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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 2024 2025e 2026e
Sales 12439 12412 12630
Sales growth (%) 0 -0,2 1,8
EBITDA 718 847 991
EBITDA margin (%) 5,8 6,8 7,8
EBIT adj. 480 550 626
EBIT adj. margin (%) 3,9 4,4 5
Pretax profit 197 336 519
EPS 1,34 2,61 4,17
EPS growth (%) -18,3 94,6 59,8
EPS adj. 2,53 3,54 4,65
DPS 1,5 3,09 3,18
EV/EBITDA (x) 9,8 7,9 6,6
EV/EBIT adj. (x) 14,6 12,2 10,4
P/E (x) 35,6 18,3 11,4
P/E adj. (x) 18,9 13,5 10,3
EV/sales (x) 0,56 0,54 0,52
FCF yield (%) 3,8 14,9 14,8
Le. adj. FCF yld. (%) -0,4 10,6 10,5
Dividend yield (%) 3,1 6,5 6,7
Net IB debt/EBITDA (x) 3,4 2,5 2
Le. adj. ND/EBITDA (x) 3,3 2,5 2
SEKm 2024 2025e 2026e
Sales 12439 12412 12630
COGS -11088 -10962 -11120
Gross profit 1351 1450 1510
Other operating items -634 -603 -519
EBITDA 718 847 991
Depreciation and amortisation -278 -301 -305
of which leasing depreciation -192 -208 -211
EBITA 440 546 686
EO Items -107 -62 0
Impairment and PPA amortisation -67 -58 -60
EBIT 373 488 626
Net financial items -176 -152 -107
Pretax profit 197 336 519
Tax -69 -87 -119
Net profit 128 249 400
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 128 249 400
EPS 1,34 2,61 4,17
EPS adj. 2,53 3,54 4,65
Total extraordinary items after tax -70 -46 0
Leasing payments -192 -208 -211
Tax rate (%) 35 26 23
Gross margin (%) 10,9 11,7 12
EBITDA margin (%) 5,8 6,8 7,8
EBITA margin (%) 3,5 4,4 5,4
EBIT margin (%) 3 3,9 5
Pre-tax margin (%) 1,6 2,7 4,1
Net margin (%) 1 2 3,2
Sales growth (%) 0 -0,2 1,8
EBITDA growth (%) -2,6 18,1 17
EBITA growth (%) -11,2 24,3 25,6
EBIT growth (%) 2,5 30,9 28,2
Net profit growth (%) -17,9 94,5 60,6
EPS growth (%) -18,3 94,6 59,8
Profitability N/A N/A N/A
ROE (%) 8,6 16,8 25,2
ROE adj. (%) 17,7 23,9 29
ROCE (%) 8,3 11,2 14,3
ROCE adj. (%) 12,5 14,1 15,7
ROIC (%) 7,5 10,7 14,5
ROIC adj. (%) 9,3 11,9 14,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 825 909 991
EBITDA adj. margin (%) 6,6 7,3 7,8
EBITDA lease adj. 633 701 781
EBITDA lease adj. margin (%) 5,1 5,7 6,2
EBITA adj. 547 608 686
EBITA adj. margin (%) 4,4 4,9 5,4
EBIT adj. 480 550 626
EBIT adj. margin (%) 3,9 4,4 5
Pretax profit Adj. 371 456 579
Net profit Adj. 264 353 460
Net profit to shareholders adj. 264 353 460
Net adj. margin (%) 2,1 2,8 3,6
SEKm 2024 2025e 2026e
EBITDA 718 847 991
Goodwill 3824 3824 3824
Net financial items -176 -152 -107
Other intangible assets 513 471 426
Paid tax -47 -87 -119
Tangible fixed assets 96 112 127
Non-cash items 37 0 0
Right-of-use asset 394 381 365
Cash flow before change in WC 531 608 765
Total other fixed assets 40 40 40
Change in working capital -244 194 38
Fixed assets 4867 4827 4783
Operating cash flow 287 802 803
Inventories N/A N/A N/A
Capex tangible fixed assets -115 -124 -126
Receivables 1571 1489 1516
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 212 552 739
Free cash flow 172 678 677
Total assets 7113 7332 7501
Dividend paid -285 -143 -295
Shareholders equity 1426 1532 1637
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -190 -195 -195
Total equity 1426 1532 1637
Other non-cash items -11 -20 -12
Long-term debt 2289 2309 2321
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 1128 1179 1200
Other current liabilities 1841 1883 1914
Total liabilities and equity 7113 7332 7501
Net IB debt 2465 2144 1970
Net IB debt excl. pension debt 2465 2144 1970
Net IB debt excl. leasing 2077 1757 1582
Capital employed 4103 4228 4345
Capital invested 3891 3676 3606
Working capital -935 -1109 -1136
Market cap. diluted (m) 4553 4550 4572
Net IB debt adj. 2458 2144 1970
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 7011 6694 6542
Total assets turnover (%) 171,1 171,9 170,3
Working capital/sales (%) -8,3 -8,2 -8,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 172,8 140 120,3
Net debt / market cap (%) 54,1 47,1 43,1
Equity ratio (%) 20 20,9 21,8
Net IB debt adj. / equity (%) 172,4 140 120,3
Current ratio 0,76 0,82 0,87
EBITDA/net interest 4,8 6,4 10,4
Net IB debt/EBITDA (x) 3,4 2,5 2
Net IB debt/EBITDA lease adj. (x) 3,3 2,5 2
Interest coverage 2,9 4,1 7,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 95 95 96
Diluted shares adj. 95 95 96
EPS 1,34 2,61 4,17
Dividend per share 1,5 3,09 3,18
EPS adj. 2,53 3,54 4,65
BVPS 14,95 16,07 17,08
BVPS adj. -30,51 -28,98 -27,28
Net IB debt/share 25,76 22,49 20,56
Share price 47,72 47,72 47,72
Market cap. (m) 4553 4550 4572
P/E (x) 35,6 18,3 11,4
EV/sales (x) 0,6 0,5 0,5
EV/EBITDA (x) 9,8 7,9 6,6
EV/EBITA (x) 16 12,3 9,5
EV/EBIT (x) 18,8 13,7 10,4
Dividend yield (%) 3,1 6,5 6,7
FCF yield (%) 3,8 14,9 14,8
Le. adj. FCF yld. (%) -0,4 10,6 10,5
P/BVPS (x) 3,19 2,97 2,79
P/BVPS adj. (x) -1,56 -1,65 -1,75
P/E adj. (x) 18,9 13,5 10,3
EV/EBITDA adj. (x) 8,5 7,4 6,6
EV/EBITA adj. (x) 12,8 11 9,5
EV/EBIT adj. (x) 14,6 12,2 10,4
EV/CE (x) 1,7 1,6 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1 1
Capex/depreciation 1,3 1,3 1,3
Capex tangibles / tangible fixed assets 119,8 111,3 99,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 89,6 83,5 74

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 % 26 Sep 2025
Första AP-fonden 7.4 % 7.4 % 26 Sep 2025
Carnegie Fonder 5.8 % 5.8 % 30 Sep 2025
SEB-Stiftelsen 4.5 % 4.5 % 26 Sep 2025
SEB Funds 4.3 % 4.3 % 30 Sep 2025
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 2.5 % 2.5 % 26 Sep 2025
AAT Invest AS 2.4 % 2.4 % 26 Sep 2025
Avanza Pension 2.2 % 2.2 % 26 Sep 2025
Tredje AP-fonden 2.0 % 2.0 % 26 Sep 2025
Source: Holdings by Modular Finance AB