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Lagercrantz

Lagercrantz

SEKm 2020 2021e 2022e
Sales 4091 4793 5043
Sales growth (%) -2,1 17,2 5,2
EBITDA 774 887 928
EBITDA margin (%) 18,9 18,5 18,4
EBIT adj 530 617 658
EBIT adj margin (%) 13 12,9 13
Pretax profit 502 601 642
EPS rep 1,9 2,35 2,51
EPS growth (%) 5,9 23,9 6,8
EPS adj 2,32 2,82 3
DPS 1 1,06 1,14
EV/EBITDA (x) 22 21,9 20,4
EV/EBIT adj (x) 32,2 31,5 28,8
P/E (x) 40,1 38,4 36
P/E adj (x) 32,8 32 30,1
EV/sales (x) 4,2 4,1 3,8
FCF yield (%) 2,3 3,9 3,8
Dividend yield (%) 1,3 1,2 1,3
Net IB debt/EBITDA 1,9 1,1 0,5
Lease adj. FCF yield (%) 2,3 3,9 3,8
Lease adj. ND/EBITDA 2 1 0,4
SEKm 2020 2021e 2022e
Sales 4091 4793 5043
COGS -2513 -2943 -3106
Gross profit 1578 1850 1936
Other operating items -804 -963 -1009
EBITDA 774 887 928
Depreciation on tangibles -69 -71 -66
Depreciation on intangibles 0 0 0
EBITA 616 713 759
Goodwill impairment charges 0 0 0
Other impairment and amortisation -81 -84 -92
EBIT 530 617 658
Other financial items 0 0 0
Net financial items -28 -16 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 502 601 642
Tax -114 -120 -128
Net profit 388 481 514
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 388 481 514
EPS 1,9 2,35 2,51
EPS Adj 2,32 2,82 3
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,7 -20 -20
Gross margin (%) 38,6 38,6 38,4
EBITDA margin (%) 18,9 18,5 18,4
EBITA margin (%) 15,1 14,9 15
EBIT margin (%) 13 12,9 13
Pretax margin (%) 12,3 12,5 12,7
Net margin (%) 9,5 10 10,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,1 17,2 5,2
EBITDA growth (%) 7,9 14,6 4,6
EBIT growth (%) 9,7 16,4 6,7
Net profit growth (%) 6 23,9 6,8
EPS growth (%) 5,9 23,9 6,8
Profitability 2020 2021 2022
ROE (%) 21,9 24,1 22,5
ROE Adj (%) 26,8 28,9 26,9
ROCE (%) 15,8 16,9 16,7
ROCE Adj(%) 18,4 19,5 19,3
ROIC (%) 12,7 15,3 17,4
ROIC Adj (%) 12,7 15,3 17,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 774 887 928
EBITDA Adj margin (%) 18,9 18,5 18,4
EBITA Adj 616 713 759
EBITA Adj margin (%) 15,1 14,9 15
EBIT Adj 530 617 658
EBIT Adj margin (%) 13 12,9 13
Pretax profit Adj 588 697 743
Net profit Adj 474 577 615
Net profit to shareholders Adj 474 577 615
Net Adj margin (%) 11,6 12 12,2
Depreciation and amortisation -158 -174 -169
Of which leasing depreciation -84 -84 -84
EO items 0 0 0
Impairment and PPA amortisation -86 -96 -101
EBITDA lease Adj 686 799 840
EBITDA lease Adj margin (%) 16,8 16,7 16,7
Leasing payments -88 -88 -88
SEKm 2020 2021e 2022e
EBITDA 774 887 928
Net financial items -28 -16 -16
Paid tax -114 -120 -128
Non-cash items 0 0 0
Cash flow before change in WC 632 751 784
Change in WC 93 43 -12
Operating cash flow 725 793 771
CAPEX tangible fixed assets -92 -67 -71
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -268 0 0
Free cash flow 365 726 701
Dividend paid -203 -216 -231
Share issues and buybacks 0 0 0
Other non cash items -273 13 15
Decrease in net IB debt -396 292 107
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1661 1827 2010
Indefinite intangible assets 0 0 0
Definite intangible assets 766 428 149
Tangible fixed assets 528 538 549
Other fixed assets 23 18 18
Fixed assets 3001 2798 2599
Inventories 655 666 700
Receivables 803 1055 1109
Other current assets 0 0 0
Cash and liquid assets 151 674 1158
Total assets 4610 5192 5567
Shareholders equity 1855 2132 2430
Minority 0 0 0
Total equity 1855 2132 2430
Long-term debt 1443 1443 1443
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 1103 1408 1485
Other current liabilities 0 0 0
Total liabilities and equity 4610 5192 5567
Net IB debt 1501 978 494
Net IB debt excl. pension debt 1434 911 427
Capital invested 3356 3110 2923
Working capital 355 312 325
EV breakdown 2020 2021 2022
Market cap. diluted (m) 15557 18474 18474
Net IB debt Adj 1501 978 494
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 17058 19452 18968
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 91,3 97,8 93,7
Capital invested turnover (%) 149,9 138 161,8
Capital employed turnover (%) 143,3 126,2 137,6
Inventories / sales (%) 13 13,8 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 29,4 29
Working capital / sales (%) 7,9 7 6,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 80,9 45,9 20,3
Net debt / market cap (%) 13,5 5,3 2,7
Equity ratio (%) 40,2 41,1 43,6
Net IB debt adj. / equity (%) 80,9 45,9 20,3
Current ratio (%) 136,2 161,1 189,9
EBITDA / net interest (%) 2764,3 5633,9 5894,8
Net IB debt / EBITDA (%) 193,9 110,3 53,2
Interest cover (%) 2200 4527,6 4820,2
Lease liability amortisation 0 0 0
Other intangible assets 733 438 129
Right-of-use asset 58 -26 -110
Total other fixed assets 21 21 21
Leasing liability 142 142 142
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 1359 836 352
Net IB debt / EBITDA lease Adj (%) 198,1 104,7 41,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 204 204 204
Fully diluted shares Adj 205 205 205
EPS 1,9 2,35 2,51
Dividend per share Adj 1 1,1 1,1
EPS Adj 2,32 2,82 3
BVPS 9,09 10,45 11,91
BVPS Adj -2,64 -0,65 1,43
Net IB debt / share 7,4 4,8 2,4
Share price 54,36 90,25 90,25
Market cap. (m) 11092 18417 18417
Valuation 2020 2021 2022
P/E 40,1 38,4 36
EV/sales 4,17 4,06 3,76
EV/EBITDA 22 21,9 20,4
EV/EBITA 27,7 27,3 25
EV/EBIT 32,2 31,5 28,8
Dividend yield (%) 1,3 1,2 1,3
FCF yield (%) 2,3 3,9 3,8
P/BVPS 8,36 8,64 7,58
P/BVPS Adj -28,77 -138,32 63,32
P/E Adj 32,8 32 30,1
EV/EBITDA Adj 22 21,9 20,4
EV/EBITA Adj 27,7 27,3 25
EV/EBIT Adj 32,2 31,5 28,8
EV/cap. employed 4,9 5,1 4,6
Investment ratios 2020 2021 2022
Capex / sales 2,2 1,4 1,4
Capex / depreciation 124,3 74,5 82,9
Capex tangibles / tangible fixed assets 17,4 12,5 12,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14 16,8 15,5
Lease adj. FCF yield (%) 2,3 3,9 3,8

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.

36,0

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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28,7

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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3,7

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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7,6