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Nilörngruppen

SEKm 2018 2019e 2020e
Sales 712 783 838
Sales growth (%) 7,5 9,9 7
EBITDA 94 115 126
EBITDA margin (%) 13,1 14,7 15
EBIT adj 83 92 101
EBIT adj margin (%) 11,7 11,7 12,1
Pretax profit 84 89 99
EPS rep 6,2 6,12 6,83
EPS growth (%) 8,7 -1,3 11,5
EPS adj 6,03 6,12 6,83
DPS 4 4,2 5
EV/EBITDA (x) 8,3 7,9 7
EV/EBIT adj (x) 9,4 10 8,7
P/E (x) 11 12,2 11
P/E adj (x) 11,3 12,2 11
EV/sales (x) 1,1 1,2 1,1
FCF yield (%) 4,1 5,7 9,7
Dividend yield (%) 5,9 5,6 6,7
Net IB debt/EBITDA 0 0,5 0,2
SEKm 2018 2019e 2020e
Sales 712 783 838
COGS -396 -443 -473
Gross profit 316 339 364
Other operating items -222 -224 -239
EBITDA 94 115 126
Depreciation on tangibles -8 -24 -24
Depreciation on intangibles 0 0 0
EBITA 85 92 101
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 85 92 101
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 84 89 99
Tax -13 -19 -21
Net profit 71 70 78
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 71 70 78
EPS 6,2 6,12 6,83
EPS Adj 6,03 6,12 6,83
Total extraordinary items after tax 2 0 0
Tax rate (%) -15,7 -21,7 -21,6
Gross margin (%) 44,4 43,4 43,5
EBITDA margin (%) 13,1 14,7 15
EBITA margin (%) 12 11,7 12,1
EBIT margin (%) 12 11,7 12,1
Pretax margin (%) 11,8 11,4 11,9
Net margin (%) 9,9 8,9 9,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 7,5 9,9 7
EBITDA growth (%) 5,5 23 9,1
EBIT growth (%) 3,4 7,4 10,8
Net profit growth (%) 8,8 -1,3 11,5
EPS growth (%) 8,7 -1,3 11,5
Profitability 2018 2019 2020
ROE (%) 42,3 35,8 34,7
ROE Adj (%) 41,1 35,8 34,7
ROCE (%) 41,5 34,4 31,1
ROCE Adj(%) 40,5 34,4 31,1
ROIC (%) 43,4 31,4 29,6
ROIC Adj (%) 42,4 31,4 29,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 92 115 126
EBITDA Adj margin (%) 12,9 14,7 15
EBITA Adj 83 92 101
EBITA Adj margin (%) 11,7 11,7 12,1
EBIT Adj 83 92 101
EBIT Adj margin (%) 11,7 11,7 12,1
Pretax profit Adj 82 89 99
Net profit Adj 69 70 78
Net profit to shareholders Adj 69 70 78
Net Adj margin (%) 9,7 8,9 9,3
SEKm 2018 2019e 2020e
EBITDA 94 115 126
Net financial items -1 -2 -2
Paid tax -13 -19 -21
Non-cash items 0 0 0
Cash flow before change in WC 79 93 102
Change in WC -22 -3 -7
Operating cash flow 55 91 95
CAPEX tangible fixed assets -24 -42 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 32 49 83
Dividend paid -46 -46 -48
Share issues and buybacks 0 0 0
Other non cash items 2 -60 0
Decrease in net IB debt -12 -57 35
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 17 18 18
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 64 145 133
Other fixed assets 0 0 0
Fixed assets 80 163 151
Inventories 108 120 129
Receivables 115 121 130
Other current assets 0 0 0
Cash and liquid assets 38 42 77
Total assets 341 446 487
Shareholders equity 181 210 240
Minority 0 0 0
Total equity 181 210 240
Long-term debt 40 102 102
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 2 2 2
Short-term debt 0 0 0
Accounts payable 118 133 143
Other current liabilities 0 0 0
Total liabilities and equity 271 313 341
Net IB debt 3 59 24
Net IB debt excl. pension debt 3 59 24
Capital invested 185 271 266
Working capital 105 108 115
EV breakdown 2018 2019 2020
Market cap. diluted (m) 776 855 855
Net IB debt Adj 3 59 24
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 779 915 880
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 217,8 198,8 179,5
Capital invested turnover (%) 429,8 343 311,7
Capital employed turnover (%) 346,6 293,9 256,6
Inventories / sales (%) 15,3 14,6 14,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 16 16,5
Working capital / sales (%) 13,2 13,6 13,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 1,4 28,3 10,2
Net debt / market cap (%) 0,3 6,9 2,9
Equity ratio (%) 53 46,9 49,2
Net IB debt adj. / equity (%) 1,4 28,3 10,2
Current ratio (%) 221,2 213,2 234,6
EBITDA / net interest (%) 6728,9 5019,6 6171
Net IB debt / EBITDA (%) 2,7 51,6 19,5
Interest cover (%) 6127,7 3990,1 4979,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 6,2 6,12 6,83
Dividend per share Adj 4 4,2 5
EPS Adj 6,03 6,12 6,83
BVPS 15,85 18,38 21,01
BVPS Adj 14,4 16,83 19,46
Net IB debt / share 0,2 5,2 2,1
Share price 81,15 75 75
Market cap. (m) 925 855 855
Valuation 2018 2019 2020
P/E 11 12,2 11
EV/sales 1,09 1,17 1,05
EV/EBITDA 8,3 7,9 7
EV/EBITA 9,1 10 8,7
EV/EBIT 9,1 10 8,7
Dividend yield (%) 5,9 5,6 6,7
FCF yield (%) 4,1 5,7 9,7
P/BVPS 4,3 4,08 3,57
P/BVPS Adj 4,73 4,46 3,85
P/E Adj 11,3 12,2 11
EV/EBITDA Adj 8,5 7,9 7
EV/EBITA Adj 9,4 10 8,7
EV/EBIT Adj 9,4 10 8,7
EV/cap. employed 3,5 2,9 2,6
Investment ratios 2018 2019 2020
Capex / sales 3,3 5,4 1,4
Capex / depreciation 284,9 178,4 49
Capex tangibles / tangible fixed assets 37,4 29 8,9
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 13,1 16,2 18,2

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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