2 4,1 4,1
EBITDA margin (%) 1 1,3 1,4
EBITA margin (%) 1 1,2 1,3
EBIT margin (%) 1 1,2 1,3
Pretax margin (%) 0,9 1,1 1,3
Net margin (%) 0,7 0,9 1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 16,1 15,9 10,8
EBITDA growth (%) 4,3 43,1 23,8
EBIT growth (%) 0,3 43,8 24,3
Net profit growth (%) -1,4 41,8 25,5
EPS growth (%) -1,6 41,8 25,5
Profitability 2018 2019 2020
ROE (%) 51,4 64,8 64,7
ROE Adj (%) 51,4 64,8 64,7
ROCE (%) 30,6 37,4 42,5
ROCE Adj(%) 30,6 37,4 42,5
ROIC (%) 24,9 30 33,8
ROIC Adj (%) 24,9 30 33,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 112 161 199
EBITDA Adj margin (%) 1 1,3 1,4
EBITA Adj 107 153 191
EBITA Adj margin (%) 1 1,2 1,3
EBIT Adj 107 153 191
EBIT Adj margin (%) 1 1,2 1,3
Pretax profit Adj 102 146 184
Net profit Adj 79 112 140
Net profit to shareholders Adj 79 112 140
Net Adj margin (%) 0,7 0,9 1
SEKm 2018 2019e 2020e
EBITDA 112 161 199
Net financial items -5 -7 -7
Paid tax -23 -34 -43
Non-cash items 0 0 0
Cash flow before change in WC 85 119 149
Change in WC -59 -37 -25
Operating cash flow 29 82 124
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -14 -22 -13
Acquisitions and disposals 0 0 0
Free cash flow 15 61 111
Dividend paid -78 -86 -99
Share issues and buybacks 0 0 0
Other non cash items -1 9 13
Decrease in net IB debt -64 -17 25
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 33 46 49
Definite intangible assets 0 0 0
Tangible fixed assets 5 7 7
Other fixed assets 2 2 2
Fixed assets 40 54 58
Inventories 0 0 0
Receivables 3139 3612 3967
Other current assets 0 0 0
Cash and liquid assets 138 121 146
Total assets 3317 3787 4171
Shareholders equity 156 190 244
Minority 0 0 0
Total equity 156 190 244
Long-term debt 350 350 350
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 2811 3247 3577
Other current liabilities 0 0 0
Total liabilities and equity 2329 2808 3317
Net IB debt 210 227 202
Net IB debt excl. pension debt 210 227 202
Capital invested 366 417 446
Working capital 328 365 390
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1427 1500 1500
Net IB debt Adj 212 229 204
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 1640 1729 1704
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 360,4 360,2 356
Capital invested turnover (%) 3324,3 3268 3282,4
Capital employed turnover (%) 3324,3 3268 3282,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,9 23,7 24,1
Working capital / sales (%) 2,7 2,7 2,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 135 119,6 82,7
Net debt / market cap (%) 13 15,1 13,5
Equity ratio (%) 4,7 5 5,9
Net IB debt adj. / equity (%) 136,3 120,6 83,5
Current ratio (%) 116,6 115 115
EBITDA / net interest (%) 2332,3 2313,7 2843,9
Net IB debt / EBITDA (%) 187 141,3 101,4
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,58 6,49 8,15
Dividend per share Adj 4,5 5 5,8
EPS Adj 4,58 6,49 8,15
BVPS 9,03 11,02 14,16
BVPS Adj 9,03 11,02 14,16
Net IB debt / share 12,2 13,2 11,7
Share price 93,8 87 87
Market cap. (m) 1617 1500 1500
Valuation 2018 2019 2020
P/E 18,1 13,4 10,7
EV/sales 0,15 0,14 0,12
EV/EBITDA 14,6 10,8 8,6
EV/EBITA 15,4 11,3 8,9
EV/EBIT 15,4 11,3 8,9
Dividend yield (%) 5,4 5,7 6,6
FCF yield (%) 1,1 4 7,4
P/BVPS 9,17 7,9 6,14
P/BVPS Adj 9,17 7,9 6,14
P/E Adj 18,1 13,4 10,7
EV/EBITDA Adj 14,6 10,8 8,6
EV/EBITA Adj 15,4 11,3 8,9
EV/EBIT Adj 15,4 11,3 8,9
EV/cap. employed 4,5 4,1 3,8
Investment ratios 2018 2019 2020
Capex / sales 0,1 0,2 0,1
Capex / depreciation 238,3 288,8 150
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0

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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