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Lagercrantz

Lagercrantz

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Financials

SEKm 2019 2020e 2021e
Sales 4215 4108 4345
Sales growth (%) 7,2 -2,5 5,8
EBITDA 719 691 741
EBITDA margin (%) 17 16,8 17,1
EBIT adj 505 478 540
EBIT adj margin (%) 12 11,6 12,4
Pretax profit 474 455 523
EPS rep 5,54 5,28 6,02
EPS growth (%) 10 -4,7 14,1
EPS adj 6,83 6,23 6,98
DPS 2,5 2,5 2,5
EV/EBITDA (x) 12,3 12,3 11
EV/EBIT adj (x) 17,6 17,8 15,1
P/E (x) 20,3 21,3 18,6
P/E adj (x) 16,4 18 16,1
EV/sales (x) 2,1 2,1 1,9
FCF yield (%) 4,4 6,8 7,1
Dividend yield (%) 2,2 2,2 2,2
Net IB debt/EBITDA 1,7 1,3 0,7
SEKm 2019 2020e 2021e
Sales 4215 4108 4345
COGS -2639 -2566 -2707
Gross profit 1575 1542 1637
Other operating items -857 -851 -896
EBITDA 719 691 741
Depreciation on tangibles -55 -65 -52
Depreciation on intangibles 0 0 0
EBITA 580 542 605
Goodwill impairment charges 0 0 0
Other impairment and amortisation -81 -65 -65
EBIT 499 478 540
Other financial items 0 0 0
Net financial items -24 -22 -17
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 474 455 523
Tax -99 -98 -115
Net profit 375 358 408
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 375 358 408
EPS 5,54 5,28 6,02
EPS Adj 6,83 6,23 6,98
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,9 -21,5 -22
Gross margin (%) 37,4 37,5 37,7
EBITDA margin (%) 17 16,8 17,1
EBITA margin (%) 13,8 13,2 13,9
EBIT margin (%) 11,8 11,6 12,4
Pretax margin (%) 11,3 11,1 12
Net margin (%) 8,9 8,7 9,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 7,2 -2,5 5,8
EBITDA growth (%) 25 -3,8 7,2
EBIT growth (%) 10,5 -4,2 13
Net profit growth (%) 10 -4,7 14,1
EPS growth (%) 10 -4,7 14,1
Profitability 2019 2020 2021
ROE (%) 23,2 19,6 20
ROE Adj (%) 28,6 23,1 23,2
ROCE (%) 16,6 13,9 14,8
ROCE Adj(%) 19,5 15,7 16,6
ROIC (%) 14,4 12,9 15,2
ROIC Adj (%) 14,6 12,9 15,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 725 691 741
EBITDA Adj margin (%) 17,2 16,8 17,1
EBITA Adj 586 542 605
EBITA Adj margin (%) 13,9 13,2 13,9
EBIT Adj 505 478 540
EBIT Adj margin (%) 12 11,6 12,4
Pretax profit Adj 562 520 588
Net profit Adj 463 422 473
Net profit to shareholders Adj 463 422 473
Net Adj margin (%) 11 10,3 10,9
SEKm 2019 2020e 2021e
EBITDA 719 691 741
Net financial items -24 -22 -17
Paid tax -99 -98 -115
Non-cash items 0 0 0
Cash flow before change in WC 595 571 609
Change in WC -65 1 -9
Operating cash flow 625 572 600
CAPEX tangible fixed assets -92 -58 -61
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -201 0 0
Free cash flow 332 514 539
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -423 0 0
Decrease in net IB debt -260 345 370
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 745 495 238
Tangible fixed assets 334 361 395
Other fixed assets 14 14 14
Fixed assets 2745 2589 2449
Inventories 573 571 603
Receivables 917 904 956
Other current assets 0 0 0
Cash and liquid assets 371 706 1065
Total assets 4607 4769 5073
Shareholders equity 1729 1918 2156
Minority 0 0 0
Total equity 1729 1918 2156
Long-term debt 1416 1406 1396
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 1252 1237 1312
Other current liabilities 0 0 0
Total liabilities and equity 4607 4769 5073
Net IB debt 1254 909 540
Net IB debt excl. pension debt 1187 842 473
Capital invested 2983 2827 2696
Working capital 239 238 247
EV breakdown 2019 2020 2021
Market cap. diluted (m) 7602 7602 7602
Net IB debt Adj 1254 909 540
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 8856 8511 8142
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 99,6 87,6 88,3
Capital invested turnover (%) 153,7 141,4 157,3
Capital employed turnover (%) 140,6 119,3 119,1
Inventories / sales (%) 13,1 13,9 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,2 30,3 29,3
Working capital / sales (%) 4,9 5,8 5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 72,5 47,4 25
Net debt / market cap (%) 15,6 12 7,1
Equity ratio (%) 37,5 40,2 42,5
Net IB debt adj. / equity (%) 72,5 47,4 25
Current ratio (%) 139,9 165,8 188,8
EBITDA / net interest (%) 2975,7 3109,4 4440,2
Net IB debt / EBITDA (%) 174,6 131,6 72,8
Interest cover (%) 2401,5 2439,6 3624,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,54 5,28 6,02
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,83 6,23 6,98
BVPS 25,54 28,32 31,84
BVPS Adj -7,76 -3,52 1,34
Net IB debt / share 18,5 13,4 8
Share price 118,49 112,2 112,2
Market cap. (m) 8024 7598 7598
Valuation 2019 2020 2021
P/E 20,3 21,3 18,6
EV/sales 2,1 2,07 1,87
EV/EBITDA 12,3 12,3 11
EV/EBITA 15,3 15,7 13,5
EV/EBIT 17,8 17,8 15,1
Dividend yield (%) 2,2 2,2 2,2
FCF yield (%) 4,4 6,8 7,1
P/BVPS 4,39 3,96 3,52
P/BVPS Adj -14,46 -31,91 83,66
P/E Adj 16,4 18 16,1
EV/EBITDA Adj 12,2 12,3 11
EV/EBITA Adj 15,1 15,7 13,5
EV/EBIT Adj 17,6 17,8 15,1
EV/cap. employed 2,6 2,4 2,2
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,4 1,4
Capex / depreciation 168,2 88,7 116,9
Capex tangibles / tangible fixed assets 27,5 15,9 15,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,4 17,9 13,2

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

18,6

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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15,1

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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1,9

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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3,5