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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 12401 12811
Sales growth (%) 0 -0,3 3,3
EBITDA 718 864 1007
EBITDA margin (%) 5,8 7 7,9
EBIT adj. 480 524 642
EBIT adj. margin (%) 3,9 4,2 5
Pretax profit 197 363 538
EPS 1,34 2,91 4,37
EPS growth (%) -18,3 N/A 50,3
EPS adj. 2,53 3,55 4,85
DPS 1,5 3,11 3,21
EV/EBITDA (x) 8,4 6,6 5,5
EV/EBIT adj. (x) 12,6 10,9 8,6
P/E (x) 28,1 13 8,6
P/E adj. (x) 14,9 10,6 7,8
EV/sales (x) 0,49 0,46 0,43
FCF yield (%) 4,8 19,6 18,5
Le. adj. FCF yld. (%) -0,5 14,2 13
Dividend yield (%) 4 8,2 8,5
Net IB debt/EBITDA (x) 3,4 2,4 1,9
Le. adj. ND/EBITDA (x) 3,3 2,6 2
SEKm 2024 2025e 2026e
Sales 12439 12401 12811
COGS -11088 -10997 -11285
Gross profit 1351 1404 1526
Other operating items -634 -540 -519
EBITDA 718 864 1007
Depreciation and amortisation -278 -302 -305
of which leasing depreciation -192 -209 -211
EBITA 440 562 702
EO Items -107 -21 0
Impairment and PPA amortisation -67 -59 -60
EBIT 373 503 642
Net financial items -176 -140 -104
Pretax profit 197 363 538
Tax -69 -87 -124
Net profit 128 276 414
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 128 276 414
EPS 1,34 2,91 4,37
EPS adj. 2,53 3,55 4,85
Total extraordinary items after tax -70 -16 0
Leasing payments -192 -209 -211
Tax rate (%) 35 24,1 23
Gross margin (%) 10,9 11,3 11,9
EBITDA margin (%) 5,8 7 7,9
EBITA margin (%) 3,5 4,5 5,5
EBIT margin (%) 3 4,1 5
Pre-tax margin (%) 1,6 2,9 4,2
Net margin (%) 1 2,2 3,2
Sales growth (%) 0 -0,3 3,3
EBITDA growth (%) -2,6 20,4 16,5
EBITA growth (%) -11,2 27,9 24,9
EBIT growth (%) 2,5 34,9 27,6
Net profit growth (%) -17,9 115,5 50,3
EPS growth (%) -18,3 N/A 50,3
Profitability N/A N/A N/A
ROE (%) 8,6 18,5 25,6
ROE adj. (%) 17,7 23,5 29,3
ROCE (%) 8,3 11,7 14,6
ROCE adj. (%) 12,5 13,6 16
ROIC (%) 7,5 11,3 14,8
ROIC adj. (%) 9,3 11,7 14,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 825 885 1007
EBITDA adj. margin (%) 6,6 7,1 7,9
EBITDA lease adj. 633 677 796
EBITDA lease adj. margin (%) 5,1 5,5 6,2
EBITA adj. 547 583 702
EBITA adj. margin (%) 4,4 4,7 5,5
EBIT adj. 480 524 642
EBIT adj. margin (%) 3,9 4,2 5
Pretax profit Adj. 371 443 598
Net profit Adj. 264 351 474
Net profit to shareholders adj. 264 351 474
Net adj. margin (%) 2,1 2,8 3,7
SEKm 2024 2025e 2026e
EBITDA 718 864 1007
Goodwill 3824 3824 3824
Net financial items -176 -140 -104
Other intangible assets 513 469 426
Paid tax -47 -87 -124
Tangible fixed assets 96 111 128
Non-cash items 37 0 0
Right-of-use asset 394 380 365
Cash flow before change in WC 531 637 779
Total other fixed assets 40 40 40
Change in working capital -244 189 10
Fixed assets 4867 4825 4783
Operating cash flow 287 826 789
Inventories N/A N/A N/A
Capex tangible fixed assets -115 -124 -128
Receivables 1571 1488 1537
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 212 576 747
Free cash flow 172 702 661
Total assets 7113 7352 7531
Dividend paid -285 -143 -295
Shareholders equity 1426 1559 1678
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -190 -195 -195
Total equity 1426 1559 1678
Other non-cash items -11 -16 -12
Long-term debt 2289 2305 2317
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 1178 1217
Other current liabilities 1841 1881 1889
Total liabilities and equity 7113 7352 7531
Net IB debt 2465 2117 1957
Net IB debt excl. pension debt 2465 2117 1957
Net IB debt excl. leasing 2077 1729 1570
Capital employed 4103 4251 4383
Capital invested 3891 3675 3636
Working capital -935 -1108 -1106
Market cap. diluted (m) 3601 3580 3580
Net IB debt adj. 2458 2117 1957
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 6059 5697 5538
Total assets turnover (%) 171,1 171,5 172,2
Working capital/sales (%) -8,3 -8,2 -8,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 172,8 135,8 116,6
Net debt / market cap (%) 68,4 59,1 54,7
Equity ratio (%) 20 21,2 22,3
Net IB debt adj. / equity (%) 172,4 135,8 116,6
Current ratio 0,76 0,83 0,88
EBITDA/net interest 4,8 7 10,9
Net IB debt/EBITDA (x) 3,4 2,4 1,9
Net IB debt/EBITDA lease adj. (x) 3,3 2,6 2
Interest coverage 2,9 4,5 7,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 95 95 95
Diluted shares adj. 95 95 95
EPS 1,34 2,91 4,37
Dividend per share 1,5 3,11 3,21
EPS adj. 2,53 3,55 4,85
BVPS 14,95 16,43 17,69
BVPS adj. -30,51 -28,82 -27,11
Net IB debt/share 25,76 22,31 20,63
Share price 37,74 37,74 37,74
Market cap. (m) 3601 3580 3580
P/E (x) 28,1 13 8,6
EV/sales (x) 0,49 0,46 0,43
EV/EBITDA (x) 8,4 6,6 5,5
EV/EBITA (x) 13,8 10,1 7,9
EV/EBIT (x) 16,2 11,3 8,6
Dividend yield (%) 4 8,2 8,5
FCF yield (%) 4,8 19,6 18,5
Le. adj. FCF yld. (%) -0,5 14,2 13
P/BVPS (x) 2,52 2,3 2,13
P/BVPS adj. (x) -1,24 -1,31 -1,39
P/E adj. (x) 14,9 10,6 7,8
EV/EBITDA adj. (x) 7,3 6,4 5,5
EV/EBITA adj. (x) 11,1 9,8 7,9
EV/EBIT adj. (x) 12,6 10,9 8,6
EV/CE (x) 1,5 1,3 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1 1
Capex/depreciation 1,3 1,3 1,4
Capex tangibles / tangible fixed assets 119,8 111,4 100
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 89,58 83,94 73,61

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
Första AP-fonden 7.9 % 7.9 % 28 Apr 2025
Nordea Funds 7.4 % 7.4 % 28 Apr 2025
Carnegie Fonder 5.8 % 5.8 % 30 Apr 2025
SEB-Stiftelsen 4.5 % 4.5 % 28 Apr 2025
Andra AP-fonden 4.5 % 4.5 % 28 Apr 2025
SEB Funds 4.3 % 4.3 % 30 Apr 2025
Taiga Fund Management AS 4.1 % 4.1 % 17 Apr 2023
Svenska Handelsbanken AB for PB 3.3 % 3.3 % 28 Apr 2025
Tredje AP-fonden 3.3 % 3.3 % 28 Apr 2025
Mawer Investment Management 3.0 % 3.0 % 31 Mar 2025
Source: Holdings by Modular Finance AB