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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 12816 13275
Sales growth (%) 5,5 3 3,6
EBITDA 737 873 990
EBITDA margin (%) 5,9 6,8 7,5
EBIT adj. 475 572 652
EBIT adj. margin (%) 3,8 4,5 4,9
Pretax profit 221 400 539
EPS 1,64 3,19 4,37
EPS growth (%) -39,2 94,5 36,9
EPS adj. 3,44 4,18 5,09
DPS 3 3,05 3,11
EV/EBITDA (x) 9,2 7,7 6,6
EV/EBIT adj. (x) 14,3 11,8 10
P/E (x) 29,8 15,3 11,2
P/E adj. (x) 14,2 11,7 9,6
EV/sales (x) 0,55 0,52 0,49
FCF yield (%) 4,9 12,1 14,2
Le. adj. FCF yld. (%) 1,3 8,3 10,3
Dividend yield (%) 6,1 6,2 6,4
Net IB debt/EBITDA (x) 2,9 2,4 1,9
Le. adj. ND/EBITDA (x) 2,6 2,3 1,9
SEKm 2023 2024e 2025e
Sales 12443 12816 13275
COGS -11193 -11367 -11749
Gross profit 1250 1450 1526
Other operating items -513 -577 -536
EBITDA 737 873 990
Depreciation and amortisation -242 -258 -258
of which leasing depreciation -169 -180 -180
EBITA 495 615 732
EO Items -111 -40 -4
Impairment and PPA amortisation -131 -83 -84
EBIT 364 532 648
Net financial items -143 -132 -109
Pretax profit 221 400 539
Tax -65 -96 -124
Net profit 156 303 415
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 156 303 415
EPS 1,64 3,19 4,37
EPS adj. 3,44 4,18 5,09
Total extraordinary items after tax -78 -30 -3
Leasing payments -169 -180 -180
Tax rate (%) 29,4 24,1 23
Gross margin (%) 10 11,3 11,5
EBITDA margin (%) 5,9 6,8 7,5
EBITA margin (%) 4 4,8 5,5
EBIT margin (%) 2,9 4,1 4,9
Pre-tax margin (%) 1,8 3,1 4,1
Net margin (%) 1,3 2,4 3,1
Sales growth (%) 5,5 3 3,6
EBITDA growth (%) -5,6 18,4 13,4
EBITA growth (%) -12,4 24,1 19,2
EBIT growth (%) -10,8 46 22
Net profit growth (%) -39,3 94,5 36,9
EPS growth (%) -39,2 94,5 36,9
Profitability N/A N/A N/A
ROE (%) 8,9 19,3 25,2
ROE adj. (%) 20,9 26,5 30,5
ROCE (%) 8,1 12,1 14,6
ROCE adj. (%) 13,8 15 16,6
ROIC (%) 9,5 12,6 15,5
ROIC adj. (%) 11,7 13,5 15,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 848 913 994
EBITDA adj. margin (%) 6,8 7,1 7,5
EBITDA lease adj. 679 732 814
EBITDA lease adj. margin (%) 5,5 5,7 6,1
EBITA adj. 606 655 736
EBITA adj. margin (%) 4,9 5,1 5,5
EBIT adj. 475 572 652
EBIT adj. margin (%) 3,8 4,5 4,9
Pretax profit Adj. 463 523 627
Net profit Adj. 365 417 502
Net profit to shareholders adj. 365 417 502
Net adj. margin (%) 2,9 3,3 3,8
SEKm 2023 2024e 2025e
EBITDA 737 873 990
Goodwill 3815 3815 3815
Net financial items -143 -132 -109
Other intangible assets 555 500 447
Paid tax -50 -96 -124
Tangible fixed assets 92 120 151
Non-cash items 12 0 0
Right-of-use asset 377 377 379
Cash flow before change in WC 556 644 757
Total other fixed assets 39 39 39
Change in working capital 31 54 41
Fixed assets 4878 4852 4830
Operating cash flow 587 698 797
Inventories N/A N/A N/A
Capex tangible fixed assets -131 -135 -138
Receivables 1591 1640 1699
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 534 633 820
Free cash flow 226 564 659
Total assets 7427 7549 7773
Dividend paid -456 -285 -290
Shareholders equity 1565 1583 1709
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -167 -180 -182
Total equity 1565 1583 1709
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 1218 1261
Other current liabilities 1959 2007 2051
Total liabilities and equity 7427 7549 7773
Net IB debt 2158 2074 1899
Net IB debt excl. pension debt 2158 2074 1899
Net IB debt excl. leasing 1787 1703 1528
Capital employed 4257 4290 4428
Capital invested 3723 3658 3608
Working capital -1121 -1160 -1188
Market cap. diluted (m) 4645 4645 4645
Net IB debt adj. 2149 2074 1899
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 6794 6719 6544
Total assets turnover (%) 171,1 171,2 173,3
Working capital/sales (%) -8,8 -8,9 -8,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 137,9 131 111,1
Net debt / market cap (%) 46,5 44,7 40,9
Equity ratio (%) 21,1 21 22
Net IB debt adj. / equity (%) 137,3 131 111,1
Current ratio 0,62 0,64 0,68
EBITDA/net interest 6,4 7,5 10,2
Net IB debt/EBITDA (x) 2,9 2,4 1,9
Net IB debt/EBITDA lease adj. (x) 2,6 2,3 1,9
Interest coverage 4,3 5,3 7,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 95 95 95
Diluted shares adj. 95 95 95
EPS 1,64 3,19 4,37
Dividend per share 3 3,05 3,11
EPS adj. 3,44 4,18 5,09
BVPS 16,48 16,67 17,99
BVPS adj. -29,53 -28,76 -26,88
Net IB debt/share 22,62 21,84 19,99
Share price 48,9 48,9 48,9
Market cap. (m) 4645 4645 4645
P/E (x) 29,8 15,3 11,2
EV/sales (x) 0,55 0,52 0,49
EV/EBITDA (x) 9,2 7,7 6,6
EV/EBITA (x) 13,7 10,9 8,9
EV/EBIT (x) 18,7 12,6 10,1
Dividend yield (%) 6,1 6,2 6,4
FCF yield (%) 4,9 12,1 14,2
Le. adj. FCF yld. (%) 1,3 8,3 10,3
P/BVPS (x) 2,97 2,93 2,72
P/BVPS adj. (x) -1,66 -1,7 -1,82
P/E adj. (x) 14,2 11,7 9,6
EV/EBITDA adj. (x) 8 7,4 6,6
EV/EBITA adj. (x) 11,2 10,3 8,9
EV/EBIT adj. (x) 14,3 11,8 10
EV/CE (x) 1,6 1,6 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 142,4 111,8 91,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 79,35 64,65 51,59

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 % 26 Apr 2024
Mawer Investment Management 8.9 % 8.9 % 31 Mar 2024
Nordea Funds 7.2 % 7.2 % 26 Apr 2024
Didner & Gerge Fonder 5.2 % 5.2 % 30 Apr 2024
SEB-Stiftelsen 4.5 % 4.5 % 26 Apr 2024
Andra AP-fonden 4.5 % 4.5 % 26 Apr 2024
SEB Fonder 4.1 % 4.1 % 30 Apr 2024
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 2.3 % 2.3 % 26 Apr 2024
Avanza Pension 1.9 % 1.9 % 26 Apr 2024
Source: Holdings by Modular Finance AB