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Lammhults

SEKm 2018 2019e 2020e
Sales 965 975 1010
Sales growth (%) 0,4 1,1 3,5
EBITDA 74 100 110
EBITDA margin (%) 7,7 10,2 10,9
EBIT adj 61 71 81
EBIT adj margin (%) 6,3 7,2 8
Pretax profit 36 67 77
EPS rep 2,71 6,34 7,02
EPS growth (%) -31,6 133,9 10,6
EPS adj 4,59 6,34 7,02
DPS 2 2,5 2,75
EV/EBITDA (x) 6,3 4,9 4,2
EV/EBIT adj (x) 7,7 7 5,7
P/E (x) 15,1 7,2 6,5
P/E adj (x) 8,9 7,2 6,5
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 17,9 9,7 12,5
Dividend yield (%) 4,9 5,5 6
Net IB debt/EBITDA 1,6 1 0,6
SEKm 2018 2019e 2020e
Sales 965 975 1010
COGS -630 -634 -653
Gross profit 334 341 356
Other operating items -260 -242 -247
EBITDA 74 100 110
Depreciation on tangibles -29 -29 -29
Depreciation on intangibles 0 0 0
EBITA 45 71 81
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 45 71 81
Other financial items 0 0 0
Net financial items -9 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 36 67 77
Tax -13 -13 -18
Net profit 23 54 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 54 59
EPS 2,71 6,34 7,02
EPS Adj 4,59 6,34 7,02
Total extraordinary items after tax -15,9 0 0
Tax rate (%) -35,7 -20,1 -23,5
Gross margin (%) 34,7 35 35,3
EBITDA margin (%) 7,7 10,2 10,9
EBITA margin (%) 4,7 7,2 8
EBIT margin (%) 4,7 7,2 8
Pretax margin (%) 3,7 6,9 7,7
Net margin (%) 2,4 5,5 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 0,4 1,1 3,5
EBITDA growth (%) 7,8 34 10,3
EBIT growth (%) -6,3 56,8 14,6
Net profit growth (%) -31,6 133,9 10,6
EPS growth (%) -31,6 133,9 10,6
Profitability 2018 2019 2020
ROE (%) 5,1 11,3 11,6
ROE Adj (%) 8,7 11,3 11,6
ROCE (%) 7,7 12,1 13,6
ROCE Adj(%) 10,4 12,1 13,6
ROIC (%) 4,7 9,3 10
ROIC Adj (%) 6,4 9,3 10
Adj earnings numbers 2018 2019 2020
EBITDA Adj 90 100 110
EBITDA Adj margin (%) 9,4 10,2 10,9
EBITA Adj 61 71 81
EBITA Adj margin (%) 6,3 7,2 8
EBIT Adj 61 71 81
EBIT Adj margin (%) 6,3 7,2 8
Pretax profit Adj 52 67 77
Net profit Adj 39 54 59
Net profit to shareholders Adj 39 54 59
Net Adj margin (%) 4 5,5 5,9
SEKm 2018 2019e 2020e
EBITDA 74 100 110
Net financial items -9 -4 -3
Paid tax -13 -13 -18
Non-cash items 0 0 0
Cash flow before change in WC 52 83 88
Change in WC 28 -18 -15
Operating cash flow 90 65 74
CAPEX tangible fixed assets -29 -27 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 62 37 48
Dividend paid -17 -17 -21
Share issues and buybacks 0 0 0
Other non cash items -2 0 0
Decrease in net IB debt 43 20 27
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 342 342 342
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 173 172 168
Other fixed assets 8 8 8
Fixed assets 524 522 518
Inventories 103 108 112
Receivables 180 195 212
Other current assets 0 0 0
Cash and liquid assets 23 43 70
Total assets 829 868 913
Shareholders equity 457 493 531
Minority 0 0 0
Total equity 457 493 531
Long-term debt 148 148 148
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 0 0 0
Accounts payable 200 202 209
Other current liabilities 0 0 0
Total liabilities and equity 846 852 829
Net IB debt 117 97 70
Net IB debt excl. pension debt 117 97 70
Capital invested 598 615 625
Working capital 82 101 115
EV breakdown 2018 2019 2020
Market cap. diluted (m) 346 386 386
Net IB debt Adj 125 105 78
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 471 491 464
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 114,8 114,9 113,4
Capital invested turnover (%) 158,1 160,9 162,9
Capital employed turnover (%) 164,4 167,6 169,5
Inventories / sales (%) 11,2 10,8 10,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,8 20,6 20,4
Working capital / sales (%) 10 9,4 10,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 25,7 19,7 13,1
Net debt / market cap (%) 30 25,1 18,1
Equity ratio (%) 55,1 56,8 58,2
Net IB debt adj. / equity (%) 27,5 21,3 14,6
Current ratio (%) 152,6 171 188,8
EBITDA / net interest (%) 790,4 2815,6 3263,5
Net IB debt / EBITDA (%) 157,9 97,5 63,5
Interest cover (%) 478,7 1995,4 2401,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,71 6,34 7,02
Dividend per share Adj 2 2,5 2,8
EPS Adj 4,59 6,34 7,02
BVPS 54,04 58,39 62,91
BVPS Adj 13,53 17,89 22,4
Net IB debt / share 13,9 11,5 8,3
Share price 46,29 45,7 45,7
Market cap. (m) 391 386 386
Valuation 2018 2019 2020
P/E 15,1 7,2 6,5
EV/sales 0,49 0,5 0,46
EV/EBITDA 6,3 4,9 4,2
EV/EBITA 10,5 7 5,7
EV/EBIT 10,5 7 5,7
Dividend yield (%) 4,9 5,5 6
FCF yield (%) 17,9 9,7 12,5
P/BVPS 0,76 0,78 0,73
P/BVPS Adj 3,02 2,55 2,04
P/E Adj 8,9 7,2 6,5
EV/EBITDA Adj 5,2 4,9 4,2
EV/EBITA Adj 7,7 7 5,7
EV/EBIT Adj 7,7 7 5,7
EV/cap. employed 0,8 0,8 0,8
Investment ratios 2018 2019 2020
Capex / sales 3 2,8 2,5
Capex / depreciation 98 94,2 87
Capex tangibles / tangible fixed assets 16,6 15,9 15
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 16,9 16,9 17,3

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.

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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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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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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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