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GARO

GARO

SEKm 2021 2022e 2023e
Sales 1296 1527 1863
Sales growth (%) 24,6 17,8 22
EBITDA 243 291 353
EBITDA margin (%) 18,7 19 18,9
EBIT adj 207 252 312
EBIT adj margin (%) 16 16,5 16,7
Pretax profit 208 252 314
EPS rep 3,33 3,99 4,89
EPS growth (%) 74,8 19,7 22,7
EPS adj 3,39 4,05 4,95
DPS 1,4 1,99 2,45
EV/EBITDA (x) 44,4 28,7 23,7
EV/EBIT adj (x) 52,1 33 26,8
P/E (x) 64,8 42,2 34,4
P/E adj (x) 63,7 41,6 34
EV/sales (x) 8,3 5,5 4,5
FCF yield (%) 0,7 1,9 1,2
Dividend yield (%) 0,6 1,2 1,5
Net IB debt/EBITDA 0 -0,3 -0,2
Lease adj. FCF yield (%) 0,6 1,7 1,1
Lease adj. ND/EBITDA -0,2 -0,4 -0,3
SEKm 2021 2022e 2023e
Sales 1296 1527 1863
COGS -649 -756 -913
Gross profit 647 771 950
Other operating items -404 -481 -597
EBITDA 243 291 353
Depreciation on tangibles -27 -30 -29
Depreciation on intangibles 0 0 0
EBITA 210 255 315
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 207 252 312
Other financial items 0 0 0
Net financial items 1 0 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 208 252 314
Tax -42 -53 -69
Net profit 167 199 245
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 167 199 245
EPS 3,33 3,99 4,89
EPS Adj 3,39 4,05 4,95
Total extraordinary items after tax 0 0 0
Tax rate (%) -20 -21 -22,1
Gross margin (%) 49,9 50,5 51
EBITDA margin (%) 18,7 19 18,9
EBITA margin (%) 16,2 16,7 16,9
EBIT margin (%) 16 16,5 16,7
Pretax margin (%) 16,1 16,5 16,9
Net margin (%) 12,9 13,1 13,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 24,6 17,8 22
EBITDA growth (%) 48,9 19,8 21,3
EBIT growth (%) 52,2 21,8 23,6
Net profit growth (%) 74,8 19,7 22,7
EPS growth (%) 74,8 19,7 22,7
Profitability 2021 2022 2023
ROE (%) 33,9 32,3 32,5
ROE Adj (%) 34,5 32,8 32,9
ROCE (%) 36,2 36,3 37,5
ROCE Adj(%) 36,7 36,8 37,9
ROIC (%) 33,3 34,7 35,8
ROIC Adj (%) 33,3 34,7 35,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 243 291 353
EBITDA Adj margin (%) 18,7 19 18,9
EBITA Adj 210 255 315
EBITA Adj margin (%) 16,2 16,7 16,9
EBIT Adj 207 252 312
EBIT Adj margin (%) 16 16,5 16,7
Pretax profit Adj 211 255 317
Net profit Adj 170 202 248
Net profit to shareholders Adj 170 202 248
Net Adj margin (%) 13,1 13,2 13,3
Depreciation and amortisation -33 -36 -38
Of which leasing depreciation -8 -9 -10
EO items 0 0 0
Impairment and PPA amortisation -3 -3 -3
EBITDA lease Adj 243 291 353
EBITDA lease Adj margin (%) 18,7 19 18,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 243 291 353
Net financial items 1 0 2
Paid tax -42 -53 -69
Non-cash items 0 0 0
Cash flow before change in WC 202 238 286
Change in WC -81 2 -64
Operating cash flow 122 240 222
CAPEX tangible fixed assets -18 -46 -75
CAPEX intangible fixed assets -27 -38 -47
Acquisitions and disposals 0 0 0
Free cash flow 77 156 101
Dividend paid -48 -70 -100
Share issues and buybacks 0 0 0
Other non cash items 1 0 0
Decrease in net IB debt 26 60 -3
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 46 46 46
Indefinite intangible assets 0 0 0
Definite intangible assets 94 94 91
Tangible fixed assets 106 125 171
Other fixed assets 6 6 6
Fixed assets 256 312 403
Inventories 242 260 317
Receivables 357 366 447
Other current assets 0 0 0
Cash and liquid assets 82 157 147
Total assets 937 1095 1314
Shareholders equity 552 681 826
Minority 0 0 0
Total equity 552 681 826
Long-term debt 27 27 27
Pension debt 6 6 6
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 10 10 10
Accounts payable 166 183 224
Other current liabilities 141 153 186
Total liabilities and equity 937 1095 1314
Net IB debt -3 -79 -69
Net IB debt excl. pension debt -9 -85 -75
Capital invested 548 602 757
Working capital 293 290 354
EV breakdown 2021 2022 2023
Market cap. diluted (m) 10800 8415 8415
Net IB debt Adj -3 -79 -69
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 10797 8336 8346
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 154,2 150,3 154,6
Capital invested turnover (%) 250,7 246,3 240,1
Capital employed turnover (%) 223,1 203,8 192,7
Inventories / sales (%) 17 17,2 17,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,2 22 22,9
Working capital / sales (%) 19,2 19,1 17,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -0,6 -11,5 -8,3
Net debt / market cap (%) 0 -0,9 -0,8
Equity ratio (%) 58,9 62,2 62,8
Net IB debt adj. / equity (%) -0,6 -11,5 -8,3
Current ratio (%) 208,7 220,4 212,3
EBITDA / net interest (%) -22081,8 290892,4 -17645
Net IB debt / EBITDA (%) -1,3 -27 -19,5
Interest cover (%) -19109,1 255292,4 -15745
Lease liability amortisation -12 -11 -11
Other intangible assets 63 98 141
Right-of-use asset 39 40 41
Total other fixed assets 4 4 4
Leasing liability 36 36 36
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -39 -114 -105
Net IB debt / EBITDA lease Adj (%) -16 -39,3 -29,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 50 50 50
Fully diluted shares Adj 50 50 50
EPS 3,33 3,99 4,89
Dividend per share Adj 1,4 2 2,4
EPS Adj 3,39 4,05 4,95
BVPS 11,03 13,62 16,51
BVPS Adj 8,87 10,75 12,78
Net IB debt / share -0,1 -1,6 -1,4
Share price 158,35 168,3 168,3
Market cap. (m) 7917 8415 8415
Valuation 2021 2022 2023
P/E 64,8 42,2 34,4
EV/sales 8,33 5,46 4,48
EV/EBITDA 44,4 28,7 23,7
EV/EBITA 51,4 32,7 26,5
EV/EBIT 52,1 33 26,8
Dividend yield (%) 0,6 1,2 1,5
FCF yield (%) 0,7 1,9 1,2
P/BVPS 19,58 12,36 10,19
P/BVPS Adj 24,36 15,65 13,17
P/E Adj 63,7 41,6 34
EV/EBITDA Adj 44,4 28,7 23,7
EV/EBITA Adj 51,4 32,7 26,5
EV/EBIT Adj 52,1 33 26,8
EV/cap. employed 17,1 11 9,2
Investment ratios 2021 2022 2023
Capex / sales 3,4 5,5 6,5
Capex / depreciation 179,8 315,7 432,4
Capex tangibles / tangible fixed assets 17 36,7 43,5
Capex intangibles / definite intangibles 42,3 39 32,9
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,4 21,3 16,3
Lease adj. FCF yield (%) 0,6 1,7 1,1

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.

34,4

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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26,8

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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4,5

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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10,2