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Arctic Paper

Arctic Paper

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Financials

PLNm 2024 2025e 2026e
Sales 3373 3349 3733
Sales growth (%) -5 -0,7 11,5
EBITDA 291 244 310
EBITDA margin (%) 8,6 7,3 8,3
EBIT adj. 142 118 184
EBIT adj. margin (%) 4,2 3,5 4,9
Pretax profit 157 84 159
EPS 1,77 0,92 1,6
EPS growth (%) -50,5 -47,7 73
EPS adj. 1,77 0,92 1,6
DPS 0,53 0 0,48
EV/EBITDA (x) 3,8 5,4 4,1
EV/EBIT adj. (x) 7,9 11,2 6,9
P/E (x) 7,6 14,5 8,4
P/E adj. (x) 7,6 14,5 8,4
EV/sales (x) 0,33 0,4 0,34
FCF yield (%) -11,4 -6,4 7,1
Le. adj. FCF yld. (%) -12,4 -7,3 6,2
Dividend yield (%) 4 0 3,6
Net IB debt/EBITDA (x) -0,6 0,2 -0,1
Le. adj. ND/EBITDA (x) -0,5 0,3 -0,1
PLNm 2024 2025e 2026e
Sales 3373 3349 3733
COGS -2743 -2792 -3098
Gross profit 630 556 635
Other operating items -339 -313 -325
EBITDA 291 244 310
Depreciation and amortisation -119 -126 -126
of which leasing depreciation 0 0 0
EBITA 172 118 184
EO Items 30 0 0
Impairment and PPA amortisation 0 0 0
EBIT 172 118 184
Net financial items -15 -34 -25
Pretax profit 157 84 159
Tax -25 -17 -31
Net profit 132 66 129
Minority interest -10 -35 -18
Net profit discontinued 0 0 0
Net profit to shareholders 122 31 111
EPS 1,77 0,92 1,6
EPS adj. 1,77 0,92 1,6
Total extraordinary items after tax 30 0 0
Leasing payments -9 -8 -8
Tax rate (%) 15,8 20,8 19,3
Gross margin (%) 18,7 16,6 17
EBITDA margin (%) 8,6 7,3 8,3
EBITA margin (%) 5,1 3,5 4,9
EBIT margin (%) 5,1 3,5 4,9
Pre-tax margin (%) 4,6 2,5 4,3
Net margin (%) 3,9 2 3,4
Sales growth (%) -5 -0,7 11,5
EBITDA growth (%) -38,8 -16,2 27,3
EBITA growth (%) -51,9 -31,3 56
EBIT growth (%) -51,9 -31,3 56
Net profit growth (%) -51,5 -49,7 93,8
EPS growth (%) -50,5 -47,7 73
Profitability N/A N/A N/A
ROE (%) 8,5 2,1 7
ROE adj. (%) 6,4 2,1 7
ROCE (%) 8,9 5,9 8,3
ROCE adj. (%) 7,3 5,9 8,3
ROIC (%) 9,6 5,3 7,7
ROIC adj. (%) 7,9 5,3 7,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 261 244 310
EBITDA adj. margin (%) 7,7 7,3 8,3
EBITDA lease adj. 252 235 302
EBITDA lease adj. margin (%) 7,5 7 8,1
EBITA adj. 142 118 184
EBITA adj. margin (%) 4,2 3,5 4,9
EBIT adj. 142 118 184
EBIT adj. margin (%) 4,2 3,5 4,9
Pretax profit Adj. 127 84 159
Net profit Adj. 102 66 129
Net profit to shareholders adj. 92 31 111
Net adj. margin (%) 3 2 3,4
PLNm 2024 2025e 2026e
EBITDA 291 244 310
Goodwill 8 8 8
Net financial items -15 -34 -25
Other intangible assets 47 55 55
Paid tax -46 -69 -31
Tangible fixed assets 1322 1588 1627
Non-cash items 34 -45 -25
Right-of-use asset 0 0 0
Cash flow before change in WC 264 96 230
Total other fixed assets 29 21 21
Change in working capital -77 113 0
Fixed assets 1405 1672 1711
Operating cash flow 187 209 230
Inventories 514 547 594
Capex tangible fixed assets -293 -269 -165
Receivables 451 493 545
Capex intangible fixed assets 0 0 0
Other current assets 51 78 85
Acquisitions and Disposals 0 0 0
Cash and liquid assets 364 313 394
Free cash flow -106 -60 65
Total assets 2786 3102 3329
Dividend paid -69 0 0
Shareholders equity 1443 1538 1640
Share issues and buybacks 0 0 0
Minority 327 337 355
Leasing liability amortisation -9 -8 -8
Total equity 1769 1875 1995
Other non-cash items -18 -142 25
Long-term debt 124 98 98
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 142 144 144
Short-term debt 103 278 278
Accounts payable 529 590 684
Other current liabilities 118 119 131
Total liabilities and equity 2786 3102 3329
Net IB debt -165 43 -39
Net IB debt excl. pension debt -165 43 -39
Net IB debt excl. leasing -165 43 -39
Capital employed 1996 2250 2371
Capital invested 1604 1917 1956
Working capital 369 409 409
Market cap. diluted (m) 925 925 925
Net IB debt adj. -137 63 -19
Market value of minority 327 337 355
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1114 1324 1261
Total assets turnover (%) 122,5 113,8 116,1
Working capital/sales (%) 10,5 11,6 11
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -9,3 2,3 -2
Net debt / market cap (%) -17,9 4,6 -4,2
Equity ratio (%) 63,5 60,4 59,9
Net IB debt adj. / equity (%) -7,7 3,4 -0,9
Current ratio 1,84 1,45 1,48
EBITDA/net interest 19,5 7,1 12,6
Net IB debt/EBITDA (x) -0,6 0,2 -0,1
Net IB debt/EBITDA lease adj. (x) -0,5 0,3 -0,1
Interest coverage 9,7 3 6
PLNm 2024 2025e 2026e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS 1,77 0,92 1,6
Dividend per share 0,53 0 0,48
EPS adj. 1,77 0,92 1,6
BVPS 20,82 22,2 23,68
BVPS adj. 20,03 21,29 22,76
Net IB debt/share -1,98 0,91 -0,27
Share price 34,35 34,35 34,35
Market cap. (m) 925 925 925
P/E (x) 7,6 14,5 8,4
EV/sales (x) 0,33 0,4 0,34
EV/EBITDA (x) 3,8 5,4 4,1
EV/EBITA (x) 6,5 11,2 6,9
EV/EBIT (x) 6,5 11,2 6,9
Dividend yield (%) 4 0 3,6
FCF yield (%) -11,4 -6,4 7,1
Le. adj. FCF yld. (%) -12,4 -7,3 6,2
P/BVPS (x) 0,64 0,6 0,56
P/BVPS adj. (x) 0,64 0,6 0,57
P/E adj. (x) 7,6 14,5 8,4
EV/EBITDA adj. (x) 4,3 5,4 4,1
EV/EBITA adj. (x) 7,9 11,2 6,9
EV/EBIT adj. (x) 7,9 11,2 6,9
EV/CE (x) 0,6 0,6 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 8,7 8 4,4
Capex/depreciation 2,5 2,1 1,3
Capex tangibles / tangible fixed assets 22,2 16,9 10,1
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 9,04 7,95 7,77

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.

21,5

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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12,7

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