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Christian Berner Tech Trade

Christian Berner Tech Trade

SEKm 2022 2023e 2024e
Sales 807 823 848
Sales growth (%) 8,6 2 3
EBITDA 75 82 93
EBITDA margin (%) 9,2 9,9 11
EBIT adj 49 53 63
EBIT adj margin (%) 6,1 6,4 7,5
Pretax profit 42 49 59
EPS rep 1,79 2,03 2,46
EPS growth (%) 47,7 13,7 20,9
EPS adj 1,78 2,03 2,46
DPS 0,89 1,02 1,23
EV/EBITDA (x) 7,1 6,2 5,2
EV/EBIT adj (x) 10,8 9,5 7,7
P/E (x) 11,5 10,1 8,3
P/E adj (x) 11,5 10,1 8,3
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) 17,1 17,2 15,5
Dividend yield (%) 4,4 5 6
Net IB debt/EBITDA 2 1,5 1,1
Lease adj. FCF yield (%) 11 11,5 9,7
Lease adj. ND/EBITDA 0,9 0,5 0,2
SEKm 2022 2023e 2024e
Leasing payments 0 0 0
Depreciation and amortisation -28 -29 -30
Of which leasing depreciation -23 -25 -25
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 77 82 93
EBITDA lease Adj margin (%) 9,5 9,9 11
Sales 807 823 848
COGS -490 -486 -492
Gross profit 317 337 356
Other operating items -242 -255 -263
EBITDA 75 82 93
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles -2 -3 -3
EBITA 48 53 63
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 47 53 63
Other financial items 0 0 0
Net financial items -4 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 42 49 59
Tax -9 -11 -13
Net profit 34 38 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 38 46
EPS 1,79 2,03 2,46
EPS Adj 1,78 2,03 2,46
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -21 -22,4 -22,4
Gross margin (%) 39,2 40,9 42
EBITDA margin (%) 9,2 9,9 11
EBITA margin (%) 5,9 6,4 7,5
EBIT margin (%) 5,8 6,4 7,5
Pretax margin (%) 5,3 6 7
Net margin (%) 4,2 4,6 5,4
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 8,6 2 3
EBITDA growth (%) 25,8 9,4 13,8
EBIT growth (%) 55,6 12,9 19,6
Net profit growth (%) 47,5 13,7 20,9
EPS growth (%) 47,7 13,7 20,9
Profitability 2022 2023 2024
ROE (%) 17,1 17,6 19,1
ROE Adj (%) 18,2 17,6 19,1
ROCE (%) 9,4 10,4 11,9
ROCE Adj(%) 9,9 10,4 11,9
ROIC (%) 10,1 11,4 13,6
ROIC Adj (%) 10,6 11,4 13,6
Adj earnings numbers 2022 2023 2024
EBITDA Adj 77 82 93
EBITDA Adj margin (%) 9,5 9,9 11
EBITA Adj 50 53 63
EBITA Adj margin (%) 6,2 6,4 7,5
EBIT Adj 49 53 63
EBIT Adj margin (%) 6,1 6,4 7,5
Pretax profit Adj 45 49 59
Net profit Adj 36 38 46
Net profit to shareholders Adj 36 38 46
Net Adj margin (%) 4,4 4,6 5,4
SEKm 2022 2023e 2024e
EBITDA 75 82 93
Net financial items -4 -4 -4
Paid tax -9 -11 -13
Non-cash items 0 0 0
Cash flow before change in WC 61 67 76
Change in WC 11 9 -6
Operating cash flow 72 76 70
CAPEX tangible fixed assets -5 -9 -9
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 66 66 59
Dividend paid -14 -17 -19
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 25 19 31
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 194 194 194
Indefinite intangible assets 0 0 0
Definite intangible assets 19 18 15
Tangible fixed assets 23 27 33
Other fixed assets 3 3 3
Fixed assets 338 341 343
Inventories 117 99 85
Receivables 117 99 97
Other current assets 14 12 10
Cash and liquid assets 109 137 155
Total assets 695 687 690
Shareholders equity 206 228 255
Minority 0 0 0
Total equity 206 228 255
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 8 8 8
Lease liability amortisation -24 -22 -22
Other intangible assets 36 36 37
Right-of-use asset 85 82 79
Total other fixed assets 1 1 1
Leasing liability 80 80 80
Total other long-term liabilities 10 10 10
Net IB debt excl. leasing 67 39 21
Net IB debt / EBITDA lease Adj (%) 86,8 48,2 22,5
Other long-term liabilities 1 1 1
Short-term debt 175 175 175
Accounts payable 65 60 55
Other current liabilities 158 133 114
Total liabilities and equity 695 687 690
Net IB debt 146 119 100
Net IB debt excl. pension debt 146 119 100
Capital invested 361 355 364
Working capital 25 16 22
EV breakdown 2022 2023 2024
Market cap. diluted (m) 385 385 385
Net IB debt Adj 146 119 100
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 531 503 485
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 123,7 119,1 123,1
Capital invested turnover (%) 219,2 235,5 246,1
Capital employed turnover (%) 188,3 188,3 187,1
Inventories / sales (%) 8,8 9,2 9,6
Customer advances / sales (%) 3,1 4,2 4,1
Payables / sales (%) 6,3 5,9 5,9
Working capital / sales (%) 4 2,5 2,3
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 70,9 52,2 39,5
Net debt / market cap (%) 38,1 30,9 26,1
Equity ratio (%) 29,7 33,1 36,9
Net IB debt adj. / equity (%) 70,9 52,2 39,5
Current ratio (%) 85,3 88,9 94,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 196,1 145,7 108,2
Interest cover (%) 0 0 0
SEKm 2022 2023e 2024e
Lease adj. FCF yield (%) 11 11,5 9,7
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,79 2,03 2,46
Dividend per share Adj 0,9 1 1,2
EPS Adj 1,78 2,03 2,46
BVPS 11 12,13 13,57
BVPS Adj -1,22 -0,13 1,27
Net IB debt / share 7,8 6,4 5,4
Share price 20,5 20,5 20,5
Market cap. (m) 385 385 385
Valuation 2022 2023 2024
P/E 11,5 10,1 8,3
EV/sales 0,66 0,61 0,57
EV/EBITDA 7,1 6,2 5,2
EV/EBITA 11,2 9,5 7,7
EV/EBIT 11,4 9,5 7,7
Dividend yield (%) 4,4 5 6
FCF yield (%) 17,1 17,2 15,5
P/BVPS 1,86 1,69 1,51
P/BVPS Adj -16,77 -159,82 16,19
P/E Adj 11,5 10,1 8,3
EV/EBITDA Adj 6,9 6,2 5,2
EV/EBITA Adj 10,7 9,5 7,7
EV/EBIT Adj 10,8 9,5 7,7
EV/cap. employed 1,1 1 0,9
Investment ratios 2022 2023 2024
Capex / sales 0,8 1,2 1,2
Capex / depreciation 127,8 240 240
Capex tangibles / tangible fixed assets 23,4 32,9 28,6
Capex intangibles / definite intangibles 2,3 2,3 2,3
Depreciation on intangibles / definite intangibles 2,1 0 0
Depreciation on tangibles / tangibles 17,8 15 13

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.

8,3

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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7,8

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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0,6

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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1,5