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Lagercrantz

Lagercrantz

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Financials

SEKm 2020 2021e 2022e
Sales 4139 4600 4836
Sales growth (%) -1 11,1 5,2
EBITDA 758 823 860
EBITDA margin (%) 18,3 17,9 17,8
EBIT adj 519 581 623
EBIT adj margin (%) 12,5 12,6 12,9
Pretax profit 488 566 609
EPS rep 1,88 2,22 2,38
EPS growth (%) 134,8 18,1 7,5
EPS adj 2,29 2,67 2,86
DPS 2,5 2,5 2,5
EV/EBITDA (x) 21,4 19,6 18,6
EV/EBIT adj (x) 31,3 27,8 25,7
P/E (x) 39,5 33,5 31,1
P/E adj (x) 32,4 27,8 26
EV/sales (x) 3,9 3,5 3,3
FCF yield (%) 3,9 4,1 4,3
Dividend yield (%) 3,4 3,4 3,4
Net IB debt/EBITDA 1,4 1,2 1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 4139 4600 4836
COGS -2545 -2833 -2979
Gross profit 1593 1766 1857
Other operating items -835 -943 -997
EBITDA 758 823 860
Depreciation on tangibles -71 -66 -56
Depreciation on intangibles 0 0 0
EBITA 603 673 720
Goodwill impairment charges 0 0 0
Other impairment and amortisation -84 -92 -97
EBIT 519 581 623
Other financial items 0 0 0
Net financial items -31 -15 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 488 566 609
Tax -104 -113 -122
Net profit 384 453 487
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 384 453 487
EPS 1,88 2,22 2,38
EPS Adj 2,29 2,67 2,86
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,4 -20 -20
Gross margin (%) 38,5 38,4 38,4
EBITDA margin (%) 18,3 17,9 17,8
EBITA margin (%) 14,6 14,6 14,9
EBIT margin (%) 12,5 12,6 12,9
Pretax margin (%) 11,8 12,3 12,6
Net margin (%) 9,3 9,9 10,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1 11,1 5,2
EBITDA growth (%) 5,7 8,6 4,5
EBIT growth (%) 7,5 11,9 7,3
Net profit growth (%) 4,8 18,1 7,5
EPS growth (%) 134,8 18,1 7,5
Profitability 2020 2021 2022
ROE (%) 21,9 25,2 27,7
ROE Adj (%) 26,6 30,3 33,2
ROCE (%) 15,8 17,4 18,9
ROCE Adj(%) 18,4 20,1 21,8
ROIC (%) 13,6 16,3 18,6
ROIC Adj (%) 13,6 16,3 18,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 758 823 860
EBITDA Adj margin (%) 18,3 17,9 17,8
EBITA Adj 603 673 720
EBITA Adj margin (%) 14,6 14,6 14,9
EBIT Adj 519 581 623
EBIT Adj margin (%) 12,5 12,6 12,9
Pretax profit Adj 572 658 706
Net profit Adj 468 545 584
Net profit to shareholders Adj 468 545 584
Net Adj margin (%) 11,3 11,9 12,1
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 758 823 860
Net financial items -31 -15 -15
Paid tax -104 -113 -122
Non-cash items 0 0 0
Cash flow before change in WC 623 695 724
Change in WC 263 -16 -9
Operating cash flow 886 680 715
CAPEX tangible fixed assets -93 -64 -68
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -201 0 0
Free cash flow 591 615 647
Dividend paid -508 -508 -508
Share issues and buybacks 0 0 0
Other non cash items 209 0 0
Decrease in net IB debt 292 107 139
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1661 1827 2010
Indefinite intangible assets 0 0 0
Definite intangible assets 428 149 -142
Tangible fixed assets 518 538 561
Other fixed assets 18 18 18
Fixed assets 2683 2506 2336
Inventories 583 639 672
Receivables 933 1012 1064
Other current assets 0 0 0
Cash and liquid assets 445 552 691
Total assets 4644 4708 4763
Shareholders equity 1827 1771 1750
Minority 0 0 0
Total equity 1827 1771 1750
Long-term debt 1334 1334 1334
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 1274 1394 1470
Other current liabilities 0 0 0
Total liabilities and equity 4644 4708 4763
Net IB debt 1098 991 852
Net IB debt excl. pension debt 1031 924 785
Capital invested 2925 2762 2602
Working capital 241 257 266
EV breakdown 2020 2021 2022
Market cap. diluted (m) 15161 15161 15161
Net IB debt Adj 1098 991 852
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 16259 16152 16013
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 92 98,4 102,1
Capital invested turnover (%) 138 161,8 180,3
Capital employed turnover (%) 126,2 137,6 146,4
Inventories / sales (%) 13,8 13,3 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,4 29 29,6
Working capital / sales (%) 6,5 5,4 5,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 60,1 55,9 48,7
Net debt / market cap (%) 9,9 6,6 5,6
Equity ratio (%) 39,3 37,6 36,7
Net IB debt adj. / equity (%) 60,1 55,9 48,7
Current ratio (%) 145 149,7 156,8
EBITDA / net interest (%) 2445,2 5619,9 5873,1
Net IB debt / EBITDA (%) 144,8 120,4 99,1
Interest cover (%) 1945,3 4593,8 4916,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 204 204 204
Fully diluted shares Adj 204 204 204
EPS 1,88 2,22 2,38
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 2,29 2,67 2,86
BVPS 8,96 8,69 8,59
BVPS Adj -1,29 -1 -0,58
Net IB debt / share 5,4 4,9 4,2
Share price 54,36 74,2 74,2
Market cap. (m) 11081 15125 15125
Valuation 2020 2021 2022
P/E 39,5 33,5 31,1
EV/sales 3,93 3,51 3,31
EV/EBITDA 21,4 19,6 18,6
EV/EBITA 27 24 22,2
EV/EBIT 31,3 27,8 25,7
Dividend yield (%) 3,4 3,4 3,4
FCF yield (%) 3,9 4,1 4,3
P/BVPS 8,28 8,54 8,64
P/BVPS Adj -57,65 -73,95 -128,63
P/E Adj 32,4 27,8 26
EV/EBITDA Adj 21,4 19,6 18,6
EV/EBITA Adj 27 24 22,2
EV/EBIT Adj 31,3 27,8 25,7
EV/cap. employed 4,8 4,9 4,9
Investment ratios 2020 2021 2022
Capex / sales 2,3 1,4 1,4
Capex / depreciation 131,7 97,1 120,5
Capex tangibles / tangible fixed assets 18 12 12,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13,7 12,3 10
N/A N/A N/A

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.

31,2

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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25,7

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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3,3

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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8,6