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SEKm 2018 2019e 2020e
Sales 3318 3436 3808
Sales growth (%) 1,8 3,6 10,8
EBITDA 231 284 336
EBITDA margin (%) 7 8,3 8,8
EBIT adj 167 147 172
EBIT adj margin (%) 5 4,3 4,5
Pretax profit 168 129 172
EPS rep 13,9 10,54 14,29
EPS growth (%) 12,6 -24,2 35,6
EPS adj 17,61 15,81 17,79
DPS 4,15 3,16 4,29
EV/EBITDA (x) 5,9 5,9 4,7
EV/EBIT adj (x) 8,1 11,4 9,2
P/E (x) 11,8 15,7 11,6
P/E adj (x) 9,3 10,5 9,3
EV/sales (x) 0,4 0,5 0,4
FCF yield (%) 6,8 -2,5 13,5
Dividend yield (%) 2,5 1,9 2,6
Net IB debt/EBITDA -0,6 0,6 0,2
SEKm 2018 2019e 2020e
Sales 3318 3436 3808
COGS -2526 -2645 -2932
Gross profit 792 791 876
Other operating items -561 -507 -540
EBITDA 231 284 336
Depreciation on tangibles -31 -41 -44
Depreciation on intangibles 0 0 0
EBITA 200 154 204
Goodwill impairment charges -5 0 0
Other impairment and amortisation -31 -28 -32
EBIT 165 126 172
Other financial items 0 0 0
Net financial items 3 2 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 129 172
Tax -41 -32 -41
Net profit 127 96 131
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 96 131
EPS 13,9 10,54 14,29
EPS Adj 17,61 15,81 17,79
Total extraordinary items after tax 1,9 -20,2 0
Tax rate (%) -24,2 -25,1 -24
Gross margin (%) 23,9 23 23
EBITDA margin (%) 7 8,3 8,8
EBITA margin (%) 6 4,5 5,4
EBIT margin (%) 5 3,7 4,5
Pretax margin (%) 5,1 3,7 4,5
Net margin (%) 3,8 2,8 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1,8 3,6 10,8
EBITDA growth (%) 5,3 22,8 18,4
EBIT growth (%) 4,8 -23,1 36,1
Net profit growth (%) 10,7 -24,2 35,6
EPS growth (%) 12,6 -24,2 35,6
Profitability 2018 2019 2020
ROE (%) 29,8 19,4 22,7
ROE Adj (%) 37,7 29,1 28,2
ROCE (%) 30,6 16,7 16,9
ROCE Adj(%) 36,6 22,8 20
ROIC (%) 19,6 10,3 11,8
ROIC Adj (%) 19,9 11,9 11,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 229 304 336
EBITDA Adj margin (%) 6,9 8,8 8,8
EBITA Adj 199 175 204
EBITA Adj margin (%) 6 5,1 5,4
EBIT Adj 167 147 172
EBIT Adj margin (%) 5 4,3 4,5
Pretax profit Adj 202 177 204
Net profit Adj 161 145 163
Net profit to shareholders Adj 161 145 163
Net Adj margin (%) 4,9 4,2 4,3
SEKm 2018 2019e 2020e
EBITDA 231 284 336
Net financial items 3 2 0
Paid tax -41 -32 -41
Non-cash items 0 0 0
Cash flow before change in WC 194 254 295
Change in WC -17 -30 -11
Operating cash flow 243 223 284
CAPEX tangible fixed assets -81 -45 -47
CAPEX intangible fixed assets 0 -30 -31
Acquisitions and disposals -60 -187 0
Free cash flow 102 -39 206
Dividend paid -35 -38 -29
Share issues and buybacks 0 0 0
Other non cash items -203 -133 0
Decrease in net IB debt 53 -297 89
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 393 487 487
Indefinite intangible assets 0 0 0
Definite intangible assets 70 72 71
Tangible fixed assets 73 77 80
Other fixed assets 308 308 308
Fixed assets 845 1169 1171
Inventories 31 34 38
Receivables 1068 1065 1192
Other current assets 0 0 0
Cash and liquid assets 270 305 394
Total assets 2213 2574 2795
Shareholders equity 468 526 628
Minority 2 2 2
Total equity 470 528 630
Long-term debt 120 120 120
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 22 21 21
Other long-term liabilities 331 331 331
Short-term debt 10 85 85
Accounts payable 628 584 644
Other current liabilities 633 648 707
Total liabilities and equity 1807 1832 2213
Net IB debt -140 157 69
Net IB debt excl. pension debt -140 157 69
Capital invested 743 1097 1110
Working capital -103 -72 -61
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1495 1517 1517
Net IB debt Adj -140 157 69
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 1357 1676 1588
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 164 143,6 141,8
Capital invested turnover (%) 521,9 373,6 345
Capital employed turnover (%) 590 432,1 365,5
Inventories / sales (%) 1 0,9 1
Customer advances / sales (%) 17,3 16,9 16,2
Payables / sales (%) 17,1 17,6 16,1
Working capital / sales (%) -3,4 -2,5 -1,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -29,8 29,8 10,9
Net debt / market cap (%) -9,1 10,4 4,5
Equity ratio (%) 21,2 20,5 22,5
Net IB debt adj. / equity (%) -29,8 29,8 10,9
Current ratio (%) 107,7 103,5 110
EBITDA / net interest (%) -6794,1 -11822,8 0
Net IB debt / EBITDA (%) -60,5 55,5 20,5
Interest cover (%) 5195 4021,2 5201,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 13,9 10,54 14,29
Dividend per share Adj 4,2 3,2 4,3
EPS Adj 17,61 15,81 17,79
BVPS 51,12 57,51 68,63
BVPS Adj 0,46 -3,59 7,65
Net IB debt / share -15,3 17,2 7,5
Share price 167,74 165,8 165,8
Market cap. (m) 1535 1517 1517
Valuation 2018 2019 2020
P/E 11,8 15,7 11,6
EV/sales 0,41 0,49 0,42
EV/EBITDA 5,9 5,9 4,7
EV/EBITA 6,8 10,9 7,8
EV/EBIT 8,3 13,3 9,2
Dividend yield (%) 2,5 1,9 2,6
FCF yield (%) 6,8 -2,5 13,5
P/BVPS 3,2 2,88 2,42
P/BVPS Adj 356,04 -46,23 21,67
P/E Adj 9,3 10,5 9,3
EV/EBITDA Adj 5,9 5,5 4,7
EV/EBITA Adj 6,8 9,6 7,8
EV/EBIT Adj 8,1 11,4 9,2
EV/cap. employed 2,3 1,7 1,5
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,2 2
Capex / depreciation 265 181,6 177,3
Capex tangibles / tangible fixed assets 110,5 58,4 58,7
Capex intangibles / definite intangibles 0 41,4 43,4
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 41,7 53,6 54,9

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>

11,6

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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9,1

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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2,4