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Financials

SEKm 2019 2020e 2021e
Sales 394 387 409
Sales growth (%) -3,1 -1,8 5,8
EBITDA 101 99 108
EBITDA margin (%) 25,6 25,6 26,4
EBIT adj 48 46 55
EBIT adj margin (%) 12,1 12 13,5
Pretax profit 44 42 52
EPS rep 0,66 0,63 0,77
EPS growth (%) -12,3 -4,8 23
EPS adj 0,66 0,63 0,77
DPS 0,6 0,6 0,7
EV/EBITDA (x) 11,6 9,3 8,4
EV/EBIT adj (x) 24,7 19,9 16,4
P/E (x) 33,5 27,8 22,6
P/E adj (x) 33,5 27,8 22,6
EV/sales (x) 3 2,4 2,2
FCF yield (%) 1,6 4,9 6,3
Dividend yield (%) 2,7 3,4 4
Net IB debt/EBITDA -0,1 -0,1 -0,2
SEKm 2019 2020e 2021e
Sales 394 387 409
COGS -48 -37 -42
Gross profit 346 349 368
Other operating items -246 -250 -259
EBITDA 101 99 108
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -41 -40 -41
EBITA 48 46 55
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 48 46 55
Other financial items 0 0 0
Net financial items -3 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 44 42 52
Tax -9 -9 -11
Net profit 35 33 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 33 41
EPS 0,66 0,63 0,77
EPS Adj 0,66 0,63 0,77
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,9 -21,4 -21,4
Gross margin (%) 87,9 90,3 89,8
EBITDA margin (%) 25,6 25,6 26,4
EBITA margin (%) 12,1 12 13,5
EBIT margin (%) 12,1 12 13,5
Pretax margin (%) 11,2 11 12,8
Net margin (%) 8,9 8,6 10
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 -1,8 5,8
EBITDA growth (%) 0,9 -1,8 9,5
EBIT growth (%) -10,7 -2,3 18,8
Net profit growth (%) -11,9 -4,8 23
EPS growth (%) -12,3 -4,8 23
Profitability 2019 2020 2021
ROE (%) 8,9 8,3 10,1
ROE Adj (%) 8,9 8,3 10,1
ROCE (%) 10,5 10,7 12,6
ROCE Adj(%) 10,5 10,7 12,6
ROIC (%) 10,3 9,3 11,2
ROIC Adj (%) 10,3 9,3 11,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 101 99 108
EBITDA Adj margin (%) 25,6 25,6 26,4
EBITA Adj 48 46 55
EBITA Adj margin (%) 12,1 12 13,5
EBIT Adj 48 46 55
EBIT Adj margin (%) 12,1 12 13,5
Pretax profit Adj 44 42 52
Net profit Adj 35 33 41
Net profit to shareholders Adj 35 33 41
Net Adj margin (%) 8,9 8,6 10
SEKm 2019 2020e 2021e
EBITDA 101 99 108
Net financial items -3 -4 -3
Paid tax -9 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 88 86 94
Change in WC -26 2 9
Operating cash flow 60 88 103
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets -38 -38 -40
Acquisitions and disposals 0 0 0
Free cash flow 18 46 59
Dividend paid -32 -32 -32
Share issues and buybacks 0 0 0
Other non cash items -26 0 0
Decrease in net IB debt -47 4 17
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 134 132 131
Tangible fixed assets 7 9 11
Other fixed assets 5 5 5
Fixed assets 511 511 512
Inventories 0 0 0
Receivables 130 135 139
Other current assets 0 0 0
Cash and liquid assets 34 36 52
Total assets 675 681 703
Shareholders equity 400 402 411
Minority 0 0 0
Total equity 400 402 411
Long-term debt 6 4 4
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 241 248 262
Other current liabilities 0 0 0
Total liabilities and equity 675 681 703
Net IB debt -6 -9 -26
Net IB debt excl. pension debt -6 -9 -26
Capital invested 395 392 384
Working capital -112 -114 -123
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1172 928 928
Net IB debt Adj -1 -5 -21
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 1172 924 907
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 57,2 57 59,1
Capital invested turnover (%) 107,5 98,3 105,3
Capital employed turnover (%) 87,4 89,3 93,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 60,4 63,4 62,4
Working capital / sales (%) -31,6 -29,2 -28,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -1,4 -2,3 -6,4
Net debt / market cap (%) -0,5 -1 -2,8
Equity ratio (%) 59,3 59 58,4
Net IB debt adj. / equity (%) -0,2 -1,1 -5,2
Current ratio (%) 60,9 61,8 66,3
EBITDA / net interest (%) 3118,6 2471 3606,1
Net IB debt / EBITDA (%) -5,5 -9,5 -24,3
Interest cover (%) 1471,9 1160,8 1839,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,66 0,63 0,77
Dividend per share Adj 0,6 0,6 0,7
EPS Adj 0,66 0,63 0,77
BVPS 7,52 7,55 7,72
BVPS Adj -1,36 -1,29 -1,1
Net IB debt / share -0,1 -0,2 -0,5
Share price 21,6 17,46 17,46
Market cap. (m) 1148 928 928
Valuation 2019 2020 2021
P/E 33,5 27,8 22,6
EV/sales 2,98 2,39 2,22
EV/EBITDA 11,6 9,3 8,4
EV/EBITA 24,7 19,9 16,4
EV/EBIT 24,7 19,9 16,4
Dividend yield (%) 2,7 3,4 4
FCF yield (%) 1,6 4,9 6,3
P/BVPS 2,93 2,31 2,26
P/BVPS Adj -16,23 -13,54 -15,91
P/E Adj 33,5 27,8 22,6
EV/EBITDA Adj 11,6 9,3 8,4
EV/EBITA Adj 24,7 19,9 16,4
EV/EBIT Adj 24,7 19,9 16,4
EV/cap. employed 2,7 2,1 2,1
Investment ratios 2019 2020 2021
Capex / sales 10,7 10,9 10,8
Capex / depreciation 97,9 99,7 102,6
Capex tangibles / tangible fixed assets 63,6 48,3 40,1
Capex intangibles / definite intangibles 28,3 28,9 30,4
Depreciation on intangibles / definite intangibles 30,6 30,5 31,2
Depreciation on tangibles / tangibles 32,5 24,2 19,5

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

22,7

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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16,4

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,2

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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2,3