Protecting and waterproofing roofs

Nordic Waterproofing

Nordic Waterproofing is a market-leading supplier of products used to protect and waterproof roofs. It was founded in 2011 as a merger of Trelleborg’s and Lemminkäinen’s waterproofing operations and was listed on OMXS Mid Cap in June 2016. The market is highly consolidated in terms of suppliers, while the customer base is fragmented. The company both supplies (through its Products & Solutions division) and installs (through its Installation Services division) waterproofing products using the materials bitumen and EPDM, but also PVC. Recent acquisitions have also been into prefabricated façade elements and green roofing products.

Financials

NORDIC WATERPROOFING

SEKm 2018 2019 2020
Sales 2680 2890 2981
Sales growth (%) 22,6 7,9 3,2
EBITDA 274 325 331
EBITDA margin (%) 9,5 10,6 10,4
EBIT adj 224 292 299
EBIT adj margin (%) 7,6 9,4 9,4
Pretax profit 190 262 271
EPS rep 6,31 8,67 8,96
EPS growth (%) 11,5 37,6 3,3
EPS adj 7,86 9,67 9,95
DPS 4 4,3 4,45
EV/EBITDA (x) 8,3 7,7 7,2
EV/EBIT adj (x) 10,3 8,6 8,1
P/E (x) 11,3 9,6 9,3
P/E adj (x) 9,1 8,6 8,4
EV/sales (x) 0,8 0,8 0,8
FCF yield (%) -7,4 7,9 9,7
Dividend yield (%) 5,6 5,2 5,3
Net IB debt/EBITDA 1,6 1,2 0,9

Main shareholders

Nordic Waterproofing

Main shareholders Share capital % Voting shares % Verified
Mawer Investment Management 11.3 % 11.3 % 31 Dec 2018
Svolder 10.4 % 10.4 % 31 Jan 2019
Swedbank Robur Fonder 9.1 % 9.1 % 31 Jan 2019
Carnegie Fonder 8.3 % 8.3 % 31 Jan 2019
Länsförsäkringar Fonder 5.1 % 5.1 % 31 Jan 2019
Catella Fonder 4.9 % 4.9 % 7 Feb 2019
Handelsbanken Fonder 3.2 % 3.2 % 31 Jan 2019
Tredje AP-fonden 2.7 % 2.7 % 31 Jan 2019
Traction 2.5 % 2.5 % 31 Jan 2019
AMF Försäkring & Fonder 2.4 % 2.4 % 31 Jan 2019
Source: Holdings by Modular Finance AB