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Midsona

Midsona

SEKm 2019 2020e 2021e
Sales 3081 3595 3629
Sales growth (%) 8 16,7 1
EBITDA 284 399 438
EBITDA margin (%) 9,2 11,1 12,1
EBIT adj 176 261 289
EBIT adj margin (%) 5,7 7,3 8
Pretax profit 116 226 256
EPS rep 1,78 2,66 3,01
EPS growth (%) -35,9 49,8 13
EPS adj 2,55 3,34 3,75
DPS 1,25 1,5 1,75
EV/EBITDA (x) 14,3 11 9,6
EV/EBIT adj (x) 23 16,8 14,5
P/E (x) 27,8 18,3 16,2
P/E adj (x) 19,4 14,6 13
EV/sales (x) 1,3 1,2 1,2
FCF yield (%) -19,1 7,5 9,9
Dividend yield (%) 2,5 3,1 3,6
Net IB debt/EBITDA 4,7 3 2,3
SEKm 2019 2020e 2021e
Sales 3081 3595 3629
COGS -2178 -2543 -2530
Gross profit 903 1052 1100
Other operating items -619 -654 -661
EBITDA 284 399 438
Depreciation on tangibles -39 -54 -59
Depreciation on intangibles -36 -44 -48
EBITA 206 305 337
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -44 -48
EBIT 170 261 289
Other financial items 0 0 0
Net financial items -54 -35 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 226 256
Tax -19 -53 -61
Net profit 97 173 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 97 173 196
EPS 1,78 2,66 3,01
EPS Adj 2,55 3,34 3,75
Total extraordinary items after tax -6 0 0
Tax rate (%) -16,4 -23,4 -23,7
Gross margin (%) 29,3 29,3 30,3
EBITDA margin (%) 9,2 11,1 12,1
EBITA margin (%) 6,7 8,5 9,3
EBIT margin (%) 5,5 7,3 8
Pretax margin (%) 3,8 6,3 7,1
Net margin (%) 3,1 4,8 5,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8 16,7 1
EBITDA growth (%) 23,5 40,4 9,9
EBIT growth (%) -4,5 53,4 10,9
Net profit growth (%) -24,8 78,4 13
EPS growth (%) -35,9 49,8 13
Profitability 2019 2020 2021
ROE (%) 4,9 7,3 7,9
ROE Adj (%) 7 9,1 9,9
ROCE (%) 5,1 6,7 7,2
ROCE Adj(%) 6,3 7,8 8,4
ROIC (%) 4 4,9 5,5
ROIC Adj (%) 4,1 4,9 5,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 290 399 438
EBITDA Adj margin (%) 9,4 11,1 12,1
EBITA Adj 212 305 337
EBITA Adj margin (%) 6,9 8,5 9,3
EBIT Adj 176 261 289
EBIT Adj margin (%) 5,7 7,3 8
Pretax profit Adj 158 270 304
Net profit Adj 139 217 244
Net profit to shareholders Adj 139 217 244
Net Adj margin (%) 4,5 6 6,7
SEKm 2019 2020e 2021e
EBITDA 284 399 438
Net financial items -54 -35 -33
Paid tax -19 -53 -61
Non-cash items 29 32 0
Cash flow before change in WC 240 343 345
Change in WC -42 -14 30
Operating cash flow 198 329 375
CAPEX tangible fixed assets -712 -92 -62
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -514 237 313
Dividend paid 58 81 98
Share issues and buybacks 0 0 0
Other non cash items 225 -147 -195
Decrease in net IB debt -211 140 173
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1810 1800 1800
Indefinite intangible assets 0 0 0
Definite intangible assets 1248 1258 1235
Tangible fixed assets 358 357 334
Other fixed assets 101 59 59
Fixed assets 3744 3701 3655
Inventories 529 572 585
Receivables 334 386 377
Other current assets 0 0 0
Cash and liquid assets 173 312 485
Total assets 4780 4970 5103
Shareholders equity 2322 2424 2522
Minority 0 0 0
Total equity 2322 2424 2522
Long-term debt 1300 1299 1299
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 413 421 421
Short-term debt 0 0 0
Accounts payable 519 601 635
Other current liabilities 0 0 0
Total liabilities and equity 4780 4970 5103
Net IB debt 1323 1183 1010
Net IB debt excl. pension debt 1323 1183 1010
Capital invested 4058 4028 3953
Working capital 344 358 328
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2696 3162 3162
Net IB debt Adj 1353 1213 1040
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 4049 4376 4203
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,7 73,7 72,1
Capital invested turnover (%) 86,1 88,9 91
Capital employed turnover (%) 92 92,2 90,8
Inventories / sales (%) 16,4 15,3 15,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,5 15,6 17
Working capital / sales (%) 10,5 9,8 9,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57 48,8 40,1
Net debt / market cap (%) 38,4 37,4 31,9
Equity ratio (%) 48,6 48,8 49,4
Net IB debt adj. / equity (%) 58,3 50,1 41,2
Current ratio (%) 199,6 211,4 227,9
EBITDA / net interest (%) 525,9 1142,9 1331,3
Net IB debt / EBITDA (%) 465,8 296,8 230,4
Interest cover (%) 381,5 873,6 1024,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 55 65 65
EPS 1,78 2,66 3,01
Dividend per share Adj 1,3 1,5 1,8
EPS Adj 2,55 3,34 3,75
BVPS 35,72 37,29 38,8
BVPS Adj -11,32 -9,75 -7,89
Net IB debt / share 20,4 18,2 15,5
Share price 52,95 48,65 48,65
Market cap. (m) 3442 3162 3162
Valuation 2019 2020 2021
P/E 27,8 18,3 16,2
EV/sales 1,31 1,22 1,16
EV/EBITDA 14,3 11 9,6
EV/EBITA 19,7 14,4 12,5
EV/EBIT 23,8 16,8 14,5
Dividend yield (%) 2,5 3,1 3,6
FCF yield (%) -19,1 7,5 9,9
P/BVPS 1,38 1,3 1,25
P/BVPS Adj -4,36 -4,99 -6,16
P/E Adj 19,4 14,6 13
EV/EBITDA Adj 14 11 9,6
EV/EBITA Adj 19,1 14,4 12,5
EV/EBIT Adj 23 16,8 14,5
EV/cap. employed 1,1 1,1 1
Investment ratios 2019 2020 2021
Capex / sales 23,1 2,6 1,7
Capex / depreciation 949,3 94,4 57,6
Capex tangibles / tangible fixed assets 198,9 25,9 18,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 2,9 3,5 3,9
Depreciation on tangibles / tangibles 10,9 15,1 17,7

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>

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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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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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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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