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Penneo

Penneo

DKKm 2020 2021e 2022e
Sales 36 54 82
Sales growth (%) 28,8 52,5 51,5
EBITDA -13 -18 -19
EBITDA margin (%) -37 -34,1 -23
EBIT adj -16 -24 -25
EBIT adj margin (%) -45,7 -44 -30,7
Pretax profit -17 -25 -27
EPS rep -0,43 -0,69 -0,81
EPS growth (%) -382,3 -60,4 -17
EPS adj -0,33 -0,52 -0,6
DPS 0 0 0
EV/EBITDA (x) -101,3 -36,8 -37,5
EV/EBIT adj (x) -81,9 -28,5 -28
P/E (x) -104,8 -32,3 -27,6
P/E adj (x) -136,8 -43,4 -37,3
EV/sales (x) 37,5 12,5 8,6
FCF yield (%) -1,7 -3,9 -3,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,9 -0,9 -2,3
Lease adj. FCF yield (%) -1,8 -4 -3,9
Lease adj. ND/EBITDA 2 0 -1,5
DKKm 2020 2021e 2022e
Sales 36 54 82
COGS -16 -25 -38
Gross profit 20 29 44
Other operating items -33 -48 -63
EBITDA -13 -18 -19
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EBITA -13 -19 -19
EO items 0 0 0
Impairment and PPA amortisation -3 -5 -6
EBIT -16 -24 -25
Net financial items -1 -1 -1
Pretax profit -17 -25 -27
Tax 4 5 3
Net profit -13 -21 -24
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 -21 -24
EPS -0,43 -0,69 -0,81
EPS Adj -0,33 -0,52 -0,6
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -26 -18,1 -9,4
Gross margin (%) 56 54 54
EBITDA margin (%) -37 -34,1 -23
EBITA margin (%) -37,3 -34,3 -23,1
EBIT margin (%) -45,7 -44 -30,7
Pretax margin (%) -48,7 -46,3 -32,3
Net margin (%) -36 -37,9 -29,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 28,8 52,5 51,5
EBITDA growth (%) -5949,2 -40,8 -2
EBIT growth (%) -652,7 -46,8 -5,9
Net profit growth (%) -382,3 -60,4 -17
EPS growth (%) -382,3 -60,4 -17
Profitability 2020 2021 2022
ROE (%) -38,5 -43,4 -96,1
ROE Adj (%) -29,5 -32,4 -71,1
ROCE (%) -31,4 -35 -55,3
ROCE Adj(%) -25,6 -27,3 -41,6
ROIC (%) -34 -36,9 -39,1
ROIC Adj (%) -34 -36,9 -39,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj -13 -18 -19
EBITDA Adj margin (%) -37 -34,1 -23
EBITDA lease Adj -13 -18 -19
EBITDA lease Adj margin (%) -37 -34,1 -23
EBITA Adj -13 -19 -19
EBITA Adj margin (%) -37,3 -34,3 -23,1
EBIT Adj -16 -24 -25
EBIT Adj margin (%) -45,7 -44 -30,7
Pretax profit Adj -14 -20 -20
Net profit Adj -10 -15 -18
Net profit to shareholders Adj -10 -15 -18
Net Adj margin (%) -27,6 -28,2 -21,6
DKKm 2020 2021e 2022e
Pension debt 0 0 0
EBITDA -13 -18 -19
Net financial items -1 -1 -1
Paid tax 5 3 4
Non-cash items 0 7 3
Cash flow before change in WC -10 -11 -13
Change in WC 1 -3 -1
Operating cash flow -9 -14 -14
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets -9 -12 -12
Acquisitions and disposals -4 0 0
Free cash flow -22 -26 -26
Dividend paid 0 0 0
Share issues and buybacks 48 0 0
Lease liability amortisation -2 -1 0
Other non cash items -6 -1 -2
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 8 8 8
Other intangible assets 27 31 33
Tangible fixed assets 1 1 1
Right-of-use asset 15 15 15
Total other fixed assets 1 1 1
Fixed assets 53 56 59
Inventories 0 0 0
Receivables 11 13 18
Other current assets 1 1 2
Cash and liquid assets 32 4 -24
Total assets 96 75 56
Shareholders equity 58 37 13
Minority 0 0 0
Total equity 58 37 13
Long-term debt 5 5 5
Convertible debt 0 0 0
Leasing liability 16 16 16
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 11 10 15
Other current liabilities 4 4 4
Total liabilities and equity 96 75 56
Net IB debt -11 16 44
Net IB debt excl. pension debt -11 16 44
Net IB debt excl. leasing -27 1 29
Capital invested 49 56 60
Working capital -3 0 1
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1342 664 664
Net IB debt Adj -11 16 44
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 1331 680 708
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 52,5 63,5 125,9
Working capital / sales (%) -11,7 -2,8 0,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -19,5 44,1 340,3
Net debt / market cap (%) -1,3 2,9 7,9
Equity ratio (%) 60 49,6 23,3
Net IB debt adj. / equity (%) -19,5 44,1 340,3
Current ratio (%) 255,2 112,3 -15,8
EBITDA / net interest (%) -1255,7 -1486,9 -1463,2
Net IB debt / EBITDA (%) 85,3 -88,4 -234,5
Net IB debt / EBITDA lease Adj (%) 203,9 -4,2 -152
Interest cover (%) -1155,4 -1439,7 -1472,5
DKKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 30 30 30
EPS -0,43 -0,69 -0,81
Dividend per share Adj 0 0 0
EPS Adj -0,33 -0,52 -0,6
BVPS 2,29 1,47 0,52
BVPS Adj 1,28 0,32 -0,75
Net IB debt / share -0,4 0,7 1,8
Share price 35,14 22,4 22,4
Market cap. (m) 883 563 563
Valuation 2020 2021 2022
P/E -104,8 -32,3 -27,6
EV/sales 37,46 12,55 8,62
EV/EBITDA -101,3 -36,8 -37,5
EV/EBITA -100,4 -36,5 -37,3
EV/EBIT -81,9 -28,5 -28
Dividend yield (%) 0 0 0
FCF yield (%) -1,7 -3,9 -3,9
Lease adj. FCF yield (%) -1,8 -4 -3,9
P/BVPS 19,77 15,2 43,29
P/BVPS Adj 35,31 70,93 -29,88
P/E Adj -136,8 -43,4 -37,3
EV/EBITDA Adj -101,3 -36,8 -37,5
EV/EBITA Adj -100,4 -36,5 -37,3
EV/EBIT Adj -81,9 -28,5 -28
EV/cap. employed 17 11,8 21
Investment ratios 2020 2021 2022
Capex / sales 27,3 21,9 14,5
Capex / depreciation 8087,1 9918 9918
Capex tangibles / tangible fixed assets 103,2 16,3 16,3
Capex intangibles / definite intangibles 52,7 56,8 50,2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,3 16,3 16,3

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.

- 27,7

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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7,4

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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43,1