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Financials

SEKm 2018 2019e 2020e
Sales 726 662 726
Sales growth (%) 3 -8,8 9,6
EBITDA 50 -18 44
EBITDA margin (%) 6,9 -2,7 6,1
EBIT adj 29 -51 16
EBIT adj margin (%) 4 -7,7 2,2
Pretax profit 18 -54 12
EPS rep 1,01 -6,78 1,34
EPS growth (%) 116,3 -771,4 119,7
EPS adj 0,44 -7,35 1,34
DPS 0 0 0
EV/EBITDA (x) 7,1 -18,7 7,6
EV/EBIT adj (x) 12,4 -6,6 20,8
P/E (x) 37,9 -4,3 21,6
P/E adj (x) 87,4 -3,9 21,6
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 17,2 -21,6 1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,9 -5,6 2,2
SEKm 2018 2019e 2020e
Sales 726 662 726
COGS -530 -491 -494
Gross profit 197 171 232
Other operating items -146 -189 -188
EBITDA 50 -18 44
Depreciation on tangibles -17 -28 -28
Depreciation on intangibles 0 0 0
EBITA 34 -46 16
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 34 -46 16
Other financial items 0 0 0
Net financial items -15 -8 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 -54 12
Tax -10 -2 -1
Net profit 8 -56 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 -56 11
EPS 1,01 -6,78 1,34
EPS Adj 0,44 -7,35 1,34
Total extraordinary items after tax 4,7 4,7 0
Tax rate (%) -54,6 3 -10
Gross margin (%) 27,1 25,8 32
EBITDA margin (%) 6,9 -2,7 6,1
EBITA margin (%) 4,6 -7 2,2
EBIT margin (%) 4,6 -7 2,2
Pretax margin (%) 2,5 -8,2 1,7
Net margin (%) 1,1 -8,4 1,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 3 -8,8 9,6
EBITDA growth (%) 288,8 -135,9 344,1
EBIT growth (%) 181 -237,9 135
Net profit growth (%) 116,3 -771,4 119,7
EPS growth (%) 116,3 -771,4 119,7
Profitability 2018 2019 2020
ROE (%) 2,7 -19,3 4,1
ROE Adj (%) 1,2 -21 4,1
ROCE (%) 6,7 -10,3 4,2
ROCE Adj(%) 5,8 -11,4 4,2
ROIC (%) 2,8 -9 2,7
ROIC Adj (%) 2,4 -10 2,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 46 -23 44
EBITDA Adj margin (%) 6,3 -3,4 6,1
EBITA Adj 29 -51 16
EBITA Adj margin (%) 4 -7,7 2,2
EBIT Adj 29 -51 16
EBIT Adj margin (%) 4 -7,7 2,2
Pretax profit Adj 14 -59 12
Net profit Adj 4 -60 11
Net profit to shareholders Adj 4 -60 11
Net Adj margin (%) 0,5 -9,1 1,5
SEKm 2018 2019e 2020e
EBITDA 50 -18 44
Net financial items -15 -8 -4
Paid tax -10 -2 -1
Non-cash items 0 0 0
Cash flow before change in WC 25 -28 39
Change in WC 54 -4 -12
Operating cash flow 80 -31 27
CAPEX tangible fixed assets -26 -20 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 54 -51 2
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 3 -6 0
Decrease in net IB debt 57 -57 2
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 190 190 190
Indefinite intangible assets 0 6 6
Definite intangible assets 0 0 0
Tangible fixed assets 124 116 113
Other fixed assets 169 169 169
Fixed assets 484 481 478
Inventories 0 1 1
Receivables 262 232 254
Other current assets 0 0 0
Cash and liquid assets 156 20 23
Total assets 901 734 756
Shareholders equity 316 260 271
Minority 0 0 0
Total equity 316 260 271
Long-term debt 200 50 50
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 167 167 167
Short-term debt 0 72 72
Accounts payable 218 185 196
Other current liabilities 0 0 0
Total liabilities and equity 901 825 901
Net IB debt 44 101 99
Net IB debt excl. pension debt 44 101 99
Capital invested 527 529 537
Working capital 44 47 59
EV breakdown 2018 2019 2020
Market cap. diluted (m) 315 238 238
Net IB debt Adj 44 101 99
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 359 339 337
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 84,2 81 97,4
Capital invested turnover (%) 134,3 125,4 136,2
Capital employed turnover (%) 144,6 147,4 187,2
Inventories / sales (%) 0 0,1 0,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 26,8 30,5 26,3
Working capital / sales (%) 9,7 6,9 7,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 14 39 36,5
Net debt / market cap (%) 12,9 42,7 41,8
Equity ratio (%) 35,1 35,5 35,9
Net IB debt adj. / equity (%) 14 39 36,5
Current ratio (%) 191,4 98,4 103,7
EBITDA / net interest (%) 329,4 -232,3 1105,6
Net IB debt / EBITDA (%) 88,1 -560,1 224,3
Interest cover (%) 219,6 -593,8 405,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 1,01 -6,78 1,34
Dividend per share Adj 0 0 0
EPS Adj 0,44 -7,35 1,34
BVPS 38,47 31,69 33,03
BVPS Adj 15,33 8,55 9,89
Net IB debt / share 5,4 12,3 12,1
Share price 41,93 28,9 28,9
Market cap. (m) 345 238 238
Valuation 2018 2019 2020
P/E 37,9 -4,3 21,6
EV/sales 0,49 0,51 0,46
EV/EBITDA 7,1 -18,7 7,6
EV/EBITA 10,7 -7,3 20,8
EV/EBIT 10,7 -7,3 20,8
Dividend yield (%) 0 0 0
FCF yield (%) 17,2 -21,6 1
P/BVPS 1 0,91 0,87
P/BVPS Adj 2,5 3,38 2,92
P/E Adj 87,4 -3,9 21,6
EV/EBITDA Adj 7,9 -14,9 7,6
EV/EBITA Adj 12,4 -6,6 20,8
EV/EBIT Adj 12,4 -6,6 20,8
EV/cap. employed 0,7 0,9 0,9
Investment ratios 2018 2019 2020
Capex / sales 3,6 3 3,4
Capex / depreciation 155,4 70,9 89,3
Capex tangibles / tangible fixed assets 21 17,2 22,1
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 13,5 24,3 24,8

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.

21,6

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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20,6

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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0,5

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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0,9