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Lagercrantz

SEKm 2018 2019e 2020e
Sales 3411 3878 4290
Sales growth (%) 10,2 13,7 10,6
EBITDA 486 562 649
EBITDA margin (%) 14,2 14,5 15,1
EBIT adj 378 440 522
EBIT adj margin (%) 11,1 11,3 12,2
Pretax profit 358 420 501
EPS rep 4,22 4,85 5,74
EPS growth (%) 5,4 15 18,2
EPS adj 5,09 5,86 6,75
DPS 2 2,4 2,5
EV/EBITDA (x) 13,9 14,2 12,2
EV/EBIT adj (x) 17,9 18,1 15,2
P/E (x) 19,8 21,3 18
P/E adj (x) 16,4 17,6 15,3
EV/sales (x) 2 2,1 1,9
FCF yield (%) -4,8 4 2,9
Dividend yield (%) 2,4 2,3 2,4
Net IB debt/EBITDA 2,3 1,7 1,4
SEKm 2018 2019e 2020e
Sales 3411 3878 4290
COGS -2171 -2458 -2667
Gross profit 1240 1420 1622
Other operating items -754 -858 -973
EBITDA 486 562 649
Depreciation on tangibles -49 -53 -58
Depreciation on intangibles 0 0 0
EBITA 437 509 591
Goodwill impairment charges 0 0 0
Other impairment and amortisation -59 -68 -69
EBIT 378 440 522
Other financial items 0 0 0
Net financial items -20 -20 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 358 420 501
Tax -72 -91 -113
Net profit 286 329 389
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 286 329 389
EPS 4,22 4,85 5,74
EPS Adj 5,09 5,86 6,75
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,1 -21,7 -22,5
Gross margin (%) 36,4 36,6 37,8
EBITDA margin (%) 14,2 14,5 15,1
EBITA margin (%) 12,8 13,1 13,8
EBIT margin (%) 11,1 11,3 12,2
Pretax margin (%) 10,5 10,8 11,7
Net margin (%) 8,4 8,5 9,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 10,2 13,7 10,6
EBITDA growth (%) 7,5 15,6 15,6
EBIT growth (%) 4,7 16,4 18,6
Net profit growth (%) 4,4 15 18,2
EPS growth (%) 5,4 15 18,2
Profitability 2018 2019 2020
ROE (%) 22,9 23,6 24,3
ROE Adj (%) 27,6 28,5 28,6
ROCE (%) 17,9 18,1 20,5
ROCE Adj(%) 20,7 20,9 23,2
ROIC (%) 14,3 14,2 15,9
ROIC Adj (%) 14,3 14,2 15,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 486 562 649
EBITDA Adj margin (%) 14,2 14,5 15,1
EBITA Adj 437 509 591
EBITA Adj margin (%) 12,8 13,1 13,8
EBIT Adj 378 440 522
EBIT Adj margin (%) 11,1 11,3 12,2
Pretax profit Adj 417 489 570
Net profit Adj 345 397 457
Net profit to shareholders Adj 345 397 457
Net Adj margin (%) 10,1 10,2 10,7
SEKm 2018 2019e 2020e
EBITDA 486 562 649
Net financial items -20 -20 -21
Paid tax -72 -91 -113
Non-cash items 0 0 0
Cash flow before change in WC 394 450 516
Change in WC -73 -80 63
Operating cash flow 309 413 579
CAPEX tangible fixed assets -37 -57 -60
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -542 -73 -315
Free cash flow -270 282 204
Dividend paid -136 -135 -162
Share issues and buybacks 0 0 0
Other non cash items -68 -17 0
Decrease in net IB debt -474 130 41
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1248 1373 1510
Indefinite intangible assets 0 0 0
Definite intangible assets 710 501 475
Tangible fixed assets 251 309 446
Other fixed assets 11 10 10
Fixed assets 2220 2192 2440
Inventories 492 603 596
Receivables 786 850 978
Other current assets 0 0 0
Cash and liquid assets 134 166 197
Total assets 3632 3811 4212
Shareholders equity 1303 1485 1711
Minority 0 0 0
Total equity 1303 1485 1711
Long-term debt 1169 1071 1061
Pension debt 67 67 67
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 1093 1188 1373
Other current liabilities 0 0 0
Total liabilities and equity 2582 2891 3632
Net IB debt 1102 972 931
Net IB debt excl. pension debt 1035 905 864
Capital invested 2394 2447 2632
Working capital 185 265 201
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5656 7006 7006
Net IB debt Adj 1102 972 931
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 6758 7978 7936
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 104,6 104,2 106,9
Capital invested turnover (%) 162,1 160,2 168,9
Capital employed turnover (%) 161,3 159,5 168,3
Inventories / sales (%) 13,1 14,1 14
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,9 29,4 29,8
Working capital / sales (%) 4,4 5,8 5,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 84,6 65,5 54,4
Net debt / market cap (%) 18,7 13,9 13,3
Equity ratio (%) 35,9 39 40,6
Net IB debt adj. / equity (%) 84,6 65,5 54,4
Current ratio (%) 129,2 136,2 129
EBITDA / net interest (%) 2430 2801,2 3132,4
Net IB debt / EBITDA (%) 226,7 173 143,4
Interest cover (%) 2185 2536,4 2851,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 4,22 4,85 5,74
Dividend per share Adj 2 2,4 2,5
EPS Adj 5,09 5,86 6,75
BVPS 19,25 21,93 25,27
BVPS Adj -9,68 -5,74 -4,04
Net IB debt / share 16,3 14,4 13,7
Share price 86,94 103,4 103,4
Market cap. (m) 5885 7002 7002
Valuation 2018 2019 2020
P/E 19,8 21,3 18
EV/sales 1,98 2,06 1,85
EV/EBITDA 13,9 14,2 12,2
EV/EBITA 15,5 15,7 13,4
EV/EBIT 17,9 18,1 15,2
Dividend yield (%) 2,4 2,3 2,4
FCF yield (%) -4,8 4 2,9
P/BVPS 4,34 4,72 4,09
P/BVPS Adj -8,63 -18,02 -25,58
P/E Adj 16,4 17,6 15,3
EV/EBITDA Adj 13,9 14,2 12,2
EV/EBITA Adj 15,5 15,7 13,4
EV/EBIT Adj 17,9 18,1 15,2
EV/cap. employed 2,8 3,2 3
Investment ratios 2018 2019 2020
Capex / sales 1,1 1,5 1,4
Capex / depreciation 75,5 108,1 103,1
Capex tangibles / tangible fixed assets 14,7 18,6 13,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 17,2 13,1

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.

18,0

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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15,3

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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1,9

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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4,1