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SJR

SJR

SEKm 2020 2021e 2022e
Sales 365 397 419
Sales growth (%) -12,4 8,7 5,5
EBITDA 17 28 37
EBITDA margin (%) 4,7 7 8,8
EBIT adj 15 25 34
EBIT adj margin (%) 4 6,3 8,1
Pretax profit 15 25 34
EPS rep 1,07 1,83 2,48
EPS growth (%) -37,6 71 35,7
EPS adj 1,07 1,83 2,48
DPS 0,6 1,5 2
EV/EBITDA (x) 14,9 8,8 6,4
EV/EBIT adj (x) 17,5 9,8 6,9
P/E (x) 24 14 10,3
P/E adj (x) 24 14 10,3
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) -2,5 6,7 9,4
Dividend yield (%) 2,3 5,9 7,8
Net IB debt/EBITDA -1 -1 -1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 365 397 419
COGS 0 0 0
Gross profit 365 397 419
Other operating items -348 -369 -382
EBITDA 17 28 37
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 15 25 34
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 15 25 34
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 15 25 34
Tax -3 -6 -7
Net profit 11 20 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 20 27
EPS 1,07 1,83 2,48
EPS Adj 1,07 1,83 2,48
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 4,7 7 8,8
EBITA margin (%) 4 6,3 8,1
EBIT margin (%) 4 6,3 8,1
Pretax margin (%) 4 6,3 8,1
Net margin (%) 3,1 4,9 6,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -12,4 8,7 5,5
EBITDA growth (%) -39 60,9 32,6
EBIT growth (%) -40,9 71 35,7
Net profit growth (%) -37,6 71 35,7
EPS growth (%) -37,6 71 35,7
Profitability 2020 2021 2022
ROE (%) 17,5 23,9 28,3
ROE Adj (%) 17,5 23,9 28,3
ROCE (%) 22,1 30,2 35,9
ROCE Adj(%) 22,1 30,2 35,9
ROIC (%) 25,4 33 44
ROIC Adj (%) 25,4 33 44
Adj earnings numbers 2020 2021 2022
EBITDA Adj 17 28 37
EBITDA Adj margin (%) 4,7 7 8,8
EBITA Adj 15 25 34
EBITA Adj margin (%) 4 6,3 8,1
EBIT Adj 15 25 34
EBIT Adj margin (%) 4 6,3 8,1
Pretax profit Adj 15 25 34
Net profit Adj 11 20 27
Net profit to shareholders Adj 11 20 27
Net Adj margin (%) 3,1 4,9 6,3
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 17 28 37
Net financial items 0 0 0
Paid tax -3 -6 -7
Non-cash items 0 0 0
Cash flow before change in WC 14 22 29
Change in WC 4 -1 -1
Operating cash flow 18 21 29
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -22 0 0
Free cash flow -7 18 26
Dividend paid 0 -6 -16
Share issues and buybacks 9 0 0
Other non cash items -9 0 0
Decrease in net IB debt -7 12 10
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 22 22 22
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 5 5 5
Other fixed assets 20 20 20
Fixed assets 48 48 48
Inventories 0 0 0
Receivables 66 71 75
Other current assets 0 0 0
Cash and liquid assets 18 30 39
Total assets 131 149 163
Shareholders equity 75 89 99
Minority 0 0 0
Total equity 75 89 99
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 1 1 1
Accounts payable 0 0 0
Other current liabilities 55 60 63
Total liabilities and equity 131 149 163
Net IB debt -17 -29 -38
Net IB debt excl. pension debt -17 -29 -38
Capital invested 59 60 61
Working capital 11 12 13
EV breakdown 2020 2021 2022
Market cap. diluted (m) 274 274 274
Net IB debt Adj -17 -29 -38
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 257 245 236
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 292,4 283 268,3
Capital invested turnover (%) 810,2 670 694,1
Capital employed turnover (%) 550 477,6 441,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 16 14,4 14,6
Payables / sales (%) 0 0 0
Working capital / sales (%) 3,5 2,9 2,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -22,3 -32,4 -38,6
Net debt / market cap (%) -6,8 -10,5 -14
Equity ratio (%) 57,5 59,4 60,8
Net IB debt adj. / equity (%) -22,3 -32,4 -38,6
Current ratio (%) 149,8 167 179,6
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -97,5 -103,3 -103,9
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 1,07 1,83 2,48
Dividend per share Adj 0,6 1,5 2
EPS Adj 1,07 1,83 2,48
BVPS 7,05 8,27 9,25
BVPS Adj 4,93 6,15 7,13
Net IB debt / share -1,6 -2,7 -3,6
Share price 23 25,6 25,6
Market cap. (m) 246 274 274
Valuation 2020 2021 2022
P/E 24 14 10,3
EV/sales 0,7 0,62 0,56
EV/EBITDA 14,9 8,8 6,4
EV/EBITA 17,5 9,8 6,9
EV/EBIT 17,5 9,8 6,9
Dividend yield (%) 2,3 5,9 7,8
FCF yield (%) -2,5 6,7 9,4
P/BVPS 3,63 3,09 2,77
P/BVPS Adj 5,19 4,16 3,59
P/E Adj 24 14 10,3
EV/EBITDA Adj 14,9 8,8 6,4
EV/EBITA Adj 17,5 9,8 6,9
EV/EBIT Adj 17,5 9,8 6,9
EV/cap. employed 3,4 2,7 2,4
Investment ratios 2020 2021 2022
Capex / sales 0,8 0,8 0,7
Capex / depreciation 115,4 112,1 108,8
Capex tangibles / tangible fixed assets 63,8 60,3 58
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 55,3 53,8 53,3
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.

10,3

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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7,2

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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0,6

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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2,8