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Rottneros

Rottneros

Rottneros is a pure-play pulp producer. It produces mechanical and chemical pulp for use in a wide range of applications. The majority of the group’s products are sold on the European market, which accounts for about 72% of the group’s revenues. Rottneros has also initiated the development of a new business area, Rottneros Packaging, where it produces moulded fibre trays for food packaging and special applications.

The largest share of Rottneros’ profits comes from the sale of pulp, which is a highly commoditised product. As a result, demand for the group’s products is cyclical and depends on the global economic cycle. It also means that the group’s earnings are highly sensitive to changes in the market price of pulp, as well the prices of its input factors: pulp wood, electricity and chemicals. Rottneros’ earnings are also sensitive to currency fluctuations, particularly in USD/SEK and EUR/SEK.

SEKm 2020 2021e 2022e
Sales 2072 2481 2398
Sales growth (%) -13,5 19,7 -3,3
EBITDA 78 414 357
EBITDA margin (%) 3,8 16,7 14,9
EBIT adj -43 297 240
EBIT adj margin (%) -2,1 12 10
Pretax profit -60 285 232
EPS rep -0,32 1,46 1,19
EPS growth (%) -125,3 555,1 -18,9
EPS adj -0,33 1,46 1,19
DPS 0 0,58 0,47
EV/EBITDA (x) 17 3,4 3,5
EV/EBIT adj (x) -31,2 4,7 5,2
P/E (x) -25,4 6,4 7,9
P/E adj (x) -24,6 6,4 7,9
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) -3,4 7,8 16,4
Dividend yield (%) 0 6,3 5,1
Net IB debt/EBITDA 1 -0,1 -0,5
Lease adj. FCF yield (%) -3,4 7,8 16,4
Lease adj. ND/EBITDA 1,1 -0,1 -0,5
SEKm 2020 2021e 2022e
Sales 2072 2481 2398
COGS -1200 -1245 -1215
Gross profit 872 1236 1183
Other operating items -794 -822 -826
EBITDA 78 414 357
Depreciation and amortisation -119 -117 -117
Of which leasing depreciation 0 0 0
EBITA -41 297 240
EO items 2 0 0
Impairment and PPA amortisation 0 0 0
EBIT -41 297 240
Net financial items -19 -12 -8
Pretax profit -60 285 232
Tax 11 -62 -51
Net profit -49 223 181
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -49 223 181
EPS -0,32 1,46 1,19
EPS Adj -0,33 1,46 1,19
Total extraordinary items after tax 1,5 0 0
Leasing payments 0 0 0
Tax rate (%) -18,3 -21,6 -22
Gross margin (%) 42,1 49,8 49,3
EBITDA margin (%) 3,8 16,7 14,9
EBITA margin (%) -2 12 10
EBIT margin (%) -2 12 10
Pretax margin (%) -2,9 11,5 9,7
Net margin (%) -2,4 9 7,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,5 19,7 -3,3
EBITDA growth (%) -79,1 430,2 -13,7
EBIT growth (%) -115,3 823,4 -19,1
Net profit growth (%) -125,3 555,1 -18,9
EPS growth (%) -125,3 555,1 -18,9
Profitability 2020 2021 2022
ROE (%) -3,7 15,8 11,6
ROE Adj (%) -3,8 15,8 11,6
ROCE (%) -2,3 17,6 13,9
ROCE Adj(%) -2,4 17,6 13,9
ROIC (%) -2,1 14,6 11,5
ROIC Adj (%) -2,2 14,6 11,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 77 414 357
EBITDA Adj margin (%) 3,7 16,7 14,9
EBITDA lease Adj 77 414 357
EBITDA lease Adj margin (%) 3,7 16,7 14,9
EBITA Adj -43 297 240
EBITA Adj margin (%) -2,1 12 10
EBIT Adj -43 297 240
EBIT Adj margin (%) -2,1 12 10
Pretax profit Adj -62 285 232
Net profit Adj -51 223 181
Net profit to shareholders Adj -51 223 181
Net Adj margin (%) -2,4 9 7,5
SEKm 2020 2021e 2022e
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 150 161 161
Short-term debt 0 0 0
Accounts payable 395 516 466
Other current liabilities 0 0 0
Total liabilities and equity 2257 2356 2398
Net IB debt 81 -30 -175
Net IB debt excl. pension debt 81 -30 -175
Net IB debt excl. leasing 81 -30 -175
Capital invested 1532 1649 1596
Working capital 247 338 292
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1243 1427 1427
Net IB debt Adj 81 -30 -175
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 1324 1397 1252
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 89,5 107,6 100,9
Working capital / sales (%) 13,5 11,8 13,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6,2 -2 -10,9
Net debt / market cap (%) 5,9 -2,1 -12,3
Equity ratio (%) 57,6 64,4 67,1
Net IB debt adj. / equity (%) 6,2 -2 -10,9
Current ratio (%) 246,1 202,6 234,7
EBITDA / net interest (%) 410,5 3446,6 4461,2
Net IB debt / EBITDA (%) 103,8 -7,2 -49
Net IB debt / EBITDA lease Adj (%) 105,9 -7,2 -49
Interest cover (%) -215,8 2132,8 2998,7
EBITDA 78 414 357
Net financial items -19 -12 -8
Paid tax 2 -74 -51
Non-cash items 0 0 0
Cash flow before change in WC 61 328 298
Change in WC 25 -77 46
Operating cash flow 86 251 344
CAPEX tangible fixed assets -128 -140 -110
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -42 111 234
Dividend paid 0 0 -89
Share issues and buybacks 0 0 0
Lease liability amortisation 0 0 0
Other non cash items 22 -11 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 30 27 27
Tangible fixed assets 1203 1229 1222
Right-of-use asset 0 0 0
Total other fixed assets 52 55 55
Fixed assets 1285 1311 1304
Inventories 355 398 360
Receivables 287 456 398
Other current assets 0 0 0
Cash and liquid assets 330 191 336
Total assets 2257 2356 2398
Shareholders equity 1301 1518 1610
Minority 0 0 0
Total equity 1301 1518 1610
Long-term debt 411 161 161
SEKm 2020 2021e 2022e
Shares outstanding adj. 153 153 153
Fully diluted shares Adj 153 153 153
EPS -0,32 1,46 1,19
Dividend per share Adj 0 0,6 0,5
EPS Adj -0,33 1,46 1,19
BVPS 8,53 9,95 10,55
BVPS Adj 8,53 9,95 10,55
Net IB debt / share 0,5 -0,2 -1,1
Share price 8,99 9,35 9,35
Market cap. (m) 1372 1427 1427
Valuation 2020 2021 2022
P/E -25,4 6,4 7,9
EV/sales 0,64 0,56 0,52
EV/EBITDA 17 3,4 3,5
EV/EBITA -32,3 4,7 5,2
EV/EBIT -32,3 4,7 5,2
Dividend yield (%) 0 6,3 5,1
FCF yield (%) -3,4 7,8 16,4
Lease adj. FCF yield (%) -3,4 7,8 16,4
P/BVPS 0,96 0,94 0,89
P/BVPS Adj 0,96 0,94 0,89
P/E Adj -24,6 6,4 7,9
EV/EBITDA Adj 17,3 3,4 3,5
EV/EBITA Adj -31,2 4,7 5,2
EV/EBIT Adj -31,2 4,7 5,2
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2020 2021 2022
Capex / sales 6,2 5,6 4,6
Capex / depreciation 107,6 119,7 94
Capex tangibles / tangible fixed assets 10,6 11,4 9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 9,9 9,5 9,6

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Media

Rottneros - Company presentation with CFO Monica Pasanen

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Arctic Paper SA 51.0 % 51.0 % 30 Sep 2021
Stefan Sundh 7.4 % 7.4 % 30 Sep 2021
Avanza Pension 2.3 % 2.3 % 30 Sep 2021
Dimensional Fund Advisors 1.8 % 1.8 % 31 Aug 2021
Magallanes Value Investors SGIIC 0.8 % 0.8 % 30 Sep 2021
Handelsbanken Fonder 0.6 % 0.6 % 30 Sep 2021
Futur Pension 0.5 % 0.5 % 30 Sep 2021
Rottneros AB 0.5 % 0.5 % 30 Sep 2021
SEB Fonder 0.5 % 0.5 % 30 Sep 2021
Nordnet Pensionsförsäkring 0.4 % 0.4 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Lennart Eberleh + 6 267 BUY 5 Feb 2021
Kasper Skuthälla + 12 500 BUY 14 Dec 2020
Lennart Eberleh - 267 SELL 18 Nov 2020
Ingemar Eliasson + 12 365 BUY 29 Oct 2020
Ingemar Eliasson + 2 635 BUY 28 Oct 2020
Monica Still Pasanen + 2 500 BUY 26 Oct 2020
Monica Still Pasanen + 7 500 BUY 26 Oct 2020
Kasper Skuthälla + 30 000 BUY 23 Oct 2020
Ola Thomasson + 10 000 BUY 29 Jul 2020
Lennart Eberleh + 335 BUY 24 Jul 2020

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