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Formpipe

Formpipe

SEKm 2021 2022e 2023e
Sales 463 471 516
Sales growth (%) 14,9 1,6 9,7
EBITDA 130 111 135
EBITDA margin (%) 28,2 23,6 26,2
EBIT adj 37 58 82
EBIT adj margin (%) 8 12,3 15,8
Pretax profit 61 55 79
EPS rep 0,88 0,83 1,14
EPS growth (%) 13,5 -5,8 38,1
EPS adj 0,4 0,83 1,14
DPS 0,7 0,7 0,75
EV/EBITDA (x) 16,3 19,2 15,7
EV/EBIT adj (x) 57,4 36,7 26
P/E (x) 45 47,8 34,6
P/E adj (x) 99,5 47,8 34,6
EV/sales (x) 4,6 4,5 4,1
FCF yield (%) 2 2,3 2,7
Dividend yield (%) 1,8 1,8 1,9
Net IB debt/EBITDA 0,1 0,1 0
Lease adj. FCF yield (%) 1,6 1,8 2,2
Lease adj. ND/EBITDA -0,1 -0,1 -0,2
SEKm 2021 2022e 2023e
Sales 463 471 516
COGS -48 -50 -55
Gross profit 415 421 461
Other operating items -285 -310 -326
EBITDA 130 111 135
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -43 -42 -41
EBITA 63 58 82
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 63 58 82
Other financial items 0 0 0
Net financial items -2 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 61 55 79
Tax -14 -10 -17
Net profit 47 44 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 44 61
EPS 0,88 0,83 1,14
EPS Adj 0,4 0,83 1,14
Total extraordinary items after tax 25,8 0 0
Tax rate (%) -22,6 -19 -22
Gross margin (%) 89,6 89,4 89,4
EBITDA margin (%) 28,2 23,6 26,2
EBITA margin (%) 13,6 12,3 15,8
EBIT margin (%) 13,6 12,3 15,8
Pretax margin (%) 13,1 11,7 15,2
Net margin (%) 10,2 9,4 11,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 14,9 1,6 9,7
EBITDA growth (%) 24,6 -15 22,2
EBIT growth (%) 18,1 -7,7 40,7
Net profit growth (%) 13,9 -5,8 38,1
EPS growth (%) 13,5 -5,8 38,1
Profitability 2021 2022 2023
ROE (%) 11,6 10,7 14,3
ROE Adj (%) 5,3 10,7 14,3
ROCE (%) 13,5 12,3 17
ROCE Adj(%) 8 12,3 17
ROIC (%) 11,1 10,4 13,8
ROIC Adj (%) 6,5 10,4 13,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 105 111 135
EBITDA Adj margin (%) 22,6 23,6 26,2
EBITA Adj 37 58 82
EBITA Adj margin (%) 8 12,3 15,8
EBIT Adj 37 58 82
EBIT Adj margin (%) 8 12,3 15,8
Pretax profit Adj 35 55 79
Net profit Adj 21 44 61
Net profit to shareholders Adj 21 44 61
Net Adj margin (%) 4,6 9,4 11,9
Depreciation and amortisation -68 -53 -54
Of which leasing depreciation -10 -10 -10
EO items 26 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 95 101 125
EBITDA lease Adj margin (%) 20,4 21,4 24,3
Leasing payments -10 -10 -10
SEKm 2021 2022e 2023e
EBITDA 130 111 135
Net financial items -2 -3 -3
Paid tax -14 -10 -17
Non-cash items 0 0 0
Cash flow before change in WC 115 97 115
Change in WC -12 12 2
Operating cash flow 103 109 117
CAPEX tangible fixed assets -4 -4 -3
CAPEX intangible fixed assets -56 -57 -58
Acquisitions and disposals 0 0 0
Free cash flow 43 48 57
Dividend paid -35 -38 -38
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -33 3 15
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 380 380 380
Indefinite intangible assets 0 0 0
Definite intangible assets 169 172 176
Tangible fixed assets 7 8 9
Other fixed assets 12 12 12
Fixed assets 560 578 595
Inventories 0 0 0
Receivables 119 132 149
Other current assets 6 6 6
Cash and liquid assets 51 47 51
Total assets 736 763 801
Shareholders equity 411 417 441
Minority 0 0 0
Total equity 411 417 441
Long-term debt 24 19 14
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 24 24 24
Other long-term liabilities 0 0 0
Short-term debt 14 14 14
Accounts payable 17 19 21
Other current liabilities 221 244 261
Total liabilities and equity 736 763 801
Net IB debt 8 8 -2
Net IB debt excl. pension debt 8 8 -2
Capital invested 447 453 468
Working capital -113 -125 -127
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2122 2122 2122
Net IB debt Adj 8 8 -2
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 2130 2130 2121
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 63,6 62,8 66
Capital invested turnover (%) 91,6 98,3 106,4
Capital employed turnover (%) 88,7 99,4 107,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 48,5 45,3 44,6
Payables / sales (%) 3,9 3,8 3,8
Working capital / sales (%) -25,7 -25,2 -24,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 1,9 1,8 -0,4
Net debt / market cap (%) 0,4 0,4 -0,1
Equity ratio (%) 55,7 54,7 55,1
Net IB debt adj. / equity (%) 1,9 1,8 -0,4
Current ratio (%) 68 65,1 67,9
EBITDA / net interest (%) 6519,8 3463,8 4515
Net IB debt / EBITDA (%) 6 6,9 -1,2
Interest cover (%) 3144 1813,8 2721,6
Lease liability amortisation -10 -10 -10
Other intangible assets 144 161 177
Right-of-use asset 22 22 22
Total other fixed assets 7 7 7
Leasing liability 20 20 20
Total other long-term liabilities 28 28 28
Net IB debt excl. leasing -13 -13 -22
Net IB debt / EBITDA lease Adj (%) -13,4 -12,8 -17,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 54 54 54
Fully diluted shares Adj 54 54 54
EPS 0,88 0,83 1,14
Dividend per share Adj 0,7 0,7 0,8
EPS Adj 0,4 0,83 1,14
BVPS 7,64 7,77 8,21
BVPS Adj -2,12 -2,3 -2,16
Net IB debt / share 0,1 0,1 0
Share price 32,66 39,5 39,5
Market cap. (m) 1755 2122 2122
Valuation 2021 2022 2023
P/E 45 47,8 34,6
EV/sales 4,6 4,53 4,11
EV/EBITDA 16,3 19,2 15,7
EV/EBITA 33,9 36,7 26
EV/EBIT 33,9 36,7 26
Dividend yield (%) 1,8 1,8 1,9
FCF yield (%) 2 2,3 2,7
P/BVPS 5,17 5,08 4,81
P/BVPS Adj -18,61 -17,18 -18,27
P/E Adj 99,5 47,8 34,6
EV/EBITDA Adj 20,4 19,2 15,7
EV/EBITA Adj 57,4 36,7 26
EV/EBIT Adj 57,4 36,7 26
EV/cap. employed 4,5 4,5 4,3
Investment ratios 2021 2022 2023
Capex / sales 12,9 13 11,7
Capex / depreciation 103,6 142,5 138,1
Capex tangibles / tangible fixed assets 61,3 47,7 28,7
Capex intangibles / definite intangibles 38,5 35,5 32,8
Depreciation on intangibles / definite intangibles 37,9 25,3 23,5
Depreciation on tangibles / tangibles 44,1 25,5 25,2
Lease adj. FCF yield (%) 1,6 1,8 2,2

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.

34,6

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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26,0

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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4,1

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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4,8