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Handicare

EURm 2018 2019e 2020e
Sales 291 299 312
Sales growth (%) 2,3 2,8 4,2
EBITDA 23 33 39
EBITDA margin (%) 7,8 10,9 12,4
EBIT adj 16 18 24
EBIT adj margin (%) 5,6 6 7,7
Pretax profit 12 16 22
EPS rep 0,19 0,24 0,31
EPS growth (%) 338 22,9 29,3
EPS adj 0,31 0,32 0,38
DPS 0,05 0,07 0,1
EV/EBITDA (x) 11,9 9,3 7,4
EV/EBIT adj (x) 16,6 16,9 12
P/E (x) 16,7 15,2 11,8
P/E adj (x) 10,5 11,4 9,4
EV/sales (x) 0,9 1 0,9
FCF yield (%) 8,2 8,2 10
Dividend yield (%) 1,6 2,1 2,8
Net IB debt/EBITDA 3,5 2,8 1,9
EURm 2018 2019e 2020e
Sales 291 299 312
COGS -171 -176 -181
Gross profit 120 123 131
Other operating items -97 -90 -92
EBITDA 23 33 39
Depreciation on tangibles -4 -9 -9
Depreciation on intangibles 0 0 0
EBITA 19 24 30
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT 13 18 24
Other financial items 2 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 12 16 22
Tax -1 -2 -4
Net profit 11 14 18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 14 18
EPS 0,19 0,24 0,31
EPS Adj 0,31 0,32 0,38
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -5,6 -14,3 -18
Gross margin (%) 41,1 41 41,9
EBITDA margin (%) 7,8 10,9 12,4
EBITA margin (%) 6,5 8 9,6
EBIT margin (%) 4,5 6 7,7
Pretax margin (%) 4,1 5,4 7,1
Net margin (%) 3,9 4,7 5,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 2,3 2,8 4,2
EBITDA growth (%) 0,2 44,5 18,6
EBIT growth (%) -5,9 36,4 33,3
Net profit growth (%) 337,6 22,9 29,3
EPS growth (%) 338 22,9 29,3
Profitability 2018 2019 2020
ROE (%) 6,8 7,9 9,5
ROE Adj (%) 10,7 10,6 12
ROCE (%) 5,6 6,7 8,5
ROCE Adj(%) 8,7 8,8 10,4
ROIC (%) 4,8 5,7 7
ROIC Adj (%) 5,9 5,7 7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 26 33 39
EBITDA Adj margin (%) 8,8 10,9 12,4
EBITA Adj 22 24 30
EBITA Adj margin (%) 7,5 8 9,6
EBIT Adj 16 18 24
EBIT Adj margin (%) 5,6 6 7,7
Pretax profit Adj 21 22 28
Net profit Adj 18 19 23
Net profit to shareholders Adj 18 19 23
Net Adj margin (%) 6,2 6,2 7,3
EURm 2018 2019e 2020e
Short-term debt 0 0 0
Accounts payable 30 25 27
Other current liabilities 20 22 23
Total liabilities and equity 379 327 336
Net IB debt 80 92 75
Net IB debt excl. pension debt 80 92 75
Capital invested 259 282 279
Working capital 29 33 37
EV breakdown 2018 2019 2020
Market cap. diluted (m) 189 212 212
Net IB debt Adj 80 92 75
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 269 305 288
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87,8 84,9 85,2
Capital invested turnover (%) 112,2 110,6 111,1
Capital employed turnover (%) 107,5 102,4 101,8
Inventories / sales (%) 12,2 12 12,1
Customer advances / sales (%) 7,3 7,1 7,2
Payables / sales (%) 9,5 9,3 8,3
Working capital / sales (%) 10,1 10,3 11,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 46,5 50,6 38,5
Net debt / market cap (%) 32,5 43,4 35,5
Equity ratio (%) 51 49,5 53,9
Net IB debt adj. / equity (%) 46,5 50,6 38,5
Current ratio (%) 211 248,6 245,7
EBITDA / net interest (%) 760,9 1892,3 1937
Net IB debt / EBITDA (%) 352,6 282,2 194,8
Interest cover (%) 615,6 792,1 797,1
EBITDA 23 33 39
Net financial items -1 -2 -2
Paid tax -2 -2 -4
Non-cash items 2 0 0
Cash flow before change in WC 22 29 33
Change in WC 1 -4 -4
Operating cash flow 23 25 29
CAPEX tangible fixed assets -2 -3 -4
CAPEX intangible fixed assets -4 -4 -4
Acquisitions and disposals -1 0 0
Free cash flow 16 17 21
Dividend paid -3 -3 -4
Share issues and buybacks 0 0 0
Other non cash items -3 -27 0
Decrease in net IB debt 10 -12 17
Balance Sheet (EURm) 2018 2019 2020
Goodwill 163 163 163
Indefinite intangible assets 0 0 0
Definite intangible assets 49 47 46
Tangible fixed assets 10 31 26
Other fixed assets 8 8 8
Fixed assets 230 249 242
Inventories 36 36 39
Receivables 44 44 47
Other current assets 3 3 3
Cash and liquid assets 24 35 32
Total assets 336 368 363
Shareholders equity 171 182 196
Minority 0 0 0
Total equity 171 182 196
Long-term debt 103 127 107
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 8 8 8
Other long-term liabilities 3 3 3
EURm 2018 2019e 2020e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS 0,19 0,24 0,31
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,31 0,32 0,38
BVPS 2,91 3,09 3,32
BVPS Adj -0,69 -0,47 -0,21
Net IB debt / share 1,4 1,6 1,3
Share price 4,16 3,6 3,6
Market cap. (m) 245 212 212
Valuation 2018 2019 2020
P/E 16,7 15,2 11,8
EV/sales 0,92 1,02 0,92
EV/EBITDA 11,9 9,3 7,4
EV/EBITA 14,3 12,7 9,6
EV/EBIT 20,4 16,9 12
Dividend yield (%) 1,6 2,1 2,8
FCF yield (%) 8,2 8,2 10
P/BVPS 1,11 1,16 1,08
P/BVPS Adj -4,66 -7,7 -17,01
P/E Adj 10,5 11,4 9,4
EV/EBITDA Adj 10,5 9,3 7,4
EV/EBITA Adj 12,3 12,7 9,6
EV/EBIT Adj 16,6 16,9 12
EV/cap. employed 1 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 2,1 2,4 2,5
Capex / depreciation 160,5 84,8 89,2
Capex tangibles / tangible fixed assets 23,8 10,6 13,5
Capex intangibles / definite intangibles 7,7 8,5 9,7
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 39,4 27,6 34,2

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.

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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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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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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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