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Formpipe

Formpipe

SEKm 2020 2021e 2022e
Sales 408 449 474
Sales growth (%) 3,6 10 5,5
EBITDA 105 117 123
EBITDA margin (%) 25,8 26,1 25,9
EBIT adj 54 63 69
EBIT adj margin (%) 13,1 14 14,6
Pretax profit 51 60 66
EPS rep 0,74 0,87 0,97
EPS growth (%) 12 18,4 11,1
EPS adj 0,74 0,87 0,97
DPS 0,65 0,75 0,85
EV/EBITDA (x) 15,8 14 13,2
EV/EBIT adj (x) 31 26,1 23,4
P/E (x) 40,5 34,2 30,8
P/E adj (x) 40,5 34,2 30,8
EV/sales (x) 4,1 3,6 3,4
FCF yield (%) -1,5 4,3 4,2
Dividend yield (%) 2,2 2,5 2,9
Net IB debt/EBITDA 0,6 0,4 0,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 408 449 474
COGS -42 -45 -47
Gross profit 366 404 426
Other operating items -261 -287 -303
EBITDA 105 117 123
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -39 -42 -41
EBITA 54 63 69
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 54 63 69
Other financial items 0 0 0
Net financial items -3 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 60 66
Tax -11 -13 -15
Net profit 39 47 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 47 52
EPS 0,74 0,87 0,97
EPS Adj 0,74 0,87 0,97
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,3 -22 -22
Gross margin (%) 89,7 90 90
EBITDA margin (%) 25,8 26,1 25,9
EBITA margin (%) 13,1 14 14,6
EBIT margin (%) 13,1 14 14,6
Pretax margin (%) 12,4 13,3 14
Net margin (%) 9,6 10,4 10,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 3,6 10 5,5
EBITDA growth (%) 4,8 11,3 4,8
EBIT growth (%) 12,8 16,9 10,6
Net profit growth (%) 12,2 18,4 11,1
EPS growth (%) 12 18,4 11,1
Profitability 2020 2021 2022
ROE (%) 9,7 11,3 12,2
ROE Adj (%) 9,7 11,3 12,2
ROCE (%) 11,7 13 14,3
ROCE Adj(%) 11,7 13 14,3
ROIC (%) 9 9,9 11,2
ROIC Adj (%) 9 9,9 11,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 105 117 123
EBITDA Adj margin (%) 25,8 26,1 25,9
EBITA Adj 54 63 69
EBITA Adj margin (%) 13,1 14 14,6
EBIT Adj 54 63 69
EBIT Adj margin (%) 13,1 14 14,6
Pretax profit Adj 51 60 66
Net profit Adj 39 47 52
Net profit to shareholders Adj 39 47 52
Net Adj margin (%) 9,6 10,4 10,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 105 117 123
Net financial items -3 -3 -3
Paid tax -11 -13 -15
Non-cash items 0 0 0
Cash flow before change in WC 91 101 105
Change in WC -2 13 8
Operating cash flow 89 114 113
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -42 -43 -44
Acquisitions and disposals -70 0 0
Free cash flow -25 68 67
Dividend paid -32 -35 -40
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -67 23 16
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 377 377 377
Indefinite intangible assets 0 0 0
Definite intangible assets 167 168 170
Tangible fixed assets 5 5 6
Other fixed assets 12 12 12
Fixed assets 590 591 594
Inventories 0 0 0
Receivables 131 139 145
Other current assets 2 2 2
Cash and liquid assets 7 20 27
Total assets 730 753 768
Shareholders equity 407 419 431
Minority 0 0 0
Total equity 407 419 431
Long-term debt 40 30 20
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 6 6 6
Accounts payable 16 18 19
Other current liabilities 210 229 241
Total liabilities and equity 730 753 768
Net IB debt 66 43 26
Net IB debt excl. pension debt 66 43 26
Capital invested 497 486 481
Working capital -93 -106 -113
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1593 1593 1593
Net IB debt Adj 66 43 26
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 1659 1636 1619
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 58,1 60,5 62,3
Capital invested turnover (%) 88,7 91,4 98
Capital employed turnover (%) 89,4 93,3 98,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 47 45,8 46,8
Payables / sales (%) 3,9 3,8 3,9
Working capital / sales (%) -23,1 -22,1 -23,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,2 10,2 6,1
Net debt / market cap (%) 5 2,7 1,6
Equity ratio (%) 55,8 55,6 56,1
Net IB debt adj. / equity (%) 16,2 10,2 6,1
Current ratio (%) 58,6 62,2 63,6
EBITDA / net interest (%) 3519,1 3901,6 4089,5
Net IB debt / EBITDA (%) 62,8 36,5 21,4
Interest cover (%) 1793,7 2088,3 2309,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,74 0,87 0,97
Dividend per share Adj 0,7 0,8 0,9
EPS Adj 0,74 0,87 0,97
BVPS 7,62 7,84 8,06
BVPS Adj -2,56 -2,35 -2,18
Net IB debt / share 1,2 0,8 0,5
Share price 24,49 29,8 29,8
Market cap. (m) 1309 1593 1593
Valuation 2020 2021 2022
P/E 40,5 34,2 30,8
EV/sales 4,07 3,64 3,42
EV/EBITDA 15,8 14 13,2
EV/EBITA 31 26,1 23,4
EV/EBIT 31 26,1 23,4
Dividend yield (%) 2,2 2,5 2,9
FCF yield (%) -1,5 4,3 4,2
P/BVPS 3,91 3,8 3,7
P/BVPS Adj -11,66 -12,67 -13,68
P/E Adj 40,5 34,2 30,8
EV/EBITDA Adj 15,8 14 13,2
EV/EBITA Adj 31 26,1 23,4
EV/EBIT Adj 31 26,1 23,4
EV/cap. employed 3,5 3,4 3,3
Investment ratios 2020 2021 2022
Capex / sales 10,7 10,1 9,7
Capex / depreciation 104,8 102,6 106,1
Capex tangibles / tangible fixed assets 38,3 45,5 42,9
Capex intangibles / definite intangibles 24,9 25,7 25,6
Depreciation on intangibles / definite intangibles 23,7 25,1 24,2
Depreciation on tangibles / tangibles 39,8 40,4 37,2
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.

30,7

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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23,3

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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3,4

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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3,7