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Formpipe

Formpipe

SEKm 2020 2021e 2022e
Sales 403 428 472
Sales growth (%) 2,4 6,2 10,3
EBITDA 104 92 109
EBITDA margin (%) 25,9 21,4 23
EBIT adj 53 37 55
EBIT adj margin (%) 13,2 8,6 11,7
Pretax profit 53 34 52
EPS rep 0,77 0,51 0,76
EPS growth (%) 17,7 -34,1 49,1
EPS adj 0,77 0,51 0,76
DPS 0,66 0,7 0,7
EV/EBITDA (x) 15,6 18 15,1
EV/EBIT adj (x) 30,5 44,8 29,9
P/E (x) 38,7 58,5 39,2
P/E adj (x) 38,7 58,5 39,2
EV/sales (x) 4 3,8 3,5
FCF yield (%) 1,2 0,8 3,1
Dividend yield (%) 2,2 2,3 2,3
Net IB debt/EBITDA 0,2 0,6 0,5
N/A N/A N/A
Lease adj. FCF yield (%) 0,6 0,1 2,5
Lease adj. ND/EBITDA -0,1 0,3 0,3
SEKm 2020 2021e 2022e
Sales 403 428 472
COGS -41 -42 -47
Gross profit 362 387 426
Other operating items -257 -295 -317
EBITDA 104 92 109
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -40 -43 -42
EBITA 53 37 55
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 37 55
Other financial items 0 0 0
Net financial items -1 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 53 34 52
Tax -11 -6 -11
Net profit 42 27 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 42 27 41
EPS 0,77 0,51 0,76
EPS Adj 0,77 0,51 0,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -19 -22
Gross margin (%) 89,8 90,3 90,1
EBITDA margin (%) 25,9 21,4 23
EBITA margin (%) 13,2 8,6 11,7
EBIT margin (%) 13,2 8,6 11,7
Pretax margin (%) 13 7,9 11
Net margin (%) 10,3 6,4 8,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,4 6,2 10,3
EBITDA growth (%) 4 -12,3 18,8
EBIT growth (%) 12,3 -31 49,5
Net profit growth (%) 18,5 -34,4 49,1
EPS growth (%) 17,7 -34,1 49,1
Profitability 2020 2021 2022
ROE (%) 10,3 6,7 10,1
ROE Adj (%) 10,3 6,7 10,1
ROCE (%) 11,6 7,6 11,6
ROCE Adj(%) 11,6 7,6 11,6
ROIC (%) 9,6 6,4 8,9
ROIC Adj (%) 9,6 6,4 8,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 104 92 109
EBITDA Adj margin (%) 25,9 21,4 23
EBITA Adj 53 37 55
EBITA Adj margin (%) 13,2 8,6 11,7
EBIT Adj 53 37 55
EBIT Adj margin (%) 13,2 8,6 11,7
Pretax profit Adj 53 34 52
Net profit Adj 42 27 41
Net profit to shareholders Adj 42 27 41
Net Adj margin (%) 10,3 6,4 8,6
N/A N/A N/A
Depreciation and amortisation -51 -55 -54
Of which leasing depreciation -9 -10 -10
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 95 82 99
EBITDA lease Adj margin (%) 23,7 19,1 20,9
SEKm 2020 2021e 2022e
EBITDA 104 92 109
Net financial items -1 -3 -3
Paid tax -11 -6 -11
Non-cash items 0 0 0
Cash flow before change in WC 93 82 94
Change in WC 41 -22 3
Operating cash flow 134 60 97
CAPEX tangible fixed assets -2 -4 -3
CAPEX intangible fixed assets -43 -44 -44
Acquisitions and disposals -70 0 0
Free cash flow 19 12 50
Dividend paid -32 -35 -37
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -22 -33 3
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 377 377 377
Indefinite intangible assets 0 0 0
Definite intangible assets 168 169 172
Tangible fixed assets 5 7 7
Other fixed assets 12 12 12
Fixed assets 591 594 597
Inventories 0 0 0
Receivables 101 120 136
Other current assets 2 2 2
Cash and liquid assets 58 20 18
Total assets 753 737 753
Shareholders equity 410 402 405
Minority 0 0 0
Total equity 410 402 405
Long-term debt 47 42 37
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 17 19
Other current liabilities 223 219 236
Total liabilities and equity 753 737 753
Net IB debt 22 55 52
Net IB debt excl. pension debt 22 55 52
Capital invested 455 480 481
Working capital -136 -114 -117
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1605 1593 1593
Net IB debt Adj 22 55 52
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 1627 1648 1645
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,5 57,5 63,4
Capital invested turnover (%) 91,8 91,6 98,3
Capital employed turnover (%) 87,4 88,7 99,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 49,3 48,5 45,3
Payables / sales (%) 3,9 3,9 3,8
Working capital / sales (%) -28,7 -29,2 -24,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,3 13,7 12,9
Net debt / market cap (%) 1,7 3,4 3,3
Equity ratio (%) 54,4 54,5 53,7
Net IB debt adj. / equity (%) 5,3 13,7 12,9
Current ratio (%) 63,9 57 58,1
EBITDA / net interest (%) 13252,7 2863,1 3628,4
Net IB debt / EBITDA (%) 20,7 59,9 47,9
Interest cover (%) 6773,5 1150,6 1835
N/A N/A N/A
Lease liability amortisation -9 -10 -10
Other intangible assets 168 169 172
Right-of-use asset 28 28 28
Total other fixed assets 12 12 12
Leasing liability 27 27 27
Total other long-term liabilities 24 24 24
Net IB debt excl. leasing -5 28 25
Net IB debt / EBITDA lease Adj (%) -5,7 34,1 25,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 53 53 53
Fully diluted shares Adj 54 53 53
EPS 0,77 0,51 0,76
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,77 0,51 0,76
BVPS 7,66 7,51 7,57
BVPS Adj -2,54 -2,71 -2,7
Net IB debt / share 0,4 1 1
Share price 24,49 29,8 29,8
Market cap. (m) 1309 1593 1593
Valuation 2020 2021 2022
P/E 38,7 58,5 39,2
EV/sales 4,04 3,85 3,48
EV/EBITDA 15,6 18 15,1
EV/EBITA 30,5 44,8 29,9
EV/EBIT 30,5 44,8 29,9
Dividend yield (%) 2,2 2,3 2,3
FCF yield (%) 1,2 0,8 3,1
P/BVPS 3,9 3,97 3,94
P/BVPS Adj -11,78 -10,99 -11,03
P/E Adj 38,7 58,5 39,2
EV/EBITDA Adj 15,6 18 15,1
EV/EBITA Adj 30,5 44,8 29,9
EV/EBIT Adj 30,5 44,8 29,9
EV/cap. employed 3,3 3,5 3,5
Investment ratios 2020 2021 2022
Capex / sales 11,2 11,2 9,9
Capex / depreciation 107,5 106,7 106,8
Capex tangibles / tangible fixed assets 38,5 57,5 34,4
Capex intangibles / definite intangibles 25,7 25,9 25,8
Depreciation on intangibles / definite intangibles 23,8 25,1 24,2
Depreciation on tangibles / tangibles 40,5 32,2 30,1
N/A N/A N/A
Lease adj. FCF yield (%) 0,6 0,1 2,5

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.

39,2

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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29,7

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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3,5

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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3,9