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Nordic Waterproofing

Nordic Waterproofing

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Financials

SEKm 2021 2022e 2023e
Sales 3623 3761 3848
Sales growth (%) 9,7 3,8 2,3
EBITDA 489 498 512
EBITDA margin (%) 13,5 13,3 13,3
EBIT adj 389 378 392
EBIT adj margin (%) 10,7 10,1 10,2
Pretax profit 338 350 364
EPS rep 10,83 11,38 11,83
EPS growth (%) 2 5,1 3,9
EPS adj 11,91 12,21 12,66
DPS 5,1 5,3 5,3
EV/EBITDA (x) 10,7 10,1 9,5
EV/EBIT adj (x) 13,4 13,3 12,5
P/E (x) 18,3 17,4 16,8
P/E adj (x) 16,7 16,2 15,7
EV/sales (x) 1,4 1,3 1,3
FCF yield (%) 0,5 6,4 6,4
Dividend yield (%) 2,6 2,7 2,7
Net IB debt/EBITDA 1,2 0,9 0,6
Lease adj. FCF yield (%) -0,6 5,4 5,3
Lease adj. ND/EBITDA 1 0,7 0,4
SEKm 2021 2022e 2023e
Sales 3623 3761 3848
COGS -2573 -2690 -2751
Gross profit 1050 1070 1098
Other operating items -561 -572 -585
EBITDA 489 498 512
Depreciation on tangibles -48 -48 -48
Depreciation on intangibles 0 0 0
EBITA 415 398 412
Goodwill impairment charges 0 0 0
Other impairment and amortisation -20 -20 -20
EBIT 389 378 392
Other financial items 0 0 0
Net financial items -51 -28 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 338 350 364
Tax -79 -77 -80
Net profit 259 273 284
Minority interest 2 1 1
Net profit discontinued 0 0 0
Net profit to shareholders 261 274 285
EPS 10,83 11,38 11,83
EPS Adj 11,91 12,21 12,66
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,4 -22 -22
Gross margin (%) 29 28,5 28,5
EBITDA margin (%) 13,5 13,3 13,3
EBITA margin (%) 11,4 10,6 10,7
EBIT margin (%) 10,7 10,1 10,2
Pretax margin (%) 9,3 9,3 9,5
Net margin (%) 7,1 7,3 7,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 9,7 3,8 2,3
EBITDA growth (%) 7,8 2 2,8
EBIT growth (%) 15,3 -2,6 3,7
Net profit growth (%) 2,2 5,7 4
EPS growth (%) 2 5,1 3,9
Profitability 2021 2022 2023
ROE (%) 18,5 18,5 17,4
ROE Adj (%) 20,4 19,8 18,6
ROCE (%) 16,9 15,8 15,4
ROCE Adj(%) 18 16,7 16,2
ROIC (%) 15,2 13,9 14,3
ROIC Adj (%) 15,2 13,9 14,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 489 498 512
EBITDA Adj margin (%) 13,5 13,3 13,3
EBITA Adj 415 398 412
EBITA Adj margin (%) 11,4 10,6 10,7
EBIT Adj 389 378 392
EBIT Adj margin (%) 10,7 10,1 10,2
Pretax profit Adj 364 370 384
Net profit Adj 285 293 304
Net profit to shareholders Adj 287 294 305
Net Adj margin (%) 7,9 7,8 7,9
Depreciation and amortisation -74 -100 -100
Of which leasing depreciation -52 -52 -52
EO items 0 0 0
Impairment and PPA amortisation -26 -20 -20
EBITDA lease Adj 439 448 462
EBITDA lease Adj margin (%) 12,1 11,9 12
Leasing payments -50 -50 -50
SEKm 2021 2022e 2023e
EBITDA 489 498 512
Net financial items -51 -28 -28
Paid tax -79 -77 -80
Non-cash items 6 -28 -28
Cash flow before change in WC 365 365 376
Change in WC -97 -1 -14
Operating cash flow 268 364 362
CAPEX tangible fixed assets -47 -45 -46
CAPEX intangible fixed assets -11 -11 -12
Acquisitions and disposals -189 0 0
Free cash flow 22 308 304
Dividend paid -241 -123 -128
Share issues and buybacks -20 0 0
Other non cash items -25 0 0
Decrease in net IB debt -89 93 83
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 952 952 952
Indefinite intangible assets 65 56 46
Definite intangible assets 0 0 0
Tangible fixed assets 477 474 472
Other fixed assets 164 196 228
Fixed assets 1754 1769 1784
Inventories 464 466 477
Receivables 395 401 410
Other current assets 5 5 5
Cash and liquid assets 315 450 577
Total assets 2933 3092 3254
Shareholders equity 1407 1558 1715
Minority 9 8 8
Total equity 1416 1566 1723
Long-term debt 748 748 748
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 217 226 231
Other current liabilities 291 291 291
Total liabilities and equity 2933 3092 3254
Net IB debt 586 450 324
Net IB debt excl. pension debt 586 450 324
Capital invested 2109 2125 2155
Working capital 355 356 370
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4778 4778 4778
Net IB debt Adj 553 417 291
Market value of minority 9 8 8
Reversal of shares and participations -130 -158 -186
Reversal of conv. debt assumed equity 0 0 0
EV 5210 5046 4891
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 125 124,8 121,3
Capital invested turnover (%) 183,4 186,4 190,3
Capital employed turnover (%) 147,1 150 148
Inventories / sales (%) 12,2 12,4 12,2
Customer advances / sales (%) 8,1 7,8 7,5
Payables / sales (%) 5,5 5,9 5,9
Working capital / sales (%) 8,5 9,5 9,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 41,4 28,7 18,8
Net debt / market cap (%) 12,7 9,4 6,8
Equity ratio (%) 48,3 50,7 53
Net IB debt adj. / equity (%) 39 26,6 16,9
Current ratio (%) 214,3 237 260,7
EBITDA / net interest (%) 961,9 1780,1 1829,7
Net IB debt / EBITDA (%) 119,8 90,4 63,2
Interest cover (%) 816 1423 1472,5
Lease liability amortisation -50 -50 -50
Other intangible assets 60 51 43
Right-of-use asset 114 112 110
Total other fixed assets 152 180 208
Leasing liability 111 111 111
Total other long-term liabilities 108 108 108
Net IB debt excl. leasing 442 306 180
Net IB debt / EBITDA lease Adj (%) 100,7 68,3 39
SEKm 2021 2022e 2023e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 10,83 11,38 11,83
Dividend per share Adj 5,1 5,3 5,3
EPS Adj 11,91 12,21 12,66
BVPS 58,41 64,7 71,23
BVPS Adj 18,89 25,17 31,7
Net IB debt / share 24,3 18,7 13,5
Share price 190,88 198,4 198,4
Market cap. (m) 4597 4778 4778
Valuation 2021 2022 2023
P/E 18,3 17,4 16,8
EV/sales 1,44 1,34 1,27
EV/EBITDA 10,7 10,1 9,5
EV/EBITA 12,6 12,7 11,9
EV/EBIT 13,4 13,3 12,5
Dividend yield (%) 2,6 2,7 2,7
FCF yield (%) 0,5 6,4 6,4
P/BVPS 3,4 3,07 2,79
P/BVPS Adj 10,5 7,88 6,26
P/E Adj 16,7 16,2 15,7
EV/EBITDA Adj 10,7 10,1 9,5
EV/EBITA Adj 12,6 12,7 11,9
EV/EBIT Adj 13,4 13,3 12,5
EV/cap. employed 2,2 2 1,9
Investment ratios 2021 2022 2023
Capex / sales 1,6 1,5 1,5
Capex / depreciation 262,3 117,5 120,3
Capex tangibles / tangible fixed assets 9,9 9,5 9,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 4,6 10,1 10,2
Lease adj. FCF yield (%) -0,6 5,4 5,3

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.

16,8

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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13,0

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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1,3

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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2,8