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Opus Group

SEKm 2018 2019e 2020e
Sales 2497 2696 2834
Sales growth (%) 34,4 7,9 5,1
EBITDA 504 623 661
EBITDA margin (%) 20,2 23,1 23,3
EBIT adj 202 231 280
EBIT adj margin (%) 8,1 8,6 9,9
Pretax profit 50 98 170
EPS rep 0,09 0,29 0,47
EPS growth (%) -68,2 229,8 64,9
EPS adj 0,59 0,85 1,04
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 5,8 5,3
EV/EBIT adj (x) 14,9 15,7 12,4
P/E (x) 54,8 21,2 12,8
P/E adj (x) 8,1 7,2 5,9
EV/sales (x) 1,2 1,3 1,2
FCF yield (%) -36,3 6,6 9,9
Dividend yield (%) 2,5 2,5 3,3
Net IB debt/EBITDA 3,2 3 2,6
SEKm 2018 2019e 2020e
Sales 2497 2696 2834
COGS 0 0 0
Gross profit 2497 2696 2834
Other operating items -1994 -2072 -2173
EBITDA 504 623 661
Depreciation on tangibles -146 -226 -215
Depreciation on intangibles 0 0 0
EBITA 358 397 446
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -166 -166
EBIT 206 231 280
Other financial items 0 0 0
Net financial items -155 -134 -111
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 98 170
Tax -57 -47 -59
Net profit -6 50 110
Minority interest 32 35 30
Net profit discontinued 0 0 0
Net profit to shareholders 26 85 140
EPS 0,09 0,29 0,47
EPS Adj 0,59 0,85 1,04
Total extraordinary items after tax 4 0 0
Tax rate (%) -112,3 -48,4 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 23,1 23,3
EBITA margin (%) 14,3 14,7 15,7
EBIT margin (%) 8,2 8,6 9,9
Pretax margin (%) 2 3,6 6
Net margin (%) -0,2 1,9 3,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 7,9 5,1
EBITDA growth (%) 63,5 23,8 6,1
EBIT growth (%) 92,6 12,5 21,1
Net profit growth (%) -108,4 910,6 119,2
EPS growth (%) -68,2 229,8 64,9
Profitability 2018 2019 2020
ROE (%) 2,7 8,2 12,5
ROE Adj (%) 17,9 24,2 27,3
ROCE (%) 7,4 7,3 8,2
ROCE Adj(%) 12,8 12,5 13
ROIC (%) -1 3,9 5,8
ROIC Adj (%) -1 3,9 5,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 623 661
EBITDA Adj margin (%) 20 23,1 23,3
EBITA Adj 354 397 446
EBITA Adj margin (%) 14,2 14,7 15,7
EBIT Adj 202 231 280
EBIT Adj margin (%) 8,1 8,6 9,9
Pretax profit Adj 198 263 336
Net profit Adj 142 216 276
Net profit to shareholders Adj 174 251 306
Net Adj margin (%) 5,7 8 9,8
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 105,8 99,1
Equity ratio (%) 25,5 23,8 24,9
Net IB debt adj. / equity (%) 161,7 182,1 160,1
Current ratio (%) 137 140,1 155,7
EBITDA / net interest (%) 324,6 465,7 598
Net IB debt / EBITDA (%) 317 300,2 264,9
Interest cover (%) 230,5 296,7 403,6
EBITDA 504 623 661
Net financial items -155 -134 -111
Paid tax -57 -47 -59
Non-cash items 41 -8 16
Cash flow before change in WC 333 434 507
Change in WC 18 -36 -9
Operating cash flow 323 398 498
CAPEX tangible fixed assets -836 -279 -319
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 119 179
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -103 -359 -16
Decrease in net IB debt -631 -275 120
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 581 440
Tangible fixed assets 990 1332 1374
Other fixed assets 86 93 93
Fixed assets 3096 3352 3253
Inventories 0 0 0
Receivables 387 476 522
Other current assets 0 0 0
Cash and liquid assets 384 493 613
Total assets 3868 4321 4387
Shareholders equity 1001 1074 1170
Minority -14 -46 -76
Total equity 987 1028 1094
Long-term debt 1981 2288 2288
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 313 276
Short-term debt 0 77 77
Accounts payable 563 615 652
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 1871 1752
Net IB debt excl. pension debt 1596 1871 1752
Capital invested 2920 3212 3122
Working capital -176 -139 -130
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 1802 1802
Net IB debt Adj 1596 1871 1752
Market value of minority -14 -46 -76
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 3627 3477
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 65,8 65,1
Capital invested turnover (%) 97,8 87,9 89,5
Capital employed turnover (%) 90,4 84,8 82,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,9 22,4
Working capital / sales (%) -6,7 -5,8 -4,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 182,1 160,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,29 0,47
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 0,85 1,04
BVPS 3,45 3,7 4,03
BVPS Adj -3,51 -2,94 -2,12
Net IB debt / share 5,5 6,4 6
Share price 6,3 6,09 6,09
Market cap. (m) 1830 1768 1768
Valuation 2018 2019 2020
P/E 54,8 21,2 12,8
EV/sales 1,2 1,35 1,23
EV/EBITDA 5,9 5,8 5,3
EV/EBITA 8,4 9,1 7,8
EV/EBIT 14,6 15,7 12,4
Dividend yield (%) 2,5 2,5 3,3
FCF yield (%) -36,3 6,6 9,9
P/BVPS 1,39 1,65 1,51
P/BVPS Adj -1,36 -2,07 -2,88
P/E Adj 8,1 7,2 5,9
EV/EBITDA Adj 6 5,8 5,3
EV/EBITA Adj 8,5 9,1 7,8
EV/EBIT Adj 14,9 15,7 12,4
EV/cap. employed 1 1,1 1
Investment ratios 2018 2019 2020
Capex / sales 33,5 10,4 11,3
Capex / depreciation 572,8 123,4 148,5
Capex tangibles / tangible fixed assets 84,4 20,9 23,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 17 15,6

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.

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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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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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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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