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Ovzon

SEKm 2018 2019e 2020e
Sales 210 266 449
Sales growth (%) 3,7 26,7 68,6
EBITDA -12 24 77
EBITDA margin (%) -5,8 9,1 17,2
EBIT adj margin (%) 4,1 3,7 9,7
Pretax profit -24 -38 -31
EPS rep -3,6 -1,12 -0,94
EPS growth (%) -396,7 68,8 16,6
EPS adj 0,09 -1,12 -0,94
DPS 0 0 0
EV/EBITDA (x) -21 44,4 18,8
EV/EBIT adj (x) 29,3 110,4 33,2
P/E (x) -11,6 -42,6 -51,1
P/E adj (x) 485,3 -42,6 -51,1
EV/sales (x) 1,2 4 3,2
FCF yield (%) -8,7 -14,4 -25,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,4 -22,1 -2,1
EBIT adj 9 10 44
SEKm 2018 2019e 2020e
Gross profit 93 120 201
Other operating items -105 -95 -124
EBITDA -12 24 77
Depreciation on tangibles 0 -4 -14
Depreciation on intangibles -5 -10 -20
EBITA -17 10 44
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -17 10 44
Other financial items 0 0 0
Net financial items -7 -48 -75
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -24 -38 -31
Tax -1 0 0
Net profit -25 -38 -31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -25 -38 -31
EPS -3,6 -1,12 -0,94
EPS Adj 0,09 -1,12 -0,94
Total extraordinary items after tax -26,1 0 0
Tax rate (%) 4,1 0 0
Gross margin (%) 44,2 45 44,8
EBITDA margin (%) -5,8 9,1 17,2
EBITA margin (%) -8,3 3,7 9,7
EBIT margin (%) -8,3 3,7 9,7
Pretax margin (%) -11,6 -14,2 -7
Net margin (%) -12,1 -14,2 -7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 3,7 26,7 68,6
EBITDA growth (%) -141,7 299 218
EBIT growth (%) -172,3 156,2 346,6
Net profit growth (%) -519,3 -48,3 16,6
EPS growth (%) -396,7 68,8 16,6
Profitability 2018 2019 2020
ROE (%) 107 -9,4 -4,4
ROE Adj (%) -2,6 -9,4 -4,4
ROCE (%) -117,8 8,5 11,9
ROCE Adj(%) 59,1 8,5 11,9
ROIC (%) -123,1 8,5 11,9
ROIC Adj (%) 61,8 8,5 11,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 14 24 77
EBITDA Adj margin (%) 6,6 9,1 17,2
EBITA Adj 9 10 44
EBITA Adj margin (%) 4,1 3,7 9,7
EBIT Adj 9 10 44
EBIT Adj margin (%) 4,1 3,7 9,7
Pretax profit Adj 2 -38 -31
Net profit Adj 1 -38 -31
Net profit to shareholders Adj 1 -38 -31
Net Adj margin (%) 0,3 -14,2 -7
Sales 210 266 449
COGS -117 -146 -248
SEKm 2018 2019e 2020e
EBITDA -12 24 77
Net financial items -7 -48 -75
Paid tax -1 0 0
Non-cash items 29 -30 -38
Cash flow before change in WC 9 -54 -36
Change in WC -28 30 38
Operating cash flow -19 -23 2
CAPEX tangible fixed assets -2 -102 -202
CAPEX intangible fixed assets -5 -107 -208
Acquisitions and disposals 0 0 0
Free cash flow -26 -232 -408
Dividend paid 0 0 0
Share issues and buybacks 223 695 0
Other non cash items -38 30 38
Decrease in net IB debt 159 493 -370
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 7 103 291
Definite intangible assets 0 0 0
Tangible fixed assets 38 136 324
Other fixed assets 1 1 1
Fixed assets 46 240 616
Inventories 0 0 0
Receivables 8 16 27
Other current assets 0 0 0
Cash and liquid assets 77 1306 936
Total assets 131 1562 1580
Shareholders equity 73 730 699
Minority 0 0 0
Total equity 73 730 699
Long-term debt 0 750 750
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 37 23 23
Accounts payable 21 59 108
Other current liabilities 0 0 0
Total liabilities and equity 69 95 131
Net IB debt -41 -534 -164
Net IB debt excl. pension debt -41 -534 -164
Capital invested 32 196 534
Working capital -12 -43 -81
EV breakdown 2018 2019 2020
Market cap. diluted (m) 295 1609 1609
Net IB debt Adj -40 -533 -163
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 255 1076 1445
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,6 31,4 28,6
Capital invested turnover (%) 1430,7 233,1 122,8
Capital employed turnover (%) 1425,4 233,1 122,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 14,9 18,5
Working capital / sales (%) -12,5 -10,3 -13,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -55,9 -73,2 -23,5
Net debt / market cap (%) -13,3 -33,2 -10,2
Equity ratio (%) 55,6 46,8 44,2
Net IB debt adj. / equity (%) -54,4 -73 -23,4
Current ratio (%) 147,1 1619,3 736,5
EBITDA / net interest (%) -171,3 51 102,6
Net IB debt / EBITDA (%) 335,1 -2206,4 -213,4
Interest cover (%) -244,3 20,5 58
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 34 34
Fully diluted shares Adj 7 34 34
EPS -3,6 -1,12 -0,94
Dividend per share Adj 0 0 0
EPS Adj 0,09 -1,12 -0,94
BVPS 10,33 21,74 20,8
BVPS Adj 10,33 21,74 20,8
Net IB debt / share -5,8 -15,9 -4,9
Share price 43,33 47,9 47,9
Market cap. (m) 306 1609 1609
Valuation 2018 2019 2020
P/E -11,6 -42,6 -51,1
EV/sales 1,22 4,04 3,22
EV/EBITDA -21 44,4 18,8
EV/EBITA -14,7 110,4 33,2
EV/EBIT -14,7 110,4 33,2
Dividend yield (%) 0 0 0
FCF yield (%) -8,7 -14,4 -25,4
P/BVPS 4,04 2,2 2,3
P/BVPS Adj 4,04 2,2 2,3
P/E Adj 485,3 -42,6 -51,1
EV/EBITDA Adj 18,4 44,4 18,8
EV/EBITA Adj 29,3 110,4 33,2
EV/EBIT Adj 29,3 110,4 33,2
EV/cap. employed 7,9 5,5 2,7
Investment ratios 2018 2019 2020
Capex / sales 3,1 78,4 91,4
Capex / depreciation 125,4 1441,2 1225,4
Capex tangibles / tangible fixed assets 4,7 75 62,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0,8 3 4,3

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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33,3

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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3,3

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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