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Avensia

Avensia

SEKm 2021 2022e 2023e
Sales 390 451 534
Sales growth (%) 23,1 15,6 18,4
EBITDA 43 38 59
EBITDA margin (%) 11 8,3 11
EBIT adj 35 33 44
EBIT adj margin (%) 8,9 7,3 8,3
Pretax profit 22 22 43
EPS rep 0,49 0,44 0,91
EPS growth (%) 1502,9 -8,8 105,2
EPS adj 0,8 0,71 0,91
DPS 0,65 0,55 0,7
EV/EBITDA (x) 14,9 10,8 6,7
EV/EBIT adj (x) 18,3 12,4 8,9
P/E (x) 36,4 25,3 12,3
P/E adj (x) 22,2 15,8 12,3
EV/sales (x) 1,6 0,9 0,7
FCF yield (%) 2,1 5,6 9,8
Dividend yield (%) 3,7 4,9 6,2
Net IB debt/EBITDA -0,5 -0,3 -0,4
Lease adj. FCF yield (%) 1 3,9 8,1
Lease adj. ND/EBITDA -0,7 -0,7 -0,8
SEKm 2021 2022e 2023e
Leasing payments -7 -7 -7
Depreciation and amortisation -20 -15 -15
Of which leasing depreciation -7 -7 -7
EO items -12 -10 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 47 40 52
EBITDA lease Adj margin (%) 12,1 9 9,7
Sales 390 451 534
COGS 0 0 0
Gross profit 390 451 534
Other operating items -347 -413 -475
EBITDA 43 38 59
Depreciation on tangibles -3 -4 -4
Depreciation on intangibles -3 -4 -4
EBITA 23 23 44
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 23 23 44
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 22 22 43
Tax -4 -6 -10
Net profit 18 17 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 17 34
EPS 0,49 0,44 0,91
EPS Adj 0,8 0,71 0,91
Total extraordinary items after tax -11,5 -10 0
Tax rate (%) -19,8 -25,4 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 11 8,3 11
EBITA margin (%) 6 5,1 8,3
EBIT margin (%) 6 5,1 8,3
Pretax margin (%) 5,8 4,9 8,1
Net margin (%) 4,6 3,7 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 23,1 15,6 18,4
EBITDA growth (%) 80,7 -12,3 56,9
EBIT growth (%) 582,1 -2,2 93,6
Net profit growth (%) 1508,5 -8,4 105,2
EPS growth (%) 1502,9 -8,8 105,2
Profitability 2021 2022 2023
ROE (%) 28,6 26,1 51,2
ROE Adj (%) 46,8 42 51,2
ROCE (%) 27,9 28,5 53,3
ROCE Adj(%) 41,7 41 53,3
ROIC (%) 39,5 33,8 68,1
ROIC Adj (%) 59 48,5 68,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 54 48 59
EBITDA Adj margin (%) 13,9 10,5 11
EBITA Adj 35 33 44
EBITA Adj margin (%) 8,9 7,3 8,3
EBIT Adj 35 33 44
EBIT Adj margin (%) 8,9 7,3 8,3
Pretax profit Adj 34 32 43
Net profit Adj 30 27 34
Net profit to shareholders Adj 30 27 34
Net Adj margin (%) 7,6 5,9 6,3
SEKm 2021 2022e 2023e
EBITDA 43 38 59
Net financial items -1 -1 -1
Lease liability amortisation -7 -7 -7
Other intangible assets 6 5 5
Right-of-use asset 15 15 15
Total other fixed assets 0 0 0
Leasing liability 16 16 16
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing -35 -27 -41
Net IB debt / EBITDA lease Adj (%) -74,4 -67,7 -78,3
Paid tax -2 -6 -10
Non-cash items -2 0 0
Cash flow before change in WC 38 31 49
Change in WC -18 -3 -3
Operating cash flow 20 28 46
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -4 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 14 23 41
Dividend paid -11 -24 -20
Share issues and buybacks 0 0 0
Other non cash items 6 0 0
Decrease in net IB debt 6 -8 6
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 2 2 2
Indefinite intangible assets 0 0 0
Definite intangible assets 10 13 16
Tangible fixed assets 7 4 3
Other fixed assets 1 1 1
Fixed assets 30 27 24
Inventories 0 0 0
Receivables 112 130 139
Other current assets 0 0 0
Cash and liquid assets 36 29 42
Total assets 178 185 205
Shareholders equity 67 59 73
Minority 0 0 0
Total equity 67 59 73
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 3 3 3
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 91 106 112
Other current liabilities 0 0 0
Total liabilities and equity 178 185 205
Net IB debt -20 -12 -25
Net IB debt excl. pension debt -20 -12 -25
Capital invested 50 51 51
Working capital 21 24 27
EV breakdown 2021 2022 2023
Market cap. diluted (m) 656 418 418
Net IB debt Adj -19 -12 -25
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 637 406 393
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 225,9 248,2 273,9
Capital invested turnover (%) 648,5 700,3 675,1
Capital employed turnover (%) 374,1 419,4 442,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,4 21,9 20,2
Working capital / sales (%) 3,1 5 4,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -29,5 -20,2 -34,6
Net debt / market cap (%) -3,5 -2,9 -6
Equity ratio (%) 37,6 32,1 35,5
Net IB debt adj. / equity (%) -29 -19,7 -34,2
Current ratio (%) 147,3 137,6 148,5
EBITDA / net interest (%) 4967,1 5322,6 7371,1
Net IB debt / EBITDA (%) -46 -31,8 -42,8
Interest cover (%) 2706,1 3235,9 5529,6
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 3,9 8,1
Shares outstanding adj. 37 37 37
Fully diluted shares Adj 37 37 37
EPS 0,49 0,44 0,91
Dividend per share Adj 0,7 0,6 0,7
EPS Adj 0,8 0,71 0,91
BVPS 1,8 1,6 1,96
BVPS Adj 1,6 1,41 1,79
Net IB debt / share -0,5 -0,3 -0,7
Share price 15,25 11,25 11,25
Market cap. (m) 566 418 418
Valuation 2021 2022 2023
P/E 36,4 25,3 12,3
EV/sales 1,63 0,9 0,74
EV/EBITDA 14,9 10,8 6,7
EV/EBITA 27,3 17,8 8,9
EV/EBIT 27,3 17,8 8,9
Dividend yield (%) 3,7 4,9 6,2
FCF yield (%) 2,1 5,6 9,8
P/BVPS 9,84 7,03 5,73
P/BVPS Adj 11,11 7,96 6,28
P/E Adj 22,2 15,8 12,3
EV/EBITDA Adj 11,7 8,5 6,7
EV/EBITA Adj 18,3 12,4 8,9
EV/EBIT Adj 18,3 12,4 8,9
EV/cap. employed 7,6 5,3 4,4
Investment ratios 2021 2022 2023
Capex / sales 1,6 1 1
Capex / depreciation 51,1 59 69,9
Capex tangibles / tangible fixed assets 37 76,6 148,7
Capex intangibles / definite intangibles 64,6 21,9 29,1
Depreciation on intangibles / definite intangibles 125,5 37 41,7
Depreciation on tangibles / tangibles 73,4 129,7 212,6

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.

12,4

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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8,9

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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0,7

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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5,7