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Financials

SEKm 2019 2020e 2021e
Sales 117 133 141
Sales growth (%) 32,8 13,8 6,3
EBITDA 43 56 61
EBITDA margin (%) 37,2 42,6 43,3
EBIT adj 45 53 57
EBIT adj margin (%) 38,6 39,9 40,7
Pretax profit 40 53 57
EPS rep 6,8 8,02 8,74
EPS growth (%) 47,4 18 8,9
EPS adj 7,49 8,02 8,74
DPS 6,75 8,02 8,74
EV/EBITDA (x) 31,2 12,5 11,6
EV/EBIT adj (x) 30 13,4 12,3
P/E (x) 28,7 13 12
P/E adj (x) 26 13 12
EV/sales (x) 11,6 5,3 5
FCF yield (%) 2,6 7 7,8
Dividend yield (%) 3,5 7,7 8,4
Net IB debt/EBITDA -0,7 -0,6 -0,5
SEKm 2019 2020e 2021e
Sales 117 133 141
COGS -28 -26 -28
Gross profit 89 107 113
Other operating items -46 -50 -52
EBITDA 43 56 61
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -2 -2 -2
EBITA 40 53 57
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 40 53 57
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 40 53 57
Tax 8 4 5
Net profit 48 57 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 57 62
EPS 6,8 8,02 8,74
EPS Adj 7,49 8,02 8,74
Total extraordinary items after tax -4,9 0 0
Tax rate (%) 20,8 7,6 7,8
Gross margin (%) 76,4 80,3 80,2
EBITDA margin (%) 37,2 42,6 43,3
EBITA margin (%) 34,4 39,9 40,7
EBIT margin (%) 34,4 39,9 40,7
Pretax margin (%) 34,2 39,9 40,7
Net margin (%) 41,4 42,9 43,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 32,8 13,8 6,3
EBITDA growth (%) 37 30,4 8,2
EBIT growth (%) 36,4 31,8 8,6
Net profit growth (%) 47,4 18 8,9
EPS growth (%) 47,4 18 8,9
Profitability 2019 2020 2021
ROE (%) 45,7 48,9 50,3
ROE Adj (%) 50,4 48,9 50,3
ROCE (%) 37,5 44,4 45,6
ROCE Adj(%) 42,1 44,4 45,6
ROIC (%) 65,8 67,4 68,6
ROIC Adj (%) 73,9 67,4 68,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 48 56 61
EBITDA Adj margin (%) 41,4 42,6 43,3
EBITA Adj 45 53 57
EBITA Adj margin (%) 38,6 39,9 40,7
EBIT Adj 45 53 57
EBIT Adj margin (%) 38,6 39,9 40,7
Pretax profit Adj 45 53 57
Net profit Adj 53 57 62
Net profit to shareholders Adj 53 57 62
Net Adj margin (%) 45,6 42,9 43,9
SEKm 2019 2020e 2021e
Inventories 8 10 10
Receivables 31 35 37
Other current assets 0 0 0
Cash and liquid assets 33 36 35
Total assets 128 138 144
Shareholders equity 112 121 126
Minority 0 0 0
Total equity 112 121 126
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 0 0 0
Short-term debt 0 0 0
Accounts payable 13 15 16
Other current liabilities 0 0 0
Total liabilities and equity 128 138 144
Net IB debt -31 -33 -33
Net IB debt excl. pension debt -31 -33 -33
Capital invested 81 88 93
Working capital 26 29 31
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1383 742 742
Net IB debt Adj -31 -33 -33
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 1352 709 709
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 98 99,7 99,7
Capital invested turnover (%) 158,3 157,1 156,2
Capital employed turnover (%) 109 111,4 111,8
Inventories / sales (%) 6,4 6,8 7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,3 10,6 10,9
Working capital / sales (%) 20 20,8 21,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -27,3 -27,4 -26,1
Net debt / market cap (%) -3,3 -4,5 -4,4
Equity ratio (%) 87,5 87,2 87,1
Net IB debt adj. / equity (%) -27,3 -27,4 -26,1
Current ratio (%) 512,9 504,7 491,5
EBITDA / net interest (%) 21650 0 0
Net IB debt / EBITDA (%) -70,4 -58,6 -53,8
Interest cover (%) 20050 N/A N/A
EBITDA 43 56 61
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 43 56 61
Change in WC -5 -4 -2
Operating cash flow 38 53 59
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 37 52 58
Dividend paid -35 -48 -57
Share issues and buybacks 0 0 0
Other non cash items -3 0 0
Decrease in net IB debt -3 3 0
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 7 6 4
Tangible fixed assets 2 2 1
Other fixed assets 45 49 53
Fixed assets 56 59 62
SEKm 2019 2020e 2021e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 6,8 8,02 8,74
Dividend per share Adj 6,8 8 8,7
EPS Adj 7,49 8,02 8,74
BVPS 15,75 17,02 17,74
BVPS Adj 14,81 16,24 17,11
Net IB debt / share -4,3 -4,7 -4,6
Share price 129,98 104,6 104,6
Market cap. (m) 922 742 742
Valuation 2019 2020 2021
P/E 28,7 13 12
EV/sales 11,61 5,34 5,03
EV/EBITDA 31,2 12,5 11,6
EV/EBITA 33,7 13,4 12,3
EV/EBIT 33,7 13,4 12,3
Dividend yield (%) 3,5 7,7 8,4
FCF yield (%) 2,6 7 7,8
P/BVPS 12,38 6,14 5,9
P/BVPS Adj 13,17 6,44 6,11
P/E Adj 26 13 12
EV/EBITDA Adj 28,1 12,5 11,6
EV/EBITA Adj 30 13,4 12,3
EV/EBIT Adj 30 13,4 12,3
EV/cap. employed 11,8 5,7 5,5
Investment ratios 2019 2020 2021
Capex / sales 1 1 1
Capex / depreciation 50 47,4 51,3
Capex tangibles / tangible fixed assets 31,6 33,4 42,4
Capex intangibles / definite intangibles 9 14,4 19
Depreciation on intangibles / definite intangibles 25,1 35,4 43,2
Depreciation on tangibles / tangibles 37,9 52,8 62,1

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

12,0

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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12,3

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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5,0

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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5,8