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Alcadon

Alcadon

SEKm 2022 2023e 2024e
Sales 1107 1639 1836
Sales growth (%) 50,4 48 12
EBITDA 77 162 189
EBITDA margin (%) 6,9 9,9 10,3
EBIT adj 67 141 165
EBIT adj margin (%) 6 8,6 9
Pretax profit 53 126 150
EPS rep 1,87 4,72 5,62
EPS growth (%) -28,6 152,7 19,3
EPS adj 2,15 4,72 5,62
DPS 0,8 0,9 1
EV/EBITDA (x) 25,9 11,6 9,5
EV/EBIT adj (x) 29,9 13,4 10,9
P/E (x) 38,3 15,2 12,7
P/E adj (x) 33,2 15,2 12,7
EV/sales (x) 1,8 1,2 1
FCF yield (%) -13,4 8,7 7,8
Dividend yield (%) 1,1 1,3 1,4
Net IB debt/EBITDA 6,7 2,6 1,8
Lease adj. FCF yield (%) -14,1 8 7,1
Lease adj. ND/EBITDA 5,3 2,1 1,3
SEKm 2022 2023e 2024e
Sales 1107 1639 1836
COGS -830 -1246 -1396
Gross profit 277 393 441
Other operating items -201 -231 -252
EBITDA 77 162 189
Depreciation on tangibles -14 -15 -16
Depreciation on intangibles 0 0 0
EBITA 61 141 165
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 61 141 165
Other financial items 0 0 0
Net financial items -8 -15 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 53 126 150
Tax -14 -29 -35
Net profit 39 97 116
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 97 116
EPS 1,87 4,72 5,62
EPS Adj 2,15 4,72 5,62
Total extraordinary items after tax -5,9 0 0
Tax rate (%) -26,6 -23 -23
Gross margin (%) 25,1 24 24
EBITDA margin (%) 6,9 9,9 10,3
EBITA margin (%) 5,5 8,6 9
EBIT margin (%) 5,5 8,6 9
Pretax margin (%) 4,8 7,7 8,2
Net margin (%) 3,5 5,9 6,3
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 50,4 48 12
EBITDA growth (%) -0,9 111,7 16,5
EBIT growth (%) -7,8 132,4 17,2
Net profit growth (%) -17,5 150,1 19,3
EPS growth (%) -28,6 152,7 19,3
Profitability 2022 2023 2024
ROE (%) 9,2 18,1 18,5
ROE Adj (%) 10,6 18,1 18,5
ROCE (%) 7,1 11,6 12,7
ROCE Adj(%) 7,7 11,6 12,7
ROIC (%) 5,8 10,8 12,7
ROIC Adj (%) 6,3 10,8 12,7
Adj earnings numbers 2022 2023 2024
EBITDA Adj 83 162 189
EBITDA Adj margin (%) 7,5 9,9 10,3
EBITA Adj 67 141 165
EBITA Adj margin (%) 6 8,6 9
EBIT Adj 67 141 165
EBIT Adj margin (%) 6 8,6 9
Pretax profit Adj 59 126 150
Net profit Adj 45 97 116
Net profit to shareholders Adj 44 97 116
Net Adj margin (%) 4 5,9 6,3
Leasing payments 0 0 0
Depreciation and amortisation -16 -21 -24
Of which leasing depreciation 0 0 0
EO items -6 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 83 162 189
EBITDA lease Adj margin (%) 7,5 9,9 10,3
SEKm 2022 2023e 2024e
Inventories 210 254 285
Receivables 210 230 257
Other current assets 30 44 49
Cash and liquid assets 158 259 344
Total assets 1473 1648 1793
Shareholders equity 496 576 673
Minority 0 0 0
Total equity 496 576 673
Long-term debt 473 473 473
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 0 0 0
Short-term debt 124 124 124
Accounts payable 150 197 220
Other current liabilities 150 197 220
Total liabilities and equity 1473 1648 1793
Net IB debt 518 417 331
Net IB debt excl. pension debt 518 417 331
Capital invested 1017 996 1008
Working capital 151 134 150
EV breakdown 2022 2023 2024
Market cap. diluted (m) 1471 1471 1471
Net IB debt Adj 518 417 331
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 1988 1887 1802
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 100,9 105 106,7
Capital invested turnover (%) 173,3 169,9 184
Capital employed turnover (%) 164,5 149,4 147,7
Inventories / sales (%) 11,2 13,5 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,9 8,1 8,1
Working capital / sales (%) 12,8 8,7 7,7
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 104,4 72,3 49,2
Net debt / market cap (%) 35,2 28,3 22,5
Equity ratio (%) 33,6 34,9 37,6
Net IB debt adj. / equity (%) 104,4 72,3 49,2
Current ratio (%) 140,8 149,3 163
EBITDA / net interest (%) 983,1 1082 1260,9
Net IB debt / EBITDA (%) 674,9 256,7 175,1
Interest cover (%) 777,9 940 1101,7
EBITDA 77 162 189
Net financial items -8 -15 -15
Paid tax -14 -29 -35
Non-cash items 0 0 0
Cash flow before change in WC 55 118 140
Change in WC -9 17 -16
Operating cash flow 46 136 123
CAPEX tangible fixed assets -10 -8 -9
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -232 0 0
Free cash flow -197 128 114
Dividend paid -10 -16 -19
Share issues and buybacks 126 0 0
Other non cash items 0 0 0
Decrease in net IB debt -12 48 54
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 761 761 761
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 77 64 49
Other fixed assets 2 2 2
Fixed assets 865 862 858
Lease liability amortisation -10 -10 -10
Other intangible assets 26 36 47
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 78 78 78
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing 439 339 253
Net IB debt / EBITDA lease Adj (%) 532,2 208,7 133,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 21 21 21
Fully diluted shares Adj 21 21 21
EPS 1,87 4,72 5,62
Dividend per share Adj 0,8 0,9 1
EPS Adj 2,15 4,72 5,62
BVPS 24,09 28,01 32,73
BVPS Adj -12,9 -8,99 -4,26
Net IB debt / share 25,2 20,3 16,1
Share price 71,5 71,5 71,5
Market cap. (m) 1471 1471 1471
Valuation 2022 2023 2024
P/E 38,3 15,2 12,7
EV/sales 1,8 1,15 0,98
EV/EBITDA 25,9 11,6 9,5
EV/EBITA 32,8 13,4 10,9
EV/EBIT 32,8 13,4 10,9
Dividend yield (%) 1,1 1,3 1,4
FCF yield (%) -13,4 8,7 7,8
P/BVPS 2,97 2,55 2,18
P/BVPS Adj -5,54 -7,95 -16,77
P/E Adj 33,2 15,2 12,7
EV/EBITDA Adj 24,1 11,6 9,5
EV/EBITA Adj 29,9 13,4 10,9
EV/EBIT Adj 29,9 13,4 10,9
EV/cap. employed 1,7 1,5 1,3
Investment ratios 2022 2023 2024
Capex / sales 0,9 0,5 0,5
Capex / depreciation 65,6 38,5 38,5
Capex tangibles / tangible fixed assets 13,7 12,9 18,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,8 33,5 48,7
Lease adj. FCF yield (%) -14,1 8 7,1

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.

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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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