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Nolato

Nolato

SEKm 2019 2020e 2021e
Sales 7919 8708 9559
Sales growth (%) -2,3 10 9,8
EBITDA 1263 1358 1566
EBITDA margin (%) 15,9 15,6 16,4
EBIT adj 909 971 1116
EBIT adj margin (%) 11,5 11,1 11,7
Pretax profit 857 928 1084
EPS rep 26,48 27,8 32,45
EPS growth (%) -3,1 5 16,7
EPS adj 27,61 28,67 33,08
DPS 14 14,2 14,3
EV/EBITDA (x) 11,5 7,9 6,5
EV/EBIT adj (x) 16 11 9,1
P/E (x) 20,8 15,5 13,3
P/E adj (x) 19,9 15 13
EV/sales (x) 1,8 1,2 1,1
FCF yield (%) 4,8 5,8 7,5
Dividend yield (%) 2,5 3,3 3,3
Net IB debt/EBITDA -0,1 -0,5 -0,8
SEKm 2019 2020e 2021e
Sales 7919 8708 9559
COGS -6671 -7356 -8030
Gross profit 1248 1351 1529
Other operating items 15 7 37
EBITDA 1263 1358 1566
Depreciation on tangibles -235 -238 -281
Depreciation on intangibles 0 0 0
EBITA 895 968 1133
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -10 -17
EBIT 887 958 1116
Other financial items 0 0 0
Net financial items -30 -29 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 857 928 1084
Tax -154 -190 -222
Net profit 703 738 861
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 703 738 861
EPS 26,48 27,8 32,45
EPS Adj 27,61 28,67 33,08
Total extraordinary items after tax -22 -13 0
Tax rate (%) -18 -20,5 -20,5
Gross margin (%) 15,8 15,5 16
EBITDA margin (%) 15,9 15,6 16,4
EBITA margin (%) 11,3 11,1 11,9
EBIT margin (%) 11,2 11 11,7
Pretax margin (%) 10,8 10,7 11,3
Net margin (%) 8,9 8,5 9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -2,3 10 9,8
EBITDA growth (%) 6,2 7,5 15,4
EBIT growth (%) -5,7 8 16,6
Net profit growth (%) -2,6 5 16,7
EPS growth (%) -3,1 5 16,7
Profitability 2019 2020 2021
ROE (%) 25,3 22,1 21,8
ROE Adj (%) 26,4 22,8 22,3
ROCE (%) 23,2 20,7 21,3
ROCE Adj(%) 24 21,2 21,6
ROIC (%) 27,3 26 29,9
ROIC Adj (%) 28 26,3 29,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1285 1371 1566
EBITDA Adj margin (%) 16,2 15,7 16,4
EBITA Adj 917 981 1133
EBITA Adj margin (%) 11,6 11,3 11,9
EBIT Adj 909 971 1116
EBIT Adj margin (%) 11,5 11,1 11,7
Pretax profit Adj 887 951 1100
Net profit Adj 733 761 878
Net profit to shareholders Adj 733 761 878
Net Adj margin (%) 9,3 8,7 9,2
SEKm 2019 2020e 2021e
EBITDA 1263 1358 1566
Net financial items -30 -29 -33
Paid tax -154 -190 -222
Non-cash items 0 0 0
Cash flow before change in WC 1079 1138 1311
Change in WC -120 -73 -71
Operating cash flow 1160 1065 1240
CAPEX tangible fixed assets -453 -400 -382
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 707 665 858
Dividend paid 370 372 377
Share issues and buybacks 0 0 0
Other non cash items -1139 -516 -728
Decrease in net IB debt -86 665 481
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 852 812 767
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1477 1669 1798
Other fixed assets 61 61 61
Fixed assets 2752 2752 2684
Inventories 667 739 741
Receivables 1353 2043 1988
Other current assets 0 0 0
Cash and liquid assets 1362 2027 2508
Total assets 6134 7560 7922
Shareholders equity 2966 3704 4189
Minority 0 0 0
Total equity 2966 3704 4189
Long-term debt 927 927 927
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 1619 2163 2066
Other current liabilities 260 404 378
Total liabilities and equity 6134 7560 7922
Net IB debt -73 -738 -1219
Net IB debt excl. pension debt -73 -738 -1219
Capital invested 2893 2966 2970
Working capital 141 214 285
EV breakdown 2019 2020 2021
Market cap. diluted (m) 14602 11421 11421
Net IB debt Adj -73 -738 -1219
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 14529 10683 10202
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 140,3 127,2 123,5
Capital invested turnover (%) 297,4 297,2 322,1
Capital employed turnover (%) 207,3 188,3 182,6
Inventories / sales (%) 7,8 8,1 7,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 21,7 22,1
Working capital / sales (%) 1 2 2,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -19,9 -29,1
Net debt / market cap (%) -0,6 -6,5 -10,7
Equity ratio (%) 48,4 49 52,9
Net IB debt adj. / equity (%) -2,5 -19,9 -29,1
Current ratio (%) 173,5 182,3 208,3
EBITDA / net interest (%) 4210 4613,4 4759,5
Net IB debt / EBITDA (%) -5,8 -54,4 -77,8
Interest cover (%) 2983,3 3288,4 3443,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 26,48 27,8 32,45
Dividend per share Adj 14 14,2 14,3
EPS Adj 27,61 28,67 33,08
BVPS 111,72 139,52 157,77
BVPS Adj 79,63 108,94 128,88
Net IB debt / share -2,7 -27,8 -45,9
Share price 487,52 430,2 430,2
Market cap. (m) 12943 11421 11421
Valuation 2019 2020 2021
P/E 20,8 15,5 13,3
EV/sales 1,83 1,23 1,07
EV/EBITDA 11,5 7,9 6,5
EV/EBITA 16,2 11 9
EV/EBIT 16,4 11,2 9,1
Dividend yield (%) 2,5 3,3 3,3
FCF yield (%) 4,8 5,8 7,5
P/BVPS 4,92 3,08 2,73
P/BVPS Adj 6,91 3,95 3,34
P/E Adj 19,9 15 13
EV/EBITDA Adj 11,3 7,8 6,5
EV/EBITA Adj 15,8 10,9 9
EV/EBIT Adj 16 11 9,1
EV/cap. employed 3,4 2,1 1,9
Investment ratios 2019 2020 2021
Capex / sales 5,7 4,6 4
Capex / depreciation 192,8 168,1 136
Capex tangibles / tangible fixed assets 30,7 24 21,3
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 15,9 14,3 15,6

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>

13,3

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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9,3

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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1,1

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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2,8