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Arctic Paper

Arctic Paper

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Financials

PLNm 2024 2025e 2026e
Sales 3373 3135 3454
Sales growth (%) -5 -7 10,2
EBITDA 291 4 189
EBITDA margin (%) 8,6 0,1 5,5
EBIT adj. 142 -237 52
EBIT adj. margin (%) 4,2 -7,6 1,5
Pretax profit 157 -213 33
EPS 1,77 -1,69 0,27
EPS growth (%) -50,5 N/A N/A
EPS adj. 1,77 -1,69 0,27
DPS 0,53 0 0,08
EV/EBITDA (x) 3,2 324,9 6,8
EV/EBIT adj. (x) 6,5 -5,5 24,8
P/E (x) 6 N/A 39,3
P/E adj. (x) 6 N/A 39,3
EV/sales (x) 0,27 0,41 0,37
FCF yield (%) -14,4 -36,6 -2,9
Le. adj. FCF yld. (%) -15,6 -37,6 -3,8
Dividend yield (%) 5 0 0,8
Net IB debt/EBITDA (x) -0,6 59,8 1,3
Le. adj. ND/EBITDA (x) -0,5 -4,6 1,5
PLNm 2024 2025e 2026e
Sales 3373 3135 3454
COGS -2743 -2779 -2846
Gross profit 630 356 608
Other operating items -339 -352 -419
EBITDA 291 4 189
Depreciation and amortisation -119 -188 -137
of which leasing depreciation 0 0 0
EBITA 172 -184 52
EO Items 30 53 0
Impairment and PPA amortisation 0 0 0
EBIT 172 -184 52
Net financial items -15 -29 -19
Pretax profit 157 -213 33
Tax -25 37 -6
Net profit 132 -176 26
Minority interest -10 -58 8
Net profit discontinued 0 0 0
Net profit to shareholders 122 -234 34
EPS 1,77 -1,69 0,27
EPS adj. 1,77 -1,69 0,27
Total extraordinary items after tax 30 53 0
Leasing payments -9 -7 -7
Tax rate (%) 15,8 17,4 19,5
Gross margin (%) 18,7 11,3 17,6
EBITDA margin (%) 8,6 0,1 5,5
EBITA margin (%) 5,1 -5,9 1,5
EBIT margin (%) 5,1 -5,9 1,5
Pre-tax margin (%) 4,6 -6,8 0,9
Net margin (%) 3,9 -5,6 0,8
Sales growth (%) -5 -7 10,2
EBITDA growth (%) -38,8 -98,6 4649,8
EBITA growth (%) -51,9 -206,9 -128,4
EBIT growth (%) -51,9 -206,9 -128,4
Net profit growth (%) -51,5 -233 -115
EPS growth (%) -50,5 N/A N/A
Profitability N/A N/A N/A
ROE (%) 8,5 -16,7 2,5
ROE adj. (%) 6,4 -20,5 2,5
ROCE (%) 8,9 -8,8 2,8
ROCE adj. (%) 7,3 -11,5 2,8
ROIC (%) 9,6 -8,7 2,2
ROIC adj. (%) 7,9 -11,2 2,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 261 -49 189
EBITDA adj. margin (%) 7,7 -1,6 5,5
EBITDA lease adj. 252 -57 182
EBITDA lease adj. margin (%) 7,5 -1,8 5,3
EBITA adj. 142 -237 52
EBITA adj. margin (%) 4,2 -7,6 1,5
EBIT adj. 142 -237 52
EBIT adj. margin (%) 4,2 -7,6 1,5
Pretax profit Adj. 127 -266 33
Net profit Adj. 102 -229 26
Net profit to shareholders adj. 92 -287 34
Net adj. margin (%) 3 -7,3 0,8
PLNm 2024 2025e 2026e
EBITDA 291 4 189
Goodwill 8 8 8
Net financial items -15 -29 -19
Other intangible assets 47 79 79
Paid tax -46 -23 -6
Tangible fixed assets 1322 1497 1525
Non-cash items 34 -24 -19
Right-of-use asset 0 0 0
Cash flow before change in WC 264 -72 144
Total other fixed assets 29 20 20
Change in working capital -77 100 0
Fixed assets 1405 1605 1633
Operating cash flow 187 28 144
Inventories 514 509 545
Capex tangible fixed assets -293 -298 -165
Receivables 451 407 458
Capex intangible fixed assets 0 0 0
Other current assets 51 64 70
Acquisitions and Disposals 0 0 0
Cash and liquid assets 364 130 121
Free cash flow -106 -270 -21
Total assets 2786 2714 2827
Dividend paid -69 0 0
Shareholders equity 1443 1355 1366
Share issues and buybacks 0 0 0
Minority 327 298 290
Leasing liability amortisation -9 -7 -7
Total equity 1769 1653 1657
Other non-cash items -18 -130 19
Long-term debt 124 201 201
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 142 145 145
Short-term debt 103 187 187
Accounts payable 529 422 518
Other current liabilities 118 107 119
Total liabilities and equity 2786 2714 2827
Net IB debt -165 238 247
Net IB debt excl. pension debt -165 238 247
Net IB debt excl. leasing -165 238 247
Capital employed 1996 2040 2044
Capital invested 1604 1891 1904
Working capital 369 451 436
Market cap. diluted (m) 737 737 737
Net IB debt adj. -137 258 267
Market value of minority 327 298 290
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 927 1293 1294
Total assets turnover (%) 122,5 114 124,7
Working capital/sales (%) 10,5 13,1 12,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -9,3 14,4 14,9
Net debt / market cap (%) -22,4 32,3 33,5
Equity ratio (%) 63,5 60,9 58,6
Net IB debt adj. / equity (%) -7,7 15,6 16,1
Current ratio 1,84 1,55 1,45
EBITDA/net interest 19,5 0,1 9,8
Net IB debt/EBITDA (x) -0,6 59,8 1,3
Net IB debt/EBITDA lease adj. (x) -0,5 -4,6 1,5
Interest coverage 9,7 5,1 2,3
PLNm 2024 2025e 2026e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS 1,77 -1,69 0,27
Dividend per share 0,53 0 0,08
EPS adj. 1,77 -1,69 0,27
BVPS 20,82 19,55 19,72
BVPS adj. 20,03 18,29 18,45
Net IB debt/share -1,98 3,72 3,85
Share price 27,9 27,9 27,9
Market cap. (m) 737 737 737
P/E (x) 6 N/A 39,3
EV/sales (x) 0,3 0,4 0,4
EV/EBITDA (x) 3,2 324,9 6,8
EV/EBITA (x) 5,4 -7 24,8
EV/EBIT (x) 5,4 -7 24,8
Dividend yield (%) 5 0 0,8
FCF yield (%) -14,4 -36,6 -2,9
Le. adj. FCF yld. (%) -15,6 -37,6 -3,8
P/BVPS (x) 0,51 0,54 0,54
P/BVPS adj. (x) 0,51 0,55 0,54
P/E adj. (x) 6 N/A 39,3
EV/EBITDA adj. (x) 3,6 -26,2 6,8
EV/EBITA adj. (x) 6,5 -5,5 24,8
EV/EBIT adj. (x) 6,5 -5,5 24,8
EV/CE (x) 0,5 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 8,7 9,5 4,8
Capex/depreciation 2,5 1,6 1,2
Capex tangibles / tangible fixed assets 22,2 19,9 10,8
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 9 12,5 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.

103,3

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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41,8

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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0,6

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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1,4