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VBG Group

VBG Group

SEKm 2019 2020e 2021e
Sales 3725 3688 3810
Sales growth (%) 6,7 -1 3,3
EBITDA 548 545 595
EBITDA margin (%) 14,7 14,8 15,6
EBIT adj 435 425 473
EBIT adj margin (%) 11,7 11,5 12,4
Pretax profit 397 393 442
EPS rep 11,98 11,62 13,07
EPS growth (%) 9,7 -3 12,5
EPS adj 13,26 12,85 14,3
DPS 5 4,6 4,8
EV/EBITDA (x) 8,4 8,2 7,2
EV/EBIT adj (x) 10,6 10,5 9,1
P/E (x) 13,1 13,6 12,1
P/E adj (x) 11,9 12,3 11,1
EV/sales (x) 1,2 1,2 1,1
FCF yield (%) 8,5 8,5 7,5
Dividend yield (%) 3,2 2,9 3
Net IB debt/EBITDA 1,2 0,9 0,6
SEKm 2019 2020e 2021e
Sales 3725 3688 3810
COGS -2472 -2470 -2526
Gross profit 1254 1218 1284
Other operating items -706 -674 -689
EBITDA 548 545 595
Depreciation on tangibles -50 -55 -56
Depreciation on intangibles 0 0 0
EBITA 467 455 504
Goodwill impairment charges 0 0 0
Other impairment and amortisation -32 -31 -31
EBIT 435 425 473
Other financial items -6 0 0
Net financial items -38 -32 -32
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 397 393 442
Tax -98 -102 -115
Net profit 300 291 327
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 300 291 327
EPS 11,98 11,62 13,07
EPS Adj 13,26 12,85 14,3
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,6 -26 -26
Gross margin (%) 33,7 33 33,7
EBITDA margin (%) 14,7 14,8 15,6
EBITA margin (%) 12,5 12,3 13,2
EBIT margin (%) 11,7 11,5 12,4
Pretax margin (%) 10,7 10,6 11,6
Net margin (%) 8 7,9 8,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,7 -1 3,3
EBITDA growth (%) 10,2 -0,6 9,3
EBIT growth (%) 4,2 -2,4 11,4
Net profit growth (%) 9,7 -3 12,5
EPS growth (%) 9,7 -3 12,5
Profitability 2019 2020 2021
ROE (%) 12,9 11,6 12,1
ROE Adj (%) 14,2 12,8 13,2
ROCE (%) 12,6 11,7 12,4
ROCE Adj(%) 13,6 12,5 13,2
ROIC (%) 10,2 9,5 10,5
ROIC Adj (%) 10,2 9,5 10,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 548 545 595
EBITDA Adj margin (%) 14,7 14,8 15,6
EBITA Adj 467 455 504
EBITA Adj margin (%) 12,5 12,3 13,2
EBIT Adj 435 425 473
EBIT Adj margin (%) 11,7 11,5 12,4
Pretax profit Adj 429 423 472
Net profit Adj 332 321 358
Net profit to shareholders Adj 332 321 358
Net Adj margin (%) 8,9 8,7 9,4
SEKm 2019 2020e 2021e
EBITDA 548 545 595
Net financial items -38 -32 -32
Paid tax -98 -102 -115
Non-cash items -9 0 0
Cash flow before change in WC 404 411 449
Change in WC -3 26 -57
Operating cash flow 439 437 392
CAPEX tangible fixed assets -75 -70 -61
CAPEX intangible fixed assets -31 -30 -34
Acquisitions and disposals 0 0 0
Free cash flow 333 337 297
Dividend paid -113 -125 -115
Share issues and buybacks 0 0 0
Other non cash items -203 0 0
Decrease in net IB debt -9 178 146
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1143 1143 1143
Indefinite intangible assets 0 0 0
Definite intangible assets 797 796 799
Tangible fixed assets 382 397 402
Other fixed assets 67 67 67
Fixed assets 2545 2558 2567
Inventories 639 623 659
Receivables 543 531 564
Other current assets 0 0 0
Cash and liquid assets 473 650 796
Total assets 4199 4363 4587
Shareholders equity 2428 2593 2805
Minority 0 0 0
Total equity 2428 2593 2805
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 212 212 218
Other current liabilities 186 185 190
Total liabilities and equity 3664 3924 4199
Net IB debt 657 479 333
Net IB debt excl. pension debt 427 249 103
Capital invested 3329 3316 3382
Working capital 784 758 815
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3938 3963 3963
Net IB debt Adj 655 479 333
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 4593 4442 4297
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 91,7 86,2 85,1
Capital invested turnover (%) 115,5 111 113,8
Capital employed turnover (%) 109,5 101,3 99,5
Inventories / sales (%) 17,1 17,1 16,8
Customer advances / sales (%) 4,9 5 4,9
Payables / sales (%) 6,2 5,7 5,6
Working capital / sales (%) 21 20,9 20,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 27,1 18,5 11,9
Net debt / market cap (%) 18 12,1 8,4
Equity ratio (%) 57,8 59,4 61,2
Net IB debt adj. / equity (%) 27 18,5 11,9
Current ratio (%) 391,3 428,1 465,9
EBITDA / net interest (%) 1681,3 1701,8 1889,4
Net IB debt / EBITDA (%) 119,9 88 56
Interest cover (%) 1433,1 1423,1 1599,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 11,98 11,62 13,07
Dividend per share Adj 5 4,6 4,8
EPS Adj 13,26 12,85 14,3
BVPS 97,09 103,71 112,18
BVPS Adj 19,48 26,16 34,49
Net IB debt / share 26,3 19,2 13,3
Share price 145,99 158,5 158,5
Market cap. (m) 3650 3963 3963
Valuation 2019 2020 2021
P/E 13,1 13,6 12,1
EV/sales 1,23 1,2 1,13
EV/EBITDA 8,4 8,2 7,2
EV/EBITA 9,8 9,8 8,5
EV/EBIT 10,6 10,5 9,1
Dividend yield (%) 3,2 2,9 3
FCF yield (%) 8,5 8,5 7,5
P/BVPS 1,62 1,53 1,41
P/BVPS Adj 8,08 6,06 4,6
P/E Adj 11,9 12,3 11,1
EV/EBITDA Adj 8,4 8,2 7,2
EV/EBITA Adj 9,8 9,8 8,5
EV/EBIT Adj 10,6 10,5 9,1
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2019 2020 2021
Capex / sales 2,8 2,7 2,5
Capex / depreciation 213,3 180,4 169,5
Capex tangibles / tangible fixed assets 19,7 17,7 15,2
Capex intangibles / definite intangibles 3,8 3,7 4,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13 13,9 14

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>

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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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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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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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