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SJR

SEKm 2018 2019e 2020e
Sales 397 461 512
Sales growth (%) 2,9 16,2 11,2
EBITDA 39 49 57
EBITDA margin (%) 9,9 10,6 11,2
EBIT adj 38 47 55
EBIT adj margin (%) 9,5 10,2 10,8
Pretax profit 38 47 55
EPS rep 2,75 3,37 3,96
EPS growth (%) -7,4 22,3 17,7
EPS adj 2,75 3,37 3,96
DPS 3 3,35 3,9
EV/EBITDA (x) 10,7 10,8 9,2
EV/EBIT adj (x) 11,2 11,3 9,5
P/E (x) 16 15,3 13
P/E adj (x) 16 15,3 13
EV/sales (x) 1,1 1,2 1
FCF yield (%) 14,5 6,6 7,7
Dividend yield (%) 6,8 6,5 7,6
Net IB debt/EBITDA -1,1 -0,4 -0,5
SEKm 2018 2019e 2020e
Sales 397 461 512
COGS 0 0 0
Gross profit 397 461 512
Other operating items -357 -412 -455
EBITDA 39 49 57
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 38 47 55
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 38 47 55
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 38 47 55
Tax -9 -10 -12
Net profit 29 37 43
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 37 43
EPS 2,75 3,37 3,96
EPS Adj 2,75 3,37 3,96
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,1 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 9,9 10,6 11,2
EBITA margin (%) 9,5 10,2 10,8
EBIT margin (%) 9,5 10,2 10,8
Pretax margin (%) 9,5 10,2 10,8
Net margin (%) 7,3 8 8,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 2,9 16,2 11,2
EBITDA growth (%) -6,9 24,5 17
EBIT growth (%) -7,8 25,1 17,7
Net profit growth (%) -7,4 27 17,7
EPS growth (%) -7,4 22,3 17,7
Profitability 2018 2019 2020
ROE (%) 47,9 54,8 52,4
ROE Adj (%) 47,9 54,8 52,4
ROCE (%) 197,4 126,6 96,1
ROCE Adj(%) 197,4 126,6 96,1
ROIC (%) 152,5 98,9 75
ROIC Adj (%) 152,5 98,9 75
Adj earnings numbers 2018 2019 2020
EBITDA Adj 39 49 57
EBITDA Adj margin (%) 9,9 10,6 11,2
EBITA Adj 38 47 55
EBITA Adj margin (%) 9,5 10,2 10,8
EBIT Adj 38 47 55
EBIT Adj margin (%) 9,5 10,2 10,8
Pretax profit Adj 38 47 55
Net profit Adj 29 37 43
Net profit to shareholders Adj 29 37 43
Net Adj margin (%) 7,3 8 8,4
SEKm 2018 2019e 2020e
EBITDA 39 49 57
Net financial items 0 0 0
Paid tax -9 -10 -12
Non-cash items 0 0 0
Cash flow before change in WC 31 39 45
Change in WC 2 0 -3
Operating cash flow 31 39 45
CAPEX tangible fixed assets -3 -2 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 38 0 0
Free cash flow 67 37 43
Dividend paid -31 -22 -27
Share issues and buybacks 0 0 0
Other non cash items -36 -38 -3
Decrease in net IB debt 0 -23 13
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 38 38
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 6 6 6
Other fixed assets 0 0 0
Fixed assets 6 44 44
Inventories 0 0 0
Receivables 72 80 87
Other current assets 0 0 0
Cash and liquid assets 41 38 31
Total assets 119 162 162
Shareholders equity 60 74 91
Minority 0 0 0
Total equity 60 74 91
Long-term debt 0 20 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 59 68 72
Other current liabilities 0 0 0
Total liabilities and equity 109 117 119
Net IB debt -41 -18 -31
Net IB debt excl. pension debt -41 -18 -31
Capital invested 18 56 59
Working capital 12 12 15
EV breakdown 2018 2019 2020
Market cap. diluted (m) 462 550 559
Net IB debt Adj -41 -18 -31
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 421 532 528
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 336,2 328,1 316
Capital invested turnover (%) 2092,9 1241,5 889,5
Capital employed turnover (%) 2081,9 1239,9 889,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,5 13,8 13,6
Working capital / sales (%) 3,4 2,7 2,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -69,3 -24,6 -34,7
Net debt / market cap (%) -8,2 -3,3 -5,6
Equity ratio (%) 50,2 45,9 55,8
Net IB debt adj. / equity (%) -69,3 -24,6 -34,7
Current ratio (%) 190,4 174,8 165,3
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -105,1 -37,2 -54,9
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,75 3,37 3,96
Dividend per share Adj 3 3,4 3,9
EPS Adj 2,75 3,37 3,96
BVPS 5,69 6,94 8,33
BVPS Adj 5,69 3,39 4,84
Net IB debt / share -3,9 -1,7 -2,9
Share price 47,93 51,4 51,4
Market cap. (m) 503 550 559
Valuation 2018 2019 2020
P/E 16 15,3 13
EV/sales 1,06 1,15 1,03
EV/EBITDA 10,7 10,8 9,2
EV/EBITA 11,2 11,3 9,5
EV/EBIT 11,2 11,3 9,5
Dividend yield (%) 6,8 6,5 7,6
FCF yield (%) 14,5 6,6 7,7
P/BVPS 7,74 7,4 6,17
P/BVPS Adj 7,74 15,15 10,63
P/E Adj 16 15,3 13
EV/EBITDA Adj 10,7 10,8 9,2
EV/EBITA Adj 11,2 11,3 9,5
EV/EBIT Adj 11,2 11,3 9,5
EV/cap. employed 23 9,5 8,9
Investment ratios 2018 2019 2020
Capex / sales 0,6 0,4 0,4
Capex / depreciation 138,9 92,2 102,5
Capex tangibles / tangible fixed assets 42,4 32,1 35,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 30,5 34,8 34,5

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.

13,0

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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9,7

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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1,0

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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6,2