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Nordic Waterproofing

SEKm 2018 2019e 2020e
Sales 2680 3005 3103
Sales growth (%) 22,6 12,1 3,3
EBITDA 274 376 383
EBITDA margin (%) 10,2 12,5 12,3
EBIT adj 224 289 299
EBIT adj margin (%) 8,3 9,6 9,6
Pretax profit 190 252 266
EPS rep 6,31 8,36 8,82
EPS growth (%) 11,5 32,6 5,5
EPS adj 7,86 9,44 9,99
DPS 4 4,3 4,45
EV/EBITDA (x) 7,7 6,7 6,2
EV/EBIT adj (x) 9,5 8,7 8
P/E (x) 11,3 9,9 9,4
P/E adj (x) 9,1 8,8 8,3
EV/sales (x) 0,8 0,8 0,8
FCF yield (%) -7,4 1,7 11,2
Dividend yield (%) 5,6 5,2 5,4
Net IB debt/EBITDA 1,6 1,5 1,2
SEKm 2018 2019e 2020e
Sales 2680 3005 3103
COGS -2000 -2189 -2273
Gross profit 680 815 829
Other operating items -406 -439 -446
EBITDA 274 376 383
Depreciation on tangibles -36 -81 -80
Depreciation on intangibles 0 0 0
EBITA 238 295 303
Goodwill impairment charges 0 0 0
Other impairment and amortisation -26 -16 -16
EBIT 212 279 287
Other financial items 0 0 0
Net financial items -22 -27 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 190 252 266
Tax -38 -50 -53
Net profit 152 202 213
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 152 201 213
EPS 6,31 8,36 8,82
EPS Adj 7,86 9,44 9,99
Total extraordinary items after tax -11,5 -10 -12
Tax rate (%) -20,2 -20 -20
Gross margin (%) 25,4 27,1 26,7
EBITDA margin (%) 10,2 12,5 12,3
EBITA margin (%) 8,9 9,8 9,8
EBIT margin (%) 7,9 9,3 9,3
Pretax margin (%) 7,1 8,4 8,6
Net margin (%) 5,7 6,7 6,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 22,6 12,1 3,3
EBITDA growth (%) 17,9 37,2 1,9
EBIT growth (%) 9,7 31,5 2,9
Net profit growth (%) 10,7 32,7 5,6
EPS growth (%) 11,5 32,6 5,5
Profitability 2018 2019 2020
ROE (%) 14,5 17,6 17
ROE Adj (%) 18 19,9 19,2
ROCE (%) 14 15,2 13,8
ROCE Adj(%) 16,5 16,6 15,2
ROIC (%) 11,1 11,9 11
ROIC Adj (%) 11,7 12,3 11,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 286 386 395
EBITDA Adj margin (%) 10,7 12,8 12,7
EBITA Adj 250 305 315
EBITA Adj margin (%) 9,3 10,2 10,2
EBIT Adj 224 289 299
EBIT Adj margin (%) 8,3 9,6 9,6
Pretax profit Adj 228 278 294
Net profit Adj 189 228 241
Net profit to shareholders Adj 189 227 241
Net Adj margin (%) 7,1 7,6 7,8
SEKm 2018 2019e 2020e
EBITDA 274 376 383
Net financial items -22 -27 -21
Paid tax -38 -50 -53
Non-cash items 49 -22 -21
Cash flow before change in WC 263 277 288
Change in WC -78 -67 -15
Operating cash flow 185 210 274
CAPEX tangible fixed assets -35 -39 -37
CAPEX intangible fixed assets -20 -18 -12
Acquisitions and disposals -257 -120 0
Free cash flow -128 33 224
Dividend paid -90 -96 -104
Share issues and buybacks -1 0 0
Other non cash items -19 -67 -29
Decrease in net IB debt -238 -130 92
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 879 963 963
Indefinite intangible assets 97 99 95
Definite intangible assets 0 0 0
Tangible fixed assets 268 476 461
Other fixed assets 80 101 122
Fixed assets 1324 1638 1641
Inventories 346 391 406
Receivables 323 384 400
Other current assets 29 37 37
Cash and liquid assets 106 242 334
Total assets 2127 2691 2818
Shareholders equity 1090 1195 1304
Minority 16 16 16
Total equity 1106 1211 1320
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 145 165 177
Other current liabilities 210 384 389
Total liabilities and equity 1568 1756 2127
Net IB debt 440 570 478
Net IB debt excl. pension debt 440 570 478
Capital invested 1693 2074 2091
Working capital 371 438 453
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1717 1994 1994
Net IB debt Adj 440 570 478
Market value of minority 16 16 16
Reversal of shares and participations -55 -76 -97
Reversal of conv. debt assumed equity 0 0 0
EV 2117 2504 2391
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 138 124,7 112,6
Capital invested turnover (%) 176,2 159,5 149
Capital employed turnover (%) 177,3 163,4 149,2
Inventories / sales (%) 11,3 12,3 12,8
Customer advances / sales (%) 5,3 5,4 5,6
Payables / sales (%) 4,4 5,2 5,5
Working capital / sales (%) 12,4 13,5 14,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39,8 47 36,2
Net debt / market cap (%) 23,6 28,6 24
Equity ratio (%) 52 45 46,9
Net IB debt adj. / equity (%) 39,8 47 36,2
Current ratio (%) 165,2 169,9 184,9
EBITDA / net interest (%) 1254,9 1387,7 1824,5
Net IB debt / EBITDA (%) 160,3 151,5 124,8
Interest cover (%) 1090,1 1088,8 1443,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 6,31 8,36 8,82
Dividend per share Adj 4 4,3 4,5
EPS Adj 7,86 9,44 9,99
BVPS 45,26 49,62 54,15
BVPS Adj 8,78 9,64 14,16
Net IB debt / share 18,3 23,7 19,8
Share price 77,37 82,8 82,8
Market cap. (m) 1863 1994 1994
Valuation 2018 2019 2020
P/E 11,3 9,9 9,4
EV/sales 0,79 0,83 0,77
EV/EBITDA 7,7 6,7 6,2
EV/EBITA 8,9 8,5 7,9
EV/EBIT 10 9 8,3
Dividend yield (%) 5,6 5,2 5,4
FCF yield (%) -7,4 1,7 11,2
P/BVPS 1,58 1,67 1,53
P/BVPS Adj 8,12 8,59 5,85
P/E Adj 9,1 8,8 8,3
EV/EBITDA Adj 7,4 6,5 6,1
EV/EBITA Adj 8,5 8,2 7,6
EV/EBIT Adj 9,5 8,7 8
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 2,1 1,9 1,6
Capex / depreciation 154,7 70,5 62,1
Capex tangibles / tangible fixed assets 13,2 8,2 8,1
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 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.

9,4

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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8,6

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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1,5