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Intervacc

Intervacc

SEKm 2021 2022e 2023e
Sales 35 116 226
Sales growth (%) 639 227,6 95,3
EBITDA -16 26 80
EBITDA margin (%) -45,7 22,4 35,4
EBIT adj -24 18 72
EBIT adj margin (%) -68,5 15,4 31,7
Pretax profit -24 18 72
EPS rep -0,48 0,35 1,47
EPS growth (%) 5,5 173,6 313,5
EPS adj -0,32 0,52 1,63
DPS 0 0 0
EV/EBITDA (x) -130,9 81,6 25,8
EV/EBIT adj (x) -87,5 118,9 28,8
P/E (x) -93 126,5 30,6
P/E adj (x) -139,2 86,8 27,5
EV/sales (x) 59,9 18,3 9,1
FCF yield (%) -2,1 -0,2 2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,3 -5,2 -2,3
Lease adj. FCF yield (%) -2,1 -0,2 2
Lease adj. ND/EBITDA 8,3 -5,2 -2,3
SEKm 2021 2022e 2023e
Sales 35 116 226
COGS -18 -46 -83
Gross profit 18 69 143
Other operating items -34 -44 -63
EBITDA -16 26 80
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -16 26 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT -24 18 72
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -24 18 72
Tax 0 0 2
Net profit -24 18 74
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -24 18 74
EPS -0,48 0,35 1,47
EPS Adj -0,32 0,52 1,63
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 2,6
Gross margin (%) 50,2 60,1 63,1
EBITDA margin (%) -45,7 22,4 35,4
EBITA margin (%) -45,7 22,4 35,4
EBIT margin (%) -68,5 15,4 31,7
Pretax margin (%) -68,5 15,4 31,7
Net margin (%) -68,5 15,4 32,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 639 227,6 95,3
EBITDA growth (%) 17,1 260,4 208,4
EBIT growth (%) 5,8 173,6 303,2
Net profit growth (%) 5,5 173,6 313,5
EPS growth (%) 5,5 173,6 313,5
Profitability 2021 2022 2023
ROE (%) -7,4 5,5 20
ROE Adj (%) -5 8 22,3
ROCE (%) -7,4 5,5 19,5
ROCE Adj(%) -5 8 21,7
ROIC (%) -14,2 9,5 35,3
ROIC Adj (%) -14,2 9,5 35,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj -16 26 80
EBITDA Adj margin (%) -45,7 22,4 35,4
EBITA Adj -16 26 80
EBITA Adj margin (%) -45,7 22,4 35,4
EBIT Adj -24 18 72
EBIT Adj margin (%) -68,5 15,4 31,7
Pretax profit Adj -16 26 80
Net profit Adj -16 26 82
Net profit to shareholders Adj -16 26 82
Net Adj margin (%) -45,7 22,4 36,3
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation -8 -8 -8
EBITDA lease Adj -16 26 80
EBITDA lease Adj margin (%) -45,7 22,4 35,4
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -16 26 80
Net financial items 0 0 0
Paid tax 0 0 2
Non-cash items 0 0 0
Cash flow before change in WC -16 26 82
Change in WC -23 -23 -31
Operating cash flow -39 3 51
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -8 -8 -6
Acquisitions and disposals 0 0 0
Free cash flow -47 -5 44
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 6 6 6
Decrease in net IB debt -41 1 50
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 12 6 0
Indefinite intangible assets 0 0 0
Definite intangible assets 157 157 154
Tangible fixed assets 1 1 2
Other fixed assets 11 11 11
Fixed assets 181 175 168
Inventories 10 32 63
Receivables 12 40 79
Other current assets 0 0 0
Cash and liquid assets 123 124 174
Total assets 326 372 484
Shareholders equity 313 331 405
Minority 0 0 0
Total equity 313 331 405
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 12 40 79
Other current liabilities 0 0 0
Total liabilities and equity 326 372 484
Net IB debt -134 -135 -185
Net IB debt excl. pension debt -134 -135 -185
Capital invested 179 196 220
Working capital 10 32 63
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2250 2250 2250
Net IB debt Adj -134 -135 -185
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 2115 2115 2065
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 10,4 33,2 52,8
Capital invested turnover (%) 20,7 61,6 108,6
Capital employed turnover (%) 10,8 35,9 61,4
Inventories / sales (%) 16,1 18,3 21,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 42,3 22,8 26,5
Working capital / sales (%) -4,2 18,3 21,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -42,8 -40,7 -45,7
Net debt / market cap (%) -3,8 -6 -8,2
Equity ratio (%) 96,2 89,1 83,6
Net IB debt adj. / equity (%) -42,8 -40,7 -45,7
Current ratio (%) 1175,3 485,6 399,7
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 830,9 -520,7 -231,3
Interest cover (%) 0 0 0
Lease liability amortisation 0 0 0
Other intangible assets 157 157 154
Right-of-use asset 0 0 0
Total other fixed assets 11 11 11
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -134 -135 -185
Net IB debt / EBITDA lease Adj (%) 830,9 -520,7 -231,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 50 50 50
Fully diluted shares Adj 50 50 50
EPS -0,48 0,35 1,47
Dividend per share Adj 0 0 0
EPS Adj -0,32 0,52 1,63
BVPS 6,25 6,6 8,07
BVPS Adj 2,89 3,36 4,99
Net IB debt / share -2,7 -2,7 -3,7
Share price 70,58 44,85 44,85
Market cap. (m) 3540 2250 2250
Valuation 2021 2022 2023
P/E -93 126,5 30,6
EV/sales 59,89 18,28 9,14
EV/EBITDA -130,9 81,6 25,8
EV/EBITA -130,9 81,6 25,8
EV/EBIT -87,5 118,9 28,8
Dividend yield (%) 0 0 0
FCF yield (%) -2,1 -0,2 2
P/BVPS 7,18 6,79 5,56
P/BVPS Adj 15,54 13,35 8,98
P/E Adj -139,2 86,8 27,5
EV/EBITDA Adj -130,9 81,6 25,8
EV/EBITA Adj -130,9 81,6 25,8
EV/EBIT Adj -87,5 118,9 28,8
EV/cap. employed 6,7 6,4 5,1
Investment ratios 2021 2022 2023
Capex / sales 23,2 7,4 3
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 27,5 47,4 48,1
Capex intangibles / definite intangibles 5,1 5,1 3,7
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -2,1 -0,2 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.

30,5

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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28,6

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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9,1

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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5,5