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SJR

SJR

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Financials

SEKm 2019 2020e 2021e
Sales 417 343 397
Sales growth (%) 5,1 -17,6 15,7
EBITDA 28 8 28
EBITDA margin (%) 6,8 2,2 7
EBIT adj 25 4 24
EBIT adj margin (%) 6 1,2 6,1
Pretax profit 25 4 24
EPS rep 1,71 0,3 1,74
EPS growth (%) -37,8 -82,6 486,5
EPS adj 1,71 0,3 1,74
DPS 0 0,5 1,5
EV/EBITDA (x) 13,2 35,7 9,4
EV/EBIT adj (x) 15 65,1 10,8
P/E (x) 21,6 87,9 15
P/E adj (x) 21,6 87,9 15
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) 4,9 -4,8 6,3
Dividend yield (%) 0 1,9 5,7
Net IB debt/EBITDA -0,8 -1,3 -0,8
SEKm 2019 2020e 2021e
Sales 417 343 397
COGS 0 0 0
Gross profit 417 343 397
Other operating items -388 -336 -369
EBITDA 28 8 28
Depreciation on tangibles -4 -3 -4
Depreciation on intangibles 0 0 0
EBITA 25 4 24
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 4 24
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 25 4 24
Tax -7 -1 -5
Net profit 18 3 19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 3 19
EPS 1,71 0,3 1,74
EPS Adj 1,71 0,3 1,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,2 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 6,8 2,2 7
EBITA margin (%) 6 1,2 6,1
EBIT margin (%) 6 1,2 6,1
Pretax margin (%) 6 1,2 6,1
Net margin (%) 4,4 0,9 4,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 5,1 -17,6 15,7
EBITDA growth (%) -28,2 -73,4 268,7
EBIT growth (%) -34 -83,3 486,5
Net profit growth (%) -36,5 -82,4 486,5
EPS growth (%) -37,8 -82,6 486,5
Profitability 2019 2020 2021
ROE (%) 32 5,3 25,6
ROE Adj (%) 32 5,3 25,6
ROCE (%) 42,9 6,6 32,3
ROCE Adj(%) 42,9 6,6 32,3
ROIC (%) 69 7,3 32,8
ROIC Adj (%) 69 7,3 32,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 28 8 28
EBITDA Adj margin (%) 6,8 2,2 7
EBITA Adj 25 4 24
EBITA Adj margin (%) 6 1,2 6,1
EBIT Adj 25 4 24
EBIT Adj margin (%) 6 1,2 6,1
Pretax profit Adj 25 4 24
Net profit Adj 18 3 19
Net profit to shareholders Adj 18 3 19
Net Adj margin (%) 4,4 0,9 4,8
SEKm 2019 2020e 2021e
EBITDA 28 8 28
Net financial items 0 0 0
Paid tax -7 -1 -5
Non-cash items 0 0 0
Cash flow before change in WC 22 7 22
Change in WC 12 4 -2
Operating cash flow 34 11 21
CAPEX tangible fixed assets -6 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -8 -22 0
Free cash flow 19 -14 18
Dividend paid -32 0 -5
Share issues and buybacks 9 9 0
Other non cash items -3 -9 0
Decrease in net IB debt -18 -14 12
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 12 22 22
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 4 4 3
Other fixed assets 1 20 20
Fixed assets 17 47 46
Inventories 0 0 0
Receivables 77 62 71
Other current assets 0 0 0
Cash and liquid assets 25 11 24
Total assets 118 120 141
Shareholders equity 55 67 81
Minority 0 0 0
Total equity 55 67 81
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 62 51 60
Total liabilities and equity 118 120 141
Net IB debt -24 -10 -23
Net IB debt excl. pension debt -24 -10 -23
Capital invested 32 57 58
Working capital 15 10 12
EV breakdown 2019 2020 2021
Market cap. diluted (m) 396 279 284
Net IB debt Adj -24 -10 -23
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 372 269 261
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 351 288,2 304
Capital invested turnover (%) 1570,6 774,5 688,4
Capital employed turnover (%) 719,3 551,3 528,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 10,5 16,6 14
Payables / sales (%) 2,3 0 0
Working capital / sales (%) 3,6 3,6 2,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -42,8 -15 -27,9
Net debt / market cap (%) -5,6 -3,6 -8
Equity ratio (%) 46,5 56,1 57,1
Net IB debt adj. / equity (%) -42,8 -15 -27,9
Current ratio (%) 160,5 138,8 156,8
EBITDA / net interest (%) -70750 0 0
Net IB debt / EBITDA (%) -83,4 -133,7 -81,1
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 1,71 0,3 1,74
Dividend per share Adj 0 0,5 1,5
EPS Adj 1,71 0,3 1,74
BVPS 5,15 6,28 7,44
BVPS Adj 4,04 4,16 5,35
Net IB debt / share -2,2 -0,9 -2,1
Share price 39,24 26,1 26,1
Market cap. (m) 420 279 284
Valuation 2019 2020 2021
P/E 21,6 87,9 15
EV/sales 0,89 0,78 0,66
EV/EBITDA 13,2 35,7 9,4
EV/EBITA 15 65,1 10,8
EV/EBIT 15 65,1 10,8
Dividend yield (%) 0 1,9 5,7
FCF yield (%) 4,9 -4,8 6,3
P/BVPS 7,19 4,15 3,51
P/BVPS Adj 9,16 6,27 4,88
P/E Adj 21,6 87,9 15
EV/EBITDA Adj 13,2 35,7 9,4
EV/EBITA Adj 15 65,1 10,8
EV/EBIT Adj 15 65,1 10,8
EV/cap. employed 6,6 3,9 3,2
Investment ratios 2019 2020 2021
Capex / sales 1,5 0,9 0,8
Capex / depreciation 180 88,1 85,6
Capex tangibles / tangible fixed assets 146,5 77 89,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 81,4 87,4 104,6

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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<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>

15,0

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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11,0

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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0,7

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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3,5