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Clavister

Clavister

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Financials

SEKm 2021 2022e 2023e
Sales 129 147 178
Sales growth (%) 0,5 13,6 21
EBITDA -21 -9 23
EBITDA margin (%) -16,1 -6 13,2
EBIT adj -57 -45 -11
EBIT adj margin (%) -44,3 -30,8 -6,2
Pretax profit -92 -82 -33
EPS rep -1,64 -1,45 -0,58
EPS growth (%) 21,2 11,4 59,8
EPS adj -1,64 -1,45 -0,58
DPS 0 0 0
EV/EBITDA (x) -24,8 -49,8 20,1
EV/EBIT adj (x) -9 -9,7 -42,7
P/E (x) -3,6 -2 -5
P/E adj (x) -3,6 -2 -5
EV/sales (x) 4 3 2,7
FCF yield (%) -30,4 -42,7 -12,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -9,2 -30,9 13
Lease adj. FCF yield (%) -33 -45,5 -17,1
Lease adj. ND/EBITDA -6,7 -19,6 18,6
SEKm 2021 2022e 2023e
Sales 129 147 178
COGS -19 -25 -23
Gross profit 110 122 155
Other operating items -131 -130 -131
EBITDA -21 -9 23
Depreciation and amortisation -7 -5 -10
Of which leasing depreciation -7 -5 -8
EBITA -31 -25 14
EO items 0 0 0
Impairment and PPA amortisation -26 -20 -25
EBIT -57 -45 -11
Net financial items -34 -37 -22
Pretax profit -92 -82 -33
Tax 0 0 0
Net profit -91 -82 -33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -91 -82 -33
EPS -1,64 -1,45 -0,58
EPS Adj -1,64 -1,45 -0,58
Total extraordinary items after tax 0 0 0
Leasing payments -7 -5 -8
Tax rate (%) -0,4 0,4 0
Gross margin (%) 85,2 82,8 87
EBITDA margin (%) -16,1 -6 13,2
EBITA margin (%) -24,1 -17,2 7,9
EBIT margin (%) -44,3 -30,8 -6,2
Pretax margin (%) -70,8 -55,8 -18,6
Net margin (%) -70,5 -56 -18,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 0,5 13,6 21
EBITDA growth (%) -7,2 57,7 366,4
EBIT growth (%) -1,5 21 75,6
Net profit growth (%) -12,2 9,8 59,8
EPS growth (%) 21,2 11,4 59,8
Profitability 2021 2022 2023
ROE (%) 437,8 86,7 21,7
ROE Adj (%) 312,4 65,6 5,3
ROCE (%) -26,6 -27,2 -7,7
ROCE Adj(%) -14,5 -15,2 9,7
ROIC (%) -47,8 -33,2 -8,1
ROIC Adj (%) -47,8 -33,2 -8,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj -21 -9 23
EBITDA Adj margin (%) -16,1 -6 13,2
EBITDA lease Adj -27 -13 16
EBITDA lease Adj margin (%) -21,1 -9,1 9
EBITA Adj -31 -25 14
EBITA Adj margin (%) -24,1 -17,2 7,9
EBIT Adj -57 -45 -11
EBIT Adj margin (%) -44,3 -30,8 -6,2
Pretax profit Adj -65 -62 -8
Net profit Adj -65 -62 -8
Net profit to shareholders Adj -65 -62 -8
Net Adj margin (%) -50,3 -42,4 -4,5
SEKm 2021 2022e 2023e
EBITDA -21 -9 23
Net financial items -34 -37 -22
Paid tax 0 0 0
Non-cash items 20 5 5
Cash flow before change in WC -36 -41 6
Change in WC -21 6 9
Operating cash flow -56 -35 15
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -39 -36 -36
Acquisitions and disposals -3 0 0
Free cash flow -99 -71 -21
Dividend paid 0 0 0
Share issues and buybacks 18 0 0
Lease liability amortisation -9 -5 -8
Other non cash items 3 -5 -5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 67 67 67
Other intangible assets 112 116 125
Tangible fixed assets 0 0 0
Right-of-use asset 8 8 8
Total other fixed assets 0 0 0
Fixed assets 186 190 199
Inventories 6 7 9
Receivables 50 47 55
Other current assets 0 0 0
Cash and liquid assets 50 9 6
Total assets 292 254 269
Shareholders equity -54 -136 -169
Minority 0 0 0
Total equity -54 -136 -169
Long-term debt 223 263 293
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 9 9 9
Total other long-term liabilities 0 0 0
Short-term debt 10 10 10
Accounts payable 10 10 12
Other current liabilities 94 98 114
Total liabilities and equity 292 254 269
Net IB debt 191 272 305
Net IB debt excl. pension debt 191 272 305
Net IB debt excl. leasing 182 263 296
Capital invested 138 136 136
Working capital -48 -54 -63
EV breakdown 2021 2022 2023
Market cap. diluted (m) 324 166 166
Net IB debt Adj 191 272 305
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 516 438 471
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 38,3 53,8 68
Working capital / sales (%) -52,2 -34,9 -32,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -356 -199,9 -180,6
Net debt / market cap (%) 44,2 163,5 183,6
Equity ratio (%) -18,4 -53,6 -62,8
Net IB debt adj. / equity (%) -356 -199,9 -180,6
Current ratio (%) 88,6 51,5 49,2
EBITDA / net interest (%) -60,7 -24 106,6
Net IB debt / EBITDA (%) -918,4 -3087,5 1301,3
Net IB debt / EBITDA lease Adj (%) -667,6 -1962 1857,5
Interest cover (%) -90,8 -68,8 63,4
SEKm 2021 2022e 2023e
Shares outstanding adj. 56 57 57
Fully diluted shares Adj 56 57 57
EPS -1,64 -1,45 -0,58
Dividend per share Adj 0 0 0
EPS Adj -1,64 -1,45 -0,58
BVPS -0,97 -2,41 -2,99
BVPS Adj -4,18 -5,63 -6,38
Net IB debt / share 3,4 4,8 5,4
Share price 7,79 2,94 2,94
Market cap. (m) 433 166 166
Valuation 2021 2022 2023
P/E -3,6 -2 -5
EV/sales 3,99 2,98 2,65
EV/EBITDA -24,8 -49,8 20,1
EV/EBITA -16,6 -17,3 33,8
EV/EBIT -9 -9,7 -42,7
Dividend yield (%) 0 0 0
FCF yield (%) -30,4 -42,7 -12,6
Lease adj. FCF yield (%) -33 -45,5 -17,1
P/BVPS -6,04 -1,22 -0,98
P/BVPS Adj -1,4 -0,52 -0,46
P/E Adj -3,6 -2 -5
EV/EBITDA Adj -24,8 -49,8 20,1
EV/EBITA Adj -16,6 -17,3 33,8
EV/EBIT Adj -9 -9,7 -42,7
EV/cap. employed 2,8 3 3,3
Investment ratios 2021 2022 2023
Capex / sales 30,5 24,6 20,3
Capex / depreciation 0 0 1800
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 35,3 31,1 28,8
Depreciation on intangibles / definite intangibles 0 0 1,6
Depreciation on tangibles / tangibles 0 0 0

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.

- 5,1

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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- 43,0

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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2,7

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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- 1,0