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Headsent

Headsent

SEKm 2021 2022e 2023e
Sales 151 93 107
Sales growth (%) -26,1 -38,5 15,1
EBITDA 8 6 8
EBITDA margin (%) 5,6 6,1 7,4
EBIT adj 13 5 8
EBIT adj margin (%) 8,8 5,7 7
Pretax profit 7 5 7
EPS rep 35,18 1,19 1,71
EPS growth (%) 599 -96,6 43,1
EPS adj 4,17 1,19 1,71
DPS 26,4 0,78 1,11
EV/EBITDA (x) 3,8 18,8 13,5
EV/EBIT adj (x) 2,4 20,2 14,2
P/E (x) 1,3 38,6 27
P/E adj (x) 11,1 38,6 27
EV/sales (x) 0,2 1,2 1
FCF yield (%) -3,1 -2,1 3,3
Dividend yield (%) 57,3 1,7 2,4
Net IB debt/EBITDA -11,1 -3,3 -2,7
Lease adj. FCF yield (%) -4,1 -2,1 3,3
Lease adj. ND/EBITDA -7 -3,3 -2,7
SEKm 2021 2022e 2023e
Leasing payments -1 0 0
Sales 151 93 107
COGS 0 0 0
Gross profit 151 93 107
Other operating items -143 -87 -99
EBITDA 8 6 8
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -2 -2
EBITA 7 5 8
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 7 5 8
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 7 5 7
Tax -1 -1 -2
Net profit 6 4 6
Minority interest 0 -1 -1
Net profit discontinued 90 0 0
Net profit to shareholders 96 3 5
EPS 35,18 1,19 1,71
EPS Adj 4,17 1,19 1,71
Total extraordinary items after tax -6,3 0 0
Tax rate (%) -20,3 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 5,6 6,1 7,4
EBITA margin (%) 4,7 5,7 7
EBIT margin (%) 4,7 5,7 7
Pretax margin (%) 4,6 5,5 6,8
Net margin (%) 3,7 4,4 5,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -26,1 -38,5 15,1
EBITDA growth (%) 199,7 -32,3 38,6
EBIT growth (%) 146,8 -24,7 41,5
Net profit growth (%) 128,9 -26,7 43,1
EPS growth (%) 599 -96,6 43,1
Profitability 2021 2022 2023
ROE (%) 81,6 2,6 5,2
ROE Adj (%) 9,7 2,6 5,2
ROCE (%) 5,9 4,3 8,2
ROCE Adj(%) 11,1 4,3 8,2
ROIC (%) 9,2 6,3 8,4
ROIC Adj (%) 17,3 6,3 8,4
Adj earnings numbers 2021 2022 2023
Depreciation and amortisation -1 0 0
Of which leasing depreciation -1 0 0
EO items -6 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 13 6 8
EBITDA lease Adj margin (%) 8,9 6,1 7,4
EBITDA Adj 15 6 8
EBITDA Adj margin (%) 9,7 6,1 7,4
EBITA Adj 13 5 8
EBITA Adj margin (%) 8,8 5,7 7
EBIT Adj 13 5 8
EBIT Adj margin (%) 8,8 5,7 7
Pretax profit Adj 13 5 7
Net profit Adj 12 4 6
Net profit to shareholders Adj 11 3 5
Net Adj margin (%) 7,8 4,4 5,4
SEKm 2021 2022e 2023e
EBITDA 8 6 8
Net financial items 0 0 0
Paid tax -1 -1 -2
Non-cash items 0 0 0
Cash flow before change in WC 7 4 6
Change in WC -9 -6 -1
Operating cash flow -2 -2 5
CAPEX tangible fixed assets -2 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -4 -3 4
Dividend paid -10 -72 -2
Share issues and buybacks 0 0 0
Other non cash items 89 0 0
Decrease in net IB debt 1 6 9
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 67 67 67
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 0 1 2
Other fixed assets 1 1 1
Fixed assets 71 72 73
Inventories 0 0 0
Receivables 16 19 21
Other current assets 0 0 0
Cash and liquid assets 93 19 21
Total assets 181 110 116
Shareholders equity 157 88 91
Minority 0 1 2
Total equity 157 89 93
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 24 20 22
Other current liabilities 0 0 0
Total liabilities and equity 181 110 116
Net IB debt -93 -19 -21
Net IB debt excl. pension debt -93 -19 -21
Capital invested 64 70 72
Working capital -8 -2 -1
EV breakdown 2021 2022 2023
Market cap. diluted (m) 125 125 125
Net IB debt Adj -93 -19 -21
Market value of minority 0 1 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 32 107 106
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 96,8 64 94,9
Capital invested turnover (%) 349,6 337,7 333,3
Capital employed turnover (%) 251,2 241,4 227
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,9 21,7 20,8
Working capital / sales (%) -8,1 -5,2 -1,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -59,5 -21,3 -22,6
Net debt / market cap (%) -74,6 -15,2 -16,8
Equity ratio (%) 87 81,4 80,6
Net IB debt adj. / equity (%) -59,5 -21,3 -22,6
Current ratio (%) 464,1 184,1 189,1
EBITDA / net interest (%) 7795,4 2850 3950
Net IB debt / EBITDA (%) -1109,3 -334,5 -266,9
Interest cover (%) 6518,5 2650 3750
Lease liability amortisation -1 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 4 4 4
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -93 -19 -21
Net IB debt / EBITDA lease Adj (%) -697,5 -334,5 -266,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS 35,18 1,19 1,71
Dividend per share Adj 26,4 0,8 1,1
EPS Adj 4,17 1,19 1,71
BVPS 57,75 32,54 33,47
BVPS Adj 33,02 7,81 8,74
Net IB debt / share -34,4 -7 -7,8
Share price 46,1 46,1 46,1
Market cap. (m) 125 125 125
Valuation 2021 2022 2023
P/E 1,3 38,6 27
EV/sales 0,21 1,15 0,99
EV/EBITDA 3,8 18,8 13,5
EV/EBITA 4,5 20,2 14,2
EV/EBIT 4,5 20,2 14,2
Dividend yield (%) 57,3 1,7 2,4
FCF yield (%) -3,1 -2,1 3,3
P/BVPS 0,8 1,42 1,38
P/BVPS Adj 1,4 5,9 5,27
P/E Adj 11,1 38,6 27
EV/EBITDA Adj 2,2 18,8 13,5
EV/EBITA Adj 2,4 20,2 14,2
EV/EBIT Adj 2,4 20,2 14,2
EV/cap. employed 0,2 1,2 1,1
Investment ratios 2021 2022 2023
Capex / sales 1,2 1,2 1,2
Capex / depreciation 1813,5 279 321
Capex tangibles / tangible fixed assets 0 155,9 80,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 26 103,9 103,9
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -4,1 -2,1 3,3

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.

27,0

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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14,7

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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1,1

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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1,5