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Ferronordic

SEKm 2018 2019e 2020e
Sales 3241 3897 4762
Sales growth (%) 26,3 20,2 22,2
EBITDA 322 437 514
EBITDA margin (%) 9,9 11,2 10,8
EBIT adj 274 351 424
EBIT adj margin (%) 8,4 9 8,9
Pretax profit 267 337 404
EPS rep 13,22 18,25 21,83
EPS growth (%) 63,9 38,1 19,6
EPS adj 14,18 18,25 21,83
DPS 7,5 6,5 8
EV/EBITDA (x) 4,8 4,6 3,5
EV/EBIT adj (x) 5,6 5,7 4,2
P/E (x) 9,6 8,4 7
P/E adj (x) 9 8,4 7
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) 6,8 1,5 13,5
Dividend yield (%) 5,9 4,3 5,2
Net IB debt/EBITDA -0,9 -0,5 -0,8
SEKm 2018 2019e 2020e
EBITA 274 351 424
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 274 351 424
Other financial items -5 7 0
Net financial items -7 -14 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 267 337 404
Tax -58 -72 -87
Net profit 209 265 317
Minority interest -17 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 192 265 317
EPS 13,22 18,25 21,83
EPS Adj 14,18 18,25 21,83
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,7 -21,4 -21,5
Gross margin (%) 19 19,5 19,3
EBITDA margin (%) 9,9 11,2 10,8
EBITA margin (%) 8,4 9 8,9
EBIT margin (%) 8,4 9 8,9
Pretax margin (%) 8,2 8,7 8,5
Net margin (%) 6,5 6,8 6,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,3 20,2 22,2
EBITDA growth (%) 50,4 36 17,6
EBIT growth (%) 46,1 28,3 20,8
Net profit growth (%) 38,2 26,8 19,6
EPS growth (%) 63,9 38,1 19,6
Profitability 2018 2019 2020
ROE (%) 30,3 36,1 34,3
ROE Adj (%) 30,3 36,1 34,3
ROCE (%) 39,5 38,4 33,5
ROCE Adj(%) 39,5 38,4 33,5
ROIC (%) 65,2 58,1 54,9
ROIC Adj (%) 65,2 58,1 54,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 322 437 514
EBITDA Adj margin (%) 9,9 11,2 10,8
EBITA Adj 274 351 424
EBITA Adj margin (%) 8,4 9 8,9
EBIT Adj 274 351 424
EBIT Adj margin (%) 8,4 9 8,9
Pretax profit Adj 267 337 404
Net profit Adj 209 265 317
Net profit to shareholders Adj 192 265 317
Net Adj margin (%) 6,5 6,8 6,7
Sales 3241 3897 4762
COGS -2627 -3137 -3843
Gross profit 614 760 919
Other operating items -293 -323 -405
EBITDA 322 437 514
Depreciation on tangibles -48 -86 -90
Depreciation on intangibles 0 0 0
SEKm 2018 2019e 2020e
EBITDA 322 437 514
Net financial items -7 -14 -20
Paid tax -58 -72 -87
Non-cash items -166 -65 0
Cash flow before change in WC 91 287 407
Change in WC 70 -176 -61
Operating cash flow 161 111 346
CAPEX tangible fixed assets -42 -74 -43
CAPEX intangible fixed assets -2 -4 -5
Acquisitions and disposals 10 0 0
Free cash flow 126 33 299
Dividend paid -30 -109 -94
Share issues and buybacks -80 0 0
Other non cash items -26 -5 -5
Decrease in net IB debt -9 -81 199
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 6 6
Tangible fixed assets 263 325 287
Other fixed assets 41 41 41
Fixed assets 310 371 334
Inventories 741 1013 1219
Receivables 320 411 478
Other current assets 0 0 0
Cash and liquid assets 357 563 762
Total assets 1727 2359 2793
Shareholders equity 656 812 1035
Minority 0 0 0
Total equity 656 812 1035
Long-term debt 28 78 78
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 2 2 2
Short-term debt 26 264 264
Accounts payable 1014 1201 1413
Other current liabilities 0 0 0
Total liabilities and equity 1033 1414 1727
Net IB debt -303 -221 -420
Net IB debt excl. pension debt -303 -221 -420
Capital invested 357 594 618
Working capital 47 223 284
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1849 2216 2216
Net IB debt Adj -303 -221 -420
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 1546 1995 1796
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 206,3 190,8 184,9
Capital invested turnover (%) 986,5 819,8 785,7
Capital employed turnover (%) 476,2 418,2 376,3
Inventories / sales (%) 21,2 22,5 23,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,4 28,4 27,4
Working capital / sales (%) 2,5 3,5 5,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -46,2 -27,3 -40,6
Net debt / market cap (%) -15,8 -10 -19
Equity ratio (%) 38 34,4 37,1
Net IB debt adj. / equity (%) -46,2 -27,3 -40,6
Current ratio (%) 136,3 135,7 146,7
EBITDA / net interest (%) 18024 2134 2570,3
Net IB debt / EBITDA (%) -94,2 -50,6 -81,8
Interest cover (%) 15341,4 1713,5 2120,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 13,22 18,25 21,83
Dividend per share Adj 7,5 6,5 8
EPS Adj 14,18 18,25 21,83
BVPS 45,14 55,88 71,21
BVPS Adj 44,71 55,49 70,8
Net IB debt / share -20,8 -15,2 -28,9
Share price 131,47 152,5 152,5
Market cap. (m) 1911 2216 2216
Valuation 2018 2019 2020
P/E 9,6 8,4 7
EV/sales 0,48 0,51 0,38
EV/EBITDA 4,8 4,6 3,5
EV/EBITA 5,6 5,7 4,2
EV/EBIT 5,6 5,7 4,2
Dividend yield (%) 5,9 4,3 5,2
FCF yield (%) 6,8 1,5 13,5
P/BVPS 2,82 2,73 2,14
P/BVPS Adj 2,84 2,75 2,15
P/E Adj 9 8,4 7
EV/EBITDA Adj 4,8 4,6 3,5
EV/EBITA Adj 5,6 5,7 4,2
EV/EBIT Adj 5,6 5,7 4,2
EV/cap. employed 2,2 1,7 1,3
Investment ratios 2018 2019 2020
Capex / sales 1,4 2 1
Capex / depreciation 93,2 90,5 52,9
Capex tangibles / tangible fixed assets 16,1 22,8 14,9
Capex intangibles / definite intangibles 37,9 68,1 79,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 18,2 26,5 31,3

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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