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Arctic Paper

Arctic Paper

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Financials

PLNm 2025 2026e 2027e
Sales 3196,92 3052,61 3281,88
Sales growth (%) -6,9 -4,5 7,5
EBITDA 28 76 212
EBITDA margin (%) 0,9 2,5 6,4
EBIT adj. -152 -74 67
EBIT adj. margin (%) -4,8 -2,4 2,1
Pretax profit -204 -97 34
EPS -1,44 -0,9 0,33
EPS growth (%) N/A -37,3 N/A
EPS adj. -1,44 -0,9 0,33
Dividend per share 0 0 0,1
EV/EBITDA (x) 30 13,8 5,1
EV/EBIT adj. (x) -5,6 -14,2 16
P/E (x) N/A N/A 18,32
P/E adj. (x) N/A N/A 18,3
EV/sales (x) 0,27 0,34 0,33
FCF yield (%) -43,8 -48,6 -14,3
Le. adj. FCF yld. (%) -45,1 -49,6 -15,3
Dividend yield (%) 0 0 1,6
Net IB debt/EBITDA (x) 4,1 3,9 1,5
Le. adj. ND/EBITDA (x) 4 4,5 1,7
PLNm 2025 2026e 2027e
Sales 3196,92 3052,61 3281,88
COGS -2966 -2627 -2879
Gross profit 231 426 403
Other operating items -202 -350 -192
EBITDA 28 76 212
Depreciation and amortisation -190 -150 -144
Depreciation on leased assets 0 0 0
EBITA -166,01 -73,68 67,38
Operating EO items -14 0 0
Impairment and amortisation charges 0 0 0
EBIT -166,01 -73,68 67,38
Net financial items -38 -23 -33
Pretax profit -204 -97 34
Tax 40 16 -9
Net profit -163 -81 26
Minority interest -75 -18 3
Net profit discontinued 0 0 0
Net profit to shareholders -238 -99 28
EPS -1,44 -0,9 0,33
EPS adj. -1,44 -0,9 0,33
Total extraordinary items after tax -14 0 0
Leasing payments -6 -4 -4
Tax rate (%) 19,8 16,5 25,3
Gross margin (%) 7,2 13,9 12,3
EBITDA margin (%) 0,9 2,5 6,4
EBITA margin (%) -5,2 -2,4 2,1
EBIT margin (%) -5,2 -2,4 2,1
Pre-tax margin (%) -6,4 -3,2 1
Net margin (%) -5,1 -2,6 0,8
Sales growth (%) -6,9 -4,5 7,5
EBITDA growth (%) -90,5 168,6 178,5
EBITA growth (%) -189,7 -55,6 -191,5
EBIT growth (%) -189,7 -55,6 -191,5
Net profit growth (%) -200,8 -50,5 -131,7
EPS growth (%) N/A -37,3 N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -16,6 -7,2 2,1
ROE adj. (%) -15,6 -7,2 2,1
ROCE (%) -8 -3,3 3,7
ROCE adj. (%) -7,3 -3,3 3,7
ROIC (%) -7,3 -3,2 2,6
ROIC adj. (%) -6,7 -3,2 2,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 42 76 212
EBITDA adj. margin (%) 1,3 2,5 6,4
EBITDA lease adj. 36 72 207
EBITDA lease adj. margin (%) 1,1 2,3 6,3
EBITA adj. -152 -74 67
EBITA adj. margin (%) -4,8 -2,4 2,1
EBIT adj. -152 -74 67
EBIT adj. margin (%) -4,8 -2,4 2,1
Pretax profit Adj. -190 -97 34
Net profit Adj. -149 -81 26
Net profit to shareholders adj. -224 -99 28
Net adj. margin (%) -4,7 -2,6 0,8
PLNm 2025 2026e 2027e
EBITDA 28 76 212
Goodwill 8 8 8
Net financial items -38 -23 -33
Other intangible assets 85 109 109
Paid tax -37 8 -9
Tangible fixed assets 1528 1540 1561
Non-cash items 118 -34 -33
Right-of-use asset 0 0 0
Cash flow before change in WC 72 27 137
Other Fixed Assets All 22 22 22
Change in working capital 46 -50 -32
Fixed assets 1643 1679 1700
Operating cash flow 118 -23 105
Inventories 444 408 437
Capex tangible fixed assets -302 -181 -165
Receivables 368 401 460
Capex intangible fixed assets 0 0 0
Other current assets 173 80 86
Acquisitions and Disposals 0 0 0
Cash and liquid assets 152 10 -13
Free cash flow -184 -204 -60
Total assets 2779 2578 2671
Dividend paid 0 0 0
Shareholders equity 1416 1335 1354
Share issues and buybacks 0 0 0
Minority 282 308 313
Leasing liability amortisation -6 -4 -4
Total equity 1697 1643 1667
Other changes in net debt 92 27 41
Long-term debt 93 202 202
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 110 107 107
Short-term debt 195 128 128
Accounts payable 455 381 434
Other current liabilities 127 116 132
Total liabilities and equity 2676 2578 2671
Net IB debt 116 300 323
Net IB debt excl. pension debt 116 300 323
Net IB debt excl. leasing 116 300 323
Capital employed 1985 1974 1998
Capital invested 1916 1943 1990
Working capital 403 392 418
Market cap. diluted (m) 420 420 420
Net IB debt adj. 147 320 343
Market value of minority 282 308 313
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 848 1048 1076
Total assets turnover (%) 115,5 114 125
Working capital/sales (%) 13 13 12,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 6,8 18,3 19,4
Net debt / market cap (%) 27,6 71,5 77
Equity ratio (%) 61,1 63,7 62,4
Net IB debt adj. / equity (%) 8,6 19,5 20,6
Current ratio 1,46 1,44 1,4
EBITDA/net interest 0,8 3,3 6,4
Net IB debt/EBITDA (x) 4,1 3,9 1,5
Net IB debt/EBITDA lease adj. (x) 4 4,5 1,7
Interest coverage 3,9 2,2 1,9
PLNm 2025 2026e 2027e
Shares outstanding adj. 69 69 69
Diluted shares adj. 69 69 69
EPS -1,44 -0,9 0,33
Dividend per share 0 0 0,1
EPS adj. -1,44 -0,9 0,33
BVPS 20,43 19,27 19,54
BVPS adj. 19,08 17,59 17,85
Net IB debt/share 2,12 4,62 4,95
Share price 15,44 15,44 15,44
Market cap. (m) 420 420 420
P/E (x) N/A N/A 18,32
EV/sales (x) 0,27 0,34 0,33
EV/EBITDA (x) 30 13,8 5,1
EV/EBITA (x) -5,1 -14,2 16
EV/EBIT (x) -5,1 -14,2 16
Dividend yield (%) 0 0 1,6
FCF yield (%) -43,8 -48,6 -14,3
Le. adj. FCF yld. (%) -45,1 -49,6 -15,3
P/BVPS (x) 0,3 0,31 0,31
P/BVPS adj. (x) 0,3 0,32 0,31
P/E adj. (x) N/A N/A 18,3
EV/EBITDA adj. (x) 20,1 13,8 5,1
EV/EBITA adj. (x) -5,6 -14,2 16
EV/EBIT adj. (x) -5,6 -14,2 16
EV/CE (x) 0,4 0,5 0,5
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -9,4 -5,9 -5
Capex/depreciation 1,6 1,2 1,1
Capex tangibles / tangible fixed assets 19,8 11,7 10,6
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 12,46 9,71 9,23

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.

46,7

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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20,6

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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0,4

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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0,8