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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 12636 13032
Sales growth (%) 0,3 1,2 3,1
EBITDA 817 994 1042
EBITDA margin (%) 6,5 7,9 8
EBIT adj. 545 617 657
EBIT adj. margin (%) 4,4 4,9 5
Pretax profit 298 496 551
EPS 2,26 4,13 4,58
EPS growth (%) 68,5 82,6 11,1
EPS adj. 3,37 4,56 5,02
DPS 2,5 2,7 3
EV/EBITDA (x) 9,6 7,7 7,1
EV/EBIT adj. (x) 14,4 12,4 11,3
P/E (x) 25,7 14,1 12,7
P/E adj. (x) 17,2 12,7 11,6
EV/sales (x) 0,63 0,61 0,57
FCF yield (%) 10,6 12,1 13,8
Le. adj. FCF yld. (%) 7 8,1 9,6
Dividend yield (%) 4,3 4,7 5,2
Net IB debt/EBITDA (x) 2,9 2,3 2
Le. adj. ND/EBITDA (x) 2,7 2,4 1,9
SEKm 2025 2026e 2027e
Sales 12480 12636 13032
COGS -11027 -11084 -11435
Gross profit 1453 1552 1597
Other operating items -636 -558 -555
EBITDA 817 994 1042
Depreciation and amortisation -306 -325 -333
of which leasing depreciation -211 -224 -230
EBITA 511 669 709
EO Items -90 0 0
Impairment and PPA amortisation -56 -52 -52
EBIT 455 617 657
Net financial items -157 -121 -106
Pretax profit 298 496 551
Tax -83 -114 -127
Net profit 215 382 424
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 215 382 424
EPS 2,26 4,13 4,58
EPS adj. 3,37 4,56 5,02
Total extraordinary items after tax -65 0 0
Leasing payments -211 -224 -230
Tax rate (%) 27,9 23 23
Gross margin (%) 11,6 12,3 12,3
EBITDA margin (%) 6,5 7,9 8
EBITA margin (%) 4,1 5,3 5,4
EBIT margin (%) 3,6 4,9 5
Pre-tax margin (%) 2,4 3,9 4,2
Net margin (%) 1,7 3 3,3
Sales growth (%) 0,3 1,2 3,1
EBITDA growth (%) 13,9 21,7 4,8
EBITA growth (%) 16,3 30,9 6
EBIT growth (%) 22 35,6 6,5
Net profit growth (%) 68 77,6 11,1
EPS growth (%) 68,5 82,6 11,1
Profitability N/A N/A N/A
ROE (%) 15,3 27,6 28,9
ROE adj. (%) 23,9 31,3 32,4
ROCE (%) 10,5 14,6 15,1
ROCE adj. (%) 14 15,8 16,4
ROIC (%) 9,7 13,9 15
ROIC adj. (%) 11,4 13,9 15
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 907 994 1042
EBITDA adj. margin (%) 7,3 7,9 8
EBITDA lease adj. 696 769 812
EBITDA lease adj. margin (%) 5,6 6,1 6,2
EBITA adj. 601 669 709
EBITA adj. margin (%) 4,8 5,3 5,4
EBIT adj. 545 617 657
EBIT adj. margin (%) 4,4 4,9 5
Pretax profit Adj. 444 548 603
Net profit Adj. 336 434 476
Net profit to shareholders adj. 336 434 476
Net adj. margin (%) 2,7 3,4 3,7
SEKm 2025 2026e 2027e
EBITDA 817 994 1042
Goodwill 3764 3764 3764
Net financial items -157 -121 -106
Other intangible assets 444 392 341
Paid tax -57 -114 -127
Tangible fixed assets 97 97 98
Non-cash items -9 -10 -10
Right-of-use asset 431 422 419
Cash flow before change in WC 594 749 799
Total other fixed assets 36 36 36
Change in working capital 81 4 47
Fixed assets 4772 4711 4657
Operating cash flow 675 753 847
Inventories N/A N/A N/A
Capex tangible fixed assets -91 -101 -104
Receivables 1431 1453 1499
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 385 434 699
Free cash flow 584 652 742
Total assets 6979 6989 7246
Dividend paid -142 -238 -250
Shareholders equity 1387 1381 1555
Share issues and buybacks -150 0 0
Minority N/A N/A N/A
Leasing liability amortisation -196 -215 -227
Total equity 1387 1381 1555
Other non-cash items 18 -155 -10
Long-term debt 2294 2284 2279
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 49 49 49
Short-term debt 0 0 0
Accounts payable 901 910 925
Other current liabilities 1916 1916 1974
Total liabilities and equity 6981 6989 7246
Net IB debt 2343 2299 2044
Net IB debt excl. pension debt 2343 2299 2044
Net IB debt excl. leasing 1909 1850 1580
Capital employed 4115 4114 4298
Capital invested 3728 3680 3599
Working capital -995 -982 -1009
Market cap. diluted (m) 5522 5372 5372
Net IB debt adj. 2339 2299 2044
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 7861 7671 7415
Total assets turnover (%) 177,1 180,9 183,1
Working capital/sales (%) -7,7 -7,8 -7,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 168,9 166,5 131,4
Net debt / market cap (%) 42,4 42,8 38
Equity ratio (%) 19,9 19,8 21,5
Net IB debt adj. / equity (%) 168,6 166,5 131,4
Current ratio 0,78 0,81 0,89
EBITDA/net interest 6,2 9,6 12,1
Net IB debt/EBITDA (x) 2,9 2,3 2
Net IB debt/EBITDA lease adj. (x) 2,7 2,4 1,9
Interest coverage 3,9 6,4 8,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 95 93 93
Diluted shares adj. 95 93 93
EPS 2,26 4,13 4,58
Dividend per share 2,5 2,7 3
EPS adj. 3,37 4,56 5,02
BVPS 14,58 14,92 16,81
BVPS adj. -29,66 -29,99 -27,55
Net IB debt/share 24,59 24,85 22,09
Share price 58,05 58,05 58,05
Market cap. (m) 5522 5372 5372
P/E (x) 25,7 14,1 12,7
EV/sales (x) 0,6 0,6 0,6
EV/EBITDA (x) 9,6 7,7 7,1
EV/EBITA (x) 15,4 11,5 10,5
EV/EBIT (x) 17,3 12,4 11,3
Dividend yield (%) 4,3 4,7 5,2
FCF yield (%) 10,6 12,1 13,8
Le. adj. FCF yld. (%) 7 8,1 9,6
P/BVPS (x) 3,98 3,89 3,45
P/BVPS adj. (x) -1,96 -1,94 -2,11
P/E adj. (x) 17,2 12,7 11,6
EV/EBITDA adj. (x) 8,7 7,7 7,1
EV/EBITA adj. (x) 13,1 11,5 10,5
EV/EBIT adj. (x) 14,4 12,4 11,3
EV/CE (x) 1,9 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 0,8 0,8
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 93,8 103,9 106,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 97,6 103,4 105,2

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 % 28 Jan 2026
DEVINA Elfte Beteiligungs GmbH 5.5 % 5.5 % 11 Feb 2026
Carnegie Fonder 5.5 % 5.5 % 31 Jan 2026
Shark Invest Nordics AG 5.4 % 5.4 % 16 Feb 2026
FAY Invest AG 4.9 % 4.9 % 28 Jan 2026
Sodalis Holding GmbH 4.9 % 4.9 % 28 Jan 2026
Konrad Industrieservice GmbH 4.9 % 4.9 % 28 Jan 2026
SEB-Stiftelsen 4.6 % 4.6 % 28 Jan 2026
SEB Funds 4.3 % 4.3 % 31 Jan 2026
TIND Asset Management 4.1 % 4.1 % 28 Jan 2026
Source: Holdings by Modular Finance AB