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Nordic Waterproofing

Nordic Waterproofing

SEKm 2019 2020e 2021e
Sales 3122 3261 3215
Sales growth (%) 16,5 4,5 -1,4
EBITDA 370 438 414
EBITDA margin (%) 11,9 13,4 12,9
EBIT adj 265 326 302
EBIT adj margin (%) 8,5 10 9,4
Pretax profit 233 293 270
EPS rep 8,22 9,81 8,96
EPS growth (%) 30,3 19,4 -8,6
EPS adj 9,22 10,64 9,79
DPS 4,5 4,75 5,1
EV/EBITDA (x) 7,8 7,5 7,6
EV/EBIT adj (x) 10,9 10,1 10,5
P/E (x) 11,7 12 13,1
P/E adj (x) 10,4 11 12
EV/sales (x) 0,9 1 1
FCF yield (%) 7,1 8,9 8,9
Dividend yield (%) 4,7 4 4,3
Net IB debt/EBITDA 1,8 1,3 1,1
SEKm 2019 2020e 2021e
Sales 3122 3261 3215
COGS -2308 -2359 -2346
Gross profit 813 902 869
Other operating items -443 -464 -454
EBITDA 370 438 414
Depreciation on tangibles -43 -48 -48
Depreciation on intangibles 0 0 0
EBITA 279 342 314
Goodwill impairment charges 0 0 0
Other impairment and amortisation -19 -18 -16
EBIT 260 324 298
Other financial items 0 0 0
Net financial items -28 -30 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 233 293 270
Tax -37 -59 -54
Net profit 196 234 216
Minority interest 2 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 198 236 216
EPS 8,22 9,81 8,96
EPS Adj 9,22 10,64 9,79
Total extraordinary items after tax -5 -2 -4
Tax rate (%) -15,8 -20,1 -20
Gross margin (%) 26,1 27,7 27
EBITDA margin (%) 11,9 13,4 12,9
EBITA margin (%) 8,9 10,5 9,8
EBIT margin (%) 8,3 9,9 9,3
Pretax margin (%) 7,5 9 8,4
Net margin (%) 6,3 7,2 6,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,5 4,5 -1,4
EBITDA growth (%) 35 18,2 -5,3
EBIT growth (%) 22,7 24,3 -7,8
Net profit growth (%) 28,9 19,7 -7,8
EPS growth (%) 30,3 19,4 -8,6
Profitability 2019 2020 2021
ROE (%) 17,3 18,8 15,7
ROE Adj (%) 19,4 20,4 17,2
ROCE (%) 13,9 15,2 13,3
ROCE Adj(%) 15,2 16,2 14,2
ROIC (%) 12,1 13,1 11,9
ROIC Adj (%) 12,3 13,2 12,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 375 440 418
EBITDA Adj margin (%) 12 13,5 13
EBITA Adj 284 344 318
EBITA Adj margin (%) 9,1 10,5 9,9
EBIT Adj 265 326 302
EBIT Adj margin (%) 8,5 10 9,4
Pretax profit Adj 257 313 290
Net profit Adj 220 254 236
Net profit to shareholders Adj 222 256 236
Net Adj margin (%) 7 7,8 7,3
SEKm 2019 2020e 2021e
EBITDA 370 438 414
Net financial items -28 -30 -28
Paid tax -37 -59 -54
Non-cash items 20 -27 -27
Cash flow before change in WC 326 322 305
Change in WC -19 -13 1
Operating cash flow 312 308 307
CAPEX tangible fixed assets -44 -42 -42
CAPEX intangible fixed assets -20 -13 -13
Acquisitions and disposals -84 0 0
Free cash flow 165 253 252
Dividend paid -96 -108 -114
Share issues and buybacks -15 0 0
Other non cash items -175 0 0
Decrease in net IB debt -176 94 88
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 952 952 952
Indefinite intangible assets 133 128 125
Definite intangible assets 0 0 0
Tangible fixed assets 273 267 261
Other fixed assets 125 151 178
Fixed assets 1598 1616 1632
Inventories 383 408 412
Receivables 357 384 383
Other current assets 2 2 2
Cash and liquid assets 197 292 379
Total assets 2536 2701 2807
Shareholders equity 1196 1323 1425
Minority 14 12 13
Total equity 1210 1336 1438
Long-term debt 695 695 695
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 91 91 91
Other long-term liabilities 6 6 6
Short-term debt 44 44 44
Accounts payable 150 189 193
Other current liabilities 229 229 229
Total liabilities and equity 2536 2701 2807
Net IB debt 653 559 471
Net IB debt excl. pension debt 653 559 471
Capital invested 1960 1991 2006
Working capital 362 375 374
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2317 2832 2832
Net IB debt Adj 653 559 471
Market value of minority 14 12 13
Reversal of shares and participations -102 -129 -156
Reversal of conv. debt assumed equity 0 0 0
EV 2882 3274 3160
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 133,9 124,5 116,7
Capital invested turnover (%) 172,3 165 160,9
Capital employed turnover (%) 166,5 153,6 143,7
Inventories / sales (%) 11,7 12,1 12,7
Customer advances / sales (%) 6,8 6,9 6,9
Payables / sales (%) 4,7 5,2 5,9
Working capital / sales (%) 11,3 11,3 11,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 54 41,8 32,8
Net debt / market cap (%) 32,2 19,7 16,6
Equity ratio (%) 47,7 49,5 51,2
Net IB debt adj. / equity (%) 54 41,8 32,8
Current ratio (%) 221,4 234,6 252
EBITDA / net interest (%) 1337,3 1448,9 1479,9
Net IB debt / EBITDA (%) 176,4 127,7 113,7
Interest cover (%) 1008,6 1131 1122,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 8,22 9,81 8,96
Dividend per share Adj 4,5 4,8 5,1
EPS Adj 9,22 10,64 9,79
BVPS 49,64 54,95 59,17
BVPS Adj 10,11 15,42 19,64
Net IB debt / share 27,1 23,2 19,6
Share price 84,31 117,6 117,6
Market cap. (m) 2030 2832 2832
Valuation 2019 2020 2021
P/E 11,7 12 13,1
EV/sales 0,92 1 0,98
EV/EBITDA 7,8 7,5 7,6
EV/EBITA 10,3 9,6 10,1
EV/EBIT 11,1 10,1 10,6
Dividend yield (%) 4,7 4 4,3
FCF yield (%) 7,1 8,9 8,9
P/BVPS 1,94 2,14 1,99
P/BVPS Adj 9,51 7,62 5,99
P/E Adj 10,4 11 12
EV/EBITDA Adj 7,7 7,4 7,6
EV/EBITA Adj 10,1 9,5 9,9
EV/EBIT Adj 10,9 10,1 10,5
EV/cap. employed 1,4 1,5 1,4
Investment ratios 2019 2020 2021
Capex / sales 2 1,7 1,7
Capex / depreciation 147,4 115,5 113,9
Capex tangibles / tangible fixed assets 16,1 15,9 16
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 15,8 18 18,4

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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<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>

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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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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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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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