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Proact

Proact

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,4 -2,4 7,2
Lease adj. ND/EBITDA -0,9 -0,8 -1,1
Sales 3633 3796 3950
Sales growth (%) 6,6 4,5 4,1
EBITDA 369 372 412
EBITDA margin (%) 10,2 9,8 10,4
EBIT adj 185 187 221
EBIT adj margin (%) 5,1 4,9 5,6
Pretax profit 168 181 220
EPS rep 4,79 4,98 6,06
EPS growth (%) 64,2 3,9 21,6
EPS adj 6,15 6,22 7,26
DPS 1,5 1,49 1,82
EV/EBITDA (x) 6,8 6,4 5,5
EV/EBIT adj (x) 13,7 12,8 10,3
P/E (x) 19 17,3 14,2
P/E adj (x) 14,8 13,8 11,9
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) 11,5 2 11,6
Dividend yield (%) 1,6 1,7 2,1
Net IB debt/EBITDA 0,1 0,1 -0,2
SEKm 2020 2021e 2022e
Depreciation and amortisation -153 -151 -158
Of which leasing depreciation -104 -104 -104
EO items -3 0 0
Impairment and PPA amortisation -35 -34 -33
EBITDA lease Adj 268 268 308
EBITDA lease Adj margin (%) 7,4 7,1 7,8
Sales 3633 3796 3950
COGS -2701 -2936 -3030
Gross profit 932 860 920
Other operating items -563 -488 -508
EBITDA 369 372 412
Depreciation on tangibles -49 -60 -63
Depreciation on intangibles 0 0 0
EBITA 217 221 254
Goodwill impairment charges 0 0 0
Other impairment and amortisation -35 -36 -34
EBIT 182 187 221
Other financial items 0 0 0
Net financial items -14 -6 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 181 220
Tax -35 -44 -54
Net profit 132 137 166
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 132 137 166
EPS 4,79 4,98 6,06
EPS Adj 6,15 6,22 7,26
Total extraordinary items after tax -2,8 0 0
Tax rate (%) -21,1 -24,5 -24,5
Gross margin (%) 25,7 22,7 23,3
EBITDA margin (%) 10,2 9,8 10,4
EBITA margin (%) 6 5,8 6,4
EBIT margin (%) 5 4,9 5,6
Pretax margin (%) 4,6 4,8 5,6
Net margin (%) 3,6 3,6 4,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 4,5 4,1
EBITDA growth (%) 36 0,7 10,7
EBIT growth (%) 72,7 2,9 18,1
Net profit growth (%) 65 3,4 21,6
EPS growth (%) 64,2 3,9 21,6
Profitability 2020 2021 2022
ROE (%) 23,4 21 21,9
ROE Adj (%) 30 26,3 26,2
ROCE (%) 15,6 16,2 17,9
ROCE Adj(%) 19 19,2 20,5
ROIC (%) 12,7 12 13,6
ROIC Adj (%) 12,9 12 13,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 372 372 412
EBITDA Adj margin (%) 10,2 9,8 10,4
EBITA Adj 219 221 254
EBITA Adj margin (%) 6 5,8 6,4
EBIT Adj 185 187 221
EBIT Adj margin (%) 5,1 4,9 5,6
Pretax profit Adj 205 215 253
Net profit Adj 170 171 199
Net profit to shareholders Adj 169 171 199
Net Adj margin (%) 4,7 4,5 5
Leasing payments -104 -104 -104
SEKm 2020 2021e 2022e
Lease liability amortisation -104 -104 -104
Other intangible assets 112 136 135
Right-of-use asset 225 225 225
Total other fixed assets 425 425 425
Leasing liability 258 258 258
Total other long-term liabilities 494 494 494
Net IB debt excl. leasing -236 -226 -354
Net IB debt / EBITDA lease Adj (%) -88,1 -84,2 -114,9
EBITDA 369 372 412
Net financial items -14 -6 -1
Paid tax -35 -44 -54
Non-cash items 0 0 0
Cash flow before change in WC 320 322 357
Change in WC 149 -76 8
Operating cash flow 468 245 365
CAPEX tangible fixed assets -60 -60 -60
CAPEX intangible fixed assets -31 -32 -32
Acquisitions and disposals -89 -105 0
Free cash flow 288 48 273
Dividend paid -23 -41 -41
Share issues and buybacks 0 0 0
Other non cash items -57 26 0
Decrease in net IB debt 186 109 138
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 552 604 604
Indefinite intangible assets 0 0 0
Definite intangible assets 112 108 106
Tangible fixed assets 85 98 104
Other fixed assets 425 425 425
Fixed assets 1398 1488 1493
Inventories 13 27 28
Receivables 1044 1215 1264
Other current assets 0 0 0
Cash and liquid assets 468 458 586
Total assets 2924 3187 3371
Shareholders equity 602 697 823
Minority 3 3 3
Total equity 605 700 826
Long-term debt 142 142 142
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 33 33 33
Other long-term liabilities 461 461 461
Short-term debt 90 90 90
Accounts payable 762 797 829
Other current liabilities 573 705 731
Total liabilities and equity 2924 3187 3371
Net IB debt 22 32 -96
Net IB debt excl. pension debt 22 32 -96
Capital invested 1121 1227 1224
Working capital -277 -261 -269
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2498 2361 2361
Net IB debt Adj 22 32 -96
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2523 2396 2268
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 125,3 124,2 120,5
Capital invested turnover (%) 321,2 349 360,6
Capital employed turnover (%) 330 340,4 317,5
Inventories / sales (%) 0,5 0,5 0,7
Customer advances / sales (%) 15,8 15,8 16,7
Payables / sales (%) 21,4 20,2 20,7
Working capital / sales (%) -6,8 -7,1 -6,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 3,6 4,6 -11,6
Net debt / market cap (%) 1,3 1,4 -4,1
Equity ratio (%) 20,7 22 24,5
Net IB debt adj. / equity (%) 3,6 4,6 -11,6
Current ratio (%) 104,1 104 111
EBITDA / net interest (%) 2565,3 6100,4 41209
Net IB debt / EBITDA (%) 5,8 8,7 -23,3
Interest cover (%) 5152,5 5478,1 6429,8
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,4 -2,4 7,2
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 4,79 4,98 6,06
Dividend per share Adj 1,5 1,5 1,8
EPS Adj 6,15 6,22 7,26
BVPS 21,92 25,4 29,96
BVPS Adj -2,26 -1,58 3,02
Net IB debt / share 0,8 1,2 -3,5
Share price 59,57 86 86
Market cap. (m) 1636 2361 2361
Valuation 2020 2021 2022
P/E 19 17,3 14,2
EV/sales 0,69 0,63 0,57
EV/EBITDA 6,8 6,4 5,5
EV/EBITA 11,7 10,8 8,9
EV/EBIT 13,9 12,8 10,3
Dividend yield (%) 1,6 1,7 2,1
FCF yield (%) 11,5 2 11,6
P/BVPS 4,15 3,39 2,87
P/BVPS Adj -40,3 -54,58 28,45
P/E Adj 14,8 13,8 11,9
EV/EBITDA Adj 6,8 6,4 5,5
EV/EBITA Adj 11,5 10,8 8,9
EV/EBIT Adj 13,7 12,8 10,3
EV/cap. employed 2,3 2 1,7
Investment ratios 2020 2021 2022
Capex / sales 2,5 2,4 2,3
Capex / depreciation 186,4 196,2 170,7
Capex tangibles / tangible fixed assets 70,9 61,3 57,7
Capex intangibles / definite intangibles 27,6 23,5 23,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 57,7 47,9 51,8

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.

14,2

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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10,1

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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0,6

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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2,8