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Bergs Timber

Bergs Timber

SEKm 2021 2022e 2023e
Sales 3139 3351 2946
Sales growth (%) 47,2 6,8 -12,1
EBITDA 503 355 321
EBITDA margin (%) 16 10,6 10,9
EBIT adj 426 268 232
EBIT adj margin (%) 13,6 8 7,9
Pretax profit 418 268 224
EPS rep 11,88 7,56 5,35
EPS growth (%) 138,2 -36,4 -29,2
EPS adj 12,03 7,56 5,35
DPS 3 1,89 1,34
EV/EBITDA (x) 4,2 3,1 3,3
EV/EBIT adj (x) 4,9 4,1 4,6
P/E (x) 4,6 4,2 5,9
P/E adj (x) 4,5 4,2 5,9
EV/sales (x) 0,7 0,3 0,4
FCF yield (%) -8,1 30,1 8,2
Dividend yield (%) 5,5 6 4,2
Net IB debt/EBITDA 0,4 0 -0,1
Lease adj. FCF yield (%) -8,1 30,1 8,2
Lease adj. ND/EBITDA 0,4 0 -0,1
SEKm 2021 2022e 2023e
Sales 3139 3351 2946
COGS -1868 -2027 -1795
Gross profit 1271 1324 1151
Other operating items -768 -969 -830
EBITDA 503 355 321
Depreciation on tangibles -75 -70 -70
Depreciation on intangibles 0 0 0
EBITA 426 268 232
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 426 268 232
Other financial items 0 0 0
Net financial items -3 0 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 418 268 224
Tax -6 -6 -39
Net profit 412 262 185
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 412 262 185
EPS 11,88 7,56 5,35
EPS Adj 12,03 7,56 5,35
Total extraordinary items after tax -5 0 0
Tax rate (%) -1,4 -2,1 -17,4
Gross margin (%) 40,5 39,5 39,1
EBITDA margin (%) 16 10,6 10,9
EBITA margin (%) 13,6 8 7,9
EBIT margin (%) 13,6 8 7,9
Pretax margin (%) 13,3 8 7,6
Net margin (%) 13,1 7,8 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 47,2 6,8 -12,1
EBITDA growth (%) 137,7 -29,4 -9,6
EBIT growth (%) 210,9 -37,2 -13,2
Net profit growth (%) 278 -36,4 -29,2
EPS growth (%) 138,2 -36,4 -29,2
Profitability 2021 2022 2023
ROE (%) 28,7 15 9,6
ROE Adj (%) 29,1 15 9,6
ROCE (%) 25,6 13,6 10,4
ROCE Adj(%) 25,9 13,6 10,4
ROIC (%) 27,5 14,2 10
ROIC Adj (%) 27,5 14,2 10
Adj earnings numbers 2021 2022 2023
EBITDA Adj 503 355 321
EBITDA Adj margin (%) 16 10,6 10,9
EBITA Adj 426 268 232
EBITA Adj margin (%) 13,6 8 7,9
EBIT Adj 426 268 232
EBIT Adj margin (%) 13,6 8 7,9
Pretax profit Adj 423 268 224
Net profit Adj 417 262 185
Net profit to shareholders Adj 417 262 185
Net Adj margin (%) 13,3 7,8 6,3
Depreciation and amortisation -77 -88 -89
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 503 355 321
EBITDA lease Adj margin (%) 16 10,6 10,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 503 355 321
Net financial items -3 0 -8
Paid tax -6 -6 -39
Non-cash items 0 0 0
Cash flow before change in WC 494 349 274
Change in WC -430 152 17
Operating cash flow 64 501 291
CAPEX tangible fixed assets -216 -170 -200
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -152 331 91
Dividend paid -69 -104 -65
Share issues and buybacks 0 0 0
Other non cash items -45 -7 0
Decrease in net IB debt 696 76 93
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 187 187 187
Definite intangible assets 0 0 0
Tangible fixed assets 800 909 1020
Other fixed assets 7 7 7
Fixed assets 1158 1291 1402
Inventories 733 722 712
Receivables 330 271 266
Other current assets 0 0 0
Cash and liquid assets 94 350 375
Total assets 2315 2634 2755
Shareholders equity 1616 1869 1989
Minority 0 0 0
Total equity 1616 1869 1989
Long-term debt 12 218 218
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 303 127 127
Accounts payable 347 377 378
Other current liabilities 0 0 0
Total liabilities and equity 2315 2634 2755
Net IB debt 221 -5 -30
Net IB debt excl. pension debt 221 -5 -30
Capital invested 1837 1864 1959
Working capital 716 616 600
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1879 1099 1099
Net IB debt Adj 221 -5 -30
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 2100 1094 1069
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 156,7 135,4 109,3
Capital invested turnover (%) 140,3 168,9 177,7
Capital employed turnover (%) 128,7 139,6 138
Inventories / sales (%) 23,8 16,7 15,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13 9,5 8,8
Working capital / sales (%) 17,5 19,9 20,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 13,7 -0,3 -1,5
Net debt / market cap (%) 12,7 -0,5 -2,8
Equity ratio (%) 69,8 71 72,2
Net IB debt adj. / equity (%) 13,7 -0,3 -1,5
Current ratio (%) 178 266,6 267,8
EBITDA / net interest (%) 16766,7 0 4011,3
Net IB debt / EBITDA (%) 43,9 -1,5 -9,4
Interest cover (%) 2588,2 1883,9 1970
Lease liability amortisation 0 0 0
Other intangible assets 329 351 351
Right-of-use asset 0 0 0
Total other fixed assets 29 31 31
Leasing liability 0 0 0
Total other long-term liabilities 37 43 43
Net IB debt excl. leasing 221 -5 -30
Net IB debt / EBITDA lease Adj (%) 43,9 -1,5 -9,4
SEKm 2021 2022e 2023e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 11,88 7,56 5,35
Dividend per share Adj 3 1,9 1,3
EPS Adj 12,03 7,56 5,35
BVPS 46,61 53,9 57,36
BVPS Adj 46,61 53,9 57,36
Net IB debt / share 6,4 -0,1 -0,9
Share price 50,27 31,7 31,7
Market cap. (m) 1743 1099 1099
Valuation 2021 2022 2023
P/E 4,6 4,2 5,9
EV/sales 0,67 0,33 0,36
EV/EBITDA 4,2 3,1 3,3
EV/EBITA 4,9 4,1 4,6
EV/EBIT 4,9 4,1 4,6
Dividend yield (%) 5,5 6 4,2
FCF yield (%) -8,1 30,1 8,2
P/BVPS 1,16 0,59 0,55
P/BVPS Adj 1,16 0,59 0,55
P/E Adj 4,5 4,2 5,9
EV/EBITDA Adj 4,2 3,1 3,3
EV/EBITA Adj 4,9 4,1 4,6
EV/EBIT Adj 4,9 4,1 4,6
EV/cap. employed 1,1 0,5 0,5
Investment ratios 2021 2022 2023
Capex / sales 6,9 5,1 6,8
Capex / depreciation 280,5 194,3 226
Capex tangibles / tangible fixed assets 27 18,7 19,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 9,6 9,6 8,7
Lease adj. FCF yield (%) -8,1 30,1 8,2

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.

5,9

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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4,7

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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0,4

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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0,6