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Arise

SEKm 2021 2022e 2023e
Sales 279 703 859
Sales growth (%) 114,6 151,9 22,2
EBITDA 142 460 563
EBITDA margin (%) 50,9 65,4 65,5
EBIT adj 83 400 506
EBIT adj margin (%) 29,6 56,9 58,9
Pretax profit 57 376 487
EPS rep 1,48 9,04 10,33
EPS growth (%) 148 512,4 14,2
EPS adj 1,48 9,04 10,33
DPS 0 0 0
EV/EBITDA (x) 15,3 4,8 3,4
EV/EBIT adj (x) 26,3 5,5 3,8
P/E (x) 30,9 4,9 4,3
P/E adj (x) 30,9 4,9 4,3
EV/sales (x) 7,8 3,1 2,2
FCF yield (%) -0,2 4,6 16,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3 0,8 0,1
Lease adj. FCF yield (%) -0,5 4,1 16,1
Lease adj. ND/EBITDA 2,7 0,6 0
SEKm 2021 2022e 2023e
Leasing payments -8 -11 -14
Sales 279 703 859
COGS 0 0 0
Gross profit 279 703 859
Other operating items -137 -243 -296
EBITDA 142 460 563
Depreciation on tangibles -62 -60 -54
Depreciation on intangibles 0 0 0
EBITA 79 400 506
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 79 400 506
Other financial items 0 0 0
Net financial items -21 -24 -19
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 57 376 487
Tax 0 0 -48
Net profit 57 376 439
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 57 376 439
EPS 1,48 9,04 10,33
EPS Adj 1,48 9,04 10,33
Total extraordinary items after tax -4 0 0
Tax rate (%) 0 0 -9,8
Gross margin (%) 100 100 100
EBITDA margin (%) 50,9 65,4 65,5
EBITA margin (%) 28,1 56,9 58,9
EBIT margin (%) 28,1 56,9 58,9
Pretax margin (%) 20,5 53,5 56,7
Net margin (%) 20,5 53,5 51,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 114,6 151,9 22,2
EBITDA growth (%) 325,3 223,5 22,4
EBIT growth (%) 314,6 409,5 26,4
Net profit growth (%) 152,6 558,1 16,9
EPS growth (%) 148 512,4 14,2
Profitability 2021 2022 2023
ROE (%) 8,3 43,5 34,6
ROE Adj (%) 8,9 43,5 34,6
ROCE (%) 6,1 27,1 26,3
ROCE Adj(%) 6,4 27,1 26,3
ROIC (%) 6,7 31,8 30,9
ROIC Adj (%) 7,1 31,8 30,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 146 460 563
EBITDA Adj margin (%) 52,4 65,4 65,5
EBITA Adj 83 400 506
EBITA Adj margin (%) 29,6 56,9 58,9
EBIT Adj 83 400 506
EBIT Adj margin (%) 29,6 56,9 58,9
Pretax profit Adj 61 376 487
Net profit Adj 61 376 439
Net profit to shareholders Adj 61 376 439
Net Adj margin (%) 21,9 53,5 51,2
Depreciation and amortisation -64 -60 -57
Of which leasing depreciation -8 -11 -14
EO items -4 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 138 449 549
EBITDA lease Adj margin (%) 49,5 63,9 63,9
SEKm 2021 2022e 2023e
EBITDA 142 460 563
Net financial items -21 -24 -19
Paid tax 0 0 -48
Non-cash items 0 0 0
Cash flow before change in WC 121 436 497
Change in WC -72 -279 -102
Operating cash flow 49 156 395
CAPEX tangible fixed assets -30 -70 -86
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -23 0 0
Free cash flow -4 86 309
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -69 160 -8
Decrease in net IB debt 24 92 513
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1168 1189 1232
Other fixed assets 17 40 40
Fixed assets 1298 1261 1300
Inventories 1 4 4
Receivables 14 35 43
Other current assets 127 246 344
Cash and liquid assets 70 276 575
Total assets 1511 1823 2266
Shareholders equity 676 1052 1491
Minority 0 0 0
Total equity 676 1052 1491
Long-term debt 370 564 564
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 147 22 22
Accounts payable 15 38 34
Other current liabilities 195 35 43
Total liabilities and equity 1511 1823 2266
Net IB debt 430 355 56
Net IB debt excl. pension debt 430 355 56
Capital invested 1106 1406 1547
Working capital -67 212 314
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1743 1853 1853
Net IB debt Adj 430 355 56
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2172 2208 1909
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 19,1 42,2 42
Capital invested turnover (%) 10 27,2 77,4
Capital employed turnover (%) 8,5 24,5 57,8
Inventories / sales (%) 3,5 1,1 0,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7,4 2,8 1,5
Working capital / sales (%) -8,8 10,3 30,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 63,6 33,7 3,7
Net debt / market cap (%) 24,8 19,1 3
Equity ratio (%) 44,7 57,7 65,8
Net IB debt adj. / equity (%) 63,6 33,7 3,7
Current ratio (%) 59,2 573,2 944,6
EBITDA / net interest (%) 664 1901,3 3022,6
Net IB debt / EBITDA (%) 302,3 77,1 9,9
Interest cover (%) 366,8 1654,1 2715,8
Lease liability amortisation -5 -10 -10
Other intangible assets 0 0 0
Right-of-use asset 55 54 50
Total other fixed assets 75 18 18
Leasing liability 58 63 63
Total other long-term liabilities 50 49 49
Net IB debt excl. leasing 372 292 -7
Net IB debt / EBITDA lease Adj (%) 269,1 65 -1,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 38 42 42
Fully diluted shares Adj 38 42 42
EPS 1,48 9,04 10,33
Dividend per share Adj 0 0 0
EPS Adj 1,48 9,04 10,33
BVPS 17,73 25,34 35,93
BVPS Adj 17,73 25,34 35,93
Net IB debt / share 11,3 8,5 1,3
Share price 45,35 44,65 44,65
Market cap. (m) 1729 1853 1853
Valuation 2021 2022 2023
P/E 30,9 4,9 4,3
EV/sales 7,79 3,14 2,22
EV/EBITDA 15,3 4,8 3,4
EV/EBITA 27,7 5,5 3,8
EV/EBIT 27,7 5,5 3,8
Dividend yield (%) 0 0 0
FCF yield (%) -0,2 4,6 16,7
P/BVPS 2,58 1,76 1,24
P/BVPS Adj 2,58 1,76 1,24
P/E Adj 30,9 4,9 4,3
EV/EBITDA Adj 14,9 4,8 3,4
EV/EBITA Adj 26,3 5,5 3,8
EV/EBIT Adj 26,3 5,5 3,8
EV/cap. employed 1,7 1,3 0,9
Investment ratios 2021 2022 2023
Capex / sales 10,8 10 10
Capex / depreciation 54 144,1 199,1
Capex tangibles / tangible fixed assets 2,6 5,9 7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 4,8 4,1 3,5
Lease adj. FCF yield (%) -0,5 4,1 16,1

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.

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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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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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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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