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eWork

eWork

SEKm 2020 2021e 2022e
Sales 12337 13173 14365
Sales growth (%) -2,3 6,8 9
EBITDA 137 149 162
EBITDA margin (%) 1,1 1,1 1,1
EBIT adj 110 118 130
EBIT adj margin (%) 0,9 0,9 0,9
Pretax profit 98 110 123
EPS rep 4,58 4,95 5,51
EPS growth (%) 4,4 7,9 11,4
EPS adj 4,82 4,95 5,51
DPS 4,5 4,5 5
EV/EBITDA (x) 12,8 11,8 11
EV/EBIT adj (x) 16 15 13,7
P/E (x) 19,6 18,1 16,3
P/E adj (x) 18,6 18,1 16,3
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 10,5 6,6 5
Dividend yield (%) 5 5 5,6
Net IB debt/EBITDA 1,6 1,4 1,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 12337 13173 14365
COGS -11888 -12698 -13851
Gross profit 449 475 514
Other operating items -312 -326 -352
EBITDA 137 149 162
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -7
EBITA 106 118 130
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 106 118 130
Other financial items 0 0 0
Net financial items -8 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 98 110 123
Tax -19 -25 -28
Net profit 79 85 95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 85 95
EPS 4,58 4,95 5,51
EPS Adj 4,82 4,95 5,51
Total extraordinary items after tax -4,1 0 0
Tax rate (%) -19,3 -22,5 -22,5
Gross margin (%) 3,6 3,6 3,6
EBITDA margin (%) 1,1 1,1 1,1
EBITA margin (%) 0,9 0,9 0,9
EBIT margin (%) 0,9 0,9 0,9
Pretax margin (%) 0,8 0,8 0,9
Net margin (%) 0,6 0,6 0,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,3 6,8 9
EBITDA growth (%) -0,5 8,4 8,6
EBIT growth (%) -1,9 10,7 10,7
Net profit growth (%) 4,4 7,9 11,4
EPS growth (%) 4,4 7,9 11,4
Profitability 2020 2021 2022
ROE (%) 41,1 37 39,1
ROE Adj (%) 43,2 37 39,1
ROCE (%) 14,7 18,9 20,7
ROCE Adj(%) 15,3 18,9 20,7
ROIC (%) 17,9 20,4 21,5
ROIC Adj (%) 18,6 20,4 21,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 141 149 162
EBITDA Adj margin (%) 1,1 1,1 1,1
EBITA Adj 110 118 130
EBITA Adj margin (%) 0,9 0,9 0,9
EBIT Adj 110 118 130
EBIT Adj margin (%) 0,9 0,9 0,9
Pretax profit Adj 102 110 123
Net profit Adj 83 85 95
Net profit to shareholders Adj 83 85 95
Net Adj margin (%) 0,7 0,6 0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 137 149 162
Net financial items -8 -8 -8
Paid tax -19 -25 -28
Non-cash items -12 0 0
Cash flow before change in WC 98 116 126
Change in WC 83 4 -30
Operating cash flow 180 120 97
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -17 -14 -16
Acquisitions and disposals 0 0 0
Free cash flow 162 102 77
Dividend paid 0 -78 -78
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt 138 3 -23
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 57 64 73
Definite intangible assets 0 0 0
Tangible fixed assets 4 6 7
Other fixed assets 5 5 5
Fixed assets 116 124 134
Inventories 0 0 0
Receivables 3404 3608 3934
Other current assets 0 0 0
Cash and liquid assets 128 131 108
Total assets 3647 3863 4177
Shareholders equity 226 234 252
Minority 0 0 0
Total equity 226 234 252
Long-term debt 306 306 306
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 3070 3278 3574
Other current liabilities 0 0 0
Total liabilities and equity 3647 3863 4177
Net IB debt 218 215 238
Net IB debt excl. pension debt 218 215 238
Capital invested 444 449 489
Working capital 334 330 360
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1545 1545 1545
Net IB debt Adj 218 215 238
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 1763 1760 1783
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 328,9 350,8 357,4
Capital invested turnover (%) 2574,4 2948,5 3061,1
Capital employed turnover (%) 1849,8 2267,7 2420,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25 24,1 23,9
Working capital / sales (%) 3 2,5 2,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 96,3 91,9 94,5
Net debt / market cap (%) 18,1 13,9 15,4
Equity ratio (%) 6,2 6,1 6
Net IB debt adj. / equity (%) 96,3 91,9 94,5
Current ratio (%) 113,4 112,5 111,7
EBITDA / net interest (%) 1645,6 1946,5 2113,4
Net IB debt / EBITDA (%) 158,8 144,5 147,2
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 4,58 4,95 5,51
Dividend per share Adj 4,5 4,5 5
EPS Adj 4,82 4,95 5,51
BVPS 13,13 13,58 14,59
BVPS Adj 13,13 13,58 14,59
Net IB debt / share 12,6 12,5 13,8
Share price 69,88 89,6 89,6
Market cap. (m) 1205 1545 1545
Valuation 2020 2021 2022
P/E 19,6 18,1 16,3
EV/sales 0,14 0,13 0,12
EV/EBITDA 12,8 11,8 11
EV/EBITA 16,6 15 13,7
EV/EBIT 16,6 15 13,7
Dividend yield (%) 5 5 5,6
FCF yield (%) 10,5 6,6 5
P/BVPS 6,82 6,6 6,14
P/BVPS Adj 6,82 6,6 6,14
P/E Adj 18,6 18,1 16,3
EV/EBITDA Adj 12,5 11,8 11
EV/EBITA Adj 16 15 13,7
EV/EBIT Adj 16 15 13,7
EV/cap. employed 3,1 3 3
Investment ratios 2020 2021 2022
Capex / sales 0,1 0,1 0,1
Capex / depreciation 199,2 190 206,7
Capex tangibles / tangible fixed assets 44,7 64,8 54,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 51,6 39,2 30,4
N/A N/A N/A

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.

16,3

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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13,5

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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