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Pricer

Pricer

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,5 -0,6 2,3
Lease adj. ND/EBITDA -1,1 -0,8 -0,4
Sales 1760 1712 1943
Sales growth (%) 75,4 -2,7 13,5
EBITDA 201 173 230
EBITDA margin (%) 11,4 10,1 11,9
EBIT adj 158 121 176
EBIT adj margin (%) 9 7,1 9,1
Pretax profit 134 120 171
EPS rep 1,15 0,85 1,22
EPS growth (%) 30,2 -25,6 42,6
EPS adj 1,17 0,85 1,22
DPS 1 1,1 1,3
EV/EBITDA (x) 20,7 17,7 13,5
EV/EBIT adj (x) 26,3 25,4 17,7
P/E (x) 33,8 33,3 23,3
P/E adj (x) 33,2 33,3 23,3
EV/sales (x) 2,4 1,8 1,6
FCF yield (%) 4,7 -0,2 2,7
Dividend yield (%) 2,6 3,9 4,6
Net IB debt/EBITDA -0,8 -0,5 -0,2
SEKm 2020 2021e 2022e
Depreciation and amortisation -46 -52 -54
Of which leasing depreciation -11 -11 -11
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 192 162 220
EBITDA lease Adj margin (%) 10,9 9,5 11,3
Sales 1760 1712 1943
COGS -1336 -1289 -1434
Gross profit 423 423 509
Other operating items -222 -250 -279
EBITDA 201 173 230
Depreciation on tangibles -17 -13 -14
Depreciation on intangibles -17 -24 -25
EBITA 155 121 176
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 155 121 176
Other financial items 0 0 0
Net financial items -22 -1 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 134 120 171
Tax -6 -25 -36
Net profit 127 95 135
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 95 135
EPS 1,15 0,85 1,22
EPS Adj 1,17 0,85 1,22
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -4,6 -20,8 -21
Gross margin (%) 24 24,7 26,2
EBITDA margin (%) 11,4 10,1 11,9
EBITA margin (%) 8,8 7,1 9,1
EBIT margin (%) 8,8 7,1 9,1
Pretax margin (%) 7,6 7 8,8
Net margin (%) 7,2 5,5 7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 75,4 -2,7 13,5
EBITDA growth (%) 45,7 -13,8 33,2
EBIT growth (%) 54,5 -22,1 45,9
Net profit growth (%) 30,3 -25,5 42,6
EPS growth (%) 30,2 -25,6 42,6
Profitability 2020 2021 2022
ROE (%) 15,6 11,7 16,7
ROE Adj (%) 15,9 11,7 16,7
ROCE (%) 16,8 13,6 20,6
ROCE Adj(%) 17,1 13,6 20,6
ROIC (%) 23 14,2 18,1
ROIC Adj (%) 23,3 14,2 18,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 203 173 230
EBITDA Adj margin (%) 11,5 10,1 11,9
EBITA Adj 158 121 176
EBITA Adj margin (%) 9 7,1 9,1
EBIT Adj 158 121 176
EBIT Adj margin (%) 9 7,1 9,1
Pretax profit Adj 136 120 171
Net profit Adj 130 95 135
Net profit to shareholders Adj 130 95 135
Net Adj margin (%) 7,4 5,5 7
Leasing payments -11 -11 -11
SEKm 2020 2021e 2022e
Lease liability amortisation -11 -11 -11
Other intangible assets 338 369 402
Right-of-use asset 44 44 44
Total other fixed assets 75 75 75
Leasing liability 45 45 45
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -205 -137 -88
Net IB debt / EBITDA lease Adj (%) -106,7 -84,3 -39,9
EBITDA 201 173 230
Net financial items -22 -1 -5
Paid tax -5 -25 -36
Non-cash items 29 0 0
Cash flow before change in WC 204 147 189
Change in WC 61 -81 -28
Operating cash flow 265 66 161
CAPEX tangible fixed assets -16 -18 -19
CAPEX intangible fixed assets -46 -54 -57
Acquisitions and disposals 0 0 0
Free cash flow 203 -7 85
Dividend paid -88 -110 -121
Share issues and buybacks 0 0 0
Other non cash items -25 60 -2
Decrease in net IB debt 136 -148 -28
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 338 371 404
Definite intangible assets 0 0 0
Tangible fixed assets 30 40 42
Other fixed assets 75 75 75
Fixed assets 487 528 563
Inventories 302 311 353
Receivables 344 394 447
Other current assets 0 0 0
Cash and liquid assets 262 137 88
Total assets 1394 1370 1451
Shareholders equity 819 804 818
Minority 0 0 0
Total equity 819 804 818
Long-term debt 58 0 0
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 0 0 0
Accounts payable 518 497 564
Other current liabilities 0 0 0
Total liabilities and equity 1440 1346 1427
Net IB debt -160 -91 -42
Net IB debt excl. pension debt -160 -91 -42
Capital invested 614 736 799
Working capital 127 209 237
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4305 3156 3156
Net IB debt Adj -160 -91 -42
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 4146 3064 3114
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 139,9 123,9 137,8
Capital invested turnover (%) 270,6 219,2 220
Capital employed turnover (%) 196,8 177,6 200,9
Inventories / sales (%) 14,8 20,7 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 31 27,1
Working capital / sales (%) 9,1 9,8 11,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -19,5 -11,4 -5,2
Net debt / market cap (%) -5,9 -2,9 -1,3
Equity ratio (%) 58,7 58,7 56,4
Net IB debt adj. / equity (%) -19,5 -11,4 -5,2
Current ratio (%) 171,3 165,6 154,3
EBITDA / net interest (%) 929,2 17294,3 4607,7
Net IB debt / EBITDA (%) -79,5 -52,9 -18,3
Interest cover (%) 718,5 12084,3 3525,7
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,5 -0,6 2,3
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 1,15 0,85 1,22
Dividend per share Adj 1 1,1 1,3
EPS Adj 1,17 0,85 1,22
BVPS 7,43 7,29 7,41
BVPS Adj 7,43 7,29 7,41
Net IB debt / share -1,4 -0,8 -0,4
Share price 24,65 28,38 28,38
Market cap. (m) 2717 3130 3130
Valuation 2020 2021 2022
P/E 33,8 33,3 23,3
EV/sales 2,36 1,79 1,6
EV/EBITDA 20,7 17,7 13,5
EV/EBITA 26,7 25,4 17,7
EV/EBIT 26,7 25,4 17,7
Dividend yield (%) 2,6 3,9 4,6
FCF yield (%) 4,7 -0,2 2,7
P/BVPS 5,21 3,89 3,83
P/BVPS Adj 5,21 3,89 3,83
P/E Adj 33,2 33,3 23,3
EV/EBITDA Adj 20,4 17,7 13,5
EV/EBITA Adj 26,3 25,4 17,7
EV/EBIT Adj 26,3 25,4 17,7
EV/cap. employed 4,5 3,6 3,6
Investment ratios 2020 2021 2022
Capex / sales 3,5 4,2 3,9
Capex / depreciation 179,7 175,1 176,2
Capex tangibles / tangible fixed assets 53,9 45,2 45,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 56,9 36,1 36,1

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.

23,3

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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17,5

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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1,6

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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3,8