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Nordic Waterproofing

Financials

SEKm 2018 2019e 2020e
Sales 2680 3073 3145
Sales growth (%) 22,6 14,7 2,3
EBITDA 274 347 359
EBITDA margin (%) 10,2 11,3 11,4
EBIT adj 224 251 271
EBIT adj margin (%) 8,3 8,2 8,6
Pretax profit 190 214 239
EPS rep 6,31 7,12 7,92
EPS growth (%) 11,5 12,9 11,3
EPS adj 7,86 8,03 8,92
DPS 4 4,3 4,45
EV/EBITDA (x) 7,7 7,4 6,9
EV/EBIT adj (x) 9,5 10,3 9,2
P/E (x) 11,3 11,9 10,7
P/E adj (x) 9,1 10,5 9,5
EV/sales (x) 0,8 0,8 0,8
FCF yield (%) -7,4 -0,2 10
Dividend yield (%) 5,6 5,1 5,3
Net IB debt/EBITDA 1,6 1,7 1,5
SEKm 2018 2019e 2020e
Sales 2680 3073 3145
COGS -2000 -2280 -2334
Gross profit 680 793 811
Other operating items -406 -446 -452
EBITDA 274 347 359
Depreciation on tangibles -36 -84 -80
Depreciation on intangibles 0 0 0
EBITA 238 263 279
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -17 -16
EBIT 212 246 263
Other financial items 0 0 0
Net financial items -22 -32 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 190 214 239
Tax -38 -43 -48
Net profit 152 171 191
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 152 171 191
EPS 6,31 7,12 7,92
EPS Adj 7,86 8,03 8,92
Total extraordinary items after tax -11,5 -5 -8
Tax rate (%) -20,2 -20 -20
Gross margin (%) 25,4 25,8 25,8
EBITDA margin (%) 10,2 11,3 11,4
EBITA margin (%) 8,9 8,6 8,9
EBIT margin (%) 7,9 8 8,4
Pretax margin (%) 7,1 7 7,6
Net margin (%) 5,7 5,6 6,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 22,6 14,7 2,3
EBITDA growth (%) 17,9 26,6 3,4
EBIT growth (%) 9,7 16 6,8
Net profit growth (%) 10,7 12,9 11,5
EPS growth (%) 11,5 12,9 11,3
Profitability 2018 2019 2020
ROE (%) 14,5 15,2 15,8
ROE Adj (%) 18 17,2 17,8
ROCE (%) 14 13,5 12,9
ROCE Adj(%) 16,5 14,7 14,1
ROIC (%) 11,1 10,4 10,1
ROIC Adj (%) 11,7 10,6 10,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 352 367
EBITDA Adj margin (%) 10,7 11,5 11,7
EBITA Adj 250 268 287
EBITA Adj margin (%) 9,3 8,7 9,1
EBIT Adj 224 251 271
EBIT Adj margin (%) 8,3 8,2 8,6
Pretax profit Adj 228 236 263
Net profit Adj 189 193 215
Net profit to shareholders Adj 189 193 215
Net Adj margin (%) 7,1 6,3 6,8
SEKm 2018 2019e 2020e
EBITDA 274 347 359
Net financial items -22 -32 -24
Paid tax -38 -43 -48
Non-cash items 49 -23 -22
Cash flow before change in WC 263 249 265
Change in WC -78 -75 -12
Operating cash flow 185 175 254
CAPEX tangible fixed assets -35 -40 -38
CAPEX intangible fixed assets -20 -18 -13
Acquisitions and disposals -257 -120 0
Free cash flow -128 -3 203
Dividend paid -90 -96 -104
Share issues and buybacks -1 0 0
Other non cash items -11 -226 -29
Decrease in net IB debt -238 -167 71
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 879 963 963
Indefinite intangible assets 97 98 95
Definite intangible assets 0 0 0
Tangible fixed assets 268 474 459
Other fixed assets 80 102 124
Fixed assets 1324 1637 1641
Inventories 346 400 412
Receivables 323 391 404
Other current assets 29 37 37
Cash and liquid assets 106 206 277
Total assets 2127 2669 2771
Shareholders equity 1090 1165 1252
Minority 16 16 16
Total equity 1106 1181 1268
Long-term debt 416 743 743
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 75 69 69
Other long-term liabilities 44 48 48
Short-term debt 131 71 71
Accounts payable 145 169 179
Other current liabilities 210 388 392
Total liabilities and equity 1568 1756 2127
Net IB debt 440 606 535
Net IB debt excl. pension debt 440 606 535
Capital invested 1693 2081 2096
Working capital 371 446 458
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1717 2040 2040
Net IB debt Adj 440 606 535
Market value of minority 16 16 16
Reversal of shares and participations -55 -77 -99
Reversal of conv. debt assumed equity 0 0 0
EV 2117 2585 2492
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 138 128,2 115,6
Capital invested turnover (%) 176,2 162,9 150,6
Capital employed turnover (%) 177,3 168,5 154,3
Inventories / sales (%) 11,3 12,1 12,9
Customer advances / sales (%) 5,3 5,3 5,6
Payables / sales (%) 4,4 5,1 5,5
Working capital / sales (%) 12,4 13,3 14,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39,8 51,3 42,2
Net debt / market cap (%) 23,6 29,7 26,2
Equity ratio (%) 52 44,2 45,8
Net IB debt adj. / equity (%) 39,8 51,3 42,2
Current ratio (%) 165,2 164,6 176,1
EBITDA / net interest (%) 1254,9 1093,6 1495,8
Net IB debt / EBITDA (%) 160,3 174,6 149
Interest cover (%) 1090,1 829 1162,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 6,31 7,12 7,92
Dividend per share Adj 4 4,3 4,5
EPS Adj 7,86 8,03 8,92
BVPS 45,26 48,38 52
BVPS Adj 8,78 8,39 12,01
Net IB debt / share 18,3 25,2 22,2
Share price 77,37 84,7 84,7
Market cap. (m) 1863 2040 2040
Valuation 2018 2019 2020
P/E 11,3 11,9 10,7
EV/sales 0,79 0,84 0,79
EV/EBITDA 7,7 7,4 6,9
EV/EBITA 8,9 9,8 8,9
EV/EBIT 10 10,5 9,5
Dividend yield (%) 5,6 5,1 5,3
FCF yield (%) -7,4 -0,2 10
P/BVPS 1,58 1,75 1,63
P/BVPS Adj 8,12 10,1 7,05
P/E Adj 9,1 10,5 9,5
EV/EBITDA Adj 7,4 7,3 6,8
EV/EBITA Adj 8,5 9,6 8,7
EV/EBIT Adj 9,5 10,3 9,2
EV/cap. employed 1,3 1,3 1,2
Investment ratios 2018 2019 2020
Capex / sales 2,1 1,9 1,6
Capex / depreciation 154,7 69,5 62,9
Capex tangibles / tangible fixed assets 13,2 8,4 8,2
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 17,7 17,4

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.

10,7

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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9,8

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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0,8

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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1,6