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VBG Group

VBG Group

SEKm 2021 2022e 2023e
Sales 3215 3364 3504
Sales growth (%) 2,1 4,7 4,2
EBITDA 552 562 584
EBITDA margin (%) 17,2 16,7 16,7
EBIT adj 447 452 469
EBIT adj margin (%) 13,9 13,4 13,4
Pretax profit 425 432 446
EPS rep 12,46 12,62 12,93
EPS growth (%) 37,3 1,3 2,5
EPS adj 13,66 13,88 14,19
DPS 4,8 4,8 4,8
EV/EBITDA (x) 8,3 7,8 7,2
EV/EBIT adj (x) 10,2 9,7 8,9
P/E (x) 14,4 14,2 13,9
P/E adj (x) 13,1 12,9 12,7
EV/sales (x) 1,4 1,3 1,2
FCF yield (%) 7,3 7,5 8,1
Dividend yield (%) 2,7 2,7 2,7
Net IB debt/EBITDA 0,2 -0,2 -0,5
Lease adj. FCF yield (%) 6,6 6,7 7,4
Lease adj. ND/EBITDA -0,1 -0,4 -0,8
SEKm 2021 2022e 2023e
Sales 3215 3364 3504
COGS -2069 -2190 -2288
Gross profit 1145 1174 1216
Other operating items -593 -612 -632
EBITDA 552 562 584
Depreciation on tangibles -43 -45 -50
Depreciation on intangibles 0 0 0
EBITA 477 484 500
Goodwill impairment charges 0 0 0
Other impairment and amortisation -31 -31 -31
EBIT 447 452 469
Other financial items 0 0 0
Net financial items -22 -20 -23
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 425 432 446
Tax -114 -117 -123
Net profit 311 316 323
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 311 316 323
EPS 12,46 12,62 12,93
EPS Adj 13,66 13,88 14,19
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,8 -27 -27,5
Gross margin (%) 35,6 34,9 34,7
EBITDA margin (%) 17,2 16,7 16,7
EBITA margin (%) 14,8 14,4 14,3
EBIT margin (%) 13,9 13,4 13,4
Pretax margin (%) 13,2 12,9 12,7
Net margin (%) 9,7 9,4 9,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 2,1 4,7 4,2
EBITDA growth (%) 19,5 1,8 3,9
EBIT growth (%) 26,5 1,2 3,7
Net profit growth (%) 37,4 1,3 2,5
EPS growth (%) 37,3 1,3 2,5
Profitability 2021 2022 2023
ROE (%) 12 11,3 10,8
ROE Adj (%) 13,1 12,4 11,8
ROCE (%) 11,8 11,4 11,2
ROCE Adj(%) 12,6 12,2 12
ROIC (%) 10,8 10,8 11,2
ROIC Adj (%) 10,8 10,8 11,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 552 562 584
EBITDA Adj margin (%) 17,2 16,7 16,7
EBITA Adj 477 484 500
EBITA Adj margin (%) 14,8 14,4 14,3
EBIT Adj 447 452 469
EBIT Adj margin (%) 13,9 13,4 13,4
Pretax profit Adj 455 464 477
Net profit Adj 342 347 355
Net profit to shareholders Adj 342 347 355
Net Adj margin (%) 10,6 10,3 10,1
Depreciation and amortisation -75 -79 -84
Of which leasing depreciation -34 -34 -34
EO items 0 0 0
Impairment and PPA amortisation -30 -31 -31
EBITDA lease Adj 521 529 551
EBITDA lease Adj margin (%) 16,2 15,7 15,7
Leasing payments -31 -33 -33
SEKm 2021 2022e 2023e
EBITDA 552 562 584
Net financial items -22 -20 -23
Paid tax -114 -117 -123
Non-cash items 0 0 0
Cash flow before change in WC 417 426 438
Change in WC -36 -37 -17
Operating cash flow 381 389 421
CAPEX tangible fixed assets -51 -50 -53
CAPEX intangible fixed assets -3 -3 -4
Acquisitions and disposals 0 0 0
Free cash flow 327 335 365
Dividend paid -113 -120 -120
Share issues and buybacks 0 0 0
Other non cash items -7 0 0
Decrease in net IB debt 112 153 181
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 1110 1110 1110
Indefinite intangible assets 0 0 0
Definite intangible assets 734 705 678
Tangible fixed assets 361 367 370
Other fixed assets 54 54 54
Fixed assets 2381 2358 2332
Inventories 579 606 613
Receivables 450 481 505
Other current assets 0 0 0
Cash and liquid assets 1086 1268 1480
Total assets 4497 4713 4931
Shareholders equity 2699 2895 3098
Minority 0 0 0
Total equity 2699 2895 3098
Long-term debt 810 810 810
Pension debt 237 237 237
Convertible debt 0 0 0
Deferred tax 215 215 215
Other long-term liabilities 26 26 26
Short-term debt 0 0 0
Accounts payable 203 214 222
Other current liabilities 170 180 186
Total liabilities and equity 4497 4713 4931
Net IB debt 92 -90 -302
Net IB debt excl. pension debt -145 -327 -539
Capital invested 3037 3051 3042
Working capital 656 693 710
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4488 4488 4488
Net IB debt Adj 92 -90 -302
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 4580 4398 4186
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 73,4 73,1 72,7
Capital invested turnover (%) 106 110,1 114,6
Capital employed turnover (%) 85,8 86,2 86
Inventories / sales (%) 17,6 17,6 17,4
Customer advances / sales (%) 5,3 5,1 5,1
Payables / sales (%) 5,6 5,7 5,8
Working capital / sales (%) 19,8 20 20
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 3,4 -3,1 -9,7
Net debt / market cap (%) 2,1 -2 -6,7
Equity ratio (%) 60 61,4 62,8
Net IB debt adj. / equity (%) 3,4 -3,1 -9,7
Current ratio (%) 535,9 566,2 604,5
EBITDA / net interest (%) 2953,8 2811,8 2539,3
Net IB debt / EBITDA (%) 16,7 -16 -51,7
Interest cover (%) 2551,2 2418,8 2175,9
Lease liability amortisation -31 -33 -33
Other intangible assets 735 706 679
Right-of-use asset 121 120 119
Total other fixed assets 55 55 55
Leasing liability 132 132 132
Total other long-term liabilities 246 246 246
Net IB debt excl. leasing -40 -222 -434
Net IB debt / EBITDA lease Adj (%) -7,6 -41,9 -78,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 12,46 12,62 12,93
Dividend per share Adj 4,8 4,8 4,8
EPS Adj 13,66 13,88 14,19
BVPS 107,95 115,77 123,9
BVPS Adj 34,18 43,12 52,37
Net IB debt / share 3,7 -3,6 -12,1
Share price 179,5 179,5 179,5
Market cap. (m) 4488 4488 4488
Valuation 2021 2022 2023
P/E 14,4 14,2 13,9
EV/sales 1,42 1,31 1,19
EV/EBITDA 8,3 7,8 7,2
EV/EBITA 9,6 9,1 8,4
EV/EBIT 10,2 9,7 8,9
Dividend yield (%) 2,7 2,7 2,7
FCF yield (%) 7,3 7,5 8,1
P/BVPS 1,66 1,55 1,45
P/BVPS Adj 5,25 4,16 3,43
P/E Adj 13,1 12,9 12,7
EV/EBITDA Adj 8,3 7,8 7,2
EV/EBITA Adj 9,6 9,1 8,4
EV/EBIT Adj 10,2 9,7 8,9
EV/cap. employed 1,2 1,1 1
Investment ratios 2021 2022 2023
Capex / sales 1,7 1,6 1,6
Capex / depreciation 132,3 120,7 113
Capex tangibles / tangible fixed assets 14,3 13,8 14,2
Capex intangibles / definite intangibles 0,4 0,5 0,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,4 12,2 13,4
Lease adj. FCF yield (%) 6,6 6,7 7,4

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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