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Nordic Waterproofing

SEKm 2018 2019e 2020e
Sales 2680 2973 3059
Sales growth (%) 22,6 10,9 2,9
EBITDA 274 354 367
EBITDA margin (%) 10,2 11,9 12
EBIT adj 224 295 307
EBIT adj margin (%) 8,3 9,9 10
Pretax profit 190 257 275
EPS rep 6,31 8,49 9,1
EPS growth (%) 11,5 34,6 7,2
EPS adj 7,86 9,57 10,1
DPS 4 4,3 4,45
EV/EBITDA (x) 7,7 7,8 7,2
EV/EBIT adj (x) 9,5 9,4 8,6
P/E (x) 11,3 10,8 10,1
P/E adj (x) 9,1 9,6 9,1
EV/sales (x) 0,8 0,9 0,9
FCF yield (%) -7,4 1,5 9,5
Dividend yield (%) 5,6 4,7 4,9
Net IB debt/EBITDA 1,6 1,8 1,4
SEKm 2018 2019e 2020e
Sales 2680 2973 3059
COGS -2000 -2180 -2239
Gross profit 680 793 820
Other operating items -406 -439 -453
EBITDA 274 354 367
Depreciation on tangibles -36 -61 -60
Depreciation on intangibles 0 0 0
EBITA 238 293 307
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -12 -12
EBIT 212 281 295
Other financial items 0 0 0
Net financial items -22 -24 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 190 257 275
Tax -38 -51 -55
Net profit 152 205 220
Minority interest 0 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 152 204 219
EPS 6,31 8,49 9,1
EPS Adj 7,86 9,57 10,1
Total extraordinary items after tax -11,5 -14 -12
Tax rate (%) -20,2 -20 -20
Gross margin (%) 25,4 26,7 26,8
EBITDA margin (%) 10,2 11,9 12
EBITA margin (%) 8,9 9,8 10
EBIT margin (%) 7,9 9,4 9,6
Pretax margin (%) 7,1 8,6 9
Net margin (%) 5,7 6,9 7,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 22,6 10,9 2,9
EBITDA growth (%) 17,9 28,9 3,8
EBIT growth (%) 9,7 32,2 5,1
Net profit growth (%) 10,7 35,1 7,2
EPS growth (%) 11,5 34,6 7,2
Profitability 2018 2019 2020
ROE (%) 14,5 17,9 17,4
ROE Adj (%) 18 20,1 19,4
ROCE (%) 15,4 16,6 16
ROCE Adj(%) 18,1 18,1 17,3
ROIC (%) 11,6 12,8 12,5
ROIC Adj (%) 12,3 13,5 13
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 368 379
EBITDA Adj margin (%) 10,7 12,4 12,4
EBITA Adj 250 307 319
EBITA Adj margin (%) 9,3 10,3 10,4
EBIT Adj 224 295 307
EBIT Adj margin (%) 8,3 9,9 10
Pretax profit Adj 228 283 299
Net profit Adj 189 231 244
Net profit to shareholders Adj 189 230 243
Net Adj margin (%) 7,1 7,8 8
SEKm 2018 2019e 2020e
EBITDA 274 354 367
Net financial items -22 -24 -20
Paid tax -38 -51 -55
Non-cash items 49 -20 -20
Cash flow before change in WC 263 258 272
Change in WC -78 -49 -13
Operating cash flow 185 210 259
CAPEX tangible fixed assets -35 -39 -37
CAPEX intangible fixed assets -20 -18 -12
Acquisitions and disposals -257 -120 0
Free cash flow -128 33 210
Dividend paid -90 -96 -104
Share issues and buybacks -1 0 0
Other non cash items -19 -123 -1
Decrease in net IB debt -238 -186 105
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 879 879 879
Indefinite intangible assets 97 103 103
Definite intangible assets 0 0 0
Tangible fixed assets 268 485 462
Other fixed assets 80 100 120
Fixed assets 1324 1567 1564
Inventories 346 386 401
Receivables 323 367 381
Other current assets 29 32 32
Cash and liquid assets 106 92 169
Total assets 2127 2443 2547
Shareholders equity 1090 1198 1314
Minority 16 16 17
Total equity 1106 1214 1331
Long-term debt 416 588 560
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 75 75 75
Other long-term liabilities 44 44 44
Short-term debt 131 131 131
Accounts payable 145 164 174
Other current liabilities 210 227 232
Total liabilities and equity 1568 1756 2127
Net IB debt 440 626 520
Net IB debt excl. pension debt 440 626 520
Capital invested 1615 1887 1877
Working capital 371 420 433
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1717 2204 2204
Net IB debt Adj 440 626 520
Market value of minority 16 16 16
Reversal of shares and participations -55 -75 -95
Reversal of conv. debt assumed equity 0 0 0
EV 2117 2771 2645
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 138 130,1 122,6
Capital invested turnover (%) 183,9 169,8 162,6
Capital employed turnover (%) 194,4 175,7 165,8
Inventories / sales (%) 11,3 12,3 12,9
Customer advances / sales (%) 5,3 5,4 5,6
Payables / sales (%) 4,4 5,2 5,5
Working capital / sales (%) 12,4 13,3 14
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39,8 51,5 39,1
Net debt / market cap (%) 23,6 28,4 23,6
Equity ratio (%) 52 49,7 52,2
Net IB debt adj. / equity (%) 39,8 51,5 39,1
Current ratio (%) 165,2 168 183
EBITDA / net interest (%) 1254,9 1473 1834,6
Net IB debt / EBITDA (%) 160,3 176,9 141,7
Interest cover (%) 1090,1 1218,8 1534,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 6,31 8,49 9,1
Dividend per share Adj 4 4,3 4,5
EPS Adj 7,86 9,57 10,1
BVPS 45,26 49,75 54,54
BVPS Adj 8,78 13,27 18,07
Net IB debt / share 18,3 26 21,6
Share price 77,37 91,5 91,5
Market cap. (m) 1863 2204 2204
Valuation 2018 2019 2020
P/E 11,3 10,8 10,1
EV/sales 0,79 0,93 0,86
EV/EBITDA 7,7 7,8 7,2
EV/EBITA 8,9 9,5 8,6
EV/EBIT 10 9,9 9
Dividend yield (%) 5,6 4,7 4,9
FCF yield (%) -7,4 1,5 9,5
P/BVPS 1,58 1,84 1,68
P/BVPS Adj 8,12 6,9 5,06
P/E Adj 9,1 9,6 9,1
EV/EBITDA Adj 7,4 7,5 7
EV/EBITA Adj 8,5 9 8,3
EV/EBIT Adj 9,5 9,4 8,6
EV/cap. employed 1,4 1,5 1,4
Investment ratios 2018 2019 2020
Capex / sales 2,1 1,9 1,6
Capex / depreciation 154,7 92,6 81,6
Capex tangibles / tangible fixed assets 13,2 8 7,9
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 13,4 12,6 13

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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9,2

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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0,9

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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