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Pricer

SEKm 2018 2019e 2020e
Sales 1195 1083 1245
Sales growth (%) 44,3 -9,3 15
EBITDA 107 101 120
EBITDA margin (%) 9 9,4 9,7
EBIT adj 89 83 100
EBIT adj margin (%) 7,5 7,7 8
Pretax profit 89 82 102
EPS rep 0,79 0,72 0,89
EPS growth (%) 125,5 -9,2 24,7
EPS adj 0,79 0,72 0,89
DPS 0,6 0,65 0,68
EV/EBITDA (x) 8 11,3 9,5
EV/EBIT adj (x) 9,6 13,7 11,3
P/E (x) 11,8 16,6 13,3
P/E adj (x) 11,8 16,6 13,3
EV/sales (x) 0,7 1,1 0,9
FCF yield (%) 4,1 5 5,9
Dividend yield (%) 6,5 5,5 5,7
Net IB debt/EBITDA -1,6 -1,7 -1,5
SEKm 2018 2019e 2020e
Sales 1195 1083 1245
COGS -922 -822 -943
Gross profit 272 261 302
Other operating items -165 -160 -182
EBITDA 107 101 120
Depreciation on tangibles 0 0 0
Depreciation on intangibles -18 -18 -20
EBITA 89 83 100
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 89 83 100
Other financial items 0 0 0
Net financial items 0 -2 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 89 82 102
Tax -2 -2 -3
Net profit 87 79 99
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 79 99
EPS 0,79 0,72 0,89
EPS Adj 0,79 0,72 0,89
Total extraordinary items after tax 0 0 0
Tax rate (%) -1,7 -3 -3
Gross margin (%) 22,8 24,1 24,2
EBITDA margin (%) 9 9,4 9,7
EBITA margin (%) 7,5 7,7 8
EBIT margin (%) 7,5 7,7 8
Pretax margin (%) 7,4 7,5 8,2
Net margin (%) 7,3 7,3 7,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 44,3 -9,3 15
EBITDA growth (%) 52,3 -5,3 18,6
EBIT growth (%) 60,5 -6,4 20,2
Net profit growth (%) 126,5 -9,2 24,7
EPS growth (%) 125,5 -9,2 24,7
Profitability 2018 2019 2020
ROE (%) 11,7 10,2 12,4
ROE Adj (%) 11,7 10,2 12,4
ROCE (%) 15,5 13,8 16,1
ROCE Adj(%) 15,5 13,8 16,1
ROIC (%) 15,2 13,4 15,6
ROIC Adj (%) 15,2 13,4 15,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 107 101 120
EBITDA Adj margin (%) 9 9,4 9,7
EBITA Adj 89 83 100
EBITA Adj margin (%) 7,5 7,7 8
EBIT Adj 89 83 100
EBIT Adj margin (%) 7,5 7,7 8
Pretax profit Adj 89 82 102
Net profit Adj 87 79 99
Net profit to shareholders Adj 87 79 99
Net Adj margin (%) 7,3 7,3 7,9
SEKm 2018 2019e 2020e
EBITDA 107 101 120
Net financial items 0 -2 2
Paid tax -2 -2 -3
Non-cash items 0 0 0
Cash flow before change in WC 105 97 119
Change in WC -22 -3 -9
Operating cash flow 71 95 110
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -29 -29 -32
Acquisitions and disposals 0 0 0
Free cash flow 42 65 78
Dividend paid -66 -72 -74
Share issues and buybacks 0 0 0
Other non cash items 28 6 3
Decrease in net IB debt 4 -1 6
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 378 389 401
Definite intangible assets 0 0 0
Tangible fixed assets 22 22 22
Other fixed assets 0 0 0
Fixed assets 400 411 424
Inventories 189 204 235
Receivables 362 257 299
Other current assets 0 0 0
Cash and liquid assets 171 170 176
Total assets 1122 1042 1134
Shareholders equity 769 783 810
Minority 0 0 0
Total equity 769 783 810
Long-term debt 0 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 352 260 324
Other current liabilities 0 0 0
Total liabilities and equity 931 919 1122
Net IB debt -171 -170 -176
Net IB debt excl. pension debt -171 -170 -176
Capital invested 598 612 634
Working capital 198 201 210
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1030 1313 1313
Net IB debt Adj -171 -170 -176
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 859 1143 1137
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 117,1 100,1 114,5
Capital invested turnover (%) 207,7 178,9 199,9
Capital employed turnover (%) 207,7 178,9 199,9
Inventories / sales (%) 13,8 18,1 17,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 28,3 23,4
Working capital / sales (%) 15,7 18,4 16,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -22,2 -21,8 -21,8
Net debt / market cap (%) -15,8 -13 -13,5
Equity ratio (%) 68,6 75,1 71,4
Net IB debt adj. / equity (%) -22,2 -21,8 -21,8
Current ratio (%) 204,8 242,9 219,3
EBITDA / net interest (%) 35700 6062,4 -7061,1
Net IB debt / EBITDA (%) -159,7 -167,9 -146,5
Interest cover (%) 29700 4986,7 -5886,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,79 0,72 0,89
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,79 0,72 0,89
BVPS 6,97 7,09 7,34
BVPS Adj 6,97 7,09 7,34
Net IB debt / share -1,6 -1,5 -1,6
Share price 9,83 11,84 11,84
Market cap. (m) 1084 1306 1306
Valuation 2018 2019 2020
P/E 11,8 16,6 13,3
EV/sales 0,72 1,06 0,91
EV/EBITDA 8 11,3 9,5
EV/EBITA 9,6 13,7 11,3
EV/EBIT 9,6 13,7 11,3
Dividend yield (%) 6,5 5,5 5,7
FCF yield (%) 4,1 5 5,9
P/BVPS 1,33 1,67 1,61
P/BVPS Adj 1,33 1,67 1,61
P/E Adj 11,8 16,6 13,3
EV/EBITDA Adj 8 11,3 9,5
EV/EBITA Adj 9,6 13,7 11,3
EV/EBIT Adj 9,6 13,7 11,3
EV/cap. employed 1,4 1,9 1,8
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,7 2,6
Capex / depreciation 160 162,4 161,9
Capex tangibles / tangible fixed assets 0 0 0
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 0 0

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.

13,3

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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11,3

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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0,9

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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1,6