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Nilörngruppen

Nilörngruppen

SEKm 2020 2021e 2022e
Sales 618 729 755
Sales growth (%) -13,6 18 3,6
EBITDA 77 122 107
EBITDA margin (%) 12,4 16,7 14,1
EBIT adj 55 96 80
EBIT adj margin (%) 8,8 13,2 10,6
Pretax profit 47 93 79
EPS rep 2,94 6,08 5,26
EPS growth (%) -29,1 106,9 -13,5
EPS adj 3,27 6,08 5,26
DPS 2 2,5 3
EV/EBITDA (x) 6,1 7,1 7,8
EV/EBIT adj (x) 8,6 9 10,4
P/E (x) 13,7 13,1 15,2
P/E adj (x) 12,3 13,1 15,2
EV/sales (x) 0,8 1,2 1,1
FCF yield (%) 14,1 7,2 7,6
Dividend yield (%) 5 3,1 3,8
Net IB debt/EBITDA 0,2 -0,4 -0,7
Lease adj. FCF yield (%) 10,7 5,5 5,9
Lease adj. ND/EBITDA -0,7 -0,8 -1,2
SEKm 2020 2021e 2022e
Sales 618 729 755
COGS -346 -392 -408
Gross profit 272 337 347
Other operating items -196 -216 -240
EBITDA 77 122 107
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 51 96 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 51 96 80
Other financial items 0 0 0
Net financial items -4 -3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 93 79
Tax -14 -24 -19
Net profit 34 69 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 69 60
EPS 2,94 6,08 5,26
EPS Adj 3,27 6,08 5,26
Total extraordinary items after tax -3,8 0 0
Tax rate (%) -28,8 -25,7 -24
Gross margin (%) 44 46,3 45,9
EBITDA margin (%) 12,4 16,7 14,1
EBITA margin (%) 8,2 13,2 10,6
EBIT margin (%) 8,2 13,2 10,6
Pretax margin (%) 7,6 12,8 10,4
Net margin (%) 5,4 9,5 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,6 18 3,6
EBITDA growth (%) -15,6 58,7 -12,4
EBIT growth (%) -23,3 89,2 -16,6
Net profit growth (%) -29,1 106,9 -13,5
EPS growth (%) -29,1 106,9 -13,5
Profitability 2020 2021 2022
ROE (%) 16,9 29,5 21,7
ROE Adj (%) 18,8 29,5 21,7
ROCE (%) 17,4 32 23,6
ROCE Adj(%) 18,7 32 23,6
ROIC (%) 14,3 32,2 27,5
ROIC Adj (%) 15,4 32,2 27,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 80 122 107
EBITDA Adj margin (%) 13 16,7 14,1
EBITA Adj 55 96 80
EBITA Adj margin (%) 8,8 13,2 10,6
EBIT Adj 55 96 80
EBIT Adj margin (%) 8,8 13,2 10,6
Pretax profit Adj 51 93 79
Net profit Adj 37 69 60
Net profit to shareholders Adj 37 69 60
Net Adj margin (%) 6 9,5 7,9
Depreciation and amortisation -26 -26 -26
Of which leasing depreciation -14 -15 -15
EO items -4 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 106 91
EBITDA lease Adj margin (%) 10,5 14,6 12
Leasing payments -15 -15 -16
SEKm 2020 2021e 2022e
EBITDA 77 122 107
Net financial items -4 -3 -1
Paid tax -1 -3 -1
Non-cash items 94 18 -14
Cash flow before change in WC 165 134 90
Change in WC -91 -57 -6
Operating cash flow 75 77 85
CAPEX tangible fixed assets -5 -8 -13
CAPEX intangible fixed assets -5 -4 -2
Acquisitions and disposals 1 0 0
Free cash flow 65 65 69
Dividend paid 0 -23 -29
Share issues and buybacks 0 0 0
Other non cash items -92 -44 -5
Decrease in net IB debt 76 5 8
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 23 25 28
Tangible fixed assets 93 98 100
Other fixed assets 0 0 0
Fixed assets 155 160 164
Inventories 107 127 130
Receivables 72 109 112
Other current assets 21 27 28
Cash and liquid assets 54 111 137
Total assets 409 535 571
Shareholders equity 210 261 292
Minority 0 0 0
Total equity 210 261 292
Long-term debt 10 27 27
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 130 205 210
Total liabilities and equity 409 535 571
Net IB debt 12 -48 -73
Net IB debt excl. pension debt 12 -48 -73
Capital invested 225 218 224
Working capital 70 58 60
EV breakdown 2020 2021 2022
Market cap. diluted (m) 460 909 909
Net IB debt Adj 12 -48 -73
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 471 861 836
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150,5 154,5 136,6
Capital invested turnover (%) 244,2 287,4 293,2
Capital employed turnover (%) 222,1 251,3 250,5
Inventories / sales (%) 18,2 16,6 16,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 13,6 8,8 7,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,5 -18,3 -25
Net debt / market cap (%) 2,7 -5,3 -8
Equity ratio (%) 51,3 48,7 51,2
Net IB debt adj. / equity (%) 5,5 -18,3 -25
Current ratio (%) 175,9 170,5 181
EBITDA / net interest (%) 2071,8 4518,7 8877,6
Net IB debt / EBITDA (%) 15,1 -39,3 -68,4
Interest cover (%) 1372,7 3570,5 6675,7
Lease liability amortisation -15 -15 -16
Other intangible assets 23 25 27
Right-of-use asset 38 37 37
Total other fixed assets 0 0 0
Leasing liability 56 37 37
Total other long-term liabilities 4 5 5
Net IB debt excl. leasing -44 -85 -110
Net IB debt / EBITDA lease Adj (%) -67,9 -79,7 -120,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,94 6,08 5,26
Dividend per share Adj 2 2,5 3
EPS Adj 3,27 6,08 5,26
BVPS 18,4 22,86 25,61
BVPS Adj 18,4 22,86 25,61
Net IB debt / share 1 -4,2 -6,4
Share price 37,04 79,7 79,7
Market cap. (m) 422 909 909
Valuation 2020 2021 2022
P/E 13,7 13,1 15,2
EV/sales 0,76 1,18 1,11
EV/EBITDA 6,1 7,1 7,8
EV/EBITA 9,3 9 10,4
EV/EBIT 9,3 9 10,4
Dividend yield (%) 5 3,1 3,8
FCF yield (%) 14,1 7,2 7,6
P/BVPS 2,19 3,49 3,11
P/BVPS Adj 2,19 3,49 3,11
P/E Adj 12,3 13,1 15,2
EV/EBITDA Adj 5,9 7,1 7,8
EV/EBITA Adj 8,6 9 10,4
EV/EBIT Adj 8,6 9 10,4
EV/cap. employed 1,7 2,7 2,3
Investment ratios 2020 2021 2022
Capex / sales 1,7 1,6 2
Capex / depreciation 89,8 109,8 139,9
Capex tangibles / tangible fixed assets 5,6 7,9 13,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,7 10,6 11
Lease adj. FCF yield (%) 10,7 5,5 5,9

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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