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Arctic Paper

Arctic Paper

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Financials

PLNm 2025 2026e 2027e
Sales 3197 3161 3373
Sales growth (%) -6,9 -1,1 6,7
EBITDA 28 139 225
EBITDA margin (%) 0,9 4,4 6,7
EBIT adj. -152 -6 84
EBIT adj. margin (%) -4,8 -0,2 2,5
Pretax profit -204 -41 50
EPS -1,44 -0,21 0,53
EPS growth (%) N/A -85,2 N/A
EPS adj. -1,44 -0,21 0,53
DPS 0 0 0,16
EV/EBITDA (x) 39,6 8,8 5,5
EV/EBIT adj. (x) -7,4 -208,8 14,8
P/E (x) N/A N/A 15,4
P/E adj. (x) N/A N/A 15,4
EV/sales (x) 0,35 0,39 0,37
FCF yield (%) -32,4 -21,6 -8,6
Le. adj. FCF yld. (%) -33,4 -22,4 -9,4
Dividend yield (%) 0 0 1,9
Net IB debt/EBITDA (x) 4,4 1,5 1
Le. adj. ND/EBITDA (x) 4 1,8 1,1
PLNm 2025 2026e 2027e
Sales 3197 3161 3373
COGS -2837 -2611 -2711
Gross profit 360 549 662
Other operating items -331 -410 -438
EBITDA 28 139 225
Depreciation and amortisation -190 -145 -140
of which leasing depreciation 0 0 0
EBITA -166 -6 84
EO Items -14 0 0
Impairment and PPA amortisation 0 0 0
EBIT -166 -6 84
Net financial items -38 -35 -34
Pretax profit -204 -41 50
Tax 40 9 -9
Net profit -163 -33 41
Minority interest -115 -18 4
Net profit discontinued 0 0 0
Net profit to shareholders -278 -51 46
EPS -1,44 -0,21 0,53
EPS adj. -1,44 -0,21 0,53
Total extraordinary items after tax -14 0 0
Leasing payments -6 -4 -4
Tax rate (%) 19,8 20,9 18,3
Gross margin (%) 11,2 17,4 19,6
EBITDA margin (%) 0,9 4,4 6,7
EBITA margin (%) -5,2 -0,2 2,5
EBIT margin (%) -5,2 -0,2 2,5
Pre-tax margin (%) -6,4 -1,3 1,5
Net margin (%) -5,1 -1 1,2
Sales growth (%) -6,9 -1,1 6,7
EBITDA growth (%) -90,5 392,6 61,3
EBITA growth (%) -189,7 -96,5 -1533,2
EBIT growth (%) -189,7 -96,5 -1533,2
Net profit growth (%) -200,8 -80 -226,4
EPS growth (%) N/A -85,2 N/A
Profitability N/A N/A N/A
ROE (%) -20,3 -3,9 3,5
ROE adj. (%) -19,2 -3,9 3,5
ROCE (%) -8 -0,2 4,2
ROCE adj. (%) -7,3 -0,2 4,2
ROIC (%) -7,5 -0,2 3,6
ROIC adj. (%) -6,8 -0,2 3,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 42 139 225
EBITDA adj. margin (%) 1,3 4,4 6,7
EBITDA lease adj. 36 135 220
EBITDA lease adj. margin (%) 1,1 4,3 6,5
EBITA adj. -152 -6 84
EBITA adj. margin (%) -4,8 -0,2 2,5
EBIT adj. -152 -6 84
EBIT adj. margin (%) -4,8 -0,2 2,5
Pretax profit Adj. -190 -41 50
Net profit Adj. -149 -33 41
Net profit to shareholders adj. -264 -51 46
Net adj. margin (%) -4,7 -1 1,2
PLNm 2025 2026e 2027e
EBITDA 28 139 225
Goodwill 8 8 8
Net financial items -38 -35 -34
Other intangible assets 96 96 96
Paid tax -37 9 -9
Tangible fixed assets 1521 1541 1566
Non-cash items 118 -35 -34
Right-of-use asset 0 0 0
Cash flow before change in WC 72 77 148
Total other fixed assets 21 21 21
Change in working capital 46 -35 -32
Fixed assets 1647 1667 1691
Operating cash flow 118 42 116
Inventories 444 467 489
Capex tangible fixed assets -302 -165 -165
Receivables 390 386 428
Capex intangible fixed assets 0 0 0
Other current assets 191 90 96
Acquisitions and Disposals 0 0 0
Cash and liquid assets 152 110 99
Free cash flow -184 -123 -49
Total assets 2823 2720 2804
Dividend paid 0 0 0
Shareholders equity 1291 1272 1304
Share issues and buybacks 0 0 0
Minority 407 425 429
Leasing liability amortisation -6 -4 -4
Total equity 1697 1696 1733
Other non-cash items 48 35 42
Long-term debt 204 254 254
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 550 397 432
Other current liabilities 133 134 146
Total liabilities and equity 2823 2720 2804
Net IB debt 124 216 227
Net IB debt excl. pension debt 124 216 227
Net IB debt excl. leasing 124 216 227
Capital employed 1994 2043 2080
Capital invested 1822 1912 1960
Working capital 341 412 435
Market cap. diluted (m) 567 567 567
Net IB debt adj. 147 237 248
Market value of minority 407 425 429
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1121 1229 1244
Total assets turnover (%) 114,6 114,1 122,2
Working capital/sales (%) 12 11,9 12,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 7,3 12,7 13,1
Net debt / market cap (%) 21,9 38 40
Equity ratio (%) 60,1 62,4 61,8
Net IB debt adj. / equity (%) 8,6 13,9 14,3
Current ratio 1,51 1,69 1,66
EBITDA/net interest 0,8 3,9 6,6
Net IB debt/EBITDA (x) 4,4 1,5 1
Net IB debt/EBITDA lease adj. (x) 4 1,8 1,1
Interest coverage 3,9 0,1 2,4
PLNm 2025 2026e 2027e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS -1,44 -0,21 0,53
Dividend per share 0 0 0,16
EPS adj. -1,44 -0,21 0,53
BVPS 18,63 18,35 18,82
BVPS adj. 17,12 16,85 17,32
Net IB debt/share 2,12 3,41 3,57
Share price 20,65 20,65 20,65
Market cap. (m) 567 567 567
P/E (x) N/A N/A 15,4
EV/sales (x) 0,4 0,4 0,4
EV/EBITDA (x) 39,6 8,8 5,5
EV/EBITA (x) -6,8 -208,8 14,8
EV/EBIT (x) -6,8 -208,8 14,8
Dividend yield (%) 0 0 1,9
FCF yield (%) -32,4 -21,6 -8,6
Le. adj. FCF yld. (%) -33,4 -22,4 -9,4
P/BVPS (x) 0,44 0,45 0,44
P/BVPS adj. (x) 0,44 0,45 0,44
P/E adj. (x) N/A N/A 15,4
EV/EBITDA adj. (x) 26,6 8,8 5,5
EV/EBITA adj. (x) -7,4 -208,8 14,8
EV/EBIT adj. (x) -7,4 -208,8 14,8
EV/CE (x) 0,6 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 9,4 5,2 4,9
Capex/depreciation 1,6 1,1 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 9,4 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.

39,0

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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19,7

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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0,5

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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