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Financials

SEKm 2019 2020e 2021e
Sales 12622 14020 15114
Sales growth (%) 14,4 11,1 7,8
EBITDA 138 170 191
EBITDA margin (%) 1,1 1,2 1,3
EBIT adj 108 138 160
EBIT adj margin (%) 0,9 1 1,1
Pretax profit 97 125 147
EPS rep 4,39 5,6 6,59
EPS growth (%) -4,1 27,6 17,6
EPS adj 4,39 5,6 6,59
DPS 4,5 5 5,5
EV/EBITDA (x) 12,7 8,1 7,3
EV/EBIT adj (x) 16,2 10 8,7
P/E (x) 18,5 10,5 8,9
P/E adj (x) 18,5 10,5 8,9
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 8,4 9,3
Dividend yield (%) 5,6 8,5 9,3
Net IB debt/EBITDA 2,6 2,2 2
SEKm 2019 2020e 2021e
Sales 12622 14020 15114
COGS -12122 -13478 -14533
Gross profit 500 543 582
Other operating items -362 -373 -391
EBITDA 138 170 191
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -8 -7
EBITA 108 138 160
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 138 160
Other financial items 0 0 0
Net financial items -11 -14 -14
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 125 147
Tax -21 -28 -33
Net profit 76 97 114
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 97 114
EPS 4,39 5,6 6,59
EPS Adj 4,39 5,6 6,59
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22,5 -22,5
Gross margin (%) 4 3,9 3,9
EBITDA margin (%) 1,1 1,2 1,3
EBITA margin (%) 0,9 1 1,1
EBIT margin (%) 0,9 1 1,1
Pretax margin (%) 0,8 0,9 1
Net margin (%) 0,6 0,7 0,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 11,1 7,8
EBITDA growth (%) 22,9 23,2 12,5
EBIT growth (%) 1,7 27,6 16
Net profit growth (%) -4,1 27,6 17,6
EPS growth (%) -4,1 27,6 17,6
Profitability 2019 2020 2021
ROE (%) 48,2 57,6 59,5
ROE Adj (%) 48,2 57,6 59,5
ROCE (%) 15,4 16,3 18,6
ROCE Adj(%) 15,4 16,3 18,6
ROIC (%) 19,2 20,2 21,9
ROIC Adj (%) 19,2 20,2 21,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 170 191
EBITDA Adj margin (%) 1,1 1,2 1,3
EBITA Adj 108 138 160
EBITA Adj margin (%) 0,9 1 1,1
EBIT Adj 108 138 160
EBIT Adj margin (%) 0,9 1 1,1
Pretax profit Adj 97 125 147
Net profit Adj 76 97 114
Net profit to shareholders Adj 76 97 114
Net Adj margin (%) 0,6 0,7 0,8
SEKm 2019 2020e 2021e
EBITDA 138 170 191
Net financial items -11 -14 -14
Paid tax -21 -28 -33
Non-cash items -8 0 0
Cash flow before change in WC 98 128 145
Change in WC -82 -25 -34
Operating cash flow 22 103 111
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -18 -16 -15
Acquisitions and disposals 0 0 0
Free cash flow 2 85 94
Dividend paid -78 -78 -86
Share issues and buybacks 0 0 0
Other non cash items -47 0 0
Decrease in net IB debt -146 -14 -14
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 55 63
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 4
Other fixed assets 6 6 6
Fixed assets 111 119 126
Inventories 0 0 0
Receivables 3507 4027 4303
Other current assets 0 0 0
Cash and liquid assets 237 223 209
Total assets 3854 4368 4638
Shareholders equity 158 177 205
Minority 0 0 0
Total equity 158 177 205
Long-term debt 550 550 550
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 3097 3592 3835
Other current liabilities 0 0 0
Total liabilities and equity 3854 4368 4638
Net IB debt 356 370 384
Net IB debt excl. pension debt 356 370 384
Capital invested 514 547 588
Working capital 409 434 468
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1015 1015
Net IB debt Adj 356 370 384
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 1752 1385 1399
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 341 335,6
Capital invested turnover (%) 2869,2 2643,1 2663,4
Capital employed turnover (%) 1999,6 1829,5 1914,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 23,9 24,6
Working capital / sales (%) 2,9 3 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 208,7 187,5
Net debt / market cap (%) 27 36,4 37,8
Equity ratio (%) 4,1 4,1 4,4
Net IB debt adj. / equity (%) 225,1 208,7 187,5
Current ratio (%) 119 116,7 116,2
EBITDA / net interest (%) 1216,8 1248,3 1391
Net IB debt / EBITDA (%) 257,9 217,4 200,6
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,39 5,6 6,59
Dividend per share Adj 4,5 5 5,5
EPS Adj 4,39 5,6 6,59
BVPS 9,17 10,27 11,86
BVPS Adj 9,17 10,27 11,86
Net IB debt / share 20,6 21,4 22,3
Share price 76,59 58,9 58,9
Market cap. (m) 1320 1015 1015
Valuation 2019 2020 2021
P/E 18,5 10,5 8,9
EV/sales 0,14 0,1 0,09
EV/EBITDA 12,7 8,1 7,3
EV/EBITA 16,2 10 8,7
EV/EBIT 16,2 10 8,7
Dividend yield (%) 5,6 8,5 9,3
FCF yield (%) 0,1 8,4 9,3
P/BVPS 8,83 5,73 4,96
P/BVPS Adj 8,83 5,73 4,96
P/E Adj 18,5 10,5 8,9
EV/EBITDA Adj 12,7 8,1 7,3
EV/EBITA Adj 16,2 10 8,7
EV/EBIT Adj 16,2 10 8,7
EV/cap. employed 2,3 1,8 1,7
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,1 0,1
Capex / depreciation 254,6 177,1 180,7
Capex tangibles / tangible fixed assets 39,8 39,7 40,5
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 36 51,5 51,6

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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8,7

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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0,1

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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4,9