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Össur

Össur

USDm 2020 2021e 2022e
Sales 630 743 798
Sales growth (%) -8,3 18,1 7,4
EBITDA 92 167 182
EBITDA margin (%) 14,6 22,4 22,9
EBIT adj 34 122 138
EBIT adj margin (%) 5,3 16,4 17,3
Pretax profit 16 113 132
EPS rep 0,02 0,21 0,24
EPS growth (%) -85,5 779,8 16,8
EPS adj 0,03 0,21 0,24
DPS 0,03 0 0,04
EV/EBITDA (x) 40,6 20,4 18,3
EV/EBIT adj (x) 111,4 27,9 24,1
P/E (x) 341,6 35,6 30,5
P/E adj (x) 278,5 35,6 30,5
EV/sales (x) 5,9 4,6 4,2
FCF yield (%) 2,1 2,9 4,1
Dividend yield (%) 0,3 0 0,5
Net IB debt/EBITDA 4 2 1,4
Lease adj. FCF yield (%) 2,1 2,9 4,1
Lease adj. ND/EBITDA 2,8 1,3 0,8
USDm 2020 2021e 2022e
Sales 630 743 798
COGS -238 -269 -287
Gross profit 391 474 511
Other operating items -299 -308 -328
EBITDA 92 167 182
Depreciation on tangibles -18 -18 -18
Depreciation on intangibles -23 -9 -9
EBITA 33 122 138
Goodwill impairment charges -5 0 0
Other impairment and amortisation 1 0 0
EBIT 28 122 138
Other financial items 1 0 0
Net financial items -14 -10 -7
Associated income 0 1 1
Other EO items 1 0 0
Pretax profit 16 113 132
Tax -5 -26 -30
Net profit 11 87 102
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 87 102
EPS 0,02 0,21 0,24
EPS Adj 0,03 0,21 0,24
Total extraordinary items after tax 2 0 0
Tax rate (%) -30,5 -23 -23
Gross margin (%) 62,1 63,8 64
EBITDA margin (%) 14,6 22,4 22,9
EBITA margin (%) 5,2 16,4 17,3
EBIT margin (%) 4,5 16,4 17,3
Pretax margin (%) 2,5 15,1 16,4
Net margin (%) 1,7 11,6 12,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -8,3 18,1 7,4
EBITDA growth (%) -34,9 81,1 9,4
EBIT growth (%) -71,1 331,6 12,9
Net profit growth (%) -84,1 697,4 16,6
EPS growth (%) -85,5 779,8 16,8
Profitability 2020 2021 2022
ROE (%) 1,9 14,3 15,1
ROE Adj (%) 2,3 14,3 15,1
ROCE (%) 3,2 11,5 12,2
ROCE Adj(%) 3,5 11,5 12,2
ROIC (%) 2,1 9,5 10,5
ROIC Adj (%) 2,5 9,5 10,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 92 167 182
EBITDA Adj margin (%) 14,6 22,4 22,9
EBITA Adj 33 122 138
EBITA Adj margin (%) 5,2 16,4 17,3
EBIT Adj 34 122 138
EBIT Adj margin (%) 5,3 16,4 17,3
Pretax profit Adj 19 113 132
Net profit Adj 13 87 102
Net profit to shareholders Adj 13 87 102
Net Adj margin (%) 2,1 11,6 12,6
Depreciation and amortisation -59 -45 -45
Of which leasing depreciation -18 -18 -18
EO items 0 0 0
Impairment and PPA amortisation -4 0 0
EBITDA lease Adj 92 167 182
EBITDA lease Adj margin (%) 14,6 22,4 22,9
Leasing payments 0 0 0
USDm 2020 2021e 2022e
EBITDA 92 167 182
Net financial items -14 -10 -7
Paid tax -17 0 0
Non-cash items 0 0 0
Cash flow before change in WC 61 157 175
Change in WC 31 -37 -15
Operating cash flow 92 120 160
CAPEX tangible fixed assets -24 -30 -32
CAPEX intangible fixed assets 2 0 0
Acquisitions and disposals 0 0 0
Free cash flow 70 90 128
Dividend paid -9 -11 0
Share issues and buybacks -17 -15 -29
Other non cash items -129 -25 -30
Decrease in net IB debt -79 41 50
Balance Sheet (USDm) 2020 2021 2022
Goodwill 612 612 612
Indefinite intangible assets 1 0 0
Definite intangible assets 60 51 43
Tangible fixed assets 58 70 84
Other fixed assets 45 46 47
Fixed assets 889 874 863
Inventories 93 113 121
Receivables 98 119 128
Other current assets 33 33 33
Cash and liquid assets 102 142 210
Total assets 1215 1280 1354
Shareholders equity 577 638 711
Minority 0 0 0
Total equity 577 638 711
Long-term debt 340 340 340
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 26 26 26
Other long-term liabilities 16 16 16
Short-term debt 18 18 18
Accounts payable 20 24 25
Other current liabilities 110 110 110
Total liabilities and equity 1215 1280 1354
Net IB debt 364 325 256
Net IB debt excl. pension debt 364 325 256
Capital invested 983 1005 1009
Working capital 94 131 146
EV breakdown 2020 2021 2022
Market cap. diluted (m) 3389 3099 3091
Net IB debt Adj 365 325 256
Market value of minority 0 0 0
Reversal of shares and participations -17 -18 -19
Reversal of conv. debt assumed equity 0 0 0
EV 3737 3405 3328
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 54,6 59,6 60,6
Capital invested turnover (%) 66,9 73,1 76,9
Capital employed turnover (%) 64,3 67,6 68,3
Inventories / sales (%) 16,3 14 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 3,7 3 3,1
Working capital / sales (%) 16,6 15,2 17,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 63,1 50,9 36,1
Net debt / market cap (%) 12,2 10,5 8,3
Equity ratio (%) 47,5 49,9 52,5
Net IB debt adj. / equity (%) 63,3 50,9 36,1
Current ratio (%) 220,1 267,1 319,9
EBITDA / net interest (%) 631,4 1665,9 2604,6
Net IB debt / EBITDA (%) 395,9 195,1 140,6
Interest cover (%) 215,4 1220,9 1968,9
Lease liability amortisation 2 0 0
Other intangible assets 61 51 43
Right-of-use asset 113 95 77
Total other fixed assets 45 46 47
Leasing liability 109 109 109
Total other long-term liabilities 42 42 42
Net IB debt excl. leasing 256 216 147
Net IB debt / EBITDA lease Adj (%) 278,5 129,7 80,8
USDm 2020 2021e 2022e
Shares outstanding adj. 423 422 421
Fully diluted shares Adj 423 422 421
EPS 0,02 0,21 0,24
Dividend per share Adj 0 0 0
EPS Adj 0,03 0,21 0,24
BVPS 1,36 1,51 1,69
BVPS Adj -0,22 -0,06 0,13
Net IB debt / share 0,9 0,8 0,6
Share price 7,03 7,34 7,34
Market cap. (m) 2974 3099 3091
Valuation 2020 2021 2022
P/E 341,6 35,6 30,5
EV/sales 5,94 4,58 4,17
EV/EBITDA 40,6 20,4 18,3
EV/EBITA 114,9 27,9 24,1
EV/EBIT 132,1 27,9 24,1
Dividend yield (%) 0,3 0 0,5
FCF yield (%) 2,1 2,9 4,1
P/BVPS 5,87 4,86 4,35
P/BVPS Adj -35,86 -123,72 55,24
P/E Adj 278,5 35,6 30,5
EV/EBITDA Adj 40,6 20,4 18,3
EV/EBITA Adj 114,9 27,9 24,1
EV/EBIT Adj 111,4 27,9 24,1
EV/cap. employed 3,6 3,1 2,8
Investment ratios 2020 2021 2022
Capex / sales 3,5 4 4
Capex / depreciation 53,5 112,2 120,4
Capex tangibles / tangible fixed assets 40,9 42,3 37,9
Capex intangibles / definite intangibles -3,4 0 0
Depreciation on intangibles / definite intangibles 38,1 16,7 20
Depreciation on tangibles / tangibles 31,3 25,6 21,4
Lease adj. FCF yield (%) 2,1 2,9 4,1

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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24,2

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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4,2

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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