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Proact

Proact

SEKm 2019 2020e 2021e
Sales 3408 3334 3473
Sales growth (%) 2,7 -2,2 4,2
EBITDA 272 322 354
EBITDA margin (%) 8 9,6 10,2
EBIT adj 137 124 156
EBIT adj margin (%) 4 3,7 4,5
Pretax profit 102 123 155
EPS rep 8,75 10,29 12,81
EPS growth (%) -37 17,5 24,5
EPS adj 15,33 14,07 16,37
DPS 0 3,09 3,84
EV/EBITDA (x) 7 4,7 4
EV/EBIT adj (x) 13,8 12,2 9
P/E (x) 21 15,2 12,2
P/E adj (x) 12 11,1 9,5
EV/sales (x) 0,6 0,5 0,4
FCF yield (%) 7,3 11,9 16,8
Dividend yield (%) 0 2 2,5
Net IB debt/EBITDA 0,8 0,3 -0,1
SEKm 2019 2020e 2021e
Sales 3408 3334 3473
COGS -2619 -2555 -2664
Gross profit 789 779 809
Other operating items -517 -457 -455
EBITDA 272 322 354
Depreciation on tangibles -38 -59 -61
Depreciation on intangibles 0 0 0
EBITA 134 158 189
Goodwill impairment charges 0 0 0
Other impairment and amortisation -29 -35 -33
EBIT 105 124 156
Other financial items 0 0 0
Net financial items -4 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 102 123 155
Tax -22 -29 -38
Net profit 80 94 117
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 80 94 117
EPS 8,75 10,29 12,81
EPS Adj 15,33 14,07 16,37
Total extraordinary items after tax -31,5 0 0
Tax rate (%) -21,2 -23,7 -24,5
Gross margin (%) 23,1 23,4 23,3
EBITDA margin (%) 8 9,6 10,2
EBITA margin (%) 3,9 4,8 5,4
EBIT margin (%) 3,1 3,7 4,5
Pretax margin (%) 3 3,7 4,5
Net margin (%) 2,4 2,8 3,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,7 -2,2 4,2
EBITDA growth (%) 17,6 18,4 10,1
EBIT growth (%) -35,9 17,4 26,3
Net profit growth (%) -37,1 17,3 24,8
EPS growth (%) -37 17,5 24,5
Profitability 2019 2020 2021
ROE (%) 16,1 16,5 17,7
ROE Adj (%) 28,3 22,5 22,6
ROCE (%) 12,4 11 12,8
ROCE Adj(%) 19,4 14 15,4
ROIC (%) 9,1 8,4 10,7
ROIC Adj (%) 11,8 8,4 10,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 303 322 354
EBITDA Adj margin (%) 8,9 9,6 10,2
EBITA Adj 166 158 189
EBITA Adj margin (%) 4,9 4,8 5,4
EBIT Adj 137 124 156
EBIT Adj margin (%) 4 3,7 4,5
Pretax profit Adj 162 158 188
Net profit Adj 140 129 150
Net profit to shareholders Adj 140 129 150
Net Adj margin (%) 4,1 3,9 4,3
SEKm 2019 2020e 2021e
EBITDA 272 322 354
Net financial items -4 -1 -1
Paid tax -22 -29 -38
Non-cash items 0 0 0
Cash flow before change in WC 246 292 315
Change in WC 57 17 7
Operating cash flow 330 248 322
CAPEX tangible fixed assets -53 -47 -50
CAPEX intangible fixed assets 0 -31 -32
Acquisitions and disposals -153 0 0
Free cash flow 123 170 240
Dividend paid -38 0 -28
Share issues and buybacks 0 0 0
Other non cash items -321 0 0
Decrease in net IB debt -348 127 108
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 516 516 516
Indefinite intangible assets 0 0 0
Definite intangible assets 93 90 89
Tangible fixed assets 159 147 136
Other fixed assets 367 367 367
Fixed assets 1361 1345 1334
Inventories 20 23 24
Receivables 1122 1067 1111
Other current assets 0 0 0
Cash and liquid assets 373 500 608
Total assets 2877 2935 3077
Shareholders equity 524 618 707
Minority 2 2 2
Total equity 526 620 709
Long-term debt 236 236 236
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 28 28 28
Other long-term liabilities 379 379 379
Short-term debt 87 87 87
Accounts payable 780 700 729
Other current liabilities 583 627 650
Total liabilities and equity 2877 2935 3077
Net IB debt 208 81 -27
Net IB debt excl. pension debt 208 81 -27
Capital invested 1141 1109 1090
Working capital -220 -237 -244
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1684 1428 1428
Net IB debt Adj 208 81 -27
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1893 1510 1402
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 133,9 114,7 115,5
Capital invested turnover (%) 373,8 296,4 316
Capital employed turnover (%) 399,4 288,9 278,9
Inventories / sales (%) 0,7 0,7 0,7
Customer advances / sales (%) 17 17,2 16,7
Payables / sales (%) 20,7 22,2 20,6
Working capital / sales (%) -5,6 -6,8 -6,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 39,5 13,1 -3,8
Net debt / market cap (%) 11,5 5,7 -1,9
Equity ratio (%) 18,3 21,1 23
Net IB debt adj. / equity (%) 39,5 13,1 -3,8
Current ratio (%) 101,7 109,3 115,7
EBITDA / net interest (%) 7150 45938 35389,8
Net IB debt / EBITDA (%) 76,4 25,2 -7,6
Interest cover (%) 3357,5 4041,6 4797,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 8,75 10,29 12,81
Dividend per share Adj 0 3,1 3,8
EPS Adj 15,33 14,07 16,37
BVPS 57,28 67,57 77,29
BVPS Adj -9,33 1,35 11,14
Net IB debt / share 22,7 8,9 -2,9
Share price 196,81 156 156
Market cap. (m) 1801 1428 1428
Valuation 2019 2020 2021
P/E 21 15,2 12,2
EV/sales 0,56 0,45 0,4
EV/EBITDA 7 4,7 4
EV/EBITA 14,1 9,5 7,4
EV/EBIT 18 12,2 9
Dividend yield (%) 0 2 2,5
FCF yield (%) 7,3 11,9 16,8
P/BVPS 3,21 2,31 2,02
P/BVPS Adj -19,72 115,64 14
P/E Adj 12 11,1 9,5
EV/EBITDA Adj 6,2 4,7 4
EV/EBITA Adj 11,4 9,5 7,4
EV/EBIT Adj 13,8 12,2 9
EV/cap. employed 1,7 1,3 1,1
Investment ratios 2019 2020 2021
Capex / sales 1,6 2,3 2,4
Capex / depreciation 141,5 131,8 134,4
Capex tangibles / tangible fixed assets 33,4 32 36,7
Capex intangibles / definite intangibles 0 34,6 36
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,6 40,2 44,8

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>

12,2

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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8,8

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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0,4

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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2,0