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Formpipe

Formpipe

SEKm 2019 2020e 2021e
Sales 394 390 417
Sales growth (%) -3,1 -0,9 6,9
EBITDA 101 100 110
EBITDA margin (%) 25,6 25,7 26,4
EBIT adj 48 50 58
EBIT adj margin (%) 12,1 12,9 14
Pretax profit 44 49 56
EPS rep 0,66 0,71 0,83
EPS growth (%) -12,3 8,2 15,8
EPS adj 0,66 0,71 0,83
DPS 0,6 0,6 0,7
EV/EBITDA (x) 11,6 12,9 11,5
EV/EBIT adj (x) 24,7 25,6 21,7
P/E (x) 33,5 34,2 29,6
P/E adj (x) 33,5 34,2 29,6
EV/sales (x) 3 3,3 3
FCF yield (%) 1,6 5,3 5,2
Dividend yield (%) 2,7 2,5 2,9
Net IB debt/EBITDA -0,1 -0,1 -0,3
SEKm 2019 2020e 2021e
Sales 394 390 417
COGS -48 -41 -46
Gross profit 346 349 371
Other operating items -246 -249 -261
EBITDA 101 100 110
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -41 -38 -40
EBITA 48 50 58
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 48 50 58
Other financial items 0 0 0
Net financial items -3 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 44 49 56
Tax -9 -11 -12
Net profit 35 38 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 38 44
EPS 0,66 0,71 0,83
EPS Adj 0,66 0,71 0,83
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,9 -22,3 -22
Gross margin (%) 87,9 89,5 88,9
EBITDA margin (%) 25,6 25,7 26,4
EBITA margin (%) 12,1 12,9 14
EBIT margin (%) 12,1 12,9 14
Pretax margin (%) 11,2 12,5 13,5
Net margin (%) 8,9 9,7 10,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -3,1 -0,9 6,9
EBITDA growth (%) 0,9 -0,4 10
EBIT growth (%) -10,7 6,1 15,5
Net profit growth (%) -11,9 8,2 15,8
EPS growth (%) -12,3 8,2 15,8
Profitability 2019 2020 2021
ROE (%) 8,9 9,2 10,2
ROE Adj (%) 8,9 9,2 10,2
ROCE (%) 10,5 11,4 12,7
ROCE Adj(%) 10,5 11,4 12,7
ROIC (%) 10,3 9,7 11,1
ROIC Adj (%) 10,3 9,7 11,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 101 100 110
EBITDA Adj margin (%) 25,6 25,7 26,4
EBITA Adj 48 50 58
EBITA Adj margin (%) 12,1 12,9 14
EBIT Adj 48 50 58
EBIT Adj margin (%) 12,1 12,9 14
Pretax profit Adj 44 49 56
Net profit Adj 35 38 44
Net profit to shareholders Adj 35 38 44
Net Adj margin (%) 8,9 9,7 10,5
SEKm 2019 2020e 2021e
EBITDA 101 100 110
Net financial items -3 -2 -2
Paid tax -9 -11 -12
Non-cash items 0 0 0
Cash flow before change in WC 88 88 96
Change in WC -26 -1 15
Operating cash flow 60 111 111
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets -38 -38 -39
Acquisitions and disposals 0 0 0
Free cash flow 18 69 67
Dividend paid -32 -32 -32
Share issues and buybacks 0 0 0
Other non cash items -26 -24 0
Decrease in net IB debt -47 4 26
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 134 152 151
Tangible fixed assets 7 9 11
Other fixed assets 5 2 2
Fixed assets 511 527 529
Inventories 0 0 0
Receivables 130 130 142
Other current assets 0 0 0
Cash and liquid assets 34 34 60
Total assets 675 692 730
Shareholders equity 400 425 437
Minority 0 0 0
Total equity 400 425 437
Long-term debt 6 0 0
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 241 240 267
Other current liabilities 0 0 0
Total liabilities and equity 675 691 730
Net IB debt -6 -10 -35
Net IB debt excl. pension debt -6 -10 -35
Capital invested 395 415 402
Working capital -112 -110 -125
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1172 1297 1297
Net IB debt Adj -1 -8 -34
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 1289 1264
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 57,2 57,1 58,7
Capital invested turnover (%) 107,5 96,3 102,1
Capital employed turnover (%) 87,4 88,3 91,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 60,4 61,7 60,8
Working capital / sales (%) -31,6 -28,4 -28,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -1,4 -2,3 -8,1
Net debt / market cap (%) -0,5 -0,7 -2,7
Equity ratio (%) 59,3 61,4 59,8
Net IB debt adj. / equity (%) -0,2 -1,9 -7,7
Current ratio (%) 60,9 61,7 68,8
EBITDA / net interest (%) 3118,6 6141,2 5512,8
Net IB debt / EBITDA (%) -5,5 -9,6 -31,9
Interest cover (%) 1471,9 3089,6 2912,8
SEKm 2019 2020e 2021e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 53 53 53
EPS 0,66 0,71 0,83
Dividend per share Adj 0,6 0,6 0,7
EPS Adj 0,66 0,71 0,83
BVPS 7,52 7,99 8,21
BVPS Adj -1,36 -1,23 -0,99
Net IB debt / share -0,1 -0,2 -0,7
Share price 21,6 24,4 24,4
Market cap. (m) 1148 1297 1297
Valuation 2019 2020 2021
P/E 33,5 34,2 29,6
EV/sales 2,98 3,3 3,03
EV/EBITDA 11,6 12,9 11,5
EV/EBITA 24,7 25,6 21,7
EV/EBIT 24,7 25,6 21,7
Dividend yield (%) 2,7 2,5 2,9
FCF yield (%) 1,6 5,3 5,2
P/BVPS 2,93 3,05 2,97
P/BVPS Adj -16,23 -19,76 -24,55
P/E Adj 33,5 34,2 29,6
EV/EBITDA Adj 11,6 12,9 11,5
EV/EBITA Adj 24,7 25,6 21,7
EV/EBIT Adj 24,7 25,6 21,7
EV/cap. employed 2,7 2,9 2,7
Investment ratios 2019 2020 2021
Capex / sales 10,7 10,7 10,4
Capex / depreciation 97,9 105,1 103,3
Capex tangibles / tangible fixed assets 63,6 49,2 40,4
Capex intangibles / definite intangibles 28,3 24,8 25,8
Depreciation on intangibles / definite intangibles 30,6 24,9 26,4
Depreciation on tangibles / tangibles 32,5 23,4 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>

29,4

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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21,7

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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3,0

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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3,0