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Studsvik

Studsvik

SEKm 2020 2021e 2022e
Sales 697 760 815
Sales growth (%) 6,6 9 7,3
EBITDA 70 84 97
EBITDA margin (%) 10 11 11,9
EBIT adj 41 55 68
EBIT adj margin (%) 6 7,2 8,3
Pretax profit 37 50 63
EPS rep 3,56 5,43 6,88
EPS growth (%) 204,4 52,8 26,7
EPS adj 3,56 5,43 6,88
DPS 0 0 0
EV/EBITDA (x) 12,1 9,7 7,9
EV/EBIT adj (x) 20,3 14,8 11,3
P/E (x) 27,1 17,7 14
P/E adj (x) 27,1 17,7 14
EV/sales (x) 1,2 1,1 0,9
FCF yield (%) 3,7 4,3 5,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 0,2 -0,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 697 760 815
COGS -506 -509 -546
Gross profit 191 251 269
Other operating items -121 -167 -172
EBITDA 70 84 97
Depreciation on tangibles -28 -29 -29
Depreciation on intangibles 0 0 0
EBITA 41 55 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 41 55 68
Other financial items 0 0 0
Net financial items -4 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 37 50 63
Tax -8 -5 -6
Net profit 29 45 57
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 45 57
EPS 3,56 5,43 6,88
EPS Adj 3,56 5,43 6,88
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,9 -10 -10
Gross margin (%) 27,4 33 33
EBITDA margin (%) 10 11 11,9
EBITA margin (%) 6 7,2 8,3
EBIT margin (%) 6 7,2 8,3
Pretax margin (%) 5,4 6,5 7,7
Net margin (%) 4,2 5,9 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 9 7,3
EBITDA growth (%) 867 19,8 15,9
EBIT growth (%) 499 31,6 24,3
Net profit growth (%) 204,4 52,8 26,7
EPS growth (%) 204,4 52,8 26,7
Profitability 2020 2021 2022
ROE (%) 9,2 12,6 14
ROE Adj (%) 9,2 12,6 14
ROCE (%) 9,4 11,4 12,9
ROCE Adj(%) 9,4 11,4 12,9
ROIC (%) 6 9 10,9
ROIC Adj (%) 6 9 10,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 70 84 97
EBITDA Adj margin (%) 10 11 11,9
EBITA Adj 41 55 68
EBITA Adj margin (%) 6 7,2 8,3
EBIT Adj 41 55 68
EBIT Adj margin (%) 6 7,2 8,3
Pretax profit Adj 37 50 63
Net profit Adj 29 45 57
Net profit to shareholders Adj 29 45 57
Net Adj margin (%) 4,2 5,9 6,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 70 84 97
Net financial items -4 -5 -5
Paid tax -8 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC 58 74 86
Change in WC -3 -9 -10
Operating cash flow 54 64 75
CAPEX tangible fixed assets -25 -30 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 29 34 40
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 29 34 40
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 144 145 151
Other fixed assets 184 184 184
Fixed assets 521 522 528
Inventories 0 0 0
Receivables 230 258 285
Other current assets 0 0 0
Cash and liquid assets 69 104 144
Total assets 820 884 957
Shareholders equity 332 377 433
Minority 0 0 0
Total equity 332 377 433
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 209 228 245
Other current liabilities 0 0 0
Total liabilities and equity 820 884 957
Net IB debt 54 20 -21
Net IB debt excl. pension debt 54 20 -21
Capital invested 542 552 568
Working capital 21 30 41
EV breakdown 2020 2021 2022
Market cap. diluted (m) 791 791 791
Net IB debt Adj 54 20 -21
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 844 810 770
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 85,6 89,2 88,6
Capital invested turnover (%) 128,7 139 145,5
Capital employed turnover (%) 158,3 159,2 154,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,2 28,8 29
Working capital / sales (%) 2,8 3,4 4,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,2 5,2 -4,8
Net debt / market cap (%) 14,3 2,5 -2,6
Equity ratio (%) 40,5 42,6 45,3
Net IB debt adj. / equity (%) 16,2 5,2 -4,8
Current ratio (%) 143,2 158,8 175,5
EBITDA / net interest (%) 1702,4 1672,1 1937,3
Net IB debt / EBITDA (%) 76,9 23,4 -21,4
Interest cover (%) 1012,2 1092,1 1357,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 3,56 5,43 6,88
Dividend per share Adj 0 0 0
EPS Adj 3,56 5,43 6,88
BVPS 40,4 45,83 52,71
BVPS Adj 16,9 22,34 29,22
Net IB debt / share 6,5 2,4 -2,5
Share price 45,53 96,2 96,2
Market cap. (m) 374 791 791
Valuation 2020 2021 2022
P/E 27,1 17,7 14
EV/sales 1,21 1,07 0,94
EV/EBITDA 12,1 9,7 7,9
EV/EBITA 20,3 14,8 11,3
EV/EBIT 20,3 14,8 11,3
Dividend yield (%) 0 0 0
FCF yield (%) 3,7 4,3 5,1
P/BVPS 2,38 2,1 1,82
P/BVPS Adj 5,69 4,31 3,29
P/E Adj 27,1 17,7 14
EV/EBITDA Adj 12,1 9,7 7,9
EV/EBITA Adj 20,3 14,8 11,3
EV/EBIT Adj 20,3 14,8 11,3
EV/cap. employed 1,9 1,6 1,4
Investment ratios 2020 2021 2022
Capex / sales 3,6 3,9 4,3
Capex / depreciation 88,3 103,4 120,7
Capex tangibles / tangible fixed assets 17,3 20,7 23,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,6 20 19,2
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.

14,0

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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11,0

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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0,9

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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1,8