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Financials

SEKm 2018 2019e 2020e
Sales 726 753 792
Sales growth (%) 3 3,7 5,2
EBITDA 45 55 69
EBITDA margin (%) 6,2 7,4 8,7
EBIT adj 29 37 49
EBIT adj margin (%) 4 5 6,2
Pretax profit 18 32 45
EPS rep 1,01 3,46 4,92
EPS growth (%) 116,3 242,5 42,2
EPS adj 0,44 3,46 4,92
DPS 0 0 0
EV/EBITDA (x) 7,9 6,2 4,5
EV/EBIT adj (x) 12,4 9,2 6,3
P/E (x) 37,9 11,3 7,9
P/E adj (x) 87,4 11,3 7,9
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) 17,2 7 10,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1 0,4 -0,2
SEKm 2018 2019e 2020e
Sales 726 753 792
COGS -530 -539 -554
Gross profit 197 213 238
Other operating items -151 -158 -169
EBITDA 45 55 69
Depreciation on tangibles -12 -18 -20
Depreciation on intangibles 0 0 0
EBITA 34 37 49
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 34 37 49
Other financial items 0 0 0
Net financial items -15 -6 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 32 45
Tax -10 -3 -4
Net profit 8 28 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 28 40
EPS 1,01 3,46 4,92
EPS Adj 0,44 3,46 4,92
Total extraordinary items after tax 4,7 0 0
Tax rate (%) -54,6 -10 -10
Gross margin (%) 27,1 28,3 30
EBITDA margin (%) 6,2 7,4 8,7
EBITA margin (%) 4,6 5 6,2
EBIT margin (%) 4,6 5 6,2
Pretax margin (%) 2,5 4,2 5,7
Net margin (%) 1,1 3,8 5,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 3 3,7 5,2
EBITDA growth (%) 269,7 22,2 24,5
EBIT growth (%) 181 11,1 31
Net profit growth (%) 116,3 242,5 42,2
EPS growth (%) 116,3 242,5 42,2
Profitability 2018 2019 2020
ROE (%) 2,7 8,6 11,1
ROE Adj (%) 1,2 8,6 11,1
ROCE (%) 9 10,3 13,2
ROCE Adj(%) 7,7 10,3 13,2
ROIC (%) 4,1 9,3 12
ROIC Adj (%) 3,5 9,3 12
Adj earnings numbers 2018 2019 2020
EBITDA Adj 41 55 69
EBITDA Adj margin (%) 5,6 7,4 8,7
EBITA Adj 29 37 49
EBITA Adj margin (%) 4 5 6,2
EBIT Adj 29 37 49
EBIT Adj margin (%) 4 5 6,2
Pretax profit Adj 14 32 45
Net profit Adj 4 28 40
Net profit to shareholders Adj 4 28 40
Net Adj margin (%) 0,5 3,8 5,1
SEKm 2018 2019e 2020e
EBITDA 45 55 69
Net financial items -15 -6 -4
Paid tax -10 -3 -4
Non-cash items 0 0 0
Cash flow before change in WC 20 46 60
Change in WC 54 -5 -7
Operating cash flow 80 41 54
CAPEX tangible fixed assets -26 -19 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 54 22 34
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 3 0 0
Decrease in net IB debt 57 22 34
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 190 190 190
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 124 125 125
Other fixed assets 169 169 169
Fixed assets 484 484 484
Inventories 0 0 0
Receivables 262 271 269
Other current assets 0 1 1
Cash and liquid assets 156 128 162
Total assets 901 884 916
Shareholders equity 316 345 385
Minority 0 0 0
Total equity 316 345 385
Long-term debt 200 150 150
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 0 0
Accounts payable 218 222 214
Other current liabilities 0 1 1
Total liabilities and equity 901 825 901
Net IB debt 44 22 -12
Net IB debt excl. pension debt 44 22 -12
Capital invested 358 364 371
Working capital 44 49 55
EV breakdown 2018 2019 2020
Market cap. diluted (m) 315 321 321
Net IB debt Adj 44 22 -12
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 359 343 309
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 84,2 84,4 88
Capital invested turnover (%) 193,7 208,4 215,6
Capital employed turnover (%) 193,6 207 214,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 26,8 29,2 27,5
Working capital / sales (%) 9,7 6,2 6,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 14 6,4 -3,1
Net debt / market cap (%) 12,9 6,9 -3,8
Equity ratio (%) 35,1 39 42
Net IB debt adj. / equity (%) 14 6,4 -3,1
Current ratio (%) 191,4 179,3 201,2
EBITDA / net interest (%) 296,1 962,4 1723
Net IB debt / EBITDA (%) 98 39,8 -17,5
Interest cover (%) 219,6 649,3 1223
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 1,01 3,46 4,92
Dividend per share Adj 0 0 0
EPS Adj 0,44 3,46 4,92
BVPS 38,47 41,93 46,85
BVPS Adj 15,33 18,79 23,71
Net IB debt / share 5,4 2,7 -1,5
Share price 41,93 39,1 39,1
Market cap. (m) 345 321 321
Valuation 2018 2019 2020
P/E 37,9 11,3 7,9
EV/sales 0,49 0,46 0,39
EV/EBITDA 7,9 6,2 4,5
EV/EBITA 10,7 9,2 6,3
EV/EBIT 10,7 9,2 6,3
Dividend yield (%) 0 0 0
FCF yield (%) 17,2 7 10,6
P/BVPS 1 0,93 0,83
P/BVPS Adj 2,5 2,08 1,65
P/E Adj 87,4 11,3 7,9
EV/EBITDA Adj 8,8 6,2 4,5
EV/EBITA Adj 12,4 9,2 6,3
EV/EBIT Adj 12,4 9,2 6,3
EV/cap. employed 1 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 3,6 2,5 2,5
Capex / depreciation 223,1 104,6 99
Capex tangibles / tangible fixed assets 21 15 15,9
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 9,4 14,4 16

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.

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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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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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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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