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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 12412 12630 13027
Sales growth (%) -0,2 1,8 3,1
EBITDA 847 991 1038
EBITDA margin (%) 6,8 7,8 8
EBIT adj. 550 626 665
EBIT adj. margin (%) 4,4 5 5,1
Pretax profit 336 519 572
EPS 2,61 4,17 4,6
EPS growth (%) 94,6 59,8 10,2
EPS adj. 3,54 4,65 5,08
DPS 3,09 3,18 3,18
EV/EBITDA (x) 7,9 6,6 6,1
EV/EBIT adj. (x) 12,2 10,4 9,5
P/E (x) 18,3 11,4 10,4
P/E adj. (x) 13,5 10,3 9,4
EV/sales (x) 0,54 0,52 0,49
FCF yield (%) 14,9 14,8 15,7
Le. adj. FCF yld. (%) 10,6 10,5 11,2
Dividend yield (%) 6,5 6,7 6,7
Net IB debt/EBITDA (x) 2,5 2 1,7
Le. adj. ND/EBITDA (x) 2,5 2 1,7
SEKm 2025 2026e 2027e
Sales 12412 12630 13027
COGS -10962 -11120 -11474
Gross profit 1450 1510 1553
Other operating items -603 -519 -515
EBITDA 847 991 1038
Depreciation and amortisation -301 -305 -313
of which leasing depreciation -208 -211 -216
EBITA 546 686 725
EO Items -62 0 0
Impairment and PPA amortisation -58 -60 -60
EBIT 488 626 665
Net financial items -152 -107 -93
Pretax profit 336 519 572
Tax -87 -119 -132
Net profit 249 400 440
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 249 400 440
EPS 2,61 4,17 4,6
EPS adj. 3,54 4,65 5,08
Total extraordinary items after tax -46 0 0
Leasing payments -208 -211 -216
Tax rate (%) 26 23 23
Gross margin (%) 11,7 12 11,9
EBITDA margin (%) 6,8 7,8 8
EBITA margin (%) 4,4 5,4 5,6
EBIT margin (%) 3,9 5 5,1
Pre-tax margin (%) 2,7 4,1 4,4
Net margin (%) 2 3,2 3,4
Sales growth (%) -0,2 1,8 3,1
EBITDA growth (%) 18,1 17 4,7
EBITA growth (%) 24,3 25,6 5,6
EBIT growth (%) 30,9 28,2 6,2
Net profit growth (%) 94,5 60,6 10,2
EPS growth (%) 94,6 59,8 10,2
Profitability N/A N/A N/A
ROE (%) 16,8 25,2 25,8
ROE adj. (%) 23,9 29 29,3
ROCE (%) 11,2 14,3 14,8
ROCE adj. (%) 14,1 15,7 16,1
ROIC (%) 10,7 14,5 15,6
ROIC adj. (%) 11,9 14,5 15,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 909 991 1038
EBITDA adj. margin (%) 7,3 7,8 8
EBITDA lease adj. 701 781 822
EBITDA lease adj. margin (%) 5,7 6,2 6,3
EBITA adj. 608 686 725
EBITA adj. margin (%) 4,9 5,4 5,6
EBIT adj. 550 626 665
EBIT adj. margin (%) 4,4 5 5,1
Pretax profit Adj. 456 579 632
Net profit Adj. 353 460 500
Net profit to shareholders adj. 353 460 500
Net adj. margin (%) 2,8 3,6 3,8
SEKm 2025 2026e 2027e
EBITDA 847 991 1038
Goodwill 3824 3824 3824
Net financial items -152 -107 -93
Other intangible assets 471 426 383
Paid tax -87 -119 -132
Tangible fixed assets 112 127 144
Non-cash items 0 0 0
Right-of-use asset 381 365 354
Cash flow before change in WC 608 765 813
Total other fixed assets 40 40 40
Change in working capital 194 38 34
Fixed assets 4827 4783 4746
Operating cash flow 802 803 847
Inventories N/A N/A N/A
Capex tangible fixed assets -124 -126 -130
Receivables 1489 1516 1589
Capex intangible fixed assets N/A N/A N/A
Other current assets 463 463 463
Acquisitions and Disposals 0 0 0
Cash and liquid assets 552 739 956
Free cash flow 678 677 717
Total assets 7332 7501 7754
Dividend paid -143 -295 -295
Shareholders equity 1532 1637 1782
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -195 -195 -205
Total equity 1532 1637 1782
Other non-cash items -20 -12 -12
Long-term debt 2309 2321 2333
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 388 388 388
Total other long-term liabilities 42 42 42
Short-term debt 0 0 0
Accounts payable 1179 1200 1238
Other current liabilities 1883 1914 1972
Total liabilities and equity 7332 7501 7754
Net IB debt 2144 1970 1765
Net IB debt excl. pension debt 2144 1970 1765
Net IB debt excl. leasing 1757 1582 1377
Capital employed 4228 4345 4503
Capital invested 3676 3606 3547
Working capital -1109 -1136 -1157
Market cap. diluted (m) 4550 4572 4572
Net IB debt adj. 2144 1970 1765
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 6694 6542 6337
Total assets turnover (%) 171,9 170,3 170,8
Working capital/sales (%) -8,2 -8,9 -8,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 140 120,3 99
Net debt / market cap (%) 47,1 43,1 38,6
Equity ratio (%) 20,9 21,8 23
Net IB debt adj. / equity (%) 140 120,3 99
Current ratio 0,82 0,87 0,94
EBITDA/net interest 6,4 10,4 12,8
Net IB debt/EBITDA (x) 2,5 2 1,7
Net IB debt/EBITDA lease adj. (x) 2,5 2 1,7
Interest coverage 4,1 7,2 9
SEKm 2025 2026e 2027e
Shares outstanding adj. 95 96 96
Diluted shares adj. 95 96 96
EPS 2,61 4,17 4,6
Dividend per share 3,09 3,18 3,18
EPS adj. 3,54 4,65 5,08
BVPS 16,07 17,08 18,6
BVPS adj. -28,98 -27,28 -25,31
Net IB debt/share 22,49 20,56 18,42
Share price 47,72 47,72 47,72
Market cap. (m) 4550 4572 4572
P/E (x) 18,3 11,4 10,4
EV/sales (x) 0,5 0,5 0,5
EV/EBITDA (x) 7,9 6,6 6,1
EV/EBITA (x) 12,3 9,5 8,7
EV/EBIT (x) 13,7 10,4 9,5
Dividend yield (%) 6,5 6,7 6,7
FCF yield (%) 14,9 14,8 15,7
Le. adj. FCF yld. (%) 10,6 10,5 11,2
P/BVPS (x) 2,97 2,79 2,57
P/BVPS adj. (x) -1,65 -1,75 -1,89
P/E adj. (x) 13,5 10,3 9,4
EV/EBITDA adj. (x) 7,4 6,6 6,1
EV/EBITA adj. (x) 11 9,5 8,7
EV/EBIT adj. (x) 12,2 10,4 9,5
EV/CE (x) 1,6 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1 1
Capex/depreciation 1,3 1,3 1,3
Capex tangibles / tangible fixed assets 111,3 99,1 90,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 83,5 74 67,1

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
Nordea Funds 8.0 % 8.0 % 23 Dec 2025
Carnegie Fonder 5.8 % 5.8 % 23 Dec 2025
SEB-Stiftelsen 4.6 % 4.6 % 23 Dec 2025
SEB Funds 4.3 % 4.3 % 23 Dec 2025
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 2.5 % 2.5 % 23 Dec 2025
Avanza Pension 2.0 % 2.0 % 23 Dec 2025
Holmen Fondsforvaltning AS 1.9 % 1.9 % 23 Dec 2025
Dimensional Fund Advisors 1.7 % 1.7 % 31 Dec 2025
Jens Engwall 1.1 % 1.1 % 23 Dec 2025
Source: Holdings by Modular Finance AB