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Arctic Paper

Arctic Paper

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Financials

PLNm 2024 2025e 2026e
Sales 3434 3187 3342
Sales growth (%) -3,2 -7,2 4,9
EBITDA 299 99 191
EBITDA margin (%) 8,7 3,1 5,7
EBIT adj. 185 -77 49
EBIT adj. margin (%) 5,4 -2,4 1,5
Pretax profit 193 -129 14
EPS 2,23 -0,58 0,25
EPS growth (%) -37,5 N/A N/A
EPS adj. 2,23 -0,58 0,25
DPS 0 0 0,07
EV/EBITDA (x) 2,9 11,4 6,2
EV/EBIT adj. (x) 4,7 -14,5 24,2
P/E (x) 3,6 N/A 32,7
P/E adj. (x) 3,6 N/A 32,7
EV/sales (x) 0,25 0,35 0,35
FCF yield (%) -40,8 -46,8 -14,7
Le. adj. FCF yld. (%) -42,4 -47,8 -15,5
Dividend yield (%) 0 0 0,9
Net IB debt/EBITDA (x) -0,1 1,9 1,2
Le. adj. ND/EBITDA (x) 0 1,9 1,4
PLNm 2024 2025e 2026e
Sales 3434 3187 3342
COGS -2850 -2753 -2738
Gross profit 584 434 604
Other operating items -285 -336 -413
EBITDA 299 99 191
Depreciation and amortisation -114 -190 -142
of which leasing depreciation 0 0 0
EBITA 185 -91 49
EO Items 0 -14 0
Impairment and PPA amortisation 0 0 0
EBIT 185 -91 49
Net financial items 8 -38 -34
Pretax profit 193 -129 14
Tax -31 23 -4
Net profit 162 -106 10
Minority interest -7 -66 -7
Net profit discontinued 0 0 0
Net profit to shareholders 154 -171 3
EPS 2,23 -0,58 0,25
EPS adj. 2,23 -0,58 0,25
Total extraordinary items after tax 0 -14 0
Leasing payments -9 -6 -4
Tax rate (%) 16,2 18 29,9
Gross margin (%) 17 13,6 18,1
EBITDA margin (%) 8,7 3,1 5,7
EBITA margin (%) 5,4 -2,9 1,5
EBIT margin (%) 5,4 -2,9 1,5
Pre-tax margin (%) 5,6 -4 0,4
Net margin (%) 4,7 -3,3 0,3
Sales growth (%) -3,2 -7,2 4,9
EBITDA growth (%) -37,1 -67 93,2
EBITA growth (%) -48,1 -149,3 -153,6
EBIT growth (%) -48,1 -149,3 -153,6
Net profit growth (%) -40,5 -165,2 -109,5
EPS growth (%) -37,5 N/A N/A
Profitability N/A N/A N/A
ROE (%) 10,7 -11,8 0,2
ROE adj. (%) 10,7 -10,8 0,2
ROCE (%) 10,2 -4,2 2,4
ROCE adj. (%) 10,2 -3,5 2,4
ROIC (%) 9,9 -4 1,7
ROIC adj. (%) 9,9 -3,4 1,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 299 113 191
EBITDA adj. margin (%) 8,7 3,5 5,7
EBITDA lease adj. 290 107 187
EBITDA lease adj. margin (%) 8,4 3,4 5,6
EBITA adj. 185 -77 49
EBITA adj. margin (%) 5,4 -2,4 1,5
EBIT adj. 185 -77 49
EBIT adj. margin (%) 5,4 -2,4 1,5
Pretax profit Adj. 193 -115 14
Net profit Adj. 162 -92 10
Net profit to shareholders adj. 154 -157 3
Net adj. margin (%) 4,7 -2,9 0,3
PLNm 2024 2025e 2026e
EBITDA 299 99 191
Goodwill 8 8 8
Net financial items 8 -38 -34
Other intangible assets 45 96 96
Paid tax -53 -54 -4
Tangible fixed assets 1419 1523 1546
Non-cash items 71 -12 -34
Right-of-use asset 0 0 0
Cash flow before change in WC 325 -5 118
Total other fixed assets 21 21 21
Change in working capital -136 46 -35
Fixed assets 1492 1648 1671
Operating cash flow 189 41 83
Inventories 495 507 547
Capex tangible fixed assets -417 -303 -165
Receivables 429 433 456
Capex intangible fixed assets 0 0 0
Other current assets 53 89 94
Acquisitions and Disposals 0 0 0
Cash and liquid assets 288 91 39
Free cash flow -228 -262 -82
Total assets 2757 2769 2809
Dividend paid -69 0 0
Shareholders equity 1455 1450 1463
Share issues and buybacks 0 0 0
Minority 313 358 364
Leasing liability amortisation -9 -6 -4
Total equity 1769 1807 1827
Other non-cash items -49 66 34
Long-term debt 225 204 204
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 151 145 145
Short-term debt 61 93 93
Accounts payable 427 386 398
Other current liabilities 124 134 142
Total liabilities and equity 2757 2769 2809
Net IB debt -22 185 237
Net IB debt excl. pension debt -22 185 237
Net IB debt excl. leasing -22 185 237
Capital employed 2055 2104 2124
Capital invested 1747 1992 2064
Working capital 426 510 559
Market cap. diluted (m) 559 559 559
Net IB debt adj. -1 206 257
Market value of minority 313 358 364
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 871 1122 1181
Total assets turnover (%) 125,3 115,4 119,8
Working capital/sales (%) 11,1 14,7 16
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,2 10,2 12,9
Net debt / market cap (%) -3,9 33 42,3
Equity ratio (%) 64,2 65,3 65
Net IB debt adj. / equity (%) -0,1 11,4 14,1
Current ratio 2,06 1,83 1,8
EBITDA/net interest 36,7 2,6 5,5
Net IB debt/EBITDA (x) -0,1 1,9 1,2
Net IB debt/EBITDA lease adj. (x) 0 1,9 1,4
Interest coverage 17,8 2,1 1,4
PLNm 2024 2025e 2026e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS 2,23 -0,58 0,25
Dividend per share 0 0 0,07
EPS adj. 2,23 -0,58 0,25
BVPS 21 20,92 21,11
BVPS adj. 20,25 19,42 19,6
Net IB debt/share -0,02 2,97 3,72
Share price 21 21 21
Market cap. (m) 559 559 559
P/E (x) 3,6 N/A 32,7
EV/sales (x) 0,3 0,4 0,4
EV/EBITDA (x) 2,9 11,4 6,2
EV/EBITA (x) 4,7 -12,3 24,2
EV/EBIT (x) 4,7 -12,3 24,2
Dividend yield (%) 0 0 0,9
FCF yield (%) -40,8 -46,8 -14,7
Le. adj. FCF yld. (%) -42,4 -47,8 -15,5
P/BVPS (x) 0,38 0,39 0,38
P/BVPS adj. (x) 0,39 0,39 0,38
P/E adj. (x) 3,6 N/A 32,7
EV/EBITDA adj. (x) 2,9 10 6,2
EV/EBITA adj. (x) 4,7 -14,5 24,2
EV/EBIT adj. (x) 4,7 -14,5 24,2
EV/CE (x) 0,4 0,5 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 12,1 9,5 4,9
Capex/depreciation 3,6 1,6 1,2
Capex tangibles / tangible fixed assets 29,4 19,9 10,7
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 8,1 12,5 9,2

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.

84,0

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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34,4

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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0,5

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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