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Arctic Paper

Arctic Paper

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Financials

PLNm 2025 2026e 2027e
Sales 3187 3342 3496
Sales growth (%) -7,2 4,9 4,6
EBITDA 99 191 250
EBITDA margin (%) 3,1 5,7 7,1
EBIT adj. -77 49 112
EBIT adj. margin (%) -2,4 1,5 3,2
Pretax profit -129 14 86
EPS -0,58 0,25 0,86
EPS growth (%) N/A N/A N/A
EPS adj. -0,58 0,25 0,86
DPS 0 0,07 0,26
EV/EBITDA (x) 11,4 6,2 4,8
EV/EBIT adj. (x) -14,5 24,2 10,6
P/E (x) N/A 32,7 9,4
P/E adj. (x) N/A 32,7 9,4
EV/sales (x) 0,35 0,35 0,34
FCF yield (%) -46,8 -14,7 -3
Le. adj. FCF yld. (%) -47,8 -15,5 -3,8
Dividend yield (%) 0 0,9 3,2
Net IB debt/EBITDA (x) 1,9 1,2 0,9
Le. adj. ND/EBITDA (x) 1,9 1,4 1
PLNm 2025 2026e 2027e
Sales 3187 3342 3496
COGS -2753 -2738 -2806
Gross profit 434 604 690
Other operating items -336 -413 -441
EBITDA 99 191 250
Depreciation and amortisation -190 -142 -137
of which leasing depreciation 0 0 0
EBITA -91 49 112
EO Items -14 0 0
Impairment and PPA amortisation 0 0 0
EBIT -91 49 112
Net financial items -38 -34 -27
Pretax profit -129 14 86
Tax 23 -4 -17
Net profit -106 10 69
Minority interest -66 -7 -10
Net profit discontinued 0 0 0
Net profit to shareholders -171 3 59
EPS -0,58 0,25 0,86
EPS adj. -0,58 0,25 0,86
Total extraordinary items after tax -14 0 0
Leasing payments -6 -4 -4
Tax rate (%) 18 29,9 19,3
Gross margin (%) 13,6 18,1 19,7
EBITDA margin (%) 3,1 5,7 7,1
EBITA margin (%) -2,9 1,5 3,2
EBIT margin (%) -2,9 1,5 3,2
Pre-tax margin (%) -4 0,4 2,5
Net margin (%) -3,3 0,3 2
Sales growth (%) -7,2 4,9 4,6
EBITDA growth (%) -67 93,2 30,8
EBITA growth (%) -149,3 -153,6 129,8
EBIT growth (%) -149,3 -153,6 N/A
Net profit growth (%) -165,2 -109,5 586,3
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) -11,8 0,2 4
ROE adj. (%) -10,8 0,2 4
ROCE (%) -4,2 2,4 5,3
ROCE adj. (%) -3,5 2,4 5,3
ROIC (%) -4 1,7 4,3
ROIC adj. (%) -3,4 1,7 4,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 113 191 250
EBITDA adj. margin (%) 3,5 5,7 7,1
EBITDA lease adj. 107 187 245
EBITDA lease adj. margin (%) 3,4 5,6 7
EBITA adj. -77 49 112
EBITA adj. margin (%) -2,4 1,5 3,2
EBIT adj. -77 49 112
EBIT adj. margin (%) -2,4 1,5 3,2
Pretax profit Adj. -115 14 86
Net profit Adj. -92 10 69
Net profit to shareholders adj. -157 3 59
Net adj. margin (%) -2,9 0,3 2
PLNm 2025 2026e 2027e
EBITDA 99 191 250
Goodwill 8 8 8
Net financial items -38 -34 -27
Other intangible assets 96 96 96
Paid tax -54 -4 -17
Tangible fixed assets 1523 1546 1573
Non-cash items -12 -34 -27
Right-of-use asset 0 0 0
Cash flow before change in WC -5 118 180
Total other fixed assets 21 21 21
Change in working capital 46 -35 -32
Fixed assets 1648 1671 1699
Operating cash flow 41 83 148
Inventories 507 547 561
Capex tangible fixed assets -303 -165 -165
Receivables 433 456 495
Capex intangible fixed assets 0 0 0
Other current assets 89 94 99
Acquisitions and Disposals 0 0 0
Cash and liquid assets 91 39 43
Free cash flow -262 -82 -17
Total assets 2769 2809 2897
Dividend paid 0 0 -5
Shareholders equity 1450 1463 1513
Share issues and buybacks 0 0 0
Minority 358 364 378
Leasing liability amortisation -6 -4 -4
Total equity 1807 1827 1890
Other non-cash items 66 34 30
Long-term debt 204 204 204
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 145 145 145
Short-term debt 93 93 93
Accounts payable 386 398 413
Other current liabilities 134 142 151
Total liabilities and equity 2769 2809 2897
Net IB debt 185 237 233
Net IB debt excl. pension debt 185 237 233
Net IB debt excl. leasing 185 237 233
Capital employed 2104 2124 2187
Capital invested 1992 2064 2123
Working capital 510 559 590
Market cap. diluted (m) 559 559 559
Net IB debt adj. 206 257 253
Market value of minority 358 364 378
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1122 1181 1190
Total assets turnover (%) 115,4 119,8 122,5
Working capital/sales (%) 14,7 16 16,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 10,2 12,9 12,3
Net debt / market cap (%) 33 42,3 41,6
Equity ratio (%) 65,3 65 65,3
Net IB debt adj. / equity (%) 11,4 14,1 13,4
Current ratio 1,83 1,8 1,82
EBITDA/net interest 2,6 5,5 9,4
Net IB debt/EBITDA (x) 1,9 1,2 0,9
Net IB debt/EBITDA lease adj. (x) 1,9 1,4 1
Interest coverage 2,1 1,4 3,9
PLNm 2025 2026e 2027e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS -0,58 0,25 0,86
Dividend per share 0 0,07 0,26
EPS adj. -0,58 0,25 0,86
BVPS 20,92 21,11 21,83
BVPS adj. 19,42 19,6 20,32
Net IB debt/share 2,97 3,72 3,66
Share price 21 21 21
Market cap. (m) 559 559 559
P/E (x) N/A 32,7 9,4
EV/sales (x) 0,4 0,4 0,3
EV/EBITDA (x) 11,4 6,2 4,8
EV/EBITA (x) -12,3 24,2 10,6
EV/EBIT (x) -12,3 24,2 10,6
Dividend yield (%) 0 0,9 3,2
FCF yield (%) -46,8 -14,7 -3
Le. adj. FCF yld. (%) -47,8 -15,5 -3,8
P/BVPS (x) 0,39 0,38 0,37
P/BVPS adj. (x) 0,39 0,38 0,37
P/E adj. (x) N/A 32,7 9,4
EV/EBITDA adj. (x) 10 6,2 4,8
EV/EBITA adj. (x) -14,5 24,2 10,6
EV/EBIT adj. (x) -14,5 24,2 10,6
EV/CE (x) 0,5 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 9,5 4,9 4,7
Capex/depreciation 1,6 1,2 1,2
Capex tangibles / tangible fixed assets 19,9 10,7 10,5
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 12,5 9,2 8,7

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.

24,4

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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15,0

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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1,0