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Nordic Waterproofing

Nordic Waterproofing

SEKm 2019 2020e 2021e
Sales 3101 3146 3230
Sales growth (%) 15,7 1,4 2,7
EBITDA 362 375 386
EBITDA margin (%) 11,7 11,9 11,9
EBIT adj 257 275 286
EBIT adj margin (%) 8,3 8,7 8,9
Pretax profit 217 238 254
EPS rep 7,2 7,89 8,42
EPS growth (%) 14,2 9,6 6,7
EPS adj 8,11 8,72 9,25
DPS 4,4 4,75 5,1
EV/EBITDA (x) 8,3 7,8 7,4
EV/EBIT adj (x) 11,7 10,7 10
P/E (x) 13,2 12 11,3
P/E adj (x) 11,7 10,9 10,2
EV/sales (x) 1 0,9 0,9
FCF yield (%) 3,4 9,6 10,1
Dividend yield (%) 4,6 5 5,4
Net IB debt/EBITDA 2,2 2 1,8
SEKm 2019 2020e 2021e
Sales 3101 3146 3230
COGS -2294 -2316 -2373
Gross profit 807 830 857
Other operating items -444 -455 -471
EBITDA 362 375 386
Depreciation on tangibles -40 -36 -36
Depreciation on intangibles 0 0 0
EBITA 273 287 298
Goodwill impairment charges 0 0 0
Other impairment and amortisation -19 -16 -16
EBIT 254 271 282
Other financial items 0 0 0
Net financial items -38 -33 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 217 238 254
Tax -44 -48 -51
Net profit 173 190 203
Minority interest 1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 173 190 203
EPS 7,2 7,89 8,42
EPS Adj 8,11 8,72 9,25
Total extraordinary items after tax -3 -4 -4
Tax rate (%) -20,3 -20 -20
Gross margin (%) 26 26,4 26,5
EBITDA margin (%) 11,7 11,9 11,9
EBITA margin (%) 8,8 9,1 9,2
EBIT margin (%) 8,2 8,6 8,7
Pretax margin (%) 7 7,6 7,9
Net margin (%) 5,6 6,1 6,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15,7 1,4 2,7
EBITDA growth (%) 32,2 3,5 2,9
EBIT growth (%) 19,9 6,5 4
Net profit growth (%) 13,6 10,3 6,6
EPS growth (%) 14,2 9,6 6,7
Profitability 2019 2020 2021
ROE (%) 15,5 15,9 15,8
ROE Adj (%) 17,4 17,6 17,4
ROCE (%) 13 12 12
ROCE Adj(%) 14,2 12,9 12,9
ROIC (%) 10,9 10,5 10,8
ROIC Adj (%) 11 10,7 10,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 365 379 390
EBITDA Adj margin (%) 11,8 12 12,1
EBITA Adj 276 291 302
EBITA Adj margin (%) 8,9 9,3 9,3
EBIT Adj 257 275 286
EBIT Adj margin (%) 8,3 8,7 8,9
Pretax profit Adj 239 258 274
Net profit Adj 195 210 223
Net profit to shareholders Adj 195 210 223
Net Adj margin (%) 6,3 6,7 6,9
SEKm 2019 2020e 2021e
EBITDA 362 375 386
Net financial items -38 -33 -28
Paid tax -44 -48 -51
Non-cash items -26 -25 -25
Cash flow before change in WC 255 269 282
Change in WC -22 -1 -3
Operating cash flow 233 269 279
CAPEX tangible fixed assets -53 -41 -42
CAPEX intangible fixed assets -12 -9 -6
Acquisitions and disposals -90 0 0
Free cash flow 78 218 230
Dividend paid -96 -106 -114
Share issues and buybacks -15 0 0
Other non cash items -237 0 0
Decrease in net IB debt -320 57 61
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 969 969 969
Indefinite intangible assets 90 84 74
Definite intangible assets 0 0 0
Tangible fixed assets 371 376 382
Other fixed assets 105 130 155
Fixed assets 1678 1704 1729
Inventories 406 409 413
Receivables 500 506 517
Other current assets 8 8 8
Cash and liquid assets 247 304 365
Total assets 2839 2931 3032
Shareholders equity 1152 1236 1324
Minority 15 15 16
Total equity 1167 1251 1340
Long-term debt 835 835 835
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 69 69 69
Other long-term liabilities 6 6 6
Short-term debt 71 71 71
Accounts payable 161 167 174
Other current liabilities 389 392 397
Total liabilities and equity 1756 2127 2839
Net IB debt 797 740 679
Net IB debt excl. pension debt 797 740 679
Capital invested 2049 2076 2105
Working capital 373 374 377
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2281 2281 2281
Net IB debt Adj 799 742 681
Market value of minority 15 15 15
Reversal of shares and participations -80 -105 -130
Reversal of conv. debt assumed equity 0 0 0
EV 3015 2933 2847
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 124,9 109 108,3
Capital invested turnover (%) 166,6 152,5 154,5
Capital employed turnover (%) 158,9 139,5 137,9
Inventories / sales (%) 12,1 13 12,7
Customer advances / sales (%) 9,2 11,8 11,7
Payables / sales (%) 4,9 5,2 5,3
Working capital / sales (%) 11,7 11,9 11,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 68,3 59,1 50,7
Net debt / market cap (%) 39,3 32,4 29,8
Equity ratio (%) 41,1 42,7 44,2
Net IB debt adj. / equity (%) 68,5 59,3 50,9
Current ratio (%) 186,9 195 203,1
EBITDA / net interest (%) 956,5 1136,5 1378,1
Net IB debt / EBITDA (%) 220 197,3 176,1
Interest cover (%) 721,6 869,9 1063,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 7,2 7,89 8,42
Dividend per share Adj 4,4 4,8 5,1
EPS Adj 8,11 8,72 9,25
BVPS 47,84 51,33 54,99
BVPS Adj 7,6 11,09 14,76
Net IB debt / share 33,1 30,7 28,2
Share price 84,31 94,7 94,7
Market cap. (m) 2030 2281 2281
Valuation 2019 2020 2021
P/E 13,2 12 11,3
EV/sales 0,97 0,93 0,88
EV/EBITDA 8,3 7,8 7,4
EV/EBITA 11 10,2 9,6
EV/EBIT 11,9 10,8 10,1
Dividend yield (%) 4,6 5 5,4
FCF yield (%) 3,4 9,6 10,1
P/BVPS 1,98 1,85 1,72
P/BVPS Adj 12,46 8,54 6,42
P/E Adj 11,7 10,9 10,2
EV/EBITDA Adj 8,3 7,7 7,3
EV/EBITA Adj 10,9 10,1 9,4
EV/EBIT Adj 11,7 10,7 10
EV/cap. employed 1,4 1,3 1,2
Investment ratios 2019 2020 2021
Capex / sales 2,1 1,6 1,5
Capex / depreciation 162,8 139,8 134,6
Capex tangibles / tangible fixed assets 14,2 10,9 11
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 10,8 9,6 9,4

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>

11,2

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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10,5

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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0,9

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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1,7