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Swedol

Swedol

SEKm 2019 2020e 2021e
Sales 3622 3984 4212
Sales growth (%) 11,7 10 5,7
EBITDA 788 666 713
EBITDA margin (%) 21,8 16,7 16,9
EBIT adj 359 420 456
EBIT adj margin (%) 9,9 10,6 10,8
Pretax profit 331 398 435
EPS rep 3,08 3,7 4,05
EPS growth (%) 1,5 20,3 9,4
EPS adj 3,2 3,79 4,14
DPS 1,31 1,4 1,4
EV/EBITDA (x) 5,8 6,6 5,6
EV/EBIT adj (x) 12,8 10,4 8,7
P/E (x) 15,1 12,5 11,4
P/E adj (x) 14,5 12,2 11,2
EV/sales (x) 1,3 1,1 0,9
FCF yield (%) 7 4,5 8,3
Dividend yield (%) 2,8 3 3
Net IB debt/EBITDA 0,9 0,8 0,2
SEKm 2019 2020e 2021e
Sales 3622 3984 4212
COGS -2150 -2359 -2498
Gross profit 1472 1626 1714
Other operating items -684 -960 -1001
EBITDA 788 666 713
Depreciation on tangibles -247 -61 -73
Depreciation on intangibles 0 0 0
EBITA 364 428 464
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 357 420 456
Other financial items 0 0 0
Net financial items -25 -23 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 331 398 435
Tax -75 -89 -98
Net profit 256 308 337
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 256 308 337
EPS 3,08 3,7 4,05
EPS Adj 3,2 3,79 4,14
Total extraordinary items after tax -2,8 0 0
Tax rate (%) -22,7 -22,5 -22,5
Gross margin (%) 40,6 40,8 40,7
EBITDA margin (%) 21,8 16,7 16,9
EBITA margin (%) 10,1 10,7 11
EBIT margin (%) 9,8 10,6 10,8
Pretax margin (%) 9,2 10 10,3
Net margin (%) 7,1 7,7 8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,7 10 5,7
EBITDA growth (%) 103,3 -15,5 7,1
EBIT growth (%) 9,6 17,9 8,5
Net profit growth (%) 1,5 20,3 9,4
EPS growth (%) 1,5 20,3 9,4
Profitability 2019 2020 2021
ROE (%) 19 20 19,2
ROE Adj (%) 19,8 20,5 19,7
ROCE (%) 17,7 18,1 18
ROCE Adj(%) 18,3 18,5 18,3
ROIC (%) 13,6 14,1 16
ROIC Adj (%) 13,8 14,1 16
Adj earnings numbers 2019 2020 2021
EBITDA Adj 791 666 713
EBITDA Adj margin (%) 21,8 16,7 16,9
EBITA Adj 367 428 464
EBITA Adj margin (%) 10,1 10,7 11
EBIT Adj 359 420 456
EBIT Adj margin (%) 9,9 10,6 10,8
Pretax profit Adj 342 405 443
Net profit Adj 267 316 345
Net profit to shareholders Adj 267 316 345
Net Adj margin (%) 7,4 7,9 8,2
SEKm 2019 2020e 2021e
EBITDA 788 666 713
Net financial items -25 -23 -21
Paid tax -75 -89 -98
Non-cash items 0 0 0
Cash flow before change in WC 687 554 594
Change in WC -38 -44 -36
Operating cash flow 447 333 382
CAPEX tangible fixed assets -124 -160 -63
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -54 0 0
Free cash flow 268 173 319
Dividend paid -100 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -597 177 177
Decrease in net IB debt -433 241 379
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 480 503 498
Tangible fixed assets 269 337 324
Other fixed assets 9 9 9
Fixed assets 1581 1496 1302
Inventories 875 927 957
Receivables 502 538 569
Other current assets 0 0 0
Cash and liquid assets 30 272 651
Total assets 2988 3232 3478
Shareholders equity 1443 1643 1864
Minority 0 0 0
Total equity 1443 1643 1864
Long-term debt 42 42 42
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 141 141 141
Short-term debt 179 179 179
Accounts payable 630 673 699
Other current liabilities 0 0 0
Total liabilities and equity 2350 2533 2988
Net IB debt 745 503 125
Net IB debt excl. pension debt 745 503 125
Capital invested 2328 2287 2129
Working capital 747 791 827
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3860 3860 3860
Net IB debt Adj 745 503 125
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 4605 4364 3985
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 131,2 128,1 125,5
Capital invested turnover (%) 179,3 172,7 190,8
Capital employed turnover (%) 180,3 171,9 166,6
Inventories / sales (%) 23,4 22,6 22,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 16,4 16,3
Working capital / sales (%) 20,1 19,3 19,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 51,6 30,6 6,7
Net debt / market cap (%) 23,5 13 3,2
Equity ratio (%) 48,3 50,8 53,6
Net IB debt adj. / equity (%) 51,6 30,6 6,7
Current ratio (%) 142,4 168,3 205,8
EBITDA / net interest (%) 3124,8 2926,4 3423,2
Net IB debt / EBITDA (%) 94,5 75,6 17,5
Interest cover (%) 1444,3 1880,6 2225,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,08 3,7 4,05
Dividend per share Adj 1,3 1,4 1,4
EPS Adj 3,2 3,79 4,14
BVPS 17,34 19,75 22,4
BVPS Adj 8,06 10,19 12,9
Net IB debt / share 9 6,1 1,5
Share price 38,06 46,4 46,4
Market cap. (m) 3166 3860 3860
Valuation 2019 2020 2021
P/E 15,1 12,5 11,4
EV/sales 1,27 1,1 0,95
EV/EBITDA 5,8 6,6 5,6
EV/EBITA 12,6 10,2 8,6
EV/EBIT 12,9 10,4 8,7
Dividend yield (%) 2,8 3 3
FCF yield (%) 7 4,5 8,3
P/BVPS 2,68 2,35 2,07
P/BVPS Adj 5,75 4,55 3,6
P/E Adj 14,5 12,2 11,2
EV/EBITDA Adj 5,8 6,6 5,6
EV/EBITA Adj 12,6 10,2 8,6
EV/EBIT Adj 12,8 10,4 8,7
EV/cap. employed 2,1 1,8 1,5
Investment ratios 2019 2020 2021
Capex / sales 3,4 4 1,5
Capex / depreciation 50,1 260,7 86,9
Capex tangibles / tangible fixed assets 46,1 47,5 19,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 92 18,2 22,4

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>

11,5

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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2,1