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Opus Group

Opus Group

SEKm 2019 2020e 2021e
Sales 2743 2923 3038
Sales growth (%) 9,9 6,5 4
EBITDA 709 801 862
EBITDA margin (%) 25,8 27,4 28,4
EBIT adj 222 346 397
EBIT adj margin (%) 8,1 11,8 13,1
Pretax profit 28 217 268
EPS rep 0,05 0,56 0,66
EPS growth (%) -46,6 1104,1 17
EPS adj 0,55 1,01 1,08
DPS 0,15 0,2 0,22
EV/EBITDA (x) 6,7 5,9 5,4
EV/EBIT adj (x) 21,3 13,7 11,8
P/E (x) 185,6 15,4 13,2
P/E adj (x) 15,6 8,5 8
EV/sales (x) 1,7 1,6 1,5
FCF yield (%) 6 3,5 6,8
Dividend yield (%) 1,7 2,3 2,5
Net IB debt/EBITDA 3,1 2,8 2,6
SEKm 2019 2020e 2021e
Sales 2743 2923 3038
COGS 0 0 0
Gross profit 2743 2923 3038
Other operating items -2035 -2121 -2176
EBITDA 709 801 862
Depreciation on tangibles -260 -237 -255
Depreciation on intangibles 0 0 0
EBITA 365 480 523
Goodwill impairment charges 0 0 0
Other impairment and amortisation -146 -134 -125
EBIT 218 346 397
Other financial items 0 0 0
Net financial items -190 -130 -130
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 28 217 268
Tax -59 -76 -94
Net profit -30 141 174
Minority interest 44 25 20
Net profit discontinued 0 0 0
Net profit to shareholders 14 166 194
EPS 0,05 0,56 0,66
EPS Adj 0,55 1,01 1,08
Total extraordinary items after tax -4 0 0
Tax rate (%) -206,6 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 25,8 27,4 28,4
EBITA margin (%) 13,3 16,4 17,2
EBIT margin (%) 8 11,8 13,1
Pretax margin (%) 1 7,4 8,8
Net margin (%) -1,1 4,8 5,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 9,9 6,5 4
EBITDA growth (%) 40,7 13,1 7,6
EBIT growth (%) 6,1 58,6 14,7
Net profit growth (%) -387,7 564,9 23,5
EPS growth (%) -46,6 1104,1 17
Profitability 2019 2020 2021
ROE (%) 1,3 14,8 15,6
ROE Adj (%) 16 26,8 25,6
ROCE (%) 6,5 9,2 10,2
ROCE Adj(%) 11 12,7 13,5
ROIC (%) -7,2 6,3 7,1
ROIC Adj (%) -7,3 6,3 7,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 713 801 862
EBITDA Adj margin (%) 26 27,4 28,4
EBITA Adj 369 480 523
EBITA Adj margin (%) 13,4 16,4 17,2
EBIT Adj 222 346 397
EBIT Adj margin (%) 8,1 11,8 13,1
Pretax profit Adj 179 351 393
Net profit Adj 120 275 299
Net profit to shareholders Adj 164 300 319
Net Adj margin (%) 4,4 9,4 9,9
SEKm 2019 2020e 2021e
Net debt / market cap (%) 133,7 89,9 88,4
Equity ratio (%) 21,7 23,2 25,3
Net IB debt adj. / equity (%) 219,4 203,3 181,1
Current ratio (%) 120,8 115,9 120,8
EBITDA / net interest (%) 373,1 618 664,8
Net IB debt / EBITDA (%) 313,4 281,4 257,3
Interest cover (%) 192 370,5 403,1
EBITDA 709 801 862
Net financial items -190 -130 -130
Paid tax -59 -76 -94
Non-cash items -42 -84 -84
Cash flow before change in WC 418 512 555
Change in WC 14 -9 -11
Operating cash flow 432 503 544
CAPEX tangible fixed assets -278 -414 -369
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 154 89 175
Dividend paid -35 -44 -58
Share issues and buybacks 0 0 0
Other non cash items -648 38 78
Decrease in net IB debt -624 -35 37
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1345 1435 1435
Indefinite intangible assets 0 0 0
Definite intangible assets 670 564 469
Tangible fixed assets 1350 1456 1545
Other fixed assets 97 97 97
Fixed assets 3743 3829 3819
Inventories 0 0 0
Receivables 429 491 529
Other current assets 0 0 0
Cash and liquid assets 497 459 491
Total assets 4670 4778 4839
Shareholders equity 1056 1179 1315
Minority -45 -70 -90
Total equity 1012 1109 1225
Long-term debt 2359 2359 2359
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 321 284 206
Short-term debt 78 78 78
Accounts payable 619 672 699
Other current liabilities 0 0 0
Total liabilities and equity 3331 3868 4670
Net IB debt 2220 2255 2218
Net IB debt excl. pension debt 2220 2255 2218
Capital invested 3553 3648 3649
Working capital -190 -181 -170
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2556 2556 2556
Net IB debt Adj 2220 2255 2218
Market value of minority -45 -70 -90
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4731 4741 4684
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 64,3 61,9 63,2
Capital invested turnover (%) 84,8 81,2 83,3
Capital employed turnover (%) 81,9 77,4 78,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 22,1 22,6
Working capital / sales (%) -6,7 -6,3 -5,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 219,4 203,3 181,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,05 0,56 0,66
Dividend per share Adj 0,1 0,2 0,2
EPS Adj 0,55 1,01 1,08
BVPS 3,64 4,06 4,53
BVPS Adj -3,3 -2,83 -2,03
Net IB debt / share 7,6 7,8 7,6
Share price 5,72 8,64 8,64
Market cap. (m) 1660 2508 2508
Valuation 2019 2020 2021
P/E 185,6 15,4 13,2
EV/sales 1,72 1,62 1,54
EV/EBITDA 6,7 5,9 5,4
EV/EBITA 13 9,9 9
EV/EBIT 21,7 13,7 11,8
Dividend yield (%) 1,7 2,3 2,5
FCF yield (%) 6 3,5 6,8
P/BVPS 2,37 2,13 1,91
P/BVPS Adj -2,62 -3,06 -4,26
P/E Adj 15,6 8,5 8
EV/EBITDA Adj 6,6 5,9 5,4
EV/EBITA Adj 12,8 9,9 9
EV/EBIT Adj 21,3 13,7 11,8
EV/cap. employed 1,3 1,2 1,2
Investment ratios 2019 2020 2021
Capex / sales 10,1 14,2 12,1
Capex / depreciation 106,9 174,8 144,4
Capex tangibles / tangible fixed assets 20,6 28,4 23,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,2 16,3 16,5

Key Figure Counter

<p><span>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.</span></p>

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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>

13,1

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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11,9

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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1,6

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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1,9