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Handicare

Handicare

EURm 2019 2020e 2021e
Sales 271 262 274
Sales growth (%) -6,8 -3,2 4,4
EBITDA 14 33 38
EBITDA margin (%) 5,3 12,7 14,1
EBIT adj 15 19 23
EBIT adj margin (%) 5,4 7,1 8,6
Pretax profit 3 16 22
EPS rep 0,04 0,23 0,3
EPS growth (%) -77,1 418,9 29,6
EPS adj 0,23 0,31 0,38
DPS 0,05 0,06 0,07
EV/EBITDA (x) 20,2 5,3 4,3
EV/EBIT adj (x) 19,8 9,6 7
P/E (x) 79,3 7,6 5,9
P/E adj (x) 15,3 5,6 4,6
EV/sales (x) 1,1 0,7 0,6
FCF yield (%) 15,5 17,7 21,8
Dividend yield (%) 1,4 3,5 3,7
Net IB debt/EBITDA 5,9 2,3 1,6
EURm 2019 2020e 2021e
Sales 271 262 274
COGS -159 -153 -158
Gross profit 112 109 115
Other operating items -98 -76 -77
EBITDA 14 33 38
Depreciation on tangibles -3 -9 -9
Depreciation on intangibles 0 0 0
EBITA 11 25 30
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT 5 19 23
Other financial items 1 0 0
Net financial items -1 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 16 22
Tax -5 -3 -5
Net profit -2 13 17
Minority interest 0 0 0
Net profit discontinued 4 0 0
Net profit to shareholders 3 13 17
EPS 0,04 0,23 0,3
EPS Adj 0,23 0,31 0,38
Total extraordinary items after tax -10,1 0 0
Tax rate (%) -148,5 -18 -22
Gross margin (%) 41,4 41,6 42,1
EBITDA margin (%) 5,3 12,7 14,1
EBITA margin (%) 4,1 9,4 10,8
EBIT margin (%) 1,7 7,1 8,6
Pretax margin (%) 1,2 6,3 8,2
Net margin (%) -0,6 5,1 6,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -6,8 -3,2 4,4
EBITDA growth (%) -36,3 132,2 15
EBIT growth (%) -65,2 303,3 26,2
Net profit growth (%) -114,1 943,2 29,6
EPS growth (%) -77,1 418,9 29,6
Profitability 2019 2020 2021
ROE (%) 1,5 7,6 9,2
ROE Adj (%) 7,8 10,3 11,7
ROCE (%) 1,9 6,2 7,6
ROCE Adj(%) 7,7 8,3 9,6
ROIC (%) -0,8 5,7 6,8
ROIC Adj (%) -2,7 5,7 6,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 25 33 38
EBITDA Adj margin (%) 9 12,7 14,1
EBITA Adj 21 25 30
EBITA Adj margin (%) 7,8 9,4 10,8
EBIT Adj 15 19 23
EBIT Adj margin (%) 5,4 7,1 8,6
Pretax profit Adj 20 23 29
Net profit Adj 13 18 22
Net profit to shareholders Adj 13 18 22
Net Adj margin (%) 5 7 8,2
EURm 2019 2020e 2021e
Short-term debt 0 0 0
Accounts payable 23 22 23
Other current liabilities 20 19 19
Total liabilities and equity 344 353 368
Net IB debt 84 75 63
Net IB debt excl. pension debt 84 75 62
Capital invested 267 268 270
Working capital 28 30 32
EV breakdown 2019 2020 2021
Market cap. diluted (m) 206 102 102
Net IB debt Adj 84 75 63
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 290 178 165
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 79,7 75,2 75,9
Capital invested turnover (%) 102,4 98 101,7
Capital employed turnover (%) 95,7 88,3 88,5
Inventories / sales (%) 11,7 10,8 10,8
Customer advances / sales (%) 7,2 7,4 7,1
Payables / sales (%) 9,9 8,7 8,3
Working capital / sales (%) 11,1 11,1 11,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48,7 40,9 31,7
Net debt / market cap (%) 41,8 73,6 61,2
Equity ratio (%) 50,4 52,1 53,8
Net IB debt adj. / equity (%) 48,7 40,9 31,7
Current ratio (%) 219,6 249,3 277,4
EBITDA / net interest (%) 720 1592,5 3847,4
Net IB debt / EBITDA (%) 586,4 225,1 162,8
Interest cover (%) 550 1178,7 2961
EBITDA 14 33 38
Net financial items -1 -2 -1
Paid tax -5 -3 -5
Non-cash items 23 0 0
Cash flow before change in WC 31 28 33
Change in WC 5 -2 -2
Operating cash flow 25 26 31
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -3 -5 -5
Acquisitions and disposals 12 0 0
Free cash flow 32 18 22
Dividend paid -3 -3 -4
Share issues and buybacks 0 0 0
Other non cash items -29 1 0
Decrease in net IB debt -5 9 13
Balance Sheet (EURm) 2019 2020 2021
Goodwill 159 159 159
Indefinite intangible assets 0 0 0
Definite intangible assets 46 45 45
Tangible fixed assets 8 7 7
Other fixed assets 3 3 3
Fixed assets 239 238 238
Inventories 28 29 30
Receivables 40 40 42
Other current assets 3 3 3
Cash and liquid assets 34 43 56
Total assets 344 353 368
Shareholders equity 173 184 198
Minority 0 0 0
Total equity 173 184 198
Long-term debt 95 95 95
Pension debt 1 1 1
Convertible debt 0 0 0
Deferred tax 6 6 6
Other long-term liabilities 3 3 3
EURm 2019 2020e 2021e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS 0,04 0,23 0,3
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,23 0,31 0,38
BVPS 2,94 3,12 3,36
BVPS Adj -0,55 -0,35 -0,1
Net IB debt / share 1,4 1,3 1,1
Share price 3,43 1,74 1,74
Market cap. (m) 202 102 102
Valuation 2019 2020 2021
P/E 79,3 7,6 5,9
EV/sales 1,07 0,68 0,6
EV/EBITDA 20,2 5,3 4,3
EV/EBITA 26,4 7,2 5,6
EV/EBIT 63,2 9,6 7
Dividend yield (%) 1,4 3,5 3,7
FCF yield (%) 15,5 17,7 21,8
P/BVPS 1,19 0,56 0,52
P/BVPS Adj -6,4 -4,94 -16,95
P/E Adj 15,3 5,6 4,6
EV/EBITDA Adj 11,9 5,3 4,3
EV/EBITA Adj 13,8 7,2 5,6
EV/EBIT Adj 19,8 9,6 7
EV/cap. employed 1 0,6 0,5
Investment ratios 2019 2020 2021
Capex / sales 1,8 3 3
Capex / depreciation 147,1 90,6 92,7
Capex tangibles / tangible fixed assets 26,6 35,3 39,1
Capex intangibles / definite intangibles 6,3 11,6 12,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 43 117,1 126,6

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>

5,8

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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7,2

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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0,6

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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0,5