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Svedbergs

Svedbergs

SEKm 2020 2021e 2022e
Sales 650 745 767
Sales growth (%) 6,6 14,8 2,9
EBITDA 94 126 134
EBITDA margin (%) 14,5 16,8 17,5
EBIT adj 77 96 104
EBIT adj margin (%) 11,8 12,9 13,5
Pretax profit 62 92 100
EPS rep 2,26 3,47 3,76
EPS growth (%) 15,2 53,2 8,5
EPS adj 2,83 3,6 3,89
DPS 1,25 1,5 1,6
EV/EBITDA (x) 10,1 7,9 7,2
EV/EBIT adj (x) 12,3 10,3 9,3
P/E (x) 15,2 10,8 10
P/E adj (x) 12,1 10,4 9,6
EV/sales (x) 1,5 1,3 1,3
FCF yield (%) 2,4 5,9 7,1
Dividend yield (%) 3,6 4 4,3
Net IB debt/EBITDA 2,3 1,5 1,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 650 745 767
COGS -376 -432 -441
Gross profit 274 313 326
Other operating items -180 -187 -192
EBITDA 94 126 134
Depreciation on tangibles -22 -22 -22
Depreciation on intangibles -2 -3 -3
EBITA 68 99 107
Goodwill impairment charges 0 0 0
Other impairment and amortisation -2 -3 -3
EBIT 66 96 104
Other financial items 0 0 0
Net financial items -4 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 62 92 100
Tax -14 -19 -21
Net profit 48 73 80
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 73 80
EPS 2,26 3,47 3,76
EPS Adj 2,83 3,6 3,89
Total extraordinary items after tax -10,5 0 0
Tax rate (%) -22,5 -20,6 -20,6
Gross margin (%) 42,2 42 42,5
EBITDA margin (%) 14,5 16,8 17,5
EBITA margin (%) 10,4 13,2 13,9
EBIT margin (%) 10,2 12,9 13,5
Pretax margin (%) 9,6 12,4 13,1
Net margin (%) 7,4 9,8 10,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 14,8 2,9
EBITDA growth (%) 14,7 33,7 6,9
EBIT growth (%) 18 44,7 8,1
Net profit growth (%) 16,3 51,9 8,5
EPS growth (%) 15,2 53,2 8,5
Profitability 2020 2021 2022
ROE (%) 23,8 29,3 26,7
ROE Adj (%) 29,7 30,4 27,6
ROCE (%) 14,5 18,4 18,2
ROCE Adj(%) 17,2 18,9 18,7
ROIC (%) 11,8 15,5 15,9
ROIC Adj (%) 13,6 15,5 15,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 104 126 134
EBITDA Adj margin (%) 16,1 16,8 17,5
EBITA Adj 78 99 107
EBITA Adj margin (%) 12,1 13,2 13,9
EBIT Adj 77 96 104
EBIT Adj margin (%) 11,8 12,9 13,5
Pretax profit Adj 74 95 103
Net profit Adj 60 76 82
Net profit to shareholders Adj 60 76 82
Net Adj margin (%) 9,3 10,2 10,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 94 126 134
Net financial items -4 -4 -4
Paid tax -12 -19 -21
Non-cash items 11 0 0
Cash flow before change in WC 90 103 110
Change in WC 5 -13 -9
Operating cash flow 94 90 101
CAPEX tangible fixed assets -15 -23 -24
CAPEX intangible fixed assets -4 -11 -12
Acquisitions and disposals -57 -8 -8
Free cash flow 18 47 56
Dividend paid 1 -27 -32
Share issues and buybacks 1 0 0
Other non cash items -64 -4 -1
Decrease in net IB debt -14 18 22
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 162 167 173
Indefinite intangible assets 0 0 0
Definite intangible assets 99 109 121
Tangible fixed assets 71 72 74
Other fixed assets 0 0 0
Fixed assets 341 359 378
Inventories 130 149 153
Receivables 145 145 150
Other current assets 0 0 0
Cash and liquid assets 58 76 99
Total assets 674 730 780
Shareholders equity 228 274 322
Minority 0 0 0
Total equity 228 274 322
Long-term debt 157 157 157
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 36 36 36
Other long-term liabilities 0 0 0
Short-term debt 104 104 104
Accounts payable 39 43 44
Other current liabilities 102 106 107
Total liabilities and equity 674 730 780
Net IB debt 212 194 172
Net IB debt excl. pension debt 212 194 172
Capital invested 476 504 530
Working capital 135 146 152
EV breakdown 2020 2021 2022
Market cap. diluted (m) 732 794 794
Net IB debt Adj 212 194 172
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 944 988 966
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 106,9 106,2 101,7
Capital invested turnover (%) 148,7 152,1 148,4
Capital employed turnover (%) 142,5 142,9 134,9
Inventories / sales (%) 20,3 18,7 19,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,8 5,5 5,7
Working capital / sales (%) 22,2 18,8 19,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 93,4 70,9 53,5
Net debt / market cap (%) 41,3 24,5 21,7
Equity ratio (%) 33,7 37,6 41,3
Net IB debt adj. / equity (%) 93,4 70,9 53,5
Current ratio (%) 133,1 143 153,6
EBITDA / net interest (%) 2347,5 3586,5 3832,6
Net IB debt / EBITDA (%) 226,2 154,8 128,4
Interest cover (%) 1695 2820,7 3044
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 21 21 21
Fully diluted shares Adj 21 21 21
EPS 2,26 3,47 3,76
Dividend per share Adj 1,3 1,5 1,6
EPS Adj 2,83 3,6 3,89
BVPS 10,66 12,96 15,22
BVPS Adj -1,53 -0,13 1,31
Net IB debt / share 10 9,2 8,1
Share price 24,09 37,5 37,5
Market cap. (m) 514 794 794
Valuation 2020 2021 2022
P/E 15,2 10,8 10
EV/sales 1,45 1,33 1,26
EV/EBITDA 10,1 7,9 7,2
EV/EBITA 13,9 10 9,1
EV/EBIT 14,2 10,3 9,3
Dividend yield (%) 3,6 4 4,3
FCF yield (%) 2,4 5,9 7,1
P/BVPS 3,22 2,89 2,46
P/BVPS Adj -22,45 -296,93 28,65
P/E Adj 12,1 10,4 9,6
EV/EBITDA Adj 9 7,9 7,2
EV/EBITA Adj 12,1 10 9,1
EV/EBIT Adj 12,3 10,3 9,3
EV/cap. employed 1,9 1,8 1,6
Investment ratios 2020 2021 2022
Capex / sales 2,9 4,6 4,8
Capex / depreciation 79,9 140,4 144,2
Capex tangibles / tangible fixed assets 21,4 31,7 32,8
Capex intangibles / definite intangibles 3,9 10,5 10
Depreciation on intangibles / definite intangibles 1,5 2,6 2,3
Depreciation on tangibles / tangibles 31,3 30 30,3
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.

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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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