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Nordic Waterproofing

Nordic Waterproofing

SEKm 2020 2021e 2022e
Sales 3303 3356 3489
Sales growth (%) 5,8 1,6 4
EBITDA 453 427 445
EBITDA margin (%) 13,7 12,7 12,8
EBIT adj 350 311 329
EBIT adj margin (%) 10,6 9,3 9,4
Pretax profit 321 279 297
EPS rep 10,62 9,08 9,66
EPS growth (%) 29,2 -14,5 6,5
EPS adj 11,99 10,07 10,66
DPS 10 5,1 5,3
EV/EBITDA (x) 9 9,5 8,9
EV/EBIT adj (x) 11,7 13,1 12
P/E (x) 15,4 17,8 16,7
P/E adj (x) 13,7 16 15,1
EV/sales (x) 1,2 1,2 1,1
FCF yield (%) 10,2 5,2 6,8
Dividend yield (%) 6,1 3,2 3,3
Net IB debt/EBITDA 0,6 0,8 0,6
N/A N/A N/A
Lease adj. FCF yield (%) 9 3,9 5,6
Lease adj. ND/EBITDA 0,3 0,6 0,3
SEKm 2020 2021e 2022e
Sales 3303 3356 3489
COGS -2374 -2443 -2536
Gross profit 929 913 952
Other operating items -476 -485 -507
EBITDA 453 427 445
Depreciation on tangibles -47 -48 -48
Depreciation on intangibles 0 0 0
EBITA 357 327 345
Goodwill impairment charges 0 0 0
Other impairment and amortisation -20 -20 -20
EBIT 337 307 325
Other financial items 0 0 0
Net financial items -16 -28 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 321 279 297
Tax -68 -61 -65
Net profit 253 218 232
Minority interest 3 1 1
Net profit discontinued 0 0 0
Net profit to shareholders 256 219 233
EPS 10,62 9,08 9,66
EPS Adj 11,99 10,07 10,66
Total extraordinary items after tax -13 -4 -4
Tax rate (%) -21,1 -22 -22
Gross margin (%) 28,1 27,2 27,3
EBITDA margin (%) 13,7 12,7 12,8
EBITA margin (%) 10,8 9,8 9,9
EBIT margin (%) 10,2 9,2 9,3
Pretax margin (%) 9,7 8,3 8,5
Net margin (%) 7,7 6,5 6,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 5,8 1,6 4
EBITDA growth (%) 22,4 -5,7 4,2
EBIT growth (%) 29,5 -8,9 5,9
Net profit growth (%) 29,3 -14 6,5
EPS growth (%) 29,2 -14,5 6,5
Profitability 2020 2021 2022
ROE (%) 19,7 15,7 16,2
ROE Adj (%) 22,2 17,4 17,8
ROCE (%) 15,5 13,5 14
ROCE Adj(%) 17 14,5 15
ROIC (%) 14,2 13,1 13,6
ROIC Adj (%) 14,7 13,3 13,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 466 431 449
EBITDA Adj margin (%) 14,1 12,9 12,9
EBITA Adj 370 331 349
EBITA Adj margin (%) 11,2 9,9 10
EBIT Adj 350 311 329
EBIT Adj margin (%) 10,6 9,3 9,4
Pretax profit Adj 354 303 321
Net profit Adj 286 242 256
Net profit to shareholders Adj 289 243 257
Net Adj margin (%) 8,7 7,2 7,3
N/A N/A N/A
Depreciation and amortisation -96 -100 -100
Of which leasing depreciation -49 -52 -52
EO items -13 -4 -4
Impairment and PPA amortisation -20 -20 -20
EBITDA lease Adj 418 381 399
EBITDA lease Adj margin (%) 12,7 11,4 11,4
SEKm 2020 2021e 2022e
EBITDA 453 427 445
Net financial items -16 -28 -28
Paid tax -68 -61 -65
Non-cash items 0 -32 -32
Cash flow before change in WC 369 306 320
Change in WC 93 -51 -2
Operating cash flow 462 255 318
CAPEX tangible fixed assets -53 -44 -42
CAPEX intangible fixed assets -2 -10 -10
Acquisitions and disposals -5 0 0
Free cash flow 403 202 266
Dividend paid 0 -241 -123
Share issues and buybacks 0 0 0
Other non cash items 13 0 0
Decrease in net IB debt 382 -89 93
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 952 952 952
Indefinite intangible assets 75 65 56
Definite intangible assets 0 0 0
Tangible fixed assets 263 259 252
Other fixed assets 133 164 196
Fixed assets 1539 1554 1568
Inventories 392 430 433
Receivables 323 367 374
Other current assets 5 5 5
Cash and liquid assets 604 515 608
Total assets 2864 2871 2988
Shareholders equity 1407 1385 1494
Minority 11 10 10
Total equity 1418 1395 1504
Long-term debt 723 723 723
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 102 102 102
Other long-term liabilities 5 5 5
Short-term debt 41 41 41
Accounts payable 171 201 209
Other current liabilities 291 291 291
Total liabilities and equity 2864 2871 2988
Net IB debt 271 360 267
Net IB debt excl. pension debt 271 360 267
Capital invested 1797 1863 1879
Working capital 258 309 311
EV breakdown 2020 2021 2022
Market cap. diluted (m) 3950 3882 3882
Net IB debt Adj 238 328 234
Market value of minority 11 10 10
Reversal of shares and participations -110 -142 -174
Reversal of conv. debt assumed equity 0 0 0
EV 4089 4078 3952
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 122,3 117 119,1
Capital invested turnover (%) 175,8 183,4 186,4
Capital employed turnover (%) 151,7 147,1 150
Inventories / sales (%) 11,7 12,2 12,4
Customer advances / sales (%) 7,5 8,1 7,8
Payables / sales (%) 4,9 5,5 5,9
Working capital / sales (%) 9,4 8,5 8,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 19,1 25,8 17,8
Net debt / market cap (%) 10,3 9,3 6,9
Equity ratio (%) 49,5 48,6 50,3
Net IB debt adj. / equity (%) 16,8 23,5 15,6
Current ratio (%) 263 246,6 261,9
EBITDA / net interest (%) 2756,1 1525,9 1590,5
Net IB debt / EBITDA (%) 59,9 84,4 60
Interest cover (%) 2172,1 1168,8 1233,4
N/A N/A N/A
Lease liability amortisation -48 -50 -50
Other intangible assets 75 65 56
Right-of-use asset 116 114 112
Total other fixed assets 133 164 196
Leasing liability 111 111 111
Total other long-term liabilities 108 108 108
Net IB debt excl. leasing 127 217 123
Net IB debt / EBITDA lease Adj (%) 30,4 56,8 30,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 10,62 9,08 9,66
Dividend per share Adj 10 5,1 5,3
EPS Adj 11,99 10,07 10,66
BVPS 58,41 57,49 62,05
BVPS Adj 18,88 17,96 22,52
Net IB debt / share 11,3 15 11,1
Share price 109,41 161,2 161,2
Market cap. (m) 2635 3882 3882
Valuation 2020 2021 2022
P/E 15,4 17,8 16,7
EV/sales 1,24 1,22 1,13
EV/EBITDA 9 9,5 8,9
EV/EBITA 11,5 12,5 11,4
EV/EBIT 12,1 13,3 12,1
Dividend yield (%) 6,1 3,2 3,3
FCF yield (%) 10,2 5,2 6,8
P/BVPS 2,81 2,8 2,6
P/BVPS Adj 8,68 8,97 7,16
P/E Adj 13,7 16 15,1
EV/EBITDA Adj 8,8 9,5 8,8
EV/EBITA Adj 11 12,3 11,3
EV/EBIT Adj 11,7 13,1 12
EV/cap. employed 1,8 1,8 1,7
Investment ratios 2020 2021 2022
Capex / sales 1,7 1,6 1,5
Capex / depreciation 116,2 111,9 109
Capex tangibles / tangible fixed assets 20,1 16,9 16,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17,9 18,6 19
N/A N/A N/A
Lease adj. FCF yield (%) 9 3,9 5,6

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.

16,7

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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12,7

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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1,2

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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2,6