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Opus Group

SEKm 2018 2019e 2020e
Sales 2497 2708 2849
Sales growth (%) 34,4 8,4 5,2
EBITDA 504 593 649
EBITDA margin (%) 20,2 21,9 22,8
EBIT adj 202 286 355
EBIT adj margin (%) 8,1 10,6 12,5
Pretax profit 50 192 260
EPS rep 0,09 0,54 0,67
EPS growth (%) -68,2 518,6 24,7
EPS adj 0,59 1,05 1,08
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBIT adj (x) 14,9 10,6 8,2
P/E (x) 54,8 9,6 7,7
P/E adj (x) 8,1 5 4,8
EV/sales (x) 1,2 1,1 1
FCF yield (%) -36,3 6,4 9,8
Dividend yield (%) 2,5 2,9 3,8
Net IB debt/EBITDA 3,2 2,6 2,2
SEKm 2018 2019e 2020e
Sales 2497 2708 2849
COGS 0 0 0
Gross profit 2497 2708 2849
Other operating items -1994 -2114 -2200
EBITDA 504 593 649
Depreciation on tangibles -146 -157 -173
Depreciation on intangibles 0 0 0
EBITA 358 436 476
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -150 -121
EBIT 206 286 355
Other financial items 0 0 0
Net financial items -155 -94 -95
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 192 260
Tax -57 -67 -91
Net profit -6 125 169
Minority interest 32 35 30
Net profit discontinued 0 0 0
Net profit to shareholders 26 160 199
EPS 0,09 0,54 0,67
EPS Adj 0,59 1,05 1,08
Total extraordinary items after tax 4 0 0
Tax rate (%) -112,3 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 21,9 22,8
EBITA margin (%) 14,3 16,1 16,7
EBIT margin (%) 8,2 10,6 12,5
Pretax margin (%) 2 7,1 9,1
Net margin (%) -0,2 4,6 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 8,4 5,2
EBITDA growth (%) 63,5 17,8 9,4
EBIT growth (%) 92,6 39,1 24,3
Net profit growth (%) -108,4 2106,9 35,6
EPS growth (%) -68,2 518,6 24,7
Profitability 2018 2019 2020
ROE (%) 2,7 15 16,5
ROE Adj (%) 17,9 29,1 26,6
ROCE (%) 9,1 11 13,5
ROCE Adj(%) 15,7 16,7 18
ROIC (%) -1 6,6 8,1
ROIC Adj (%) -1 6,6 8,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 593 649
EBITDA Adj margin (%) 20 21,9 22,8
EBITA Adj 354 436 476
EBITA Adj margin (%) 14,2 16,1 16,7
EBIT Adj 202 286 355
EBIT Adj margin (%) 8,1 10,6 12,5
Pretax profit Adj 198 342 381
Net profit Adj 142 275 290
Net profit to shareholders Adj 174 310 320
Net Adj margin (%) 5,7 10,1 10,2
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 102,5 96,5
Equity ratio (%) 25,5 27,1 29,3
Net IB debt adj. / equity (%) 161,7 143,7 121,1
Current ratio (%) 137 147,7 160
EBITDA / net interest (%) 324,6 629,5 681,5
Net IB debt / EBITDA (%) 317 260,9 224,4
Interest cover (%) 230,5 462,6 500,3
EBITDA 504 593 649
Net financial items -155 -94 -95
Paid tax -57 -67 -91
Non-cash items 41 15 16
Cash flow before change in WC 333 447 479
Change in WC 18 -37 -8
Operating cash flow 323 410 470
CAPEX tangible fixed assets -836 -312 -319
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 99 151
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -103 -15 -16
Decrease in net IB debt -631 49 91
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 545 449
Tangible fixed assets 990 1087 1171
Other fixed assets 86 86 86
Fixed assets 3096 3063 3052
Inventories 0 0 0
Receivables 387 476 524
Other current assets 0 0 0
Cash and liquid assets 384 433 524
Total assets 3868 3972 4100
Shareholders equity 1001 1126 1282
Minority -14 -49 -79
Total equity 987 1077 1202
Long-term debt 1981 1981 1981
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 299 262
Short-term debt 0 0 0
Accounts payable 563 615 655
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 1548 1456
Net IB debt excl. pension debt 1596 1548 1456
Capital invested 2834 2838 2834
Working capital -176 -139 -131
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 1538 1538
Net IB debt Adj 1596 1548 1456
Market value of minority -14 -49 -79
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 3037 2915
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 69,1 70,6
Capital invested turnover (%) 100,6 95,5 100,5
Capital employed turnover (%) 111,1 104 107,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,8 22,3
Working capital / sales (%) -6,7 -5,8 -4,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 143,7 121,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,54 0,67
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 1,05 1,08
BVPS 3,45 3,88 4,41
BVPS Adj -3,51 -2,63 -1,76
Net IB debt / share 5,5 5,3 5
Share price 6,3 5,2 5,2
Market cap. (m) 1830 1510 1510
Valuation 2018 2019 2020
P/E 54,8 9,6 7,7
EV/sales 1,2 1,12 1,02
EV/EBITDA 5,9 5,1 4,5
EV/EBITA 8,4 7 6,1
EV/EBIT 14,6 10,6 8,2
Dividend yield (%) 2,5 2,9 3,8
FCF yield (%) -36,3 6,4 9,8
P/BVPS 1,39 1,34 1,18
P/BVPS Adj -1,36 -1,98 -2,95
P/E Adj 8,1 5 4,8
EV/EBITDA Adj 6 5,1 4,5
EV/EBITA Adj 8,5 7 6,1
EV/EBIT Adj 14,9 10,6 8,2
EV/cap. employed 1,2 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 33,5 11,5 11,2
Capex / depreciation 572,8 198,2 185,2
Capex tangibles / tangible fixed assets 84,4 28,7 27,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 14,5 14,7

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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