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ITAB Shop Concept

SEKm 2018 2019e 2020e
Sales 6031 5940 5948
Sales growth (%) -5,5 -1,5 0,1
EBITDA 372 377 472
EBITDA margin (%) 6,2 6,3 7,9
EBIT adj 238 263 325
EBIT adj margin (%) 3,9 4,4 5,5
Pretax profit 157 169 265
EPS rep 0,86 1,07 1,75
EPS growth (%) -71,6 24,2 63,2
EPS adj 0,94 1,36 1,75
DPS 0 0,5 1
EV/EBITDA (x) 9,9 11,8 9,2
EV/EBIT adj (x) 15,5 17 13,4
P/E (x) 17,4 21,9 13,4
P/E adj (x) 16 17,3 13,4
EV/sales (x) 0,6 0,7 0,7
FCF yield (%) 16,5 5 6,3
Dividend yield (%) 0 2,1 4,3
Net IB debt/EBITDA 5,4 5 3,7
SEKm 2018 2019e 2020e
Sales 6031 5940 5948
COGS -4423 -4361 -4313
Gross profit 1608 1579 1636
Other operating items -1236 -1202 -1164
EBITDA 372 377 472
Depreciation on tangibles -142 -144 -147
Depreciation on intangibles 0 0 0
EBITA 230 233 325
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 230 233 325
Other financial items 0 0 0
Net financial items -73 -63 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 157 169 265
Tax -60 -41 -64
Net profit 97 129 201
Minority interest -7 -17 -19
Net profit discontinued 0 0 0
Net profit to shareholders 90 112 182
EPS 0,86 1,07 1,75
EPS Adj 0,94 1,36 1,75
Total extraordinary items after tax -8 -30 0
Tax rate (%) -38,2 -24 -24
Gross margin (%) 26,7 26,6 27,5
EBITDA margin (%) 6,2 6,3 7,9
EBITA margin (%) 3,8 3,9 5,5
EBIT margin (%) 3,8 3,9 5,5
Pretax margin (%) 2,6 2,9 4,5
Net margin (%) 1,6 2,2 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -5,5 -1,5 0,1
EBITDA growth (%) -41,8 1,2 25,4
EBIT growth (%) -54 1,1 39,8
Net profit growth (%) -70,5 32,8 56,4
EPS growth (%) -71,6 24,2 63,2
Profitability 2018 2019 2020
ROE (%) 5,4 6,4 9,7
ROE Adj (%) 5,8 8,1 9,7
ROCE (%) 6 6,1 8,5
ROCE Adj(%) 6,2 6,9 8,5
ROIC (%) 3,7 4,6 6,5
ROIC Adj (%) 3,9 5,2 6,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 380 407 472
EBITDA Adj margin (%) 6,3 6,8 7,9
EBITA Adj 238 263 325
EBITA Adj margin (%) 3,9 4,4 5,5
EBIT Adj 238 263 325
EBIT Adj margin (%) 3,9 4,4 5,5
Pretax profit Adj 165 199 265
Net profit Adj 105 159 201
Net profit to shareholders Adj 98 142 182
Net Adj margin (%) 1,7 2,7 3,4
SEKm 2018 2019e 2020e
EBITDA 372 377 472
Net financial items -73 -63 -60
Paid tax -60 -41 -64
Non-cash items 0 0 0
Cash flow before change in WC 239 273 348
Change in WC 29 16 -33
Operating cash flow 500 271 296
CAPEX tangible fixed assets -242 -149 -143
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 258 123 153
Dividend paid -179 0 -51
Share issues and buybacks 0 0 0
Other non cash items -57 0 0
Decrease in net IB debt 22 123 102
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1807 1810 1807
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 939 940 939
Other fixed assets 109 109 109
Fixed assets 2855 2860 2855
Inventories 1019 1090 1122
Receivables 1219 1266 1249
Other current assets 0 0 0
Cash and liquid assets 271 182 84
Total assets 5364 5398 5311
Shareholders equity 1698 1810 1941
Minority 128 128 128
Total equity 1826 1938 2069
Long-term debt 2375 2163 1963
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 1163 1297 1279
Other current liabilities 0 0 0
Total liabilities and equity 5315 5657 5364
Net IB debt 1995 1872 1770
Net IB debt excl. pension debt 1995 1872 1770
Capital invested 3821 3810 3839
Working capital 1075 1059 1093
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1565 2452 2452
Net IB debt Adj 1995 1872 1770
Market value of minority 128 128 128
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 3688 4452 4350
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 109,4 110,4 111,1
Capital invested turnover (%) 158,3 155,7 155,5
Capital employed turnover (%) 158,3 155,7 155,5
Inventories / sales (%) 18,2 17,7 18,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,7 20,7 21,7
Working capital / sales (%) 18,1 18 18,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 109,3 96,6 85,5
Net debt / market cap (%) 59,4 76,4 72,2
Equity ratio (%) 34 35,9 39
Net IB debt adj. / equity (%) 109,3 96,6 85,5
Current ratio (%) 215,7 195,7 192
EBITDA / net interest (%) 509,6 596,4 784,3
Net IB debt / EBITDA (%) 536,3 497,1 374,9
Interest cover (%) 315,1 368,3 540,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 0,86 1,07 1,75
Dividend per share Adj 0 0,5 1
EPS Adj 0,94 1,36 1,75
BVPS 16,27 17,35 18,6
BVPS Adj -1,04 -0,01 1,28
Net IB debt / share 19,1 17,9 17
Share price 32,19 23,5 23,5
Market cap. (m) 3359 2452 2452
Valuation 2018 2019 2020
P/E 17,4 21,9 13,4
EV/sales 0,61 0,75 0,73
EV/EBITDA 9,9 11,8 9,2
EV/EBITA 16 19,1 13,4
EV/EBIT 16 19,1 13,4
Dividend yield (%) 0 2,1 4,3
FCF yield (%) 16,5 5 6,3
P/BVPS 0,92 1,35 1,26
P/BVPS Adj -14,36 -4023,97 18,33
P/E Adj 16 17,3 13,4
EV/EBITDA Adj 9,7 10,9 9,2
EV/EBITA Adj 15,5 17 13,4
EV/EBIT Adj 15,5 17 13,4
EV/cap. employed 1 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 4 2,5 2,4
Capex / depreciation 170,4 103,1 97,2
Capex tangibles / tangible fixed assets 25,8 15,8 15,2
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,1 15,3 15,6

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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