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Hanza

Hanza

SEKm 2021 2022e 2023e
Sales 2441 2906 3101
Sales growth (%) 13,3 19,1 6,7
EBITDA 219 281 305
EBITDA margin (%) 9 9,7 9,8
EBIT adj 131 165 181
EBIT adj margin (%) 5,4 5,7 5,8
Pretax profit 87 136 150
EPS rep 1,94 2,96 3,27
EPS growth (%) 4648,8 52,1 10,5
EPS adj 2,81 3,47 3,81
DPS 0,25 0,66 0,99
EV/EBITDA (x) 10,5 7,9 7,1
EV/EBIT adj (x) 17,5 13,6 12
P/E (x) 25,7 16,9 15,3
P/E adj (x) 17,7 14,4 13,1
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) -1,1 4,6 5
Dividend yield (%) 0,5 1,3 2
Net IB debt/EBITDA 2,3 1,6 1,3
Lease adj. FCF yield (%) -1,1 4,6 5
Lease adj. ND/EBITDA 1,5 1 1,1
SEKm 2021 2022e 2023e
Sales 2441 2906 3101
COGS -1304 -1569 -1668
Gross profit 1137 1337 1433
Other operating items -918 -1056 -1128
EBITDA 219 281 305
Depreciation on tangibles -81 -84 -90
Depreciation on intangibles 0 0 0
EBITA 130 183 200
Goodwill impairment charges 0 0 0
Other impairment and amortisation -12 -13 -14
EBIT 115 165 181
Other financial items 0 0 0
Net financial items -28 -29 -31
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 87 136 150
Tax -18 -30 -33
Net profit 70 106 117
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 70 106 117
EPS 1,94 2,96 3,27
EPS Adj 2,81 3,47 3,81
Total extraordinary items after tax -15,8 0 0
Tax rate (%) -20,5 -22 -22
Gross margin (%) 46,6 46 46,2
EBITDA margin (%) 9 9,7 9,8
EBITA margin (%) 5,3 6,3 6,5
EBIT margin (%) 4,7 5,7 5,8
Pretax margin (%) 3,6 4,7 4,8
Net margin (%) 2,8 3,6 3,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 13,3 19,1 6,7
EBITDA growth (%) 57,8 28,4 8,6
EBIT growth (%) 267,6 43,1 9,9
Net profit growth (%) 5065,1 52,1 10,5
EPS growth (%) 4648,8 52,1 10,5
Profitability 2021 2022 2023
ROE (%) 13,3 17,2 16,8
ROE Adj (%) 19,2 20,2 19,6
ROCE (%) 10,7 13,9 14,2
ROCE Adj(%) 13,6 15,4 15,8
ROIC (%) 9 11,5 12,4
ROIC Adj (%) 10,2 11,5 12,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 235 281 305
EBITDA Adj margin (%) 9,6 9,7 9,8
EBITA Adj 146 183 200
EBITA Adj margin (%) 6 6,3 6,5
EBIT Adj 131 165 181
EBIT Adj margin (%) 5,4 5,7 5,8
Pretax profit Adj 119 154 169
Net profit Adj 101 124 136
Net profit to shareholders Adj 101 124 136
Net Adj margin (%) 4,1 4,3 4,4
Depreciation and amortisation -88 -98 -105
Of which leasing depreciation 0 0 0
EO items -16 0 0
Impairment and PPA amortisation -15 -18 -19
EBITDA lease Adj 235 281 217
EBITDA lease Adj margin (%) 9,6 9,7 7
Leasing payments 0 0 -88
SEKm 2021 2022e 2023e
EBITDA 219 281 305
Net financial items -28 -29 -31
Paid tax -18 -30 -33
Non-cash items 0 0 0
Cash flow before change in WC 173 222 241
Change in WC -69 -21 -24
Operating cash flow 104 201 217
CAPEX tangible fixed assets -106 -119 -127
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -17 0 0
Free cash flow -20 82 90
Dividend paid -9 -23 -36
Share issues and buybacks 0 0 0
Other non cash items -128 -16 -19
Decrease in net IB debt 33 56 50
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 338 338 338
Indefinite intangible assets 0 0 0
Definite intangible assets 98 98 98
Tangible fixed assets 354 376 398
Other fixed assets 27 27 27
Fixed assets 980 1001 1024
Inventories 530 610 651
Receivables 173 192 204
Other current assets 14 14 14
Cash and liquid assets 68 126 180
Total assets 1765 1944 2074
Shareholders equity 573 655 737
Minority 0 0 0
Total equity 573 655 737
Long-term debt 179 179 179
Pension debt 108 108 108
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 50 54 59
Short-term debt 131 131 131
Accounts payable 326 392 417
Other current liabilities 255 305 325
Total liabilities and equity 1765 1944 2074
Net IB debt 506 448 393
Net IB debt excl. pension debt 397 339 285
Capital invested 1116 1120 1152
Working capital 136 119 128
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1785 1785 1785
Net IB debt Adj 506 448 393
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 2291 2233 2179
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 153,5 156,7 154,4
Capital invested turnover (%) 243,1 258,7 278,4
Capital employed turnover (%) 221,5 227,3 233,8
Inventories / sales (%) 15,5 15,4 15,4
Customer advances / sales (%) 2 1,9 1,9
Payables / sales (%) 9 8,9 8,9
Working capital / sales (%) 4,7 4,4 4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 88,2 68,3 53,4
Net debt / market cap (%) 54,6 25,1 22
Equity ratio (%) 32,5 33,7 35,5
Net IB debt adj. / equity (%) 88,2 68,3 53,4
Current ratio (%) 104,6 108,7 115,2
EBITDA / net interest (%) 792,6 966,5 983,3
Net IB debt / EBITDA (%) 231,2 159,3 129
Interest cover (%) 472,4 629,3 646,1
Lease liability amortisation 0 0 0
Other intangible assets 106 106 106
Right-of-use asset 168 168 168
Total other fixed assets 14 14 14
Leasing liability 155 155 155
Total other long-term liabilities 37 18 22
Net IB debt excl. leasing 351 293 239
Net IB debt / EBITDA lease Adj (%) 149,6 104,2 110
SEKm 2021 2022e 2023e
Shares outstanding adj. 36 36 36
Fully diluted shares Adj 36 36 36
EPS 1,94 2,96 3,27
Dividend per share Adj 0,3 0,7 1
EPS Adj 2,81 3,47 3,81
BVPS 16,01 18,31 20,59
BVPS Adj 3,62 5,92 8,19
Net IB debt / share 14,1 12,5 11
Share price 25,86 49,9 49,9
Market cap. (m) 925 1785 1785
Valuation 2021 2022 2023
P/E 25,7 16,9 15,3
EV/sales 0,94 0,77 0,7
EV/EBITDA 10,5 7,9 7,1
EV/EBITA 17,6 12,2 10,9
EV/EBIT 19,9 13,6 12
Dividend yield (%) 0,5 1,3 2
FCF yield (%) -1,1 4,6 5
P/BVPS 3,12 2,72 2,42
P/BVPS Adj 13,8 8,43 6,09
P/E Adj 17,7 14,4 13,1
EV/EBITDA Adj 9,8 7,9 7,1
EV/EBITA Adj 15,7 12,2 10,9
EV/EBIT Adj 17,5 13,6 12
EV/cap. employed 2 1,8 1,7
Investment ratios 2021 2022 2023
Capex / sales 4,4 4,1 4,1
Capex / depreciation 120,3 121,7 121,7
Capex tangibles / tangible fixed assets 30 31,7 31,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,9 26,1 26,3
Lease adj. FCF yield (%) -1,1 4,6 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.

15,3

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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12,1

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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0,7

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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2,4