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Swedol

Swedol

SEKm 2019 2020e 2021e
Sales 3622 3849 4072
Sales growth (%) 11,7 6,3 5,8
EBITDA 772 851 910
EBITDA margin (%) 21,3 22,1 22,3
EBIT adj 353 375 431
EBIT adj margin (%) 9,8 9,8 10,6
Pretax profit 309 358 411
EPS rep 2,85 3,28 3,82
EPS growth (%) -6,2 15,2 16,7
EPS adj 3,14 3,37 3,91
DPS 1,38 1,4 1,4
EV/EBITDA (x) 6,3 5,3 4,1
EV/EBIT adj (x) 13,8 12,1 8,7
P/E (x) 16,3 14,2 12,2
P/E adj (x) 14,7 13,8 11,9
EV/sales (x) 1,3 1,2 0,9
FCF yield (%) 4,4 7,1 18,3
Dividend yield (%) 3 3 3
Net IB debt/EBITDA 1,3 0,8 -0,1
SEKm 2019 2020e 2021e
Sales 3622 3849 4072
COGS -2160 -2279 -2409
Gross profit 1463 1569 1663
Other operating items -691 -718 -754
EBITDA 772 851 910
Depreciation on tangibles -246 -285 -288
Depreciation on intangibles 0 0 0
EBITA 344 383 439
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 336 375 431
Other financial items 0 0 0
Net financial items -28 -17 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 309 358 411
Tax -72 -85 -92
Net profit 237 273 318
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 237 273 318
EPS 2,85 3,28 3,82
EPS Adj 3,14 3,37 3,91
Total extraordinary items after tax -17,2 0 0
Tax rate (%) -23,2 -23,8 -22,5
Gross margin (%) 40,4 40,8 40,9
EBITDA margin (%) 21,3 22,1 22,3
EBITA margin (%) 9,5 10 10,8
EBIT margin (%) 9,3 9,8 10,6
Pretax margin (%) 8,5 9,3 10,1
Net margin (%) 6,5 7,1 7,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,7 6,3 5,8
EBITDA growth (%) 99,2 10,2 6,9
EBIT growth (%) 3,3 11,8 14,9
Net profit growth (%) -6,2 15,2 16,7
EPS growth (%) -6,2 15,2 16,7
Profitability 2019 2020 2021
ROE (%) 17,8 18,3 19
ROE Adj (%) 19,6 18,8 19,5
ROCE (%) 15,8 16 18,4
ROCE Adj(%) 16,9 16,3 18,8
ROIC (%) 12 11,5 15,9
ROIC Adj (%) 12,6 11,5 15,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 789 851 910
EBITDA Adj margin (%) 21,8 22,1 22,3
EBITA Adj 361 383 439
EBITA Adj margin (%) 10 10 10,8
EBIT Adj 353 375 431
EBIT Adj margin (%) 9,8 9,8 10,6
Pretax profit Adj 333 366 418
Net profit Adj 262 280 326
Net profit to shareholders Adj 262 280 326
Net Adj margin (%) 7,2 7,3 8
SEKm 2019 2020e 2021e
EBITDA 772 851 910
Net financial items -28 -17 -21
Paid tax -72 -85 -92
Non-cash items 0 0 0
Cash flow before change in WC 673 748 797
Change in WC -188 -56 154
Operating cash flow 349 509 768
CAPEX tangible fixed assets -105 -234 -61
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -75 0 0
Free cash flow 169 275 707
Dividend paid -100 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -780 183 183
Decrease in net IB debt -695 350 773
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 504 489 431
Tangible fixed assets 293 249 73
Other fixed assets 9 9 9
Fixed assets 1679 1437 1020
Inventories 1013 1076 925
Receivables 450 478 550
Other current assets 0 0 0
Cash and liquid assets 40 9 782
Total assets 3182 3000 3277
Shareholders equity 1409 1573 1775
Minority 0 0 0
Total equity 1409 1573 1775
Long-term debt 377 -4 -4
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 161 161 161
Short-term debt 112 112 112
Accounts payable 566 601 676
Other current liabilities 0 0 0
Total liabilities and equity 3182 3000 3277
Net IB debt 1007 657 -117
Net IB debt excl. pension debt 1007 657 -117
Capital invested 2576 2391 1819
Working capital 897 953 799
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3856 3869 3869
Net IB debt Adj 1007 657 -117
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 4863 4525 3752
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 126,8 124,5 129,7
Capital invested turnover (%) 168,9 155 193,4
Capital employed turnover (%) 170,2 164 174,1
Inventories / sales (%) 25,3 27,1 24,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,9 15,2 15,7
Working capital / sales (%) 22,2 24 21,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 71,5 41,7 -6,6
Net debt / market cap (%) 31,8 17 -3
Equity ratio (%) 44,3 52,4 54,2
Net IB debt adj. / equity (%) 71,5 41,7 -6,6
Current ratio (%) 176,1 175,8 234,1
EBITDA / net interest (%) 2807,3 4869,6 4360
Net IB debt / EBITDA (%) 130,4 77,2 -12,8
Interest cover (%) 1249,1 2191,8 2103,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 2,85 3,28 3,82
Dividend per share Adj 1,4 1,4 1,4
EPS Adj 3,14 3,37 3,91
BVPS 16,93 18,91 21,33
BVPS Adj 7,36 9,52 12,65
Net IB debt / share 12,1 7,9 -1,4
Share price 38,06 46,5 46,5
Market cap. (m) 3166 3869 3869
Valuation 2019 2020 2021
P/E 16,3 14,2 12,2
EV/sales 1,34 1,18 0,92
EV/EBITDA 6,3 5,3 4,1
EV/EBITA 14,2 11,8 8,5
EV/EBIT 14,5 12,1 8,7
Dividend yield (%) 3 3 3
FCF yield (%) 4,4 7,1 18,3
P/BVPS 2,74 2,46 2,18
P/BVPS Adj 6,29 4,89 3,68
P/E Adj 14,7 13,8 11,9
EV/EBITDA Adj 6,2 5,3 4,1
EV/EBITA Adj 13,5 11,8 8,5
EV/EBIT Adj 13,8 12,1 8,7
EV/cap. employed 2 2 1,5
Investment ratios 2019 2020 2021
Capex / sales 2,9 6,1 1,5
Capex / depreciation 42,6 82 21,2
Capex tangibles / tangible fixed assets 35,7 94,1 84
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 84 114,7 396

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>

12,2

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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8,7

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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0,9

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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2,2