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VBG Group

VBG Group

SEKm 2020 2021e 2022e
Sales 3161 3264 3380
Sales growth (%) -15,1 3,2 3,6
EBITDA 458 506 561
EBITDA margin (%) 14,5 15,5 16,6
EBIT adj 350 386 439
EBIT adj margin (%) 11,1 11,8 13
Pretax profit 324 361 416
EPS rep 9,27 10,4 12,16
EPS growth (%) -22,7 12,2 16,9
EPS adj 10,55 11,66 13,41
DPS 4,6 4,8 4,8
EV/EBITDA (x) 10,1 8,7 7,5
EV/EBIT adj (x) 13,2 11,4 9,6
P/E (x) 18,2 16,2 13,9
P/E adj (x) 16 14,5 12,6
EV/sales (x) 1,5 1,4 1,2
FCF yield (%) 7 8,2 8,5
Dividend yield (%) 2,7 2,8 2,8
Net IB debt/EBITDA 0,9 0,4 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 3161 3264 3380
COGS -2099 -2139 -2220
Gross profit 1062 1125 1159
Other operating items -603 -619 -598
EBITDA 458 506 561
Depreciation on tangibles -42 -54 -55
Depreciation on intangibles 0 0 0
EBITA 382 418 471
Goodwill impairment charges 0 0 0
Other impairment and amortisation -32 -31 -31
EBIT 350 386 439
Other financial items -10 0 0
Net financial items -26 -25 -23
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 324 361 416
Tax -92 -101 -112
Net profit 232 260 304
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 232 260 304
EPS 9,27 10,4 12,16
EPS Adj 10,55 11,66 13,41
Total extraordinary items after tax 0 0 0
Tax rate (%) -28,5 -28 -27
Gross margin (%) 33,6 34,5 34,3
EBITDA margin (%) 14,5 15,5 16,6
EBITA margin (%) 12,1 12,8 13,9
EBIT margin (%) 11,1 11,8 13
Pretax margin (%) 10,2 11,1 12,3
Net margin (%) 7,3 8 9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,1 3,2 3,6
EBITDA growth (%) -16,4 10,5 10,9
EBIT growth (%) -19,6 10,4 13,8
Net profit growth (%) -22,7 12,2 16,9
EPS growth (%) -22,7 12,2 16,9
Profitability 2020 2021 2022
ROE (%) 9,1 9,5 10,5
ROE Adj (%) 10,4 10,7 11,6
ROCE (%) 9,3 10 10,9
ROCE Adj(%) 10,1 10,8 11,7
ROIC (%) 7,6 8,5 9,9
ROIC Adj (%) 7,6 8,5 9,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 458 506 561
EBITDA Adj margin (%) 14,5 15,5 16,6
EBITA Adj 382 418 471
EBITA Adj margin (%) 12,1 12,8 13,9
EBIT Adj 350 386 439
EBIT Adj margin (%) 11,1 11,8 13
Pretax profit Adj 356 393 448
Net profit Adj 264 291 335
Net profit to shareholders Adj 264 291 335
Net Adj margin (%) 8,3 8,9 9,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 458 506 561
Net financial items -26 -25 -23
Paid tax -92 -101 -112
Non-cash items 0 0 0
Cash flow before change in WC 340 380 426
Change in WC -2 39 9
Operating cash flow 338 419 435
CAPEX tangible fixed assets -35 -52 -51
CAPEX intangible fixed assets -9 -23 -27
Acquisitions and disposals 0 0 0
Free cash flow 294 344 357
Dividend paid 0 -115 -120
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 264 198 204
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1143 1143 1143
Indefinite intangible assets 0 0 0
Definite intangible assets 775 766 762
Tangible fixed assets 374 373 369
Other fixed assets 67 67 67
Fixed assets 2510 2496 2485
Inventories 601 620 608
Receivables 522 483 504
Other current assets 0 0 0
Cash and liquid assets 736 934 1138
Total assets 4369 4533 4735
Shareholders equity 2659 2804 2988
Minority 0 0 0
Total equity 2659 2804 2988
Long-term debt 743 743 743
Pension debt 230 230 230
Convertible debt 0 0 0
Deferred tax 220 220 220
Other long-term liabilities 24 24 24
Short-term debt 0 0 0
Accounts payable 167 188 198
Other current liabilities 169 167 175
Total liabilities and equity 4369 4533 4735
Net IB debt 394 196 -8
Net IB debt excl. pension debt 163 -34 -239
Capital invested 3297 3244 3224
Working capital 787 748 739
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4213 4213 4213
Net IB debt Adj 394 196 -8
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 4607 4409 4205
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 73,8 73,3 72,9
Capital invested turnover (%) 95,4 99,8 104,5
Capital employed turnover (%) 86,1 84,5 83,9
Inventories / sales (%) 19,6 18,7 18,2
Customer advances / sales (%) 5,6 5,1 5,1
Payables / sales (%) 6 5,4 5,7
Working capital / sales (%) 24,8 23,5 22
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 14,8 7 -0,3
Net debt / market cap (%) 11,1 4,7 -0,2
Equity ratio (%) 60,9 61,9 63,1
Net IB debt adj. / equity (%) 14,8 7 -0,3
Current ratio (%) 514,8 535,4 564,8
EBITDA / net interest (%) 2784,1 2024,8 2441
Net IB debt / EBITDA (%) 85,9 38,7 -1,5
Interest cover (%) 2320,6 1670,4 2047,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 9,27 10,4 12,16
Dividend per share Adj 4,6 4,8 4,8
EPS Adj 10,55 11,66 13,41
BVPS 106,36 112,16 119,52
BVPS Adj 29,66 35,8 43,33
Net IB debt / share 15,7 7,8 -0,3
Share price 142,01 168,5 168,5
Market cap. (m) 3551 4213 4213
Valuation 2020 2021 2022
P/E 18,2 16,2 13,9
EV/sales 1,46 1,35 1,24
EV/EBITDA 10,1 8,7 7,5
EV/EBITA 12,1 10,6 8,9
EV/EBIT 13,2 11,4 9,6
Dividend yield (%) 2,7 2,8 2,8
FCF yield (%) 7 8,2 8,5
P/BVPS 1,58 1,5 1,41
P/BVPS Adj 5,68 4,71 3,89
P/E Adj 16 14,5 12,6
EV/EBITDA Adj 10,1 8,7 7,5
EV/EBITA Adj 12,1 10,6 8,9
EV/EBIT Adj 13,2 11,4 9,6
EV/cap. employed 1,2 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 1,4 2,3 2,3
Capex / depreciation 104,6 140 142,4
Capex tangibles / tangible fixed assets 9,3 14 13,7
Capex intangibles / definite intangibles 1,2 3 3,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,3 14,4 14,8
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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