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Coor

Coor

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.

SEKm 2023 2024e 2025e
Sales 12443 12736 13191
Sales growth (%) 5,5 2,4 3,6
EBITDA 737 852 969
EBITDA margin (%) 5,9 6,7 7,3
EBIT adj. 475 551 631
EBIT adj. margin (%) 3,8 4,3 4,8
Pretax profit 221 379 518
EPS 1,64 3,03 4,2
EPS growth (%) -39,2 84,5 38,7
EPS adj. 3,44 4,01 4,92
DPS 3 3,05 3,11
EV/EBITDA (x) 9,1 7,8 6,7
EV/EBIT adj. (x) 14,1 12 10,2
P/E (x) 29 15,7 11,3
P/E adj. (x) 13,8 11,9 9,7
EV/sales (x) 0,54 0,52 0,49
FCF yield (%) 5 11,9 14,2
Le. adj. FCF yld. (%) 1,3 7,9 10,2
Dividend yield (%) 6,3 6,4 6,5
Net IB debt/EBITDA (x) 2,9 2,5 2
Le. adj. ND/EBITDA (x) 2,6 2,4 2
SEKm 2023 2024e 2025e
Sales 12443 12736 13191
COGS -11193 -11307 -11686
Gross profit 1250 1429 1505
Other operating items -513 -577 -536
EBITDA 737 852 969
Depreciation and amortisation -242 -258 -258
of which leasing depreciation -169 -180 -180
EBITA 495 594 711
EO Items -111 -40 -4
Impairment and PPA amortisation -131 -83 -84
EBIT 364 511 627
Net financial items -143 -132 -109
Pretax profit 221 379 518
Tax -65 -91 -119
Net profit 156 288 399
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 156 288 399
EPS 1,64 3,03 4,2
EPS adj. 3,44 4,01 4,92
Total extraordinary items after tax -78 -30 -3
Leasing payments -169 -180 -180
Tax rate (%) 29,4 24,1 23
Gross margin (%) 10 11,2 11,4
EBITDA margin (%) 5,9 6,7 7,3
EBITA margin (%) 4 4,7 5,4
EBIT margin (%) 2,9 4 4,8
Pre-tax margin (%) 1,8 3 3,9
Net margin (%) 1,3 2,3 3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 5,5 2,4 3,6
EBITDA growth (%) -5,6 15,6 13,7
EBITA growth (%) -12,4 20,1 19,7
EBIT growth (%) -10,8 40,5 22,7
Net profit growth (%) -39,3 84,5 38,7
EPS growth (%) -39,2 84,5 38,7
Profitability N/A N/A N/A
ROE (%) 8,9 18,4 24,6
ROE adj. (%) 20,9 25,6 30
ROCE (%) 8,1 11,6 14,2
ROCE adj. (%) 13,8 14,5 16,2
ROIC (%) 9,5 12,2 15
ROIC adj. (%) 11,7 13 15,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 848 892 973
EBITDA adj. margin (%) 6,8 7 7,4
EBITDA lease adj. 679 712 793
EBITDA lease adj. margin (%) 5,5 5,6 6
EBITA adj. 606 634 715
EBITA adj. margin (%) 4,9 5 5,4
EBIT adj. 475 551 631
EBIT adj. margin (%) 3,8 4,3 4,8
Pretax profit Adj. 463 502 606
Net profit Adj. 365 401 486
Net profit to shareholders adj. 365 401 486
Net adj. margin (%) 2,9 3,1 3,7
SEKm 2023 2024e 2025e
EBITDA 737 852 969
Goodwill 3815 3815 3815
Net financial items -143 -132 -109
Other intangible assets 555 500 446
Paid tax -50 -91 -119
Tangible fixed assets 92 120 150
Non-cash items 12 0 0
Right-of-use asset 377 377 379
Cash flow before change in WC 556 629 741
Total other fixed assets 39 39 39
Change in working capital 31 44 40
Fixed assets 4878 4851 4828
Operating cash flow 587 673 781
Inventories N/A N/A N/A
Capex tangible fixed assets -131 -134 -137
Receivables 1591 1630 1689
Capex intangible fixed assets N/A N/A N/A
Other current assets 424 424 424
Acquisitions and Disposals -230 0 0
Cash and liquid assets 534 608 780
Free cash flow 226 539 644
Total assets 7427 7513 7721
Dividend paid -456 -285 -290
Shareholders equity 1565 1568 1677
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -167 -180 -182
Total equity 1565 1568 1677
Other non-cash items -91 -15 -12
Long-term debt 1321 1336 1348
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 371 371 371
Total other long-term liabilities 34 34 34
Short-term debt 1000 1000 1000
Accounts payable 1177 1210 1253
Other current liabilities 1959 1995 2038
Total liabilities and equity 7427 7513 7721
Net IB debt 2158 2099 1939
Net IB debt excl. pension debt 2158 2099 1939
Net IB debt excl. leasing 1787 1728 1568
Capital employed 4257 4275 4396
Capital invested 3723 3666 3616
Working capital -1121 -1150 -1179
EV breakdown N/A N/A N/A
Market cap. diluted (m) 4525 4525 4525
Net IB debt adj. 2149 2099 1939
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 6674 6624 6464
Total assets turnover (%) 171,1 170,5 173,2
Working capital/sales (%) -8,8 -8,9 -8,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 137,9 133,8 115,6
Net debt / market cap (%) 47,7 46,4 42,8
Equity ratio (%) 21,1 20,9 21,7
Net IB debt adj. / equity (%) 137,3 133,8 115,6
Current ratio 0,62 0,63 0,67
EBITDA/net interest 6,4 7,3 10
Net IB debt/EBITDA (x) 2,9 2,5 2
Net IB debt/EBITDA lease adj. (x) 2,6 2,4 2
Interest coverage 4,3 5,1 7,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 95 95 95
Diluted shares adj. 95 95 95
EPS 1,64 3,03 4,2
Dividend per share 3 3,05 3,11
EPS adj. 3,44 4,01 4,92
BVPS 16,48 16,51 17,66
BVPS adj. -29,53 -28,92 -27,2
Net IB debt/share 22,62 22,09 20,41
Share price 47,64 47,64 47,64
Market cap. (m) 4525 4525 4525
Valuation N/A N/A N/A
P/E (x) 29 15,7 11,3
EV/sales (x) 0,54 0,52 0,49
EV/EBITDA (x) 9,1 7,8 6,7
EV/EBITA (x) 13,5 11,1 9,1
EV/EBIT (x) 18,3 13 10,3
Dividend yield (%) 6,3 6,4 6,5
FCF yield (%) 5 11,9 14,2
Le. adj. FCF yld. (%) 1,3 7,9 10,2
P/BVPS (x) 2,89 2,89 2,7
P/BVPS adj. (x) -1,61 -1,65 -1,75
P/E adj. (x) 13,8 11,9 9,7
EV/EBITDA adj. (x) 7,9 7,4 6,6
EV/EBITA adj. (x) 11 10,4 9
EV/EBIT adj. (x) 14,1 12 10,2
EV/CE (x) 1,6 1,5 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,1 1
Capex/depreciation 1,8 1,7 1,8
Capex tangibles / tangible fixed assets 142,4 111,5 91,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 79,35 64,88 51,88

Equity research

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Media

Coor - Company presentation with President & CEO AnnaCarin Grandin

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Första AP-fonden 9.0 % 9.0 % 29 May 2024
Mawer Investment Management 8.9 % 8.9 % 30 Apr 2024
Nordea Funds 7.4 % 7.4 % 29 May 2024
Didner & Gerge Fonder 5.2 % 5.2 % 31 May 2024
SEB-Stiftelsen 4.5 % 4.5 % 29 May 2024
Andra AP-fonden 4.5 % 4.5 % 29 May 2024
SEB Fonder 4.1 % 4.1 % 31 May 2024
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 2.5 % 2.5 % 29 May 2024
Avanza Pension 1.9 % 1.9 % 29 May 2024
Source: Holdings by Modular Finance AB