Coverage

Ferronordic

Ferronordic

SEKm 2021 2022e 2023e
Sales 6212 4950 2940
Sales growth (%) 34 -20.3 -40.6
EBITDA 699 475 231
EBITDA margin (%) 11.2 9.6 7.9
EBIT adj 507 238 51
EBIT adj margin (%) 8.2 4.8 1.7
Pretax profit 451 176 16
EPS rep 23.33 9.4 0.88
EPS growth (%) 53 -59.7 -90.7
EPS adj 24.97 9.4 0.88
DPS 0 0 0
EV/EBITDA (x) 7.3 1.3 1.8
EV/EBIT adj (x) 10.1 2.5 8.1
P/E (x) 14.4 3.4 36.6
P/E adj (x) 13.5 3.4 36.6
EV/sales (x) 0.8 0.1 0.1
FCF yield (%) 1.8 34.8 54.8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0.3 0.3 -0.2
Lease adj. FCF yield (%) 0.1 17.9 40.9
Lease adj. ND/EBITDA 0.1 -0.1 -1.3
SEKm 2021 2022e 2023e
EBITA 483 238 51
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 483 238 51
Other financial items -5 -4 0
Net financial items -32 -62 -35
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 451 176 16
Tax -112 -40 -3
Net profit 339 137 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 339 137 13
EPS 23.33 9.4 0.88
EPS Adj 24.97 9.4 0.88
Total extraordinary items after tax -23.8 0 0
Tax rate (%) -24.9 -22.5 -21.2
Gross margin (%) 17.9 16.7 14.7
EBITDA margin (%) 11.2 9.6 7.9
EBITA margin (%) 7.8 4.8 1.7
EBIT margin (%) 7.8 4.8 1.7
Pretax margin (%) 7.3 3.6 0.5
Net margin (%) 5.5 2.8 0.4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34 -20.3 -40.6
EBITDA growth (%) 38.6 -32 -51.3
EBIT growth (%) 47.2 -50.7 -78.5
Net profit growth (%) 53 -59.7 -90.7
EPS growth (%) 53 -59.7 -90.7
Profitability 2021 2022 2023
ROE (%) 35.6 11.7 1
ROE Adj (%) 38 11.7 1
ROCE (%) 27.6 10 2.3
ROCE Adj(%) 29 10 2.3
ROIC (%) 34.6 13.7 3.1
ROIC Adj (%) 36.3 13.7 3.1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 722 475 231
EBITDA Adj margin (%) 11.6 9.6 7.9
EBITA Adj 507 238 51
EBITA Adj margin (%) 8.2 4.8 1.7
EBIT Adj 507 238 51
EBIT Adj margin (%) 8.2 4.8 1.7
Pretax profit Adj 475 176 16
Net profit Adj 363 137 13
Net profit to shareholders Adj 363 137 13
Net Adj margin (%) 5.8 2.8 0.4
Sales 6212 4950 2940
COGS -5101 -4126 -2507
Gross profit 1111 825 432
Other operating items -412 -350 -201
EBITDA 699 475 231
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
Depreciation and amortisation -216 -237 -180
Of which leasing depreciation -42 -42 -44
EO items -24 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 641 396 166
EBITDA lease Adj margin (%) 10.3 8 5.7
Leasing payments -81 -79 -65
SEKm 2021 2022e 2023e
EBITDA 699 475 231
Net financial items -32 -62 -35
Paid tax -112 -40 -3
Non-cash items -74 18 0
Cash flow before change in WC 481 392 193
Change in WC -24 -64 87
Operating cash flow 457 328 279
CAPEX tangible fixed assets -239 -148 -24
CAPEX intangible fixed assets 0 -9 -2
Acquisitions and disposals -130 -9 2
Free cash flow 87 162 256
Dividend paid -109 0 0
Share issues and buybacks 0 0 0
Other non cash items -137 -19 -2
Decrease in net IB debt 613 138 262
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 60 69 69
Indefinite intangible assets 0 0 0
Definite intangible assets 8 9 8
Tangible fixed assets 784 744 637
Other fixed assets 65 60 60
Fixed assets 1192 1200 1111
Inventories 1432 965 529
Receivables 581 466 295
Other current assets 0 0 0
Cash and liquid assets 768 851 1042
Total assets 3973 3482 2976
Shareholders equity 1101 1238 1250
Minority 0 0 0
Total equity 1101 1238 1250
Long-term debt 490 509 513
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 5 5 5
Other long-term liabilities 1 2 2
Short-term debt 317 317 317
Accounts payable 1809 1163 647
Other current liabilities 67 67 63
Total liabilities and equity 3973 3482 2976
Net IB debt 198 134 -53
Net IB debt excl. pension debt 198 134 -53
Capital invested 1307 1379 1205
Working capital 137 201 114
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4897 466 466
Net IB debt Adj 198 134 -53
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 5095 600 414
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 188.2 132.8 91
Capital invested turnover (%) 404.9 651.3 719.1
Capital employed turnover (%) 273.2 354.5 348.8
Inventories / sales (%) 24.9 20.8 21.1
Customer advances / sales (%) 0.9 0.8 0.7
Payables / sales (%) 22.7 24.1 24.1
Working capital / sales (%) 2.8 3.4 5.4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 18 10.8 -4.2
Net debt / market cap (%) 5.7 28.7 -11.3
Equity ratio (%) 27.7 35.5 42
Net IB debt adj. / equity (%) 18 10.8 -4.2
Current ratio (%) 123.3 141.8 171.4
EBITDA / net interest (%) 2656.3 1212 660.5
Net IB debt / EBITDA (%) 28.3 28.2 -22.8
Interest cover (%) 1836.5 607.4 146.2
Lease liability amortisation -81 -79 -65
Other intangible assets 21 22 19
Right-of-use asset 222 259 280
Total other fixed assets 105 105 105
Leasing liability 159 159 159
Total other long-term liabilities 29 29 27
Net IB debt excl. leasing 39 -25 -212
Net IB debt / EBITDA lease Adj (%) 6.1 -6.3 -127.4
SEKm 2021 2022e 2023e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 23.33 9.4 0.88
Dividend per share Adj 0 0 0
EPS Adj 24.97 9.4 0.88
BVPS 75.78 85.17 86.05
BVPS Adj 70.2 78.88 79.96
Net IB debt / share 13.6 9.2 -3.6
Share price 241.11 32.1 32.1
Market cap. (m) 3504 466 466
Valuation 2021 2022 2023
P/E 14.4 3.4 36.6
EV/sales 0.82 0.12 0.14
EV/EBITDA 7.3 1.3 1.8
EV/EBITA 10.5 2.5 8.1
EV/EBIT 10.5 2.5 8.1
Dividend yield (%) 0 0 0
FCF yield (%) 1.8 34.8 54.8
P/BVPS 4.45 0.38 0.37
P/BVPS Adj 4.8 0.41 0.4
P/E Adj 13.5 3.4 36.6
EV/EBITDA Adj 7.1 1.3 1.8
EV/EBITA Adj 10.1 2.5 8.1
EV/EBIT Adj 10.1 2.5 8.1
EV/cap. employed 2.5 0.3 0.2
Investment ratios 2021 2022 2023
Capex / sales 3.9 3.2 0.9
Capex / depreciation 137.5 80.4 19
Capex tangibles / tangible fixed assets 30.5 19.9 3.7
Capex intangibles / definite intangibles 1.9 38.2 12.1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22.2 26.2 21.3
Lease adj. FCF yield (%) 0.1 17.9 40.9

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. 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. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

Update

P/E

Learn more

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.

36,5

EV/EBIT

Learn more

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.

(
)
8,4

EV/Sales

Learn more

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.

(
)
0,1

P/BVPS

Learn more

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. 

 

(
)
0,4