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Litium

Litium

SEKm 2021 2022e 2023e
Sales 58 67 86
Sales growth (%) 20 15,6 29
EBITDA -2 0 16
EBITDA margin (%) -4,3 0,5 18,2
EBIT adj -13 -12 2
EBIT adj margin (%) -22,1 -18,1 2,6
Pretax profit -13 -12 2
EPS rep -1,04 -0,69 0,1
EPS growth (%) 30,2 33,9 114,5
EPS adj -1,04 -0,69 0,1
DPS 0 0 0
EV/EBITDA (x) -82,6 477,7 11,5
EV/EBIT adj (x) -16,1 -13,9 80,1
P/E (x) -16,8 -15,6 107,9
P/E adj (x) -16,8 -15,6 107,9
EV/sales (x) 3,6 2,5 2,1
FCF yield (%) -11,6 -12,8 -6,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,4 -60,5 -0,6
Lease adj. FCF yield (%) -11,6 -12,8 -6,4
Lease adj. ND/EBITDA 4,4 -60,5 -0,6
SEKm 2021 2022e 2023e
Sales 58 67 86
COGS -18 -21 -25
Gross profit 40 46 61
Other operating items -43 -46 -46
EBITDA -2 0 16
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -11 -11
EBITA -13 -12 2
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -13 -12 2
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 -13 -12 2
Tax 0 0 0
Net profit -13 -12 2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 -12 2
EPS -1,04 -0,69 0,1
EPS Adj -1,04 -0,69 0,1
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 -22
Gross margin (%) 69,3 68,6 71
EBITDA margin (%) -4,3 0,5 18,2
EBITA margin (%) -22,1 -18,1 2,6
EBIT margin (%) -22,1 -18,1 2,6
Pretax margin (%) -22,2 -18,2 2,6
Net margin (%) -22,2 -18,2 2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 20 15,6 29
EBITDA growth (%) 71,3 114,2 4357
EBIT growth (%) 28,6 5 118,6
Net profit growth (%) 30,2 5,4 114,5
EPS growth (%) 30,2 33,9 114,5
Profitability 2021 2022 2023
ROE (%) -21,4 -15,7 2
ROE Adj (%) -21,4 -15,7 2
ROCE (%) -20,9 -15,6 2,5
ROCE Adj(%) -20,9 -15,6 2,5
ROIC (%) -26,5 -19,8 2,4
ROIC Adj (%) -26,5 -19,8 2,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj -2 0 16
EBITDA Adj margin (%) -4,3 0,5 18,2
EBITA Adj -13 -12 2
EBITA Adj margin (%) -22,1 -18,1 2,6
EBIT Adj -13 -12 2
EBIT Adj margin (%) -22,1 -18,1 2,6
Pretax profit Adj -13 -12 2
Net profit Adj -13 -12 2
Net profit to shareholders Adj -13 -12 2
Net Adj margin (%) -22,2 -18,2 2
Depreciation and amortisation -10 -13 -14
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -2 0 16
EBITDA lease Adj margin (%) -4,3 0,5 18,2
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -2 0 16
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -3 0 15
Change in WC 0 0 0
Operating cash flow -2 1 15
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -23 -25 -27
Acquisitions and disposals 0 0 0
Free cash flow -25 -24 -12
Dividend paid 0 0 0
Share issues and buybacks 26 35 0
Other non cash items -3 0 0
Decrease in net IB debt 13 16 -8
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 47 58 72
Tangible fixed assets 1 1 2
Other fixed assets 0 0 0
Fixed assets 61 74 88
Inventories 0 0 0
Receivables 10 11 12
Other current assets 3 3 3
Cash and liquid assets 11 22 9
Total assets 85 109 112
Shareholders equity 66 89 91
Minority 0 0 0
Total equity 66 89 91
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 6 8 9
Other current liabilities 12 12 12
Total liabilities and equity 85 109 112
Net IB debt -11 -21 -9
Net IB debt excl. pension debt -11 -21 -9
Capital invested 55 68 82
Working capital -6 -6 -6
EV breakdown 2021 2022 2023
Market cap. diluted (m) 217 190 190
Net IB debt Adj -11 -21 -9
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 206 169 181
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 71,9 68,9 78
Capital invested turnover (%) 129,2 125,7 127,3
Capital employed turnover (%) 106,3 87,2 91,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 18,1 16,3 14
Payables / sales (%) 13,5 11,7 9,6
Working capital / sales (%) -11,6 -9,3 -7,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -16,4 -24,1 -10,1
Net debt / market cap (%) -4,3 -12 -5,1
Equity ratio (%) 77,5 81,4 80,9
Net IB debt adj. / equity (%) -16,4 -24,1 -10,1
Current ratio (%) 124,5 173,4 113,8
EBITDA / net interest (%) -3515,9 1951 0
Net IB debt / EBITDA (%) 436,2 -6054,5 -58,1
Interest cover (%) -55200,7 -121089,6 0
Lease liability amortisation 0 0 0
Other intangible assets 60 73 86
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -11 -21 -9
Net IB debt / EBITDA lease Adj (%) 436,2 -6054,5 -58,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 11 17 17
Fully diluted shares Adj 12 18 18
EPS -1,04 -0,69 0,1
Dividend per share Adj 0 0 0
EPS Adj -1,04 -0,69 0,1
BVPS 5,87 5,36 5,47
BVPS Adj 0,51 0,98 0,29
Net IB debt / share -1 -1,3 -0,6
Share price 22,69 10,75 10,75
Market cap. (m) 255 178 178
Valuation 2021 2022 2023
P/E -16,8 -15,6 107,9
EV/sales 3,55 2,52 2,1
EV/EBITDA -82,6 477,7 11,5
EV/EBITA -16,1 -13,9 80,1
EV/EBIT -16,1 -13,9 80,1
Dividend yield (%) 0 0 0
FCF yield (%) -11,6 -12,8 -6,4
P/BVPS 2,98 2 1,97
P/BVPS Adj 34,16 10,92 37,06
P/E Adj -16,8 -15,6 107,9
EV/EBITDA Adj -82,6 477,7 11,5
EV/EBITA Adj -16,1 -13,9 80,1
EV/EBIT Adj -16,1 -13,9 80,1
EV/cap. employed 3,1 1,9 2
Investment ratios 2021 2022 2023
Capex / sales 39,6 37,5 31,5
Capex / depreciation 222,7 200,9 201,5
Capex tangibles / tangible fixed assets 32,7 26,1 25,2
Capex intangibles / definite intangibles 37,5 34,1 31,2
Depreciation on intangibles / definite intangibles 17,1 17,2 15,7
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -11,6 -12,8 -6,4

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.

107,5

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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86,9

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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2,0

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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2,0