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Formpipe

Formpipe

SEKm 2020 2021e 2022e
Sales 403 462 470
Sales growth (%) 2,4 14,7 1,7
EBITDA 105 127 114
EBITDA margin (%) 26 27,4 24,2
EBIT adj 53 29 54
EBIT adj margin (%) 13,2 6,2 11,5
Pretax profit 52 53 51
EPS rep 0,77 0,77 0,74
EPS growth (%) 17,7 0 -4,1
EPS adj 0,77 0,29 0,74
DPS 0,66 0,7 0,7
EV/EBITDA (x) 15,3 13,5 15,1
EV/EBIT adj (x) 30,2 59,6 31,9
P/E (x) 38,7 41,3 43,1
P/E adj (x) 38,7 109,6 43,1
EV/sales (x) 4 3,7 3,7
FCF yield (%) 1,4 2,5 2,6
Dividend yield (%) 2,2 2,2 2,2
Net IB debt/EBITDA 0,1 0,1 0,1
Lease adj. FCF yield (%) 0,9 1,9 2
Lease adj. ND/EBITDA -0,2 -0,1 -0,1
SEKm 2020 2021e 2022e
Sales 403 462 470
COGS -41 -47 -48
Gross profit 362 416 422
Other operating items -257 -289 -308
EBITDA 105 127 114
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -40 -43 -42
EBITA 53 55 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 53 55 54
Other financial items 0 0 0
Net financial items -1 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 52 53 51
Tax -11 -12 -11
Net profit 41 41 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 41 40
EPS 0,77 0,77 0,74
EPS Adj 0,77 0,29 0,74
Total extraordinary items after tax 0 25,8 0
Tax rate (%) -21,1 -21,8 -22
Gross margin (%) 89,8 89,9 89,8
EBITDA margin (%) 26 27,4 24,2
EBITA margin (%) 13,2 11,8 11,5
EBIT margin (%) 13,2 11,8 11,5
Pretax margin (%) 13 11,5 10,8
Net margin (%) 10,3 9 8,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,4 14,7 1,7
EBITDA growth (%) 4,3 21,1 -10,2
EBIT growth (%) 12,1 2,6 -1,4
Net profit growth (%) 18,1 0 -4,1
EPS growth (%) 17,7 0 -4,1
Profitability 2020 2021 2022
ROE (%) 10,4 10,3 9,8
ROE Adj (%) 10,4 3,9 9,8
ROCE (%) 11,9 11,8 11,6
ROCE Adj(%) 11,9 6,2 11,6
ROIC (%) 9,8 9,8 9,4
ROIC Adj (%) 9,8 5,2 9,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 105 101 114
EBITDA Adj margin (%) 26 21,8 24,2
EBITA Adj 53 29 54
EBITA Adj margin (%) 13,2 6,2 11,5
EBIT Adj 53 29 54
EBIT Adj margin (%) 13,2 6,2 11,5
Pretax profit Adj 52 27 51
Net profit Adj 41 16 40
Net profit to shareholders Adj 41 16 40
Net Adj margin (%) 10,3 3,4 8,4
Depreciation and amortisation -51 -72 -60
Of which leasing depreciation -7 -10 -10
EO items 0 26 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 97 91 104
EBITDA lease Adj margin (%) 24,1 19,7 22,1
Leasing payments -7 -10 -10
SEKm 2020 2021e 2022e
EBITDA 105 127 114
Net financial items -1 -2 -3
Paid tax -9 -12 -11
Non-cash items -2 0 0
Cash flow before change in WC 92 114 100
Change in WC 23 -12 4
Operating cash flow 115 102 103
CAPEX tangible fixed assets -3 -4 -3
CAPEX intangible fixed assets -43 -56 -57
Acquisitions and disposals -46 0 0
Free cash flow 23 42 44
Dividend paid -32 -35 -37
Share issues and buybacks 5 0 0
Other non cash items 2 0 0
Decrease in net IB debt -22 -33 3
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 380 380 380
Indefinite intangible assets 0 0 0
Definite intangible assets 168 169 172
Tangible fixed assets 5 6 6
Other fixed assets 12 12 12
Fixed assets 558 555 564
Inventories 0 0 0
Receivables 98 119 135
Other current assets 6 6 6
Cash and liquid assets 59 50 42
Total assets 721 730 748
Shareholders equity 399 405 407
Minority 0 0 0
Total equity 399 405 407
Long-term debt 29 24 19
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 16 17 19
Other current liabilities 213 221 240
Total liabilities and equity 721 730 748
Net IB debt 6 9 12
Net IB debt excl. pension debt 6 9 12
Capital invested 433 442 448
Working capital -125 -113 -116
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1601 1708 1708
Net IB debt Adj 6 9 12
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 1607 1717 1720
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 57,8 63,7 63,6
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 (%) -27,3 -25,7 -24,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 1,4 2,2 3
Net debt / market cap (%) 0,4 0,5 0,7
Equity ratio (%) 55,4 55,4 54,4
Net IB debt adj. / equity (%) 1,4 2,2 3
Current ratio (%) 65 67,6 65,8
EBITDA / net interest (%) 13158,4 7538,6 3795,4
Net IB debt / EBITDA (%) 5,3 7 10,6
Interest cover (%) 6689,8 3248,1 1795,4
Lease liability amortisation -8 -10 -10
Other intangible assets 143 140 149
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 -15 -12 -8
Net IB debt / EBITDA lease Adj (%) -15,3 -12,7 -8,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 53 54 54
Fully diluted shares Adj 54 54 54
EPS 0,77 0,77 0,74
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,77 0,29 0,74
BVPS 7,48 7,56 7,6
BVPS Adj -2,34 -2,15 -2,28
Net IB debt / share 0,1 0,2 0,2
Share price 24,49 31,9 31,9
Market cap. (m) 1306 1708 1708
Valuation 2020 2021 2022
P/E 38,7 41,3 43,1
EV/sales 3,99 3,71 3,66
EV/EBITDA 15,3 13,5 15,1
EV/EBITA 30,2 31,4 31,9
EV/EBIT 30,2 31,4 31,9
Dividend yield (%) 2,2 2,2 2,2
FCF yield (%) 1,4 2,5 2,6
P/BVPS 4 4,22 4,2
P/BVPS Adj -12,78 -14,83 -14,01
P/E Adj 38,7 109,6 43,1
EV/EBITDA Adj 15,3 17 15,1
EV/EBITA Adj 30,2 59,6 31,9
EV/EBIT Adj 30,2 59,6 31,9
EV/cap. employed 3,5 3,7 3,7
Investment ratios 2020 2021 2022
Capex / sales 11,4 12,9 12,6
Capex / depreciation 104,4 95,7 118
Capex tangibles / tangible fixed assets 48,7 63,5 39,7
Capex intangibles / definite intangibles 30,2 39,7 38
Depreciation on intangibles / definite intangibles 28,7 42,2 31,9
Depreciation on tangibles / tangibles 53,6 49,4 39,7
Lease adj. FCF yield (%) 0,9 1,9 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.

43,1

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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32,1

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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3,7

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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4,2