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Studsvik

Studsvik

SEKm 2019 2020e 2021e
Sales 654 703 754
Sales growth (%) -9,9 7,4 7,4
EBITDA -9 48 64
EBITDA margin (%) -1,4 6,9 8,5
EBIT adj 4 20 35
EBIT adj margin (%) 0,7 2,9 4,6
Pretax profit -23 14 30
EPS rep -3,41 1,55 3,27
EPS growth (%) -437,3 145,4 111,3
EPS adj -1,61 1,55 3,27
DPS 0 0 0
EV/EBITDA (x) -37,8 6,7 4,7
EV/EBIT adj (x) 78,2 16 8,6
P/E (x) -9,3 18,7 8,9
P/E adj (x) -19,8 18,7 8,9
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) -10,1 -0,8 9,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -9,1 1,8 1
SEKm 2019 2020e 2021e
Sales 654 703 754
COGS -497 -478 -505
Gross profit 157 225 249
Other operating items -166 -177 -185
EBITDA -9 48 64
Depreciation on tangibles -1 -28 -29
Depreciation on intangibles 0 0 0
EBITA -10 20 35
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -10 20 35
Other financial items 0 0 0
Net financial items -12 -6 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -23 14 30
Tax -5 -1 -3
Net profit -28 13 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -28 13 27
EPS -3,41 1,55 3,27
EPS Adj -1,61 1,55 3,27
Total extraordinary items after tax -14,8 0 0
Tax rate (%) 22,8 -10 -10
Gross margin (%) 24 32 33
EBITDA margin (%) -1,4 6,9 8,5
EBITA margin (%) -1,6 2,9 4,6
EBIT margin (%) -1,6 2,9 4,6
Pretax margin (%) -3,5 2 4
Net margin (%) -4,3 1,8 3,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -9,9 7,4 7,4
EBITDA growth (%) -118,1 629 32,7
EBIT growth (%) -131 293,6 73,2
Net profit growth (%) -437,3 145,4 111,3
EPS growth (%) -437,3 145,4 111,3
Profitability 2019 2020 2021
ROE (%) -9 4,1 8,2
ROE Adj (%) -4,3 4,1 8,2
ROCE (%) -2,2 4,7 7,7
ROCE Adj(%) 0,9 4,7 7,7
ROIC (%) -2,4 3,3 5,6
ROIC Adj (%) 1 3,3 5,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 6 48 64
EBITDA Adj margin (%) 0,9 6,9 8,5
EBITA Adj 4 20 35
EBITA Adj margin (%) 0,7 2,9 4,6
EBIT Adj 4 20 35
EBIT Adj margin (%) 0,7 2,9 4,6
Pretax profit Adj -8 14 30
Net profit Adj -13 13 27
Net profit to shareholders Adj -13 13 27
Net Adj margin (%) -2 1,8 3,6
SEKm 2019 2020e 2021e
EBITDA -9 48 64
Net financial items -12 -6 -5
Paid tax -5 -1 -3
Non-cash items 0 0 0
Cash flow before change in WC -27 41 56
Change in WC 26 -18 -3
Operating cash flow -1 23 53
CAPEX tangible fixed assets -26 -25 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -26 -2 23
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -2 0 0
Decrease in net IB debt -39 -2 23
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 193 193 193
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 147 144 145
Other fixed assets 184 184 184
Fixed assets 524 521 522
Inventories 0 0 0
Receivables 244 246 264
Other current assets 0 0 0
Cash and liquid assets 40 38 62
Total assets 808 805 848
Shareholders equity 303 316 342
Minority 0 0 0
Total equity 303 316 342
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 226 211 226
Other current liabilities 0 0 0
Total liabilities and equity 808 805 848
Net IB debt 83 85 61
Net IB debt excl. pension debt 83 85 61
Capital invested 542 556 560
Working capital 18 35 38
EV breakdown 2019 2020 2021
Market cap. diluted (m) 261 238 238
Net IB debt Adj 83 85 61
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 344 323 300
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 76,5 87,1 91,3
Capital invested turnover (%) 122,4 128 135,2
Capital employed turnover (%) 138,9 162,5 166,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 34 31,1 29
Working capital / sales (%) 4,7 3,8 4,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 27,4 26,8 17,9
Net debt / market cap (%) 31,7 35,5 25,8
Equity ratio (%) 37,5 39,2 40,4
Net IB debt adj. / equity (%) 27,4 26,8 17,9
Current ratio (%) 125,5 134,9 143,9
EBITDA / net interest (%) -73,4 802,3 1277,3
Net IB debt / EBITDA (%) -911 176 96,2
Interest cover (%) -83,9 335,6 697,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS -3,41 1,55 3,27
Dividend per share Adj 0 0 0
EPS Adj -1,61 1,55 3,27
BVPS 36,84 38,39 41,66
BVPS Adj 13,35 14,9 18,17
Net IB debt / share 10,1 10,3 7,5
Share price 31,84 29 29
Market cap. (m) 262 238 238
Valuation 2019 2020 2021
P/E -9,3 18,7 8,9
EV/sales 0,53 0,46 0,4
EV/EBITDA -37,8 6,7 4,7
EV/EBITA -33,1 16 8,6
EV/EBIT -33,1 16 8,6
Dividend yield (%) 0 0 0
FCF yield (%) -10,1 -0,8 9,8
P/BVPS 0,86 0,76 0,7
P/BVPS Adj 2,38 1,95 1,6
P/E Adj -19,8 18,7 8,9
EV/EBITDA Adj 60,4 6,7 4,7
EV/EBITA Adj 78,2 16 8,6
EV/EBIT Adj 78,2 16 8,6
EV/cap. employed 0,8 0,7 0,6
Investment ratios 2019 2020 2021
Capex / sales 3,9 3,6 4
Capex / depreciation 1976,9 89,3 103,4
Capex tangibles / tangible fixed assets 17,4 17,3 20,6
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 0,9 19,4 19,9

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>

8,9

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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8,4

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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0,4

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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0,7