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Coor

Coor

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Coor is a leading provider of facility management services in the Nordics. The company specialises in integrated facility management (IFM) where Coor and its biggest competitor, ISS, control ~40% of the Nordic market each. Around half of its sales but around two thirds of its EBITA comes from Sweden and the rest from Norway, Denmark and Finland.

Sustainability information

Contract terminations (the largest contract is ~5% of group sales), M&A execution, cost inflation (including salary inflation), financial leverage, employee retention.

Financials

SEKm 2025 2026e 2027e
Sales 12480 12282,44 12718,84
Sales growth (%) 0,3 -1,6 3,6
EBITDA 817 902 1018
EBITDA margin (%) 6,5 7,3 8
EBIT adj. 545 628 673
EBIT adj. margin (%) 4,4 5,1 5,3
Pretax profit 298 435 565
EPS 2,26 3,56 4,72
EPS growth (%) 68,5 57,4 32,5
EPS adj. 3,37 4,33 5,05
Dividend per share 2,5 2,7 3
EV/EBITDA (x) 8,8 7,9 6,8
EV/EBIT adj. (x) 13,3 11,4 10,3
P/E (x) 22,72 14,43 10,89
P/E adj. (x) 15,2 11,9 10,2
EV/sales (x) 0,58 0,58 0,55
FCF yield (%) 12 11,1 14,9
Le. adj. FCF yld. (%) 7,9 6,7 10,3
Dividend yield (%) 4,9 5,3 5,8
Net IB debt/EBITDA (x) 2,9 2,7 2,2
Le. adj. ND/EBITDA (x) 2,7 2,6 2,1
SEKm 2025 2026e 2027e
Sales 12480 12282,44 12718,84
COGS -11027 -10736 -11106
Gross profit 1453 1547 1613
Other operating items -636 -644 -595
EBITDA 817 902 1018
Depreciation and amortisation -306 -296 -305
Depreciation on leased assets -211 -205 -211
EBITA 511 605,56 712,86
Operating EO items -90 -58 0
Impairment and amortisation charges -56 -36 -40
EBIT 455 569,56 672,86
Net financial items -157 -135 -108
Pretax profit 298 435 565
Tax -83 -106 -130
Net profit 215 328 435
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 215 328 435
EPS 2,26 3,56 4,72
EPS adj. 3,37 4,33 5,05
Total extraordinary items after tax -65 -44 0
Leasing payments -211 -205 -211
Tax rate (%) 27,9 24,5 23
Gross margin (%) 11,6 12,6 12,7
EBITDA margin (%) 6,5 7,3 8
EBITA margin (%) 4,1 4,9 5,6
EBIT margin (%) 3,6 4,6 5,3
Pre-tax margin (%) 2,4 3,5 4,4
Net margin (%) 1,7 2,7 3,4
Sales growth (%) 0,3 -1,6 3,6
EBITDA growth (%) 13,9 10,4 12,8
EBITA growth (%) 16,3 18,5 17,7
EBIT growth (%) 22 25,2 18,1
Net profit growth (%) 68 52,6 32,5
EPS growth (%) 68,5 57,4 32,5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 15,3 24,2 30,6
ROE adj. (%) 23,9 30,1 33,4
ROCE (%) 10,5 13,3 15,7
ROCE adj. (%) 14 15,6 16,6
ROIC (%) 9,7 12,2 14,7
ROIC adj. (%) 11,4 13,4 14,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 907 960 1018
EBITDA adj. margin (%) 7,3 7,8 8
EBITDA lease adj. 696 755 807
EBITDA lease adj. margin (%) 5,6 6,1 6,3
EBITA adj. 601 664 713
EBITA adj. margin (%) 4,8 5,4 5,6
EBIT adj. 545 628 673
EBIT adj. margin (%) 4,4 5,1 5,3
Pretax profit Adj. 444 529 605
Net profit Adj. 336 408 475
Net profit to shareholders adj. 336 408 475
Net adj. margin (%) 2,7 3,3 3,7
SEKm 2025 2026e 2027e
EBITDA 817 902 1018
Goodwill 3764 3764 3764
Net financial items -157 -135 -108
Other intangible assets 444 411 375
Paid tax -57 -106 -130
Tangible fixed assets 97 100 104
Non-cash items -9 -10 -10
Right-of-use asset 431 437 446
Cash flow before change in WC 594 651 770
Other Fixed Assets All 36 36 36
Change in working capital 81 -25 39
Fixed assets 4772 4749 4725
Operating cash flow 675 625 809
Inventories N/A N/A N/A
Capex tangible fixed assets -91 -98 -102
Receivables 1431 1412 1475
Capex intangible fixed assets N/A N/A N/A
Other current assets 391 391 391
Acquisitions and Disposals 0 0 0
Cash and liquid assets 385 313 553
Free cash flow 584 527 707
Total assets 6979 6866 7144
Dividend paid -142 -238 -249
Shareholders equity 1387 1327 1513
Share issues and buybacks 0 -150 0
Minority N/A N/A N/A
Leasing liability amortisation -196 -211 -219
Total equity 1387 1327 1513
Other changes in net debt -131 -14 -10
Long-term debt 2294 2293 2288
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 434 449 464
Total other long-term liabilities 48 48 48
Short-term debt 0 0 0
Accounts payable 901 884 903
Other current liabilities 1916 1864 1928
Total liabilities and equity 6979 6866 7144
Net IB debt 2343 2428 2199
Net IB debt excl. pension debt 2343 2428 2199
Net IB debt excl. leasing 1909 1980 1735
Capital employed 4115 4069 4265
Capital invested 3730 3755 3712
Working capital -995 -945 -964
Market cap. diluted (m) 4884 4735 4735
Net IB debt adj. 2339 2428 2199
Market value of minority N/A N/A N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 7223 7163 6934
Total assets turnover (%) 177,1 177,4 181,6
Working capital/sales (%) -7,7 -7,9 -7,5
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 168,9 182,9 145,3
Net debt / market cap (%) 48 51,3 46,4
Equity ratio (%) 19,9 19,3 21,2
Net IB debt adj. / equity (%) 168,6 182,9 145,3
Current ratio 0,78 0,77 0,85
EBITDA/net interest 6,2 8,1 11,6
Net IB debt/EBITDA (x) 2,9 2,7 2,2
Net IB debt/EBITDA lease adj. (x) 2,7 2,6 2,1
Interest coverage 3,9 5,5 8,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 95 92 92
Diluted shares adj. 95 92 92
EPS 2,26 3,56 4,72
Dividend per share 2,5 2,7 3
EPS adj. 3,37 4,33 5,05
BVPS 14,58 14,4 16,41
BVPS adj. -29,66 -30,89 -28,48
Net IB debt/share 24,59 26,33 23,85
Share price 51,35 51,35 51,35
Market cap. (m) 4884 4735 4735
P/E (x) 22,72 14,43 10,89
EV/sales (x) 0,58 0,58 0,55
EV/EBITDA (x) 8,8 7,9 6,8
EV/EBITA (x) 14,1 11,8 9,7
EV/EBIT (x) 15,9 12,6 10,3
Dividend yield (%) 4,9 5,3 5,8
FCF yield (%) 12 11,1 14,9
Le. adj. FCF yld. (%) 7,9 6,7 10,3
P/BVPS (x) 3,52 3,57 3,13
P/BVPS adj. (x) -1,73 -1,66 -1,8
P/E adj. (x) 15,2 11,9 10,2
EV/EBITDA adj. (x) 8 7,5 6,8
EV/EBITA adj. (x) 12 10,8 9,7
EV/EBIT adj. (x) 13,3 11,4 10,3
EV/CE (x) 1,8 1,8 1,6
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -0,7 -0,8 -0,8
Capex/depreciation 1 1,1 1,1
Capex tangibles / tangible fixed assets 93,8 98 97,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 97,59 91,48 90,75

Equity research

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Media

Coor - Company presentation with Group CFO & IR Director Andreas Engdahl & Head of Sustainability Maria Ekman
Coor - Company presentation with President & CEO AnnaCarin Grandin

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Main shareholders - Coor

Main shareholders Share capital % Voting shares % Verified
WISAG Service Holding Europa 18.2 % 18.2 % 26 Jun 2026
Shark Invest Nordics AG 10.0 % 10.0 % 26 Jun 2026
Nordea Funds 8.2 % 8.2 % 26 Jun 2026
Carnegie Fonder 5.0 % 5.0 % 9 Jul 2026
SEB-Stiftelsen 4.6 % 4.6 % 26 Jun 2026
Fjärde AP-fonden 3.1 % 3.1 % 26 Jun 2026
Handelsbanken Fonder 2.6 % 2.6 % 30 Jun 2026
Coquine SA 2.3 % 2.3 % 26 Jun 2026
Antaurus Capital Management BV 2.1 % 2.1 % 26 Jun 2026
Dimensional Fund Advisors 1.9 % 1.9 % 30 Jun 2026
Source: Holdings by Modular Finance AB