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Financials

SEKm 2019 2020e 2021e
Sales 12622 12325 13273
Sales growth (%) 14,4 -2,4 7,7
EBITDA 138 126 137
EBITDA margin (%) 1,1 1 1
EBIT adj 108 99 106
EBIT adj margin (%) 0,9 0,8 0,8
Pretax profit 97 85 95
EPS rep 4,39 3,9 4,27
EPS growth (%) -4,1 -11 9,3
EPS adj 4,39 4,14 4,27
DPS 0 4,5 4,5
EV/EBITDA (x) 12,7 12,4 11,4
EV/EBIT adj (x) 16,2 15,7 14,8
P/E (x) 18,5 18,8 17,2
P/E adj (x) 18,5 17,7 17,2
EV/sales (x) 0,1 0,1 0,1
FCF yield (%) 0,1 6,9 7,5
Dividend yield (%) 0 6,1 6,1
Net IB debt/EBITDA 2,6 2,3 2,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 12622 12325 13273
COGS -12122 -11880 -12794
Gross profit 500 445 479
Other operating items -362 -319 -342
EBITDA 138 126 137
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -6 -7 -7
EBITA 108 95 106
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 108 95 106
Other financial items 0 0 0
Net financial items -11 -11 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 97 85 95
Tax -21 -17 -21
Net profit 76 67 74
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 67 74
EPS 4,39 3,9 4,27
EPS Adj 4,39 4,14 4,27
Total extraordinary items after tax 0 -4,1 0
Tax rate (%) -22 -20,4 -22,5
Gross margin (%) 4 3,6 3,6
EBITDA margin (%) 1,1 1 1
EBITA margin (%) 0,9 0,8 0,8
EBIT margin (%) 0,9 0,8 0,8
Pretax margin (%) 0,8 0,7 0,7
Net margin (%) 0,6 0,5 0,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,4 -2,4 7,7
EBITDA growth (%) 22,9 -8,5 8,5
EBIT growth (%) 1,7 -12,2 11
Net profit growth (%) -4,1 -11 9,3
EPS growth (%) -4,1 -11 9,3
Profitability 2019 2020 2021
ROE (%) 48,2 36 34,5
ROE Adj (%) 48,2 38,2 34,5
ROCE (%) 15,4 11,7 13,8
ROCE Adj(%) 15,4 12,2 13,8
ROIC (%) 19,2 14,8 16
ROIC Adj (%) 19,2 15,4 16
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 130 137
EBITDA Adj margin (%) 1,1 1,1 1
EBITA Adj 108 99 106
EBITA Adj margin (%) 0,9 0,8 0,8
EBIT Adj 108 99 106
EBIT Adj margin (%) 0,9 0,8 0,8
Pretax profit Adj 97 89 95
Net profit Adj 76 71 74
Net profit to shareholders Adj 76 71 74
Net Adj margin (%) 0,6 0,6 0,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 138 126 137
Net financial items -11 -11 -11
Paid tax -21 -17 -21
Non-cash items -8 -8 0
Cash flow before change in WC 98 90 105
Change in WC -76 16 9
Operating cash flow 22 106 114
CAPEX tangible fixed assets -2 -2 -4
CAPEX intangible fixed assets -18 -17 -15
Acquisitions and disposals 0 0 0
Free cash flow 2 87 95
Dividend paid -78 0 -78
Share issues and buybacks 0 0 0
Other non cash items -47 -4 0
Decrease in net IB debt -146 60 -4
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 46 58 65
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 6
Other fixed assets 6 5 5
Fixed assets 111 120 130
Inventories 0 0 0
Receivables 3507 3370 3602
Other current assets 0 0 0
Cash and liquid assets 237 175 171
Total assets 3854 3665 3903
Shareholders equity 158 215 211
Minority 0 0 0
Total equity 158 215 211
Long-term debt 550 428 428
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 2973 3215
Other current liabilities 0 0 0
Total liabilities and equity 3854 3665 3903
Net IB debt 356 296 300
Net IB debt excl. pension debt 356 296 300
Capital invested 514 511 512
Working capital 409 396 387
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1396 1264 1264
Net IB debt Adj 356 296 300
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 1560 1564
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 352 327,8 350,7
Capital invested turnover (%) 2869,2 2403,6 2594,9
Capital employed turnover (%) 1999,6 1701,2 1923,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,4 24,6 23,3
Working capital / sales (%) 2,9 3,3 3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 225,1 137,5 142
Net debt / market cap (%) 27 23,4 23,8
Equity ratio (%) 4,1 5,9 5,4
Net IB debt adj. / equity (%) 225,1 137,5 142
Current ratio (%) 119 117,3 115,6
EBITDA / net interest (%) 1216,8 1189,2 1278,8
Net IB debt / EBITDA (%) 257,9 234,6 219,2
Interest cover (%) 0 0 0
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 3,9 4,27
Dividend per share Adj 0 4,5 4,5
EPS Adj 4,39 4,14 4,27
BVPS 9,17 12,49 12,26
BVPS Adj 9,17 12,49 12,26
Net IB debt / share 20,6 17,2 17,4
Share price 76,59 73,3 73,3
Market cap. (m) 1320 1264 1264
Valuation 2019 2020 2021
P/E 18,5 18,8 17,2
EV/sales 0,14 0,13 0,12
EV/EBITDA 12,7 12,4 11,4
EV/EBITA 16,2 16,4 14,8
EV/EBIT 16,2 16,4 14,8
Dividend yield (%) 0 6,1 6,1
FCF yield (%) 0,1 6,9 7,5
P/BVPS 8,83 5,87 5,98
P/BVPS Adj 8,83 5,87 5,98
P/E Adj 18,5 17,7 17,2
EV/EBITDA Adj 12,7 12 11,4
EV/EBITA Adj 16,2 15,7 14,8
EV/EBIT Adj 16,2 15,7 14,8
EV/cap. employed 2,3 2,3 2,3
Investment ratios 2019 2020 2021
Capex / sales 0,2 0,2 0,1
Capex / depreciation 254,6 204,3 197,8
Capex tangibles / tangible fixed assets 39,8 42,3 62
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 36 47,7 36
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.

17,2

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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14,6

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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0,1

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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5,9