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Studsvik

Studsvik

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,3 4,9 7,2
Lease adj. ND/EBITDA 0,7 0,3 -0,2
Sales 722 784 863
Sales growth (%) 10,4 8,6 10
EBITDA 71 93 113
EBITDA margin (%) 9,8 11,9 13,1
EBIT adj 46 72 84
EBIT adj margin (%) 6,4 9,2 9,7
Pretax profit 41 67 79
EPS rep 4,28 6,69 8,63
EPS growth (%) 225,7 56,1 29
EPS adj 4,28 6,69 8,63
DPS 1 1,2 1,4
EV/EBITDA (x) 10,9 8,2 6,4
EV/EBIT adj (x) 16,8 10,5 8,5
P/E (x) 20,4 13,4 10,4
P/E adj (x) 20,4 13,4 10,4
EV/sales (x) 1,1 1 0,8
FCF yield (%) 4,3 4,9 7,2
Dividend yield (%) 1,1 1,3 1,6
Net IB debt/EBITDA 0,7 0,3 -0,2
SEKm 2020 2021e 2022e
Depreciation and amortisation -25 -21 -29
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 71 93 113
EBITDA lease Adj margin (%) 9,8 11,9 13,1
Sales 722 784 863
COGS -527 -567 -578
Gross profit 195 218 285
Other operating items -125 -125 -172
EBITDA 71 93 113
Depreciation on tangibles -25 -28 -29
Depreciation on intangibles 0 0 0
EBITA 46 72 84
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 72 84
Other financial items 0 0 0
Net financial items -5 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 41 67 79
Tax -6 -12 -8
Net profit 35 55 71
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 55 71
EPS 4,28 6,69 8,63
EPS Adj 4,28 6,69 8,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -14,8 -17,9 -10
Gross margin (%) 27 27,7 33
EBITDA margin (%) 9,8 11,9 13,1
EBITA margin (%) 6,4 9,2 9,7
EBIT margin (%) 6,4 9,2 9,7
Pretax margin (%) 5,7 8,5 9,1
Net margin (%) 4,9 7 8,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 10,4 8,6 10
EBITDA growth (%) 874,7 31,9 21,3
EBIT growth (%) 542,3 57,3 15,8
Net profit growth (%) 225,7 56,1 29
EPS growth (%) 225,7 56,1 29
Profitability 2020 2021 2022
ROE (%) 11 15,2 17,1
ROE Adj (%) 11 15,2 17,1
ROCE (%) 10,4 14,9 15,6
ROCE Adj(%) 10,4 14,9 15,6
ROIC (%) 7,2 10,7 13,1
ROIC Adj (%) 7,2 10,7 13,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 71 93 113
EBITDA Adj margin (%) 9,8 11,9 13,1
EBITA Adj 46 72 84
EBITA Adj margin (%) 6,4 9,2 9,7
EBIT Adj 46 72 84
EBIT Adj margin (%) 6,4 9,2 9,7
Pretax profit Adj 41 67 79
Net profit Adj 35 55 71
Net profit to shareholders Adj 35 55 71
Net Adj margin (%) 4,9 7 8,2
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 184 184 184
Leasing liability 0 0 0
Total other long-term liabilities 156 156 156
Net IB debt excl. leasing 52 25 -19
Net IB debt / EBITDA lease Adj (%) 74,1 26,5 -16,5
EBITDA 71 93 113
Net financial items -5 -5 -5
Paid tax -6 -12 -8
Non-cash items 0 0 0
Cash flow before change in WC 60 76 100
Change in WC -4 -10 -12
Operating cash flow 56 66 88
CAPEX tangible fixed assets -25 -30 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 31 36 53
Dividend paid 0 -8 -10
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 31 32 36
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 193 193 193
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 148 157 163
Other fixed assets 184 184 184
Fixed assets 525 534 540
Inventories 0 0 0
Receivables 238 267 302
Other current assets 0 0 0
Cash and liquid assets 71 98 142
Total assets 834 899 984
Shareholders equity 338 385 446
Minority 0 0 0
Total equity 338 385 446
Long-term debt 123 123 123
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 156 156 156
Short-term debt 0 0 0
Accounts payable 217 235 259
Other current liabilities 0 0 0
Total liabilities and equity 834 899 984
Net IB debt 52 25 -19
Net IB debt excl. pension debt 52 25 -19
Capital invested 546 565 583
Working capital 22 31 43
EV breakdown 2020 2021 2022
Market cap. diluted (m) 718 735 735
Net IB debt Adj 52 25 -19
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 771 759 716
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 87,9 90,5 91,7
Capital invested turnover (%) 132,7 139,9 148
Capital employed turnover (%) 162,8 159,8 157,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,7 29 28,8
Working capital / sales (%) 2,7 3,4 4,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15,5 6,4 -4,2
Net debt / market cap (%) 14 3,4 -2,5
Equity ratio (%) 40,5 42,8 45,3
Net IB debt adj. / equity (%) 15,5 6,4 -4,2
Current ratio (%) 142,7 155,2 171,4
EBITDA / net interest (%) 1500 1721,6 2255,3
Net IB debt / EBITDA (%) 74,1 26,5 -16,5
Interest cover (%) 978,7 1340,1 1675,3
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,3 4,9 7,2
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,28 6,69 8,63
Dividend per share Adj 1 1,2 1,4
EPS Adj 4,28 6,69 8,63
BVPS 41,13 46,81 54,24
BVPS Adj 17,63 23,32 30,74
Net IB debt / share 6,4 3 -2,3
Share price 45,53 89,4 89,4
Market cap. (m) 374 735 735
Valuation 2020 2021 2022
P/E 20,4 13,4 10,4
EV/sales 1,07 0,97 0,83
EV/EBITDA 10,9 8,2 6,4
EV/EBITA 16,8 10,5 8,5
EV/EBIT 16,8 10,5 8,5
Dividend yield (%) 1,1 1,3 1,6
FCF yield (%) 4,3 4,9 7,2
P/BVPS 2,13 1,91 1,65
P/BVPS Adj 4,96 3,83 2,91
P/E Adj 20,4 13,4 10,4
EV/EBITDA Adj 10,9 8,2 6,4
EV/EBITA Adj 16,8 10,5 8,5
EV/EBIT Adj 16,8 10,5 8,5
EV/cap. employed 1,7 1,5 1,3
Investment ratios 2020 2021 2022
Capex / sales 3,5 3,8 4,1
Capex / depreciation 102 145,6 120,7
Capex tangibles / tangible fixed assets 16,9 19,1 21,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,6 13,1 17,8

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.

10,4

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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8,3

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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0,8

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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