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Probi

Probi

SEKm 2019 2020e 2021e
Sales 626 710 760
Sales growth (%) 3,7 13,3 7,1
EBITDA 183 207 225
EBITDA margin (%) 29,3 29,2 29,5
EBIT adj 112 133 146
EBIT adj margin (%) 17,8 18,7 19,3
Pretax profit 110 132 148
EPS rep 7,54 8,98 10,31
EPS growth (%) 12,6 19,1 14,9
EPS adj 7,54 8,98 10,31
DPS 1 1,19 1,37
EV/EBITDA (x) 12,7 20,5 18,4
EV/EBIT adj (x) 20,8 32 28,2
P/E (x) 29,5 44,7 38,9
P/E adj (x) 29,5 44,7 38,9
EV/sales (x) 3,7 6 5,4
FCF yield (%) 6 1,8 3,2
Dividend yield (%) 0,5 0,3 0,3
Net IB debt/EBITDA -1,1 -1,5 -2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 626 710 760
COGS -335 -393 -388
Gross profit 292 317 372
Other operating items -108 -109 -147
EBITDA 183 207 225
Depreciation on tangibles -12 -12 -13
Depreciation on intangibles -46 -48 -51
EBITA 112 133 146
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 112 133 146
Other financial items 1 0 0
Net financial items -2 -1 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 110 132 148
Tax -24 -30 -30
Net profit 86 102 117
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 86 102 117
EPS 7,54 8,98 10,31
EPS Adj 7,54 8,98 10,31
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,6 -22,4 -20,6
Gross margin (%) 46,6 44,6 48,9
EBITDA margin (%) 29,3 29,2 29,5
EBITA margin (%) 17,8 18,7 19,3
EBIT margin (%) 17,8 18,7 19,3
Pretax margin (%) 17,5 18,6 19,5
Net margin (%) 13,7 14,4 15,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 3,7 13,3 7,1
EBITDA growth (%) 18,4 13 8,3
EBIT growth (%) 10,3 19,2 10,2
Net profit growth (%) 12,6 19,1 14,9
EPS growth (%) 12,6 19,1 14,9
Profitability 2019 2020 2021
ROE (%) 7,9 8,5 9,1
ROE Adj (%) 7,9 8,5 9,1
ROCE (%) 9,9 11,2 11,4
ROCE Adj(%) 9,9 11,2 11,4
ROIC (%) 9 10,5 12
ROIC Adj (%) 9 10,5 12
Adj earnings numbers 2019 2020 2021
EBITDA Adj 183 207 225
EBITDA Adj margin (%) 29,3 29,2 29,5
EBITA Adj 112 133 146
EBITA Adj margin (%) 17,8 18,7 19,3
EBIT Adj 112 133 146
EBIT Adj margin (%) 17,8 18,7 19,3
Pretax profit Adj 110 132 148
Net profit Adj 86 102 117
Net profit to shareholders Adj 86 102 117
Net Adj margin (%) 13,7 14,4 15,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 183 207 225
Net financial items -2 -1 2
Paid tax -24 -30 -30
Non-cash items 0 0 0
Cash flow before change in WC 158 177 196
Change in WC 30 -3 -10
Operating cash flow 188 173 185
CAPEX tangible fixed assets -27 -30 -30
CAPEX intangible fixed assets -8 -9 -8
Acquisitions and disposals 0 -53 0
Free cash flow 153 81 147
Dividend paid 0 -11 -14
Share issues and buybacks 0 0 0
Other non cash items -83 53 0
Decrease in net IB debt 126 111 121
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 316 316 316
Indefinite intangible assets 0 0 0
Definite intangible assets 472 433 389
Tangible fixed assets 36 53 71
Other fixed assets 6 59 59
Fixed assets 901 931 903
Inventories 79 85 91
Receivables 83 97 104
Other current assets 18 0 0
Cash and liquid assets 207 265 386
Total assets 1290 1378 1485
Shareholders equity 1152 1243 1347
Minority 0 0 0
Total equity 1152 1243 1347
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 52 52 52
Short-term debt 0 0 0
Accounts payable 38 35 38
Other current liabilities 48 48 48
Total liabilities and equity 1290 1378 1485
Net IB debt -207 -318 -439
Net IB debt excl. pension debt -207 -318 -439
Capital invested 997 977 960
Working capital 95 99 109
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2529 4569 4569
Net IB debt Adj -207 -318 -439
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 2323 4251 4130
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 50,1 53,2 53,1
Capital invested turnover (%) 64,2 71,9 78,5
Capital employed turnover (%) 54,5 59,3 58,7
Inventories / sales (%) 11,8 11,6 11,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,5 5,2 4,8
Working capital / sales (%) 17,6 13,7 13,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -18 -25,6 -32,6
Net debt / market cap (%) -5,7 -7 -9,6
Equity ratio (%) 89,3 90,2 90,7
Net IB debt adj. / equity (%) -18 -25,6 -32,6
Current ratio (%) 451,8 534 673,8
EBITDA / net interest (%) 6796,3 18894,4 -14767,3
Net IB debt / EBITDA (%) -112,8 -153,3 -195,5
Interest cover (%) 2739,9 7930,3 0
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 7,54 8,98 10,31
Dividend per share Adj 1 1,2 1,4
EPS Adj 7,54 8,98 10,31
BVPS 101,12 109,09 118,21
BVPS Adj 31,95 43,37 56,29
Net IB debt / share -18,2 -27,9 -38,5
Share price 319,29 401 401
Market cap. (m) 3638 4569 4569
Valuation 2019 2020 2021
P/E 29,5 44,7 38,9
EV/sales 3,71 5,99 5,43
EV/EBITDA 12,7 20,5 18,4
EV/EBITA 20,8 32 28,2
EV/EBIT 20,8 32 28,2
Dividend yield (%) 0,5 0,3 0,3
FCF yield (%) 6 1,8 3,2
P/BVPS 2,2 3,68 3,39
P/BVPS Adj 6,95 9,25 7,12
P/E Adj 29,5 44,7 38,9
EV/EBITDA Adj 12,7 20,5 18,4
EV/EBITA Adj 20,8 32 28,2
EV/EBIT Adj 20,8 32 28,2
EV/cap. employed 2 3,4 3,1
Investment ratios 2019 2020 2021
Capex / sales 5,6 5,5 5,1
Capex / depreciation 60,6 64,6 59,9
Capex tangibles / tangible fixed assets 75,1 56 42,8
Capex intangibles / definite intangibles 1,8 2,1 2,1
Depreciation on intangibles / definite intangibles 9,8 11,2 13,2
Depreciation on tangibles / tangibles 32,6 22,6 18,1
N/A N/A N/A

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.

38,9

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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27,2

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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5,2

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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3,3