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Lagercrantz

Lagercrantz

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Financials

SEKm 2019 2020e 2021e
Sales 4180 4155 4433
Sales growth (%) 6,3 -0,6 6,7
EBITDA 714 720 776
EBITDA margin (%) 17,1 17,3 17,5
EBIT adj 486 469 520
EBIT adj margin (%) 11,6 11,3 11,7
Pretax profit 457 448 503
EPS rep 5,36 5,2 5,79
EPS growth (%) 6,5 -3 11,4
EPS adj 6,69 6,42 7,1
DPS 2,5 2,5 2,5
EV/EBITDA (x) 15,8 14,9 13,3
EV/EBIT adj (x) 23,3 22,9 19,9
P/E (x) 27,3 28,3 25,4
P/E adj (x) 21,9 22,9 20,7
EV/sales (x) 2,7 2,6 2,3
FCF yield (%) 1,9 6,1 5,7
Dividend yield (%) 1,7 1,7 1,7
Net IB debt/EBITDA 1,9 1,1 0,5
SEKm 2019 2020e 2021e
Sales 4180 4155 4433
COGS -2618 -2602 -2766
Gross profit 1562 1553 1667
Other operating items -848 -833 -891
EBITDA 714 720 776
Depreciation on tangibles -66 -84 -84
Depreciation on intangibles 0 0 0
EBITA 564 552 608
Goodwill impairment charges 0 0 0
Other impairment and amortisation -84 -83 -89
EBIT 480 469 520
Other financial items 0 0 0
Net financial items -23 -21 -17
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 457 448 503
Tax -94 -96 -111
Net profit 363 352 392
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 363 352 392
EPS 5,36 5,2 5,79
EPS Adj 6,69 6,42 7,1
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,6 -21,5 -22
Gross margin (%) 37,4 37,4 37,6
EBITDA margin (%) 17,1 17,3 17,5
EBITA margin (%) 13,5 13,3 13,7
EBIT margin (%) 11,5 11,3 11,7
Pretax margin (%) 10,9 10,8 11,3
Net margin (%) 8,7 8,5 8,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,3 -0,6 6,7
EBITDA growth (%) 24,2 0,8 7,8
EBIT growth (%) 6,4 -2,3 10,8
Net profit growth (%) 6,5 -3 11,4
EPS growth (%) 6,5 -3 11,4
Profitability 2019 2020 2021
ROE (%) 22,7 18,9 18,3
ROE Adj (%) 28,4 23,4 22,4
ROCE (%) 16,5 13,9 14,2
ROCE Adj(%) 19,5 16,4 16,7
ROIC (%) 13,7 12,5 14,8
ROIC Adj (%) 13,8 12,5 14,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 720 720 776
EBITDA Adj margin (%) 17,2 17,3 17,5
EBITA Adj 570 552 608
EBITA Adj margin (%) 13,6 13,3 13,7
EBIT Adj 486 469 520
EBIT Adj margin (%) 11,6 11,3 11,7
Pretax profit Adj 547 531 591
Net profit Adj 453 435 481
Net profit to shareholders Adj 453 435 481
Net Adj margin (%) 10,8 10,5 10,8
SEKm 2019 2020e 2021e
EBITDA 714 720 776
Net financial items -23 -21 -17
Paid tax -94 -96 -111
Non-cash items 0 0 0
Cash flow before change in WC 597 603 648
Change in WC -121 58 -14
Operating cash flow 547 661 635
CAPEX tangible fixed assets -92 -58 -62
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -268 0 0
Free cash flow 187 603 573
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -414 169 0
Decrease in net IB debt -396 603 403
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 766 389 100
Tangible fixed assets 338 455 468
Other fixed assets 23 23 23
Fixed assets 2779 2586 2392
Inventories 562 566 616
Receivables 891 906 975
Other current assets 0 0 0
Cash and liquid assets 117 720 1114
Total assets 4349 4779 5096
Shareholders equity 1684 2036 2259
Minority 0 0 0
Total equity 1684 2036 2259
Long-term debt 1298 1298 1288
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 1158 1236 1340
Other current liabilities 0 0 0
Total liabilities and equity 4349 4779 5096
Net IB debt 1390 787 383
Net IB debt excl. pension debt 1323 720 316
Capital invested 3074 2823 2642
Working capital 295 237 250
EV breakdown 2019 2020 2021
Market cap. diluted (m) 9919 9960 9960
Net IB debt Adj 1390 787 383
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 11309 10747 10343
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 101,9 91 89,8
Capital invested turnover (%) 149,9 140,9 162,2
Capital employed turnover (%) 143,3 123,4 121,5
Inventories / sales (%) 13 13,6 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 28,8 29,1
Working capital / sales (%) 5,6 6,4 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 82,5 38,6 17
Net debt / market cap (%) 17,3 7,9 3,9
Equity ratio (%) 38,7 42,6 44,3
Net IB debt adj. / equity (%) 82,5 38,6 17
Current ratio (%) 127 166,9 190,7
EBITDA / net interest (%) 3104,3 3498,8 4550,5
Net IB debt / EBITDA (%) 194,7 109,3 49,4
Interest cover (%) 2452,2 2682,9 3567,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,36 5,2 5,79
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,69 6,42 7,1
BVPS 24,87 30,06 33,36
BVPS Adj -8,74 -0,21 4,9
Net IB debt / share 20,5 11,6 5,7
Share price 118,49 147 147
Market cap. (m) 8024 9955 9955
Valuation 2019 2020 2021
P/E 27,3 28,3 25,4
EV/sales 2,71 2,59 2,33
EV/EBITDA 15,8 14,9 13,3
EV/EBITA 20,1 19,5 17
EV/EBIT 23,6 22,9 19,9
Dividend yield (%) 1,7 1,7 1,7
FCF yield (%) 1,9 6,1 5,7
P/BVPS 5,89 4,89 4,41
P/BVPS Adj -16,75 -705,57 30,02
P/E Adj 21,9 22,9 20,7
EV/EBITDA Adj 15,7 14,9 13,3
EV/EBITA Adj 19,8 19,5 17
EV/EBIT Adj 23,3 22,9 19,9
EV/cap. employed 3,5 3 2,8
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,4 1,4
Capex / depreciation 139,4 69,3 74,2
Capex tangibles / tangible fixed assets 27,2 12,8 13,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 18,4 17,9

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>

25,4

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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20,0

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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2,3

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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4,4