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Net Insight

Net Insight

SEKm 2019 2020e 2021e
Sales 449 388 430
Sales growth (%) -0,7 -13,6 11,1
EBITDA 57 70 75
EBITDA margin (%) 12,6 18,2 17,4
EBIT adj 17 11 14
EBIT adj margin (%) 3,7 2,7 3,3
Pretax profit -7 5 14
EPS rep -0,01 0,65 0,03
EPS growth (%) 92 5449 -95,6
EPS adj 0,04 0,01 0,03
DPS 0 0,5 0
EV/EBITDA (x) 15,3 8,2 10,6
EV/EBIT adj (x) 52,7 54,3 56,5
P/E (x) -189,6 3,5 80,1
P/E adj (x) 57 261,3 80,1
EV/sales (x) 1,9 1,5 1,8
FCF yield (%) -3,5 31 1,7
Dividend yield (%) 0 21,7 0
Net IB debt/EBITDA -0,2 -4,3 -1,1
SEKm 2019 2020e 2021e
Sales 449 388 430
COGS -615 -157 -170
Gross profit -166 231 261
Other operating items 223 -160 -186
EBITDA 57 70 75
Depreciation on tangibles -9 -10 -10
Depreciation on intangibles -40 -39 -40
EBITA -4 11 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 11 14
Other financial items 0 0 0
Net financial items -3 -6 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -7 5 14
Tax 2 -1 -3
Net profit -5 3 11
Minority interest 0 0 0
Net profit discontinued 0 245 0
Net profit to shareholders -5 248 11
EPS -0,01 0,65 0,03
EPS Adj 0,04 0,01 0,03
Total extraordinary items after tax -20,1 0 0
Tax rate (%) -29,7 -29,7 -22
Gross margin (%) -37,1 59,6 60,6
EBITDA margin (%) 12,6 18,2 17,4
EBITA margin (%) -0,8 2,7 3,3
EBIT margin (%) -0,8 2,7 3,3
Pretax margin (%) -1,5 1,2 3,3
Net margin (%) -1 0,9 2,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0,7 -13,6 11,1
EBITDA growth (%) 115,2 24,4 6,6
EBIT growth (%) 95,2 394,7 32,8
Net profit growth (%) 92 172,5 226,2
EPS growth (%) 92 5449 -95,6
Profitability 2019 2020 2021
ROE (%) -1 42,2 1,8
ROE Adj (%) 3,2 0,6 1,8
ROCE (%) -0,7 1,6 2
ROCE Adj(%) 3,1 1,6 2
ROIC (%) -0,6 1,7 2,6
ROIC Adj (%) 2,8 1,7 2,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 77 70 75
EBITDA Adj margin (%) 17,1 18,2 17,4
EBITA Adj 17 11 14
EBITA Adj margin (%) 3,7 2,7 3,3
EBIT Adj 17 11 14
EBIT Adj margin (%) 3,7 2,7 3,3
Pretax profit Adj 13 5 14
Net profit Adj 15 3 11
Net profit to shareholders Adj 15 3 11
Net Adj margin (%) 3,4 0,9 2,6
SEKm 2019 2020e 2021e
EBITDA 57 70 75
Net financial items -3 -6 0
Paid tax 0 -1 -3
Non-cash items -19 2 0
Cash flow before change in WC 35 65 72
Change in WC -67 82 -3
Operating cash flow 61 57 69
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -90 -85 -85
Acquisitions and disposals 0 305 35
Free cash flow -31 273 15
Dividend paid 0 0 -191
Share issues and buybacks -2 0 0
Other non cash items -51 32 -35
Decrease in net IB debt -91 293 -220
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 66 66 66
Indefinite intangible assets 11 11 11
Definite intangible assets 185 231 276
Tangible fixed assets 30 24 18
Other fixed assets 32 32 32
Fixed assets 375 413 449
Inventories 45 39 43
Receivables 121 109 121
Other current assets 94 0 0
Cash and liquid assets 52 345 125
Total assets 686 905 738
Shareholders equity 464 712 532
Minority 0 0 0
Total equity 464 712 532
Long-term debt 21 21 21
Pension debt 0 0 0
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 36 54 60
Other current liabilities 114 66 73
Total liabilities and equity 686 905 738
Net IB debt -12 -304 -84
Net IB debt excl. pension debt -12 -304 -84
Capital invested 452 408 447
Working capital 109 27 30
EV breakdown 2019 2020 2021
Market cap. diluted (m) 880 880 880
Net IB debt Adj -12 -304 -84
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 869 576 796
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 67,1 48,7 52,4
Capital invested turnover (%) 106,9 90,2 100,7
Capital employed turnover (%) 85,2 58,7 62
Inventories / sales (%) 10,1 10,8 9,5
Customer advances / sales (%) 17,3 22,8 16,2
Payables / sales (%) 13,8 11,6 13,3
Working capital / sales (%) 16,9 17,6 6,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -42,8 -15,9
Net debt / market cap (%) -1,5 -34,6 -9,6
Equity ratio (%) 67,6 78,7 72,1
Net IB debt adj. / equity (%) -2,5 -42,8 -15,9
Current ratio (%) 194,1 376,6 200,3
EBITDA / net interest (%) 1881 1209,8 0
Net IB debt / EBITDA (%) -20,7 -432,4 -112,3
Interest cover (%) -119,6 182,3 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS -0,01 0,65 0,03
Dividend per share Adj 0 0,5 0
EPS Adj 0,04 0,01 0,03
BVPS 1,21 1,86 1,39
BVPS Adj 0,56 1,09 0,5
Net IB debt / share 0,1 -0,7 -0,1
Share price 2,01 2,3 2,3
Market cap. (m) 771 880 880
Valuation 2019 2020 2021
P/E -189,6 3,5 80,1
EV/sales 1,94 1,49 1,85
EV/EBITDA 15,3 8,2 10,6
EV/EBITA -241,3 54,3 56,5
EV/EBIT -241,3 54,3 56,5
Dividend yield (%) 0 21,7 0
FCF yield (%) -3,5 31 1,7
P/BVPS 1,9 1,24 1,66
P/BVPS Adj 4,12 2,12 4,63
P/E Adj 57 261,3 80,1
EV/EBITDA Adj 11,3 8,2 10,6
EV/EBITA Adj 52,7 54,3 56,5
EV/EBIT Adj 52,7 54,3 56,5
EV/cap. employed 1,6 0,7 1,3
Investment ratios 2019 2020 2021
Capex / sales 20,5 23 20,7
Capex / depreciation 187,8 183,5 179,2
Capex tangibles / tangible fixed assets 6,5 16,7 22,1
Capex intangibles / definite intangibles 48,8 36,9 30,9
Depreciation on intangibles / definite intangibles 21,5 16,9 14,5
Depreciation on tangibles / tangibles 31,8 40,1 54,1

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>

76,7

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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56,9

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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1,9

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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1,7