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SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1,8 2,4 2,9
Lease adj. ND/EBITDA -1,2 -1,8 -2,1
Sales 717 712 770
Sales growth (%) 14,5 -0,7 8,1
EBITDA 196 191 220
EBITDA margin (%) 27,4 26,8 28,6
EBIT adj 124 123 152
EBIT adj margin (%) 17,2 17,3 19,8
Pretax profit 120 122 151
EPS rep 8,14 8,37 10,35
EPS growth (%) 7,9 2,9 23,7
EPS adj 11,44 11,35 13,34
DPS 1,1 1,21 1,33
EV/EBITDA (x) 23,3 23,2 19,6
EV/EBIT adj (x) 37,1 36,1 28,4
P/E (x) 51,9 49,8 40,2
P/E adj (x) 36,9 36,7 31,2
EV/sales (x) 6,4 6,2 5,6
FCF yield (%) 2,1 2,6 3,2
Dividend yield (%) 0,3 0,3 0,3
Net IB debt/EBITDA -0,9 -1,3 -1,7
SEKm 2020 2021e 2022e
Depreciation and amortisation -35 -34 -34
Of which leasing depreciation -15 -15 -15
EO items 0 0 0
Impairment and PPA amortisation -38 -34 -34
EBITDA lease Adj 183 178 206
EBITDA lease Adj margin (%) 25,6 25 26,7
Sales 717 712 770
COGS -407 -406 -420
Gross profit 310 306 350
Other operating items -113 -115 -129
EBITDA 196 191 220
Depreciation on tangibles -14 -14 -14
Depreciation on intangibles -6 -7 -7
EBITA 161 157 186
Goodwill impairment charges 0 0 0
Other impairment and amortisation -38 -35 -35
EBIT 124 123 152
Other financial items -2 0 0
Net financial items -4 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 120 122 151
Tax -27 -27 -33
Net profit 93 95 118
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 93 95 118
EPS 8,14 8,37 10,35
EPS Adj 11,44 11,35 13,34
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,8 -22 -22
Gross margin (%) 43,2 43 45,5
EBITDA margin (%) 27,4 26,8 28,6
EBITA margin (%) 22,5 22,1 24,2
EBIT margin (%) 17,2 17,3 19,8
Pretax margin (%) 16,7 17,2 19,6
Net margin (%) 12,9 13,4 15,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 14,5 -0,7 8,1
EBITDA growth (%) 7,1 -2,7 15,3
EBIT growth (%) 10,9 -0,5 23,5
Net profit growth (%) 7,9 2,9 23,7
EPS growth (%) 7,9 2,9 23,7
Profitability 2020 2021 2022
ROE (%) 8,2 8,1 9,2
ROE Adj (%) 11,5 11 11,8
ROCE (%) 10,3 10,1 11,4
ROCE Adj(%) 13,5 12,9 13,9
ROIC (%) 9,7 9,9 12,1
ROIC Adj (%) 9,7 9,9 12,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 196 191 220
EBITDA Adj margin (%) 27,4 26,8 28,6
EBITA Adj 161 157 186
EBITA Adj margin (%) 22,5 22,1 24,2
EBIT Adj 124 123 152
EBIT Adj margin (%) 17,2 17,3 19,8
Pretax profit Adj 158 156 185
Net profit Adj 130 129 152
Net profit to shareholders Adj 130 129 152
Net Adj margin (%) 18,2 18,2 19,7
Leasing payments -13 -13 -15
SEKm 2020 2021e 2022e
Lease liability amortisation -13 -13 -15
Other intangible assets 396 373 345
Right-of-use asset 43 60 60
Total other fixed assets 53 53 53
Leasing liability 44 62 62
Total other long-term liabilities 8 12 12
Net IB debt excl. leasing -216 -313 -438
Net IB debt / EBITDA lease Adj (%) -117,6 -176,1 -213
EBITDA 196 191 220
Net financial items -4 -1 -1
Paid tax -27 -27 -33
Non-cash items 0 0 0
Cash flow before change in WC 165 163 186
Change in WC -22 -6 -10
Operating cash flow 143 158 177
CAPEX tangible fixed assets -30 -22 -12
CAPEX intangible fixed assets -13 -11 -12
Acquisitions and disposals 0 0 0
Free cash flow 100 125 154
Dividend paid -11 -13 -14
Share issues and buybacks 0 0 0
Other non cash items -48 -15 0
Decrease in net IB debt 25 128 137
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 278 289 289
Indefinite intangible assets 0 0 0
Definite intangible assets 396 368 341
Tangible fixed assets 60 74 72
Other fixed assets 53 53 53
Fixed assets 830 849 819
Inventories 98 111 115
Receivables 89 92 99
Other current assets 7 14 14
Cash and liquid assets 216 313 438
Total assets 1240 1379 1485
Shareholders equity 1115 1231 1335
Minority 0 0 0
Total equity 1115 1231 1335
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 4 4 4
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 40 46 48
Other current liabilities 32 28 28
Total liabilities and equity 1240 1379 1485
Net IB debt -171 -251 -376
Net IB debt excl. pension debt -171 -251 -376
Capital invested 952 992 971
Working capital 122 143 152
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4808 4746 4746
Net IB debt Adj -171 -251 -376
Market value of minority 0 0 0
Reversal of shares and participations -53 -53 -53
Reversal of conv. debt assumed equity 0 0 0
EV 4584 4441 4316
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,7 54,4 53,7
Capital invested turnover (%) 73 79,9 88,3
Capital employed turnover (%) 60,4 62 61,4
Inventories / sales (%) 12,4 13 12,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,4 5,3 5
Working capital / sales (%) 15,5 18,6 19,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -15,3 -20,4 -28,2
Net debt / market cap (%) -5 -5,3 -7,9
Equity ratio (%) 89,9 89,2 89,9
Net IB debt adj. / equity (%) -15,3 -20,4 -28,2
Current ratio (%) 477 587,1 725,3
EBITDA / net interest (%) 10438,9 18092,9 23743,8
Net IB debt / EBITDA (%) -87,1 -131,3 -170,7
Interest cover (%) 7609,9 8454,2 10012,7
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1,8 2,4 2,9
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 8,14 8,37 10,35
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 11,44 11,35 13,34
BVPS 97,88 108,04 117,18
BVPS Adj 38,73 49,89 61,57
Net IB debt / share -15 -22 -33
Share price 297,78 416,5 416,5
Market cap. (m) 3393 4746 4746
Valuation 2020 2021 2022
P/E 51,9 49,8 40,2
EV/sales 6,39 6,24 5,61
EV/EBITDA 23,3 23,2 19,6
EV/EBITA 28,4 28,3 23,2
EV/EBIT 37,1 36,1 28,4
Dividend yield (%) 0,3 0,3 0,3
FCF yield (%) 2,1 2,6 3,2
P/BVPS 4,31 3,86 3,55
P/BVPS Adj 10,9 8,35 6,76
P/E Adj 36,9 36,7 31,2
EV/EBITDA Adj 23,3 23,2 19,6
EV/EBITA Adj 28,4 28,3 23,2
EV/EBIT Adj 37,1 36,1 28,4
EV/cap. employed 4 3,4 3,1
Investment ratios 2020 2021 2022
Capex / sales 6 4,6 3
Capex / depreciation 211,4 167,4 117,9
Capex tangibles / tangible fixed assets 50 29,8 16
Capex intangibles / definite intangibles 3,4 2,9 3,4
Depreciation on intangibles / definite intangibles 1,6 1,7 1,9
Depreciation on tangibles / tangibles 23,4 17,8 18,4

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.

40,2

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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27,7

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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5,5

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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3,4