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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 2023 2024e 2025e
Sales 12443 12503 12856
Sales growth (%) 5,5 0,5 2,8
EBITDA 737 805 923
EBITDA margin (%) 5,9 6,4 7,2
EBIT adj. 475 530 585
EBIT adj. margin (%) 3,8 4,2 4,6
Pretax profit 221 288 450
EPS 1,64 2,2 3,62
EPS growth (%) -39,2 34 64,4
EPS adj. 3,44 3,26 4,32
DPS 3 3,03 3,08
EV/EBITDA (x) 7,7 7,2 6,1
EV/EBIT adj. (x) 12 10,9 9,7
P/E (x) 22,7 17 10,3
P/E adj. (x) 10,9 11,4 8,6
EV/sales (x) 0,46 0,46 0,44
FCF yield (%) 6,4 12,4 16,8
Le. adj. FCF yld. (%) 1,7 7,4 11,7
Dividend yield (%) 8 8,1 8,2
Net IB debt/EBITDA (x) 2,9 2,7 2,3
Le. adj. ND/EBITDA (x) 2,6 2,7 2,3
SEKm 2023 2024e 2025e
Sales 12443 12503 12856
COGS -11193 -11111 -11400
Gross profit 1250 1392 1456
Other operating items -513 -587 -533
EBITDA 737 805 923
Depreciation and amortisation -242 -269 -258
of which leasing depreciation -169 -188 -180
EBITA 495 536 665
EO Items -111 -66 -4
Impairment and PPA amortisation -131 -73 -84
EBIT 364 463 581
Net financial items -143 -175 -131
Pretax profit 221 288 450
Tax -65 -78 -104
Net profit 156 210 347
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 156 210 347
EPS 1,64 2,2 3,62
EPS adj. 3,44 3,26 4,32
Total extraordinary items after tax -78 -48 -3
Leasing payments -169 -188 -180
Tax rate (%) 29,4 27,1 23
Gross margin (%) 10 11,1 11,3
EBITDA margin (%) 5,9 6,4 7,2
EBITA margin (%) 4 4,3 5,2
EBIT margin (%) 2,9 3,7 4,5
Pre-tax margin (%) 1,8 2,3 3,5
Net margin (%) 1,3 1,7 2,7
Sales growth (%) 5,5 0,5 2,8
EBITDA growth (%) -5,6 9,3 14,6
EBITA growth (%) -12,4 8,4 24
EBIT growth (%) -10,8 27,3 25,4
Net profit growth (%) -39,3 34,9 64,7
EPS growth (%) -39,2 34 64,4
Profitability N/A N/A N/A
ROE (%) 8,9 13,8 22,8
ROE adj. (%) 20,9 21,7 28,6
ROCE (%) 8,1 10,4 13,4
ROCE adj. (%) 13,8 13,7 15,5
ROIC (%) 9,5 10,6 14
ROIC adj. (%) 11,7 11,9 14,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 848 872 927
EBITDA adj. margin (%) 6,8 7 7,2
EBITDA lease adj. 679 684 747
EBITDA lease adj. margin (%) 5,5 5,5 5,8
EBITA adj. 606 603 669
EBITA adj. margin (%) 4,9 4,8 5,2
EBIT adj. 475 530 585
EBIT adj. margin (%) 3,8 4,2 4,6
Pretax profit Adj. 463 428 538
Net profit Adj. 365 332 434
Net profit to shareholders adj. 365 332 434
Net adj. margin (%) 2,9 2,7 3,4
SEKm 2023 2024e 2025e
EBITDA 737 805 923
Goodwill 3815 3815 3815
Net financial items -143 -175 -131
Other intangible assets 555 501 442
Paid tax -50 -78 -104
Tangible fixed assets 92 111 136
Non-cash items 12 0 0
Right-of-use asset 377 369 371
Cash flow before change in WC 556 552 688
Total other fixed assets 39 39 39
Change in working capital 31 11 41
Fixed assets 4878 4835 4804
Operating cash flow 587 563 729
Inventories N/A N/A N/A
Capex tangible fixed assets -131 -119 -129
Receivables 1591 1600 1646
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 534 512 640
Free cash flow 226 444 601
Total assets 7427 7371 7514
Dividend paid -456 -287 -290
Shareholders equity 1565 1489 1545
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -167 -180 -182
Total equity 1565 1489 1545
Other non-cash items -91 -22 -12
Long-term debt 1321 2343 2355
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 0 0
Accounts payable 1177 1175 1221
Other current liabilities 1959 1959 1987
Total liabilities and equity 7427 7371 7514
Net IB debt 2158 2202 2086
Net IB debt excl. pension debt 2158 2202 2086
Net IB debt excl. leasing 1787 1831 1715
Capital employed 4257 4203 4271
Capital invested 3723 3691 3631
Working capital -1121 -1110 -1139
Market cap. diluted (m) 3549 3572 3580
Net IB debt adj. 2149 2202 2086
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 5698 5774 5665
Total assets turnover (%) 171,1 169 172,7
Working capital/sales (%) -8,8 -8,9 -8,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 137,9 147,9 135
Net debt / market cap (%) 60,8 61,7 58,3
Equity ratio (%) 21,1 20,2 20,6
Net IB debt adj. / equity (%) 137,3 147,9 135
Current ratio 0,62 0,81 0,84
EBITDA/net interest 6,4 5,3 7,8
Net IB debt/EBITDA (x) 2,9 2,7 2,3
Net IB debt/EBITDA lease adj. (x) 2,6 2,7 2,3
Interest coverage 4,3 3,5 5,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 95 96 96
Diluted shares adj. 95 96 96
EPS 1,64 2,2 3,62
Dividend per share 3 3,03 3,08
EPS adj. 3,44 3,26 4,32
BVPS 16,48 15,57 16,13
BVPS adj. -29,53 -29,57 -28,31
Net IB debt/share 22,62 23,04 21,77
Share price 37,36 37,36 37,36
Market cap. (m) 3549 3572 3580
P/E (x) 22,7 17 10,3
EV/sales (x) 0,46 0,46 0,44
EV/EBITDA (x) 7,7 7,2 6,1
EV/EBITA (x) 11,5 10,8 8,5
EV/EBIT (x) 15,7 12,5 9,7
Dividend yield (%) 8 8,1 8,2
FCF yield (%) 6,4 12,4 16,8
Le. adj. FCF yld. (%) 1,7 7,4 11,7
P/BVPS (x) 2,27 2,4 2,32
P/BVPS adj. (x) -1,27 -1,26 -1,32
P/E adj. (x) 10,9 11,4 8,6
EV/EBITDA adj. (x) 6,7 6,6 6,1
EV/EBITA adj. (x) 9,4 9,6 8,5
EV/EBIT adj. (x) 12 10,9 9,7
EV/CE (x) 1,3 1,4 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1 1
Capex/depreciation 1,8 1,5 1,7
Capex tangibles / tangible fixed assets 142,4 107,2 94,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 79,35 73,22 57,01

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Media

Coor - Company presentation with President & CEO AnnaCarin Grandin

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Main shareholders - Coor

Main shareholders Share capital % Voting shares % Verified
Första AP-fonden 8.8 % 8.8 % 27 Nov 2024
Mawer Investment Management 8.8 % 8.8 % 31 Oct 2024
Nordea Funds 7.0 % 7.0 % 27 Nov 2024
Carnegie Fonder 5.4 % 5.4 % 27 Nov 2024
SEB-Stiftelsen 4.5 % 4.5 % 27 Nov 2024
Andra AP-fonden 4.5 % 4.5 % 27 Nov 2024
SEB Investment Management 4.2 % 4.2 % 27 Nov 2024
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 2.5 % 2.5 % 27 Nov 2024
Avanza Pension 2.4 % 2.4 % 27 Nov 2024
Source: Holdings by Modular Finance AB