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SEKm 2019 2020e 2021e
Sales 1003 1677 1375
Sales growth (%) -16 67,2 -18
EBITDA 138 176 176
EBITDA margin (%) 13,8 10,5 12,8
EBIT adj 101 136 135
EBIT adj margin (%) 10 8,1 9,8
Pretax profit 101 139 135
EPS rep 0,88 1,21 1,15
EPS growth (%) 12 37,6 -4,9
EPS adj 0,88 1,21 1,15
DPS 0,8 0,9 1
EV/EBITDA (x) 13,4 15,7 15,8
EV/EBIT adj (x) 18,5 20,2 20,7
P/E (x) 21,2 22,2 23,3
P/E adj (x) 21,2 22,2 23,3
EV/sales (x) 1,9 1,6 2
FCF yield (%) 4,6 3,7 3,3
Dividend yield (%) 4,3 3,3 3,7
Net IB debt/EBITDA -1,6 -1,3 -1,2
SEKm 2019 2020e 2021e
Sales 1003 1677 1375
COGS -672 -1298 -986
Gross profit 331 379 389
Other operating items -193 -202 -213
EBITDA 138 176 176
Depreciation on tangibles -7 -8 -8
Depreciation on intangibles -20 -21 -22
EBITA 101 136 135
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 101 136 135
Other financial items 0 0 0
Net financial items 1 3 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 101 139 135
Tax -4 -5 -7
Net profit 98 135 128
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 135 128
EPS 0,88 1,21 1,15
EPS Adj 0,88 1,21 1,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -3,5 -3,3 -5
Gross margin (%) 33 22,6 28,3
EBITDA margin (%) 13,8 10,5 12,8
EBITA margin (%) 10 8,1 9,8
EBIT margin (%) 10 8,1 9,8
Pretax margin (%) 10,1 8,3 9,8
Net margin (%) 9,8 8 9,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -16 67,2 -18
EBITDA growth (%) 25,6 27,7 -0,4
EBIT growth (%) 12,8 35,7 -1,2
Net profit growth (%) 12 37,6 -4,9
EPS growth (%) 12 37,6 -4,9
Profitability 2019 2020 2021
ROE (%) 12,4 16,1 14,8
ROE Adj (%) 12,4 16,1 14,8
ROCE (%) 12,3 15,4 14,6
ROCE Adj(%) 12,3 15,4 14,6
ROIC (%) 17,4 21,6 19,7
ROIC Adj (%) 17,4 21,6 19,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 176 176
EBITDA Adj margin (%) 13,8 10,5 12,8
EBITA Adj 101 136 135
EBITA Adj margin (%) 10 8,1 9,8
EBIT Adj 101 136 135
EBIT Adj margin (%) 10 8,1 9,8
Pretax profit Adj 101 139 135
Net profit Adj 98 135 128
Net profit to shareholders Adj 98 135 128
Net Adj margin (%) 9,8 8 9,3
SEKm 2019 2020e 2021e
EBITDA 138 176 176
Net financial items 1 3 0
Paid tax -3 -5 -7
Non-cash items 2 0 0
Cash flow before change in WC 138 175 169
Change in WC 8 -15 -20
Operating cash flow 146 160 149
CAPEX tangible fixed assets -10 -11 -10
CAPEX intangible fixed assets -40 -39 -39
Acquisitions and disposals 0 0 0
Free cash flow 96 109 99
Dividend paid -66 -88 -99
Share issues and buybacks 0 0 0
Other non cash items -51 0 -11
Decrease in net IB debt -32 11 -22
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 326 347 366
Definite intangible assets 0 0 0
Tangible fixed assets 24 24 24
Other fixed assets 76 76 76
Fixed assets 480 502 521
Inventories 219 229 259
Receivables 228 360 316
Other current assets 0 0 0
Cash and liquid assets 194 205 183
Total assets 1121 1296 1280
Shareholders equity 810 857 874
Minority 0 0 0
Total equity 810 857 874
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 256 385 351
Other current liabilities 0 0 0
Total liabilities and equity 919 1122 1121
Net IB debt -216 -226 -205
Net IB debt excl. pension debt -216 -226 -205
Capital invested 594 630 670
Working capital 190 205 225
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2074 2989 2989
Net IB debt Adj -216 -226 -205
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 1858 2762 2784
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 89,4 138,8 106,8
Capital invested turnover (%) 179,7 273,9 211,6
Capital employed turnover (%) 122,7 188,8 149,4
Inventories / sales (%) 20,3 13,3 17,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,3 19,1 26,7
Working capital / sales (%) 19,4 11,8 15,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -26,6 -26,4 -23,4
Net debt / market cap (%) -15,2 -7,6 -6,9
Equity ratio (%) 72,3 66,1 68,3
Net IB debt adj. / equity (%) -26,6 -26,4 -23,4
Current ratio (%) 239,3 200,6 209,6
EBITDA / net interest (%) -17275 -6491,4 0
Net IB debt / EBITDA (%) -156,2 -128,3 -116,4
Interest cover (%) -12562,5 -5019,6 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,88 1,21 1,15
Dividend per share Adj 0,8 0,9 1
EPS Adj 0,88 1,21 1,15
BVPS 7,35 7,77 7,93
BVPS Adj 7,35 7,77 7,93
Net IB debt / share -1,3 -1,4 -1,2
Share price 12,83 26,95 26,95
Market cap. (m) 1415 2973 2973
Valuation 2019 2020 2021
P/E 21,2 22,2 23,3
EV/sales 1,85 1,65 2,02
EV/EBITDA 13,4 15,7 15,8
EV/EBITA 18,5 20,2 20,7
EV/EBIT 18,5 20,2 20,7
Dividend yield (%) 4,3 3,3 3,7
FCF yield (%) 4,6 3,7 3,3
P/BVPS 2,55 3,47 3,4
P/BVPS Adj 2,55 3,47 3,4
P/E Adj 21,2 22,2 23,3
EV/EBITDA Adj 13,4 15,7 15,8
EV/EBITA Adj 18,5 20,2 20,7
EV/EBIT Adj 18,5 20,2 20,7
EV/cap. employed 2,1 3 3
Investment ratios 2019 2020 2021
Capex / sales 5 3 3,6
Capex / depreciation 185,5 173,1 163,9
Capex tangibles / tangible fixed assets 41,1 45,8 42,8
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 29,9 32,4 33,6

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>

23,4

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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20,4

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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3,4