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Atvexa

Atvexa

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 7,9 10,5
Lease adj. ND/EBITDA 0,3 -0,4 -0,8
Sales 2100 2337 2452
Sales growth (%) 16,6 11,3 4,9
EBITDA 366 414 403
EBITDA margin (%) 17,4 17,7 16,4
EBIT adj 126 143 153
EBIT adj margin (%) 6 6,1 6,2
Pretax profit 91 116 114
EPS rep 6,1 7,47 7,48
EPS growth (%) 46,8 22,5 0,2
EPS adj 5,8 6,36 7,48
DPS 2,03 2,24 2,24
EV/EBITDA (x) 6 5,1 5,2
EV/EBIT adj (x) 17,4 14,8 13,6
P/E (x) 15,5 11,8 11,7
P/E adj (x) 16,3 13,8 11,7
EV/sales (x) 1 0,9 0,8
FCF yield (%) 21,8 30,4 30,5
Dividend yield (%) 2,1 2,6 2,6
Net IB debt/EBITDA 2,9 2,5 2,5
SEKm 2021 2022e 2023e
Leasing payments -249 -276 -249
Depreciation and amortisation -237 -260 -250
Of which leasing depreciation -225 -250 -239
EO items 3 11 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 127 154
EBITDA lease Adj margin (%) 5,5 5,4 6,3
Sales 2100 2337 2452
COGS 0 0 0
Gross profit 2100 2337 2452
Other operating items -1734 -1923 -2049
EBITDA 366 414 403
Depreciation on tangibles -9 -11 -12
Depreciation on intangibles 0 0 0
EBITA 129 154 153
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 129 154 153
Other financial items 0 0 0
Net financial items -38 -38 -39
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 91 116 114
Tax -17 -25 -24
Net profit 74 91 91
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 74 91 91
EPS 6,1 7,47 7,48
EPS Adj 5,8 6,36 7,48
Total extraordinary items after tax 3,6 13,4 0
Tax rate (%) -18,7 -21,9 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,7 16,4
EBITA margin (%) 6,1 6,6 6,2
EBIT margin (%) 6,1 6,6 6,2
Pretax margin (%) 4,3 5 4,7
Net margin (%) 3,5 3,9 3,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,6 11,3 4,9
EBITDA growth (%) 16,9 13,1 -2,7
EBIT growth (%) 21,7 19,1 -0,4
Net profit growth (%) 48 22,5 0,2
EPS growth (%) 46,8 22,5 0,2
Profitability 2021 2022 2023
ROE (%) 17,7 17,8 15,2
ROE Adj (%) 16,8 15,2 15,2
ROCE (%) 7,8 9,3 8,7
ROCE Adj(%) 7,6 8,7 8,7
ROIC (%) 6,6 7,6 7,3
ROIC Adj (%) 6,5 7 7,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 363 403 403
EBITDA Adj margin (%) 17,3 17,2 16,4
EBITA Adj 126 143 153
EBITA Adj margin (%) 6 6,1 6,2
EBIT Adj 126 143 153
EBIT Adj margin (%) 6 6,1 6,2
Pretax profit Adj 88 105 114
Net profit Adj 70 77 91
Net profit to shareholders Adj 70 77 91
Net Adj margin (%) 3,4 3,3 3,7
SEKm 2021 2022e 2023e
Lease liability amortisation -216 -240 -212
Other intangible assets 0 0 0
Right-of-use asset 1006 1085 1122
Total other fixed assets 6 6 6
Leasing liability 1010 1098 1137
Total other long-term liabilities 44 45 46
Net IB debt excl. leasing 35 -53 -123
Net IB debt / EBITDA lease Adj (%) 30,6 -42,1 -79,8
Cash and liquid assets 98 129 155
Total assets 1917 2079 2152
Shareholders equity 457 562 634
Minority 0 0 0
Total equity 457 562 634
Long-term debt 90 46 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 20 22 24
Other long-term liabilities 21 16 16
Short-term debt 43 30 30
Accounts payable 68 73 67
Other current liabilities 205 225 236
Total liabilities and equity 1917 2079 2152
Net IB debt 1045 1045 1014
Net IB debt excl. pension debt 1045 1045 1014
Capital invested 1528 1636 1678
Working capital -134 -151 -148
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1147 1067 1067
Net IB debt Adj 1045 1045 1014
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 2192 2112 2081
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 107,3 117 115,9
Capital invested turnover (%) 162,6 122 126,4
Capital employed turnover (%) 155,1 118 121,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,7 4,3 4,5
Payables / sales (%) 2,7 2,5 2,2
Working capital / sales (%) -7,3 -6,1 -6,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 228,7 186 160
Net debt / market cap (%) 92,7 97,9 95
Equity ratio (%) 23,8 27 29,5
Net IB debt adj. / equity (%) 228,7 186 160
Current ratio (%) 42,9 48,7 53,3
EBITDA / net interest (%) 963,2 1099,8 1041
Net IB debt / EBITDA (%) 285,5 252,4 251,9
Interest cover (%) 339,5 392,7 395,8
EBITDA 366 414 403
Net financial items -38 -38 -39
Paid tax -17 -25 -24
Non-cash items 0 0 0
Cash flow before change in WC 311 351 340
Change in WC -18 15 -4
Operating cash flow 293 366 337
CAPEX tangible fixed assets -8 -13 -12
CAPEX intangible fixed assets -1 0 0
Acquisitions and disposals -34 -29 0
Free cash flow 250 324 325
Dividend paid -15 -25 -27
Share issues and buybacks 0 0 0
Other non cash items 127 -71 -62
Decrease in net IB debt -1072 1 89
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 613 650 650
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 55 62 63
Other fixed assets 4 4 4
Fixed assets 1680 1802 1842
Inventories 0 0 0
Receivables 10 6 7
Other current assets 129 142 149
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 7,9 10,5
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 6,1 7,47 7,48
Dividend per share Adj 2 2,2 2,2
EPS Adj 5,8 6,36 7,48
BVPS 37,62 46,22 52,14
BVPS Adj -12,84 -7,25 -1,33
Net IB debt / share 86 86 83,4
Share price 92,8 87,8 87,8
Market cap. (m) 1127 1067 1067
Valuation 2021 2022 2023
P/E 15,5 11,8 11,7
EV/sales 1,04 0,9 0,85
EV/EBITDA 6 5,1 5,2
EV/EBITA 17 13,7 13,6
EV/EBIT 17 13,7 13,6
Dividend yield (%) 2,1 2,6 2,6
FCF yield (%) 21,8 30,4 30,5
P/BVPS 2,51 1,9 1,68
P/BVPS Adj -7,35 -12,12 -66,07
P/E Adj 16,3 13,8 11,7
EV/EBITDA Adj 6 5,2 5,2
EV/EBITA Adj 17,4 14,8 13,6
EV/EBIT Adj 17,4 14,8 13,6
EV/cap. employed 1,4 1,2 1,2
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,6 0,5
Capex / depreciation 75 124,9 111,8
Capex tangibles / tangible fixed assets 14,5 21,2 19,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,8 17 17,3

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.

11,7

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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13,5

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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0,8

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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1,7