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Probi

Probi

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1,8 2,8 3
Lease adj. ND/EBITDA -1,2 -1,7 -2,1
Sales 717 752 812
Sales growth (%) 14,5 4,9 8
EBITDA 196 218 240
EBITDA margin (%) 27,4 29 29,6
EBIT adj 124 148 169
EBIT adj margin (%) 17,2 19,6 20,9
Pretax profit 120 147 169
EPS rep 8,14 10,27 11,75
EPS growth (%) 7,9 26,2 14,4
EPS adj 11,44 13,31 14,8
DPS 1,1 1,21 1,33
EV/EBITDA (x) 23,3 21,6 19
EV/EBIT adj (x) 37,1 31,9 27
P/E (x) 51,9 43,2 37,8
P/E adj (x) 36,9 33,3 30
EV/sales (x) 6,4 6,3 5,6
FCF yield (%) 2,1 3,1 3,3
Dividend yield (%) 0,3 0,3 0,3
Net IB debt/EBITDA -0,9 -1,4 -1,8
SEKm 2020 2021e 2022e
Depreciation and amortisation -35 -36 -36
Of which leasing depreciation -15 -15 -15
EO items 0 0 0
Impairment and PPA amortisation -38 -35 -35
EBITDA lease Adj 183 203 225
EBITDA lease Adj margin (%) 25,6 27 27,7
Sales 717 752 812
COGS -407 -403 -423
Gross profit 310 349 389
Other operating items -113 -131 -149
EBITDA 196 218 240
Depreciation on tangibles -14 -14 -14
Depreciation on intangibles -6 -7 -7
EBITA 161 182 204
Goodwill impairment charges 0 0 0
Other impairment and amortisation -38 -35 -35
EBIT 124 148 169
Other financial items -2 0 0
Net financial items -4 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 120 147 169
Tax -27 -30 -35
Net profit 93 117 134
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 93 117 134
EPS 8,14 10,27 11,75
EPS Adj 11,44 13,31 14,8
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,8 -20,6 -20,6
Gross margin (%) 43,2 46,4 47,9
EBITDA margin (%) 27,4 29 29,6
EBITA margin (%) 22,5 24,2 25,1
EBIT margin (%) 17,2 19,6 20,9
Pretax margin (%) 16,7 19,6 20,8
Net margin (%) 12,9 15,6 16,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 14,5 4,9 8
EBITDA growth (%) 7,1 11 10,1
EBIT growth (%) 10,9 19,4 14,7
Net profit growth (%) 7,9 26,2 14,4
EPS growth (%) 7,9 26,2 14,4
Profitability 2020 2021 2022
ROE (%) 8,2 10 10,5
ROE Adj (%) 11,5 13 13,2
ROCE (%) 10,3 12,3 12,9
ROCE Adj(%) 13,5 15,2 15,5
ROIC (%) 9,7 12,5 14,6
ROIC Adj (%) 9,7 12,5 14,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 196 218 240
EBITDA Adj margin (%) 27,4 29 29,6
EBITA Adj 161 182 204
EBITA Adj margin (%) 22,5 24,2 25,1
EBIT Adj 124 148 169
EBIT Adj margin (%) 17,2 19,6 20,9
Pretax profit Adj 158 182 203
Net profit Adj 130 152 169
Net profit to shareholders Adj 130 152 169
Net Adj margin (%) 18,2 20,2 20,8
SEKm 2020 2021e 2022e
Lease liability amortisation -13 -15 -15
Other intangible assets 396 368 341
Right-of-use asset 43 43 43
Total other fixed assets 53 53 53
Leasing liability 44 44 44
Total other long-term liabilities 8 8 8
Net IB debt excl. leasing -216 -343 -480
Net IB debt / EBITDA lease Adj (%) -117,6 -168,9 -213,2
EBITDA 196 218 240
Net financial items -4 0 -1
Paid tax -27 -30 -35
Non-cash items 0 0 0
Cash flow before change in WC 165 187 205
Change in WC -22 -4 -10
Operating cash flow 143 184 194
CAPEX tangible fixed assets -30 -15 -12
CAPEX intangible fixed assets -13 -13 -14
Acquisitions and disposals 0 0 0
Free cash flow 100 155 168
Dividend paid -11 -13 -16
Share issues and buybacks 0 0 0
Other non cash items -48 0 0
Decrease in net IB debt 25 128 137
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 278 278 278
Indefinite intangible assets 0 0 0
Definite intangible assets 396 368 341
Tangible fixed assets 60 61 59
Other fixed assets 53 53 53
Fixed assets 830 803 774
Inventories 98 97 102
Receivables 89 94 101
Other current assets 7 7 7
Cash and liquid assets 216 343 480
Total assets 1240 1344 1464
Shareholders equity 1115 1220 1338
Minority 0 0 0
Total equity 1115 1220 1338
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 40 41
Other current liabilities 32 32 32
Total liabilities and equity 1240 1344 1464
Net IB debt -171 -299 -435
Net IB debt excl. pension debt -171 -299 -435
Capital invested 952 929 910
Working capital 122 126 136
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4808 5059 5059
Net IB debt Adj -171 -299 -435
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 4707 4571
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,7 58,2 57,8
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 16,5 16,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -15,3 -24,5 -32,6
Net debt / market cap (%) -5 -5,9 -8,6
Equity ratio (%) 89,9 90,8 91,4
Net IB debt adj. / equity (%) -15,3 -24,5 -32,6
Current ratio (%) 477 632,5 788,5
EBITDA / net interest (%) 10438,9 77471 32864,9
Net IB debt / EBITDA (%) -87,1 -137 -181,4
Interest cover (%) 7609,9 10444,1 11653,5
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 1,8 2,8 3
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 8,14 10,27 11,75
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 11,44 13,31 14,8
BVPS 97,88 107,05 117,39
BVPS Adj 38,73 50,36 63,07
Net IB debt / share -15 -26,2 -38,2
Share price 297,78 444 444
Market cap. (m) 3393 5059 5059
Valuation 2020 2021 2022
P/E 51,9 43,2 37,8
EV/sales 6,39 6,26 5,63
EV/EBITDA 23,3 21,6 19
EV/EBITA 28,4 25,8 22,4
EV/EBIT 37,1 31,9 27
Dividend yield (%) 0,3 0,3 0,3
FCF yield (%) 2,1 3,1 3,3
P/BVPS 4,31 4,15 3,78
P/BVPS Adj 10,9 8,82 7,04
P/E Adj 36,9 33,3 30
EV/EBITDA Adj 23,3 21,6 19
EV/EBITA Adj 28,4 25,8 22,4
EV/EBIT Adj 37,1 31,9 27
EV/cap. employed 4 3,7 3,3
Investment ratios 2020 2021 2022
Capex / sales 6 3,8 3,3
Capex / depreciation 211,4 137,5 125,8
Capex tangibles / tangible fixed assets 50 25,3 20,6
Capex intangibles / definite intangibles 3,4 3,6 4,2
Depreciation on intangibles / definite intangibles 1,6 1,8 1,9
Depreciation on tangibles / tangibles 23,4 23,3 24,4

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.

37,8

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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26,3

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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3,7