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Swedencare

Swedencare

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -18,9 -30,5 2,1
Lease adj. ND/EBITDA 3,2 2,5 1,6
Sales 773 1926 2399
Sales growth (%) 221,8 149,1 24,5
EBITDA 138 484 655
EBITDA margin (%) 17,9 25,1 27,3
EBIT adj 86 299 429
EBIT adj margin (%) 11,1 15,5 17,9
Pretax profit 57 243 409
EPS rep 0,49 1,14 1,86
EPS growth (%) 19 134,3 63,2
EPS adj 1,14 2,24 2,74
DPS 0,2 0,46 0,74
EV/EBITDA (x) 129,1 31,8 23,3
EV/EBIT adj (x) 208,6 51,5 35,5
P/E (x) 316,4 77,8 47,7
P/E adj (x) 134,9 39,7 32,3
EV/sales (x) 23,1 8 6,4
FCF yield (%) -18,8 -30,3 2,3
Dividend yield (%) 0,1 0,5 0,8
Net IB debt/EBITDA 4,2 3 1,9
SEKm 2021 2022e 2023e
Depreciation and amortisation -20 -86 -86
Of which leasing depreciation -10 -28 -28
EO items -20 -37 0
Impairment and PPA amortisation -53 -136 -140
EBITDA lease Adj 150 498 627
EBITDA lease Adj margin (%) 19,3 25,9 26,1
Sales 773 1926 2399
COGS -385 -839 -1015
Gross profit 389 1087 1384
Other operating items -250 -603 -729
EBITDA 138 484 655
Depreciation on tangibles -3 -4 -5
Depreciation on intangibles 0 0 0
EBITA 119 398 569
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 65 263 429
Other financial items 0 0 0
Net financial items -9 -20 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 57 243 409
Tax -2 -64 -115
Net profit 55 179 294
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 55 179 294
EPS 0,49 1,14 1,86
EPS Adj 1,14 2,24 2,74
Total extraordinary items after tax -20,2 -36,8 0
Tax rate (%) -4 -26,2 -28,2
Gross margin (%) 50,3 56,4 57,7
EBITDA margin (%) 17,9 25,1 27,3
EBITA margin (%) 15,4 20,7 23,7
EBIT margin (%) 8,5 13,6 17,9
Pretax margin (%) 7,4 12,6 17,1
Net margin (%) 7,1 9,3 12,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 221,8 149,1 24,5
EBITDA growth (%) 152,2 249,7 35,3
EBIT growth (%) 50,4 301,2 63,5
Net profit growth (%) 54 228,2 64
EPS growth (%) 19 134,3 63,2
Profitability 2021 2022 2023
ROE (%) 3,3 4 4,4
ROE Adj (%) 7,7 7,8 6,4
ROCE (%) 3,1 4,6 5,2
ROCE Adj(%) 6,6 7,7 6,8
ROIC (%) 3,3 3,5 3,8
ROIC Adj (%) 4,3 4 3,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 159 521 655
EBITDA Adj margin (%) 20,5 27 27,3
EBITA Adj 139 435 569
EBITA Adj margin (%) 18 22,6 23,7
EBIT Adj 86 299 429
EBIT Adj margin (%) 11,1 15,5 17,9
Pretax profit Adj 130 416 549
Net profit Adj 128 352 434
Net profit to shareholders Adj 128 352 434
Net Adj margin (%) 16,6 18,3 18,1
Leasing payments -9 -22 -28
SEKm 2021 2022e 2023e
Lease liability amortisation -9 -22 -28
Other intangible assets 1464 3373 3233
Right-of-use asset 104 219 219
Total other fixed assets 5 7 7
Leasing liability 105 228 228
Total other long-term liabilities 233 795 795
Net IB debt excl. leasing 476 1229 1000
Net IB debt / EBITDA lease Adj (%) 318,2 246,6 159,5
EBITDA 138 484 655
Net financial items -9 -20 -20
Paid tax -2 -64 -115
Non-cash items 0 0 0
Cash flow before change in WC 128 401 520
Change in WC -4 -145 -99
Operating cash flow 124 256 420
CAPEX tangible fixed assets -24 -70 -91
CAPEX intangible fixed assets -1 -1 0
Acquisitions and disposals -3349 -4418 0
Free cash flow -3250 -4233 329
Dividend paid -69 -22 -72
Share issues and buybacks 1148 3533 0
Other non cash items 1247 -786 -38
Decrease in net IB debt 85 -38 65
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 1303 4495 4495
Indefinite intangible assets 141 141 141
Definite intangible assets 0 0 0
Tangible fixed assets 144 381 414
Other fixed assets 0 0 0
Fixed assets 3019 8475 8368
Inventories 158 212 264
Receivables 110 379 472
Other current assets 47 133 166
Cash and liquid assets 136 131 360
Total assets 3471 9330 9631
Shareholders equity 2420 6620 6842
Minority 0 0 0
Total equity 2420 6620 6842
Long-term debt 617 1367 1367
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 20 20 20
Short-term debt 0 0 0
Accounts payable 36 167 208
Other current liabilities 61 154 192
Total liabilities and equity 3471 9330 9631
Net IB debt 581 1457 1227
Net IB debt excl. pension debt 581 1457 1227
Capital invested 3000 8076 8069
Working capital 219 403 503
EV breakdown 2021 2022 2023
Market cap. diluted (m) 17287 13953 14025
Net IB debt Adj 581 1457 1227
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 17867 15410 15252
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 33,4 30,1 25,3
Capital invested turnover (%) 52,6 64 68,7
Capital employed turnover (%) 39,3 50,3 54,4
Inventories / sales (%) 16 9,4 8,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,1 2,9 2,3
Working capital / sales (%) 19,8 16,1 18,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 24 22 17,9
Net debt / market cap (%) 4,6 10,4 8,8
Equity ratio (%) 69,7 71 71
Net IB debt adj. / equity (%) 24 22 17,9
Current ratio (%) 393,6 242,6 292,6
EBITDA / net interest (%) 1617,8 2453,2 3274,4
Net IB debt / EBITDA (%) 419,5 300,9 187,4
Interest cover (%) 1388,3 2019,4 2846,9
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -18,9 -30,5 2,1
Shares outstanding adj. 112 157 158
Fully diluted shares Adj 112 157 158
EPS 0,49 1,14 1,86
Dividend per share Adj 0,2 0,5 0,7
EPS Adj 1,14 2,24 2,74
BVPS 21,54 42,08 43,27
BVPS Adj 9,94 13,5 14,84
Net IB debt / share 5,2 9,3 7,8
Share price 113,19 88,7 88,7
Market cap. (m) 12714 13953 14025
Valuation 2021 2022 2023
P/E 316,4 77,8 47,7
EV/sales 23,11 8 6,36
EV/EBITDA 129,1 31,8 23,3
EV/EBITA 150,4 38,7 26,8
EV/EBIT 272,9 58,7 35,5
Dividend yield (%) 0,1 0,5 0,8
FCF yield (%) -18,8 -30,3 2,3
P/BVPS 7,14 2,11 2,05
P/BVPS Adj 15,48 6,57 5,98
P/E Adj 134,9 39,7 32,3
EV/EBITDA Adj 112,7 29,6 23,3
EV/EBITA Adj 128,6 35,4 26,8
EV/EBIT Adj 208,6 51,5 35,5
EV/cap. employed 5,7 1,9 1,8
Investment ratios 2021 2022 2023
Capex / sales 3,3 3,7 3,8
Capex / depreciation 260,3 121,9 157,8
Capex tangibles / tangible fixed assets 16,8 18,4 21,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 6,9 15,2 13,9

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.

47,7

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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35,5

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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6,4

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