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SEKm 2019 2020e 2021e
Sales 1003 1575 1291
Sales growth (%) -16 57 -18
EBITDA 138 121 136
EBITDA margin (%) 13,7 7,7 10,6
EBIT adj 101 81 95
EBIT adj margin (%) 10 5,2 7,4
Pretax profit 101 92 95
EPS rep 0,88 0,8 0,83
EPS growth (%) 12,1 -9,4 4,2
EPS adj 0,89 0,8 0,83
DPS 0,8 0,8 0,8
EV/EBITDA (x) 14 21,7 19,6
EV/EBIT adj (x) 19,2 32,3 28
P/E (x) 21,2 30,7 29,5
P/E adj (x) 20,9 30,7 29,5
EV/sales (x) 1,9 1,7 2,1
FCF yield (%) 4,6 1,5 2,3
Dividend yield (%) 4,3 3,3 3,3
Net IB debt/EBITDA -1 -0,8 -0,4
SEKm 2019 2020e 2021e
Sales 1003 1575 1291
COGS -672 -1254 -937
Gross profit 331 321 354
Other operating items -193 -200 -218
EBITDA 138 121 136
Depreciation on tangibles -8 -10 -11
Depreciation on intangibles -17 -19 -20
EBITA 102 81 95
Goodwill impairment charges 0 0 0
Other impairment and amortisation -1 0 0
EBIT 101 81 95
Other financial items 0 0 0
Net financial items 1 10 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 101 92 95
Tax -4 -3 -3
Net profit 98 89 92
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 89 92
EPS 0,88 0,8 0,83
EPS Adj 0,89 0,8 0,83
Total extraordinary items after tax 0 0 0
Tax rate (%) -3,5 -3,5 -3
Gross margin (%) 33 20,4 27,4
EBITDA margin (%) 13,7 7,7 10,6
EBITA margin (%) 10,2 5,2 7,4
EBIT margin (%) 10 5,2 7,4
Pretax margin (%) 10,1 5,8 7,4
Net margin (%) 9,8 5,6 7,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -16 57 -18
EBITDA growth (%) 25,3 -12 12,3
EBIT growth (%) 12,8 -18,9 16,9
Net profit growth (%) 12,1 -9,4 4,2
EPS growth (%) 12,1 -9,4 4,2
Profitability 2019 2020 2021
ROE (%) 12,4 10,8 11,1
ROE Adj (%) 12,6 10,8 11,1
ROCE (%) 12,3 9,3 10,7
ROCE Adj(%) 12,5 9,3 10,7
ROIC (%) 15,3 11,1 12,1
ROIC Adj (%) 15,3 11,1 12,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 121 136
EBITDA Adj margin (%) 13,7 7,7 10,6
EBITA Adj 102 81 95
EBITA Adj margin (%) 10,2 5,2 7,4
EBIT Adj 101 81 95
EBIT Adj margin (%) 10 5,2 7,4
Pretax profit Adj 103 92 95
Net profit Adj 99 89 92
Net profit to shareholders Adj 99 89 92
Net Adj margin (%) 9,9 5,6 7,2
SEKm 2019 2020e 2021e
EBITDA 138 121 136
Net financial items 1 10 0
Paid tax -3 -3 -3
Non-cash items 2 -3 0
Cash flow before change in WC 138 125 133
Change in WC 8 -32 -21
Operating cash flow 146 93 112
CAPEX tangible fixed assets -11 -13 -13
CAPEX intangible fixed assets -39 -38 -38
Acquisitions and disposals 0 0 0
Free cash flow 96 42 61
Dividend paid -66 -88 -88
Share issues and buybacks 0 0 0
Other non cash items -51 9 0
Decrease in net IB debt -32 -48 -38
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 326 360 381
Definite intangible assets 0 0 0
Tangible fixed assets 24 29 29
Other fixed assets 76 77 77
Fixed assets 480 519 540
Inventories 219 281 269
Receivables 228 266 310
Other current assets 0 0 0
Cash and liquid assets 194 145 108
Total assets 1121 1211 1226
Shareholders equity 810 832 836
Minority 0 0 0
Total equity 810 832 836
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 256 325 336
Other current liabilities 0 0 0
Total liabilities and equity 1121 1211 1226
Net IB debt -140 -91 -54
Net IB debt excl. pension debt -140 -91 -54
Capital invested 670 741 783
Working capital 190 222 243
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2074 2723 2723
Net IB debt Adj -140 -91 -54
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 1934 2631 2669
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 89,4 135 105,9
Capital invested turnover (%) 158,1 223,1 169,4
Capital employed turnover (%) 122,7 179,8 145,3
Inventories / sales (%) 20,3 15,9 21,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,3 18,5 25,6
Working capital / sales (%) 19,4 13,1 18
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -17,2 -11 -6,4
Net debt / market cap (%) -9,9 -3,4 -2
Equity ratio (%) 72,3 68,7 68,2
Net IB debt adj. / equity (%) -17,2 -11 -6,4
Current ratio (%) 239,3 205,6 197,5
EBITDA / net interest (%) -16623,9 -1165,4 0
Net IB debt / EBITDA (%) -101,2 -75,2 -39,4
Interest cover (%) -12286,4 -782,9 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,88 0,8 0,83
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 0,89 0,8 0,83
BVPS 7,35 7,55 7,58
BVPS Adj 7,35 7,55 7,58
Net IB debt / share -1,3 -0,8 -0,5
Share price 12,83 24,55 24,55
Market cap. (m) 1415 2708 2708
Valuation 2019 2020 2021
P/E 21,2 30,7 29,5
EV/sales 1,93 1,67 2,07
EV/EBITDA 14 21,7 19,6
EV/EBITA 19 32,3 28
EV/EBIT 19,2 32,3 28
Dividend yield (%) 4,3 3,3 3,3
FCF yield (%) 4,6 1,5 2,3
P/BVPS 2,55 3,25 3,24
P/BVPS Adj 2,55 3,25 3,24
P/E Adj 20,9 30,7 29,5
EV/EBITDA Adj 14 21,7 19,6
EV/EBITA Adj 19 32,3 28
EV/EBIT Adj 19,2 32,3 28
EV/cap. employed 2,2 3 3
Investment ratios 2019 2020 2021
Capex / sales 5 3,3 3,9
Capex / depreciation 200,5 176,6 168,9
Capex tangibles / tangible fixed assets 45,1 44,1 44
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 32,8 35 36,4

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

29,6

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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27,9

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,0

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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3,2