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Midsona

Midsona

SEKm 2020 2021e 2022e
Sales 3709 4072 4253
Sales growth (%) 20,4 9,8 4,5
EBITDA 404 436 493
EBITDA margin (%) 10,9 10,7 11,6
EBIT adj 243 280 329
EBIT adj margin (%) 6,6 6,9 7,7
Pretax profit 204 230 285
EPS rep 2,71 2,9 3,34
EPS growth (%) 34,5 6,9 15,5
EPS adj 3,23 3,65 4,08
DPS 1,3 1,35 1,45
EV/EBITDA (x) 16,4 14,4 12,4
EV/EBIT adj (x) 27,3 22,4 18,5
P/E (x) 28,7 25,1 21,7
P/E adj (x) 24,1 19,9 17,8
EV/sales (x) 1,8 1,5 1,4
FCF yield (%) -1,6 0,7 6,4
Dividend yield (%) 1,7 1,9 2
Net IB debt/EBITDA 3,9 3,5 2,8
Lease adj. FCF yield (%) -2,6 -0,4 5,4
Lease adj. ND/EBITDA 4 3,4 2,6
SEKm 2020 2021e 2022e
Sales 3709 4072 4253
COGS -2672 -2913 -3030
Gross profit 1037 1158 1223
Other operating items -633 -723 -730
EBITDA 404 436 493
Depreciation on tangibles -57 -68 -72
Depreciation on intangibles -48 -56 -56
EBITA 305 325 377
Goodwill impairment charges 0 0 0
Other impairment and amortisation -48 -56 -56
EBIT 257 278 329
Other financial items 0 0 0
Net financial items -53 -48 -44
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 204 230 285
Tax -28 -41 -67
Net profit 176 189 218
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 176 189 218
EPS 2,71 2,9 3,34
EPS Adj 3,23 3,65 4,08
Total extraordinary items after tax 14 -2 0
Tax rate (%) -13,7 -17,8 -23,5
Gross margin (%) 28 28,5 28,8
EBITDA margin (%) 10,9 10,7 11,6
EBITA margin (%) 8,2 8 8,9
EBIT margin (%) 6,9 6,8 7,7
Pretax margin (%) 5,5 5,6 6,7
Net margin (%) 4,7 4,6 5,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,4 9,8 4,5
EBITDA growth (%) 42,3 7,8 13,2
EBIT growth (%) 51,2 8 18,6
Net profit growth (%) 81,4 7,3 15,5
EPS growth (%) 34,5 6,9 15,5
Profitability 2020 2021 2022
ROE (%) 7,6 8,1 8,9
ROE Adj (%) 9,1 10,1 10,9
ROCE (%) 6,5 6,7 7,8
ROCE Adj(%) 7,3 7,9 8,9
ROIC (%) 5,3 5,3 5,9
ROIC Adj (%) 5 5,4 5,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 390 438 493
EBITDA Adj margin (%) 10,5 10,7 11,6
EBITA Adj 291 327 377
EBITA Adj margin (%) 7,8 8 8,9
EBIT Adj 243 280 329
EBIT Adj margin (%) 6,6 6,9 7,7
Pretax profit Adj 238 279 333
Net profit Adj 210 238 266
Net profit to shareholders Adj 210 238 266
Net Adj margin (%) 5,7 5,8 6,3
Depreciation and amortisation -147 -158 -164
Of which leasing depreciation -42 -44 -44
EO items 14 -2 0
Impairment and PPA amortisation -48 -47 -48
EBITDA lease Adj 339 386 445
EBITDA lease Adj margin (%) 9,1 9,5 10,5
Leasing payments -51 -52 -48
SEKm 2020 2021e 2022e
EBITDA 404 436 493
Net financial items -53 -48 -44
Paid tax -53 -48 -44
Non-cash items -18 62 -11
Cash flow before change in WC 280 402 394
Change in WC 3 -45 -43
Operating cash flow 283 357 352
CAPEX tangible fixed assets -20 -70 -34
CAPEX intangible fixed assets -68 -10 -13
Acquisitions and disposals -277 -245 0
Free cash flow -82 32 305
Dividend paid -81 -124 -91
Share issues and buybacks 10 11 0
Other non cash items -39 162 -12
Decrease in net IB debt -257 104 190
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1880 1880 1880
Indefinite intangible assets 0 0 0
Definite intangible assets 1409 1366 1323
Tangible fixed assets 334 345 307
Other fixed assets 89 89 89
Fixed assets 3926 3913 3844
Inventories 643 698 746
Receivables 290 317 331
Other current assets 73 73 73
Cash and liquid assets 195 247 413
Total assets 5127 5248 5407
Shareholders equity 2313 2374 2501
Minority 0 0 0
Total equity 2313 2374 2501
Long-term debt 1367 1367 1367
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 380 380 380
Short-term debt 198 198 198
Accounts payable 405 442 462
Other current liabilities 250 273 285
Total liabilities and equity 5127 5248 5407
Net IB debt 1580 1528 1362
Net IB debt excl. pension debt 1580 1528 1362
Capital invested 4273 4282 4243
Working capital 351 373 403
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5057 4734 4735
Net IB debt Adj 1584 1532 1366
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 6641 6266 6101
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,9 78,5 79,8
Capital invested turnover (%) 89 98,3 102,7
Capital employed turnover (%) 93,4 101,3 102,2
Inventories / sales (%) 15,8 16,2 17
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,3 10,3 10,7
Working capital / sales (%) 9,4 8,9 9,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 68,3 64,4 54,5
Net debt / market cap (%) 41,3 32,3 28,8
Equity ratio (%) 45,1 45,2 46,3
Net IB debt adj. / equity (%) 68,5 64,5 54,6
Current ratio (%) 132,3 137,9 156,2
EBITDA / net interest (%) 762,3 907,5 1120,7
Net IB debt / EBITDA (%) 391,1 350,8 276,3
Interest cover (%) 575,5 676,2 857,1
Lease liability amortisation -51 -52 -48
Other intangible assets 1409 1382 1347
Right-of-use asset 214 217 221
Total other fixed assets 89 89 89
Leasing liability 214 214 214
Total other long-term liabilities 380 380 380
Net IB debt excl. leasing 1370 1318 1152
Net IB debt / EBITDA lease Adj (%) 404,1 341,8 258,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 65 65 65
EPS 2,71 2,9 3,34
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,23 3,65 4,08
BVPS 35,58 36,41 38,35
BVPS Adj -15,01 -13,62 -11,14
Net IB debt / share 24,3 23,4 20,9
Share price 58,92 72,6 72,6
Market cap. (m) 3830 4734 4735
Valuation 2020 2021 2022
P/E 28,7 25,1 21,7
EV/sales 1,79 1,54 1,43
EV/EBITDA 16,4 14,4 12,4
EV/EBITA 21,8 19,3 16,2
EV/EBIT 25,8 22,6 18,5
Dividend yield (%) 1,7 1,9 2
FCF yield (%) -1,6 0,7 6,4
P/BVPS 2,19 1,99 1,89
P/BVPS Adj -5,18 -5,33 -6,52
P/E Adj 24,1 19,9 17,8
EV/EBITDA Adj 17 14,3 12,4
EV/EBITA Adj 22,8 19,2 16,2
EV/EBIT Adj 27,3 22,4 18,5
EV/cap. employed 1,6 1,5 1,4
Investment ratios 2020 2021 2022
Capex / sales 2,4 2 1,1
Capex / depreciation 83,8 70,6 39
Capex tangibles / tangible fixed assets 6 20,3 11,1
Capex intangibles / definite intangibles 4,8 0,7 0,9
Depreciation on intangibles / definite intangibles 3,4 3,4 3,6
Depreciation on tangibles / tangibles 17,1 19,4 23,4
Lease adj. FCF yield (%) -2,6 -0,4 5,4

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.

21,7

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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18,5

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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1,4

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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1,9