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CTT Systems

CTT Systems

SEKm 2021 2022e 2023e
Sales 151 251 369
Sales growth (%) -24,7 65,9 47,2
EBITDA 38 101 147
EBITDA margin (%) 25,1 40,2 39,9
EBIT adj 22 93 137
EBIT adj margin (%) 14,5 37,2 37,2
Pretax profit 18 87 133
EPS rep 1,13 5,49 8,43
EPS growth (%) -54,7 387 53,6
EPS adj 0,74 5,49 8,43
DPS 0,79 3,84 5,9
EV/EBITDA (x) 72 25,9 17,4
EV/EBIT adj (x) 124,8 28,1 18,6
P/E (x) 192,1 38,2 24,9
P/E adj (x) 291 38,2 24,9
EV/sales (x) 18,1 10,4 6,9
FCF yield (%) 0,8 1,5 4
Dividend yield (%) 0,4 1,8 2,8
Net IB debt/EBITDA 0,6 -0,1 -0,4
Lease adj. FCF yield (%) 0,8 1,5 4
Lease adj. ND/EBITDA 0,7 -0,1 -0,4
SEKm 2021 2022e 2023e
Sales 151 251 369
COGS 0 0 0
Gross profit 151 251 369
Other operating items -113 -150 -222
EBITDA 38 101 147
Depreciation on tangibles -4 -5 -4
Depreciation on intangibles -2 -2 -4
EBITA 27 93 137
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 27 93 137
Other financial items 0 0 0
Net financial items -9 -7 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 87 133
Tax -4 -18 -28
Net profit 14 69 106
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 69 106
EPS 1,13 5,49 8,43
EPS Adj 0,74 5,49 8,43
Total extraordinary items after tax 4,8 0 0
Tax rate (%) -20,8 -20,7 -20,8
Gross margin (%) 100 100 100
EBITDA margin (%) 25,1 40,2 39,9
EBITA margin (%) 17,7 37,2 37,2
EBIT margin (%) 17,7 37,2 37,2
Pretax margin (%) 11,8 34,6 36,1
Net margin (%) 9,3 27,4 28,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -24,7 65,9 47,2
EBITDA growth (%) -16 165,9 45,9
EBIT growth (%) -30,4 249,1 47,3
Net profit growth (%) -54,7 387 53,6
EPS growth (%) -54,7 387 53,6
Profitability 2021 2022 2023
ROE (%) 6,5 28,4 35,1
ROE Adj (%) 4,3 28,4 35,1
ROCE (%) 9,9 29,7 36,9
ROCE Adj(%) 8,1 29,7 36,9
ROIC (%) 9 29,5 41
ROIC Adj (%) 7,4 29,5 41
Adj earnings numbers 2021 2022 2023
EBITDA Adj 33 101 147
EBITDA Adj margin (%) 21,9 40,2 39,9
EBITA Adj 22 93 137
EBITA Adj margin (%) 14,5 37,2 37,2
EBIT Adj 22 93 137
EBIT Adj margin (%) 14,5 37,2 37,2
Pretax profit Adj 13 87 133
Net profit Adj 9 69 106
Net profit to shareholders Adj 9 69 106
Net Adj margin (%) 6,2 27,4 28,6
Depreciation and amortisation -11 -8 -10
Of which leasing depreciation 0 0 0
EO items 5 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 33 101 147
EBITDA lease Adj margin (%) 21,9 40,2 39,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 38 101 147
Net financial items -9 -7 -4
Paid tax -7 -18 -28
Non-cash items 8 0 0
Cash flow before change in WC 31 76 116
Change in WC 0 -24 9
Operating cash flow 30 52 124
CAPEX tangible fixed assets 0 -3 -5
CAPEX intangible fixed assets -8 -10 -15
Acquisitions and disposals 0 0 0
Free cash flow 22 40 105
Dividend paid -22 -10 -48
Share issues and buybacks 0 0 0
Other non cash items -5 0 0
Decrease in net IB debt -93 65 32
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 73 86 91
Tangible fixed assets 48 46 46
Other fixed assets 2 2 2
Fixed assets 126 131 140
Inventories 77 113 129
Receivables 77 88 92
Other current assets 0 0 0
Cash and liquid assets 49 79 136
Total assets 329 410 498
Shareholders equity 213 272 329
Minority 0 0 0
Total equity 213 272 329
Long-term debt 71 71 71
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 6 6 6
Short-term debt 1 1 1
Accounts payable 40 63 92
Other current liabilities 0 0 0
Total liabilities and equity 329 410 498
Net IB debt 23 -7 -63
Net IB debt excl. pension debt 23 -7 -63
Capital invested 236 265 266
Working capital 114 138 129
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2713 2625 2625
Net IB debt Adj 23 -7 -63
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2735 2618 2561
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 47,5 67,9 81,4
Capital invested turnover (%) 97,2 88,1 151,3
Capital employed turnover (%) 75,8 72,2 104,1
Inventories / sales (%) 37,9 34,9 21,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,3 22,9 18,6
Working capital / sales (%) 75,1 50,2 36,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 10,8 -2,5 -19,3
Net debt / market cap (%) 0,9 -0,3 -2,4
Equity ratio (%) 64,8 66,2 66,2
Net IB debt adj. / equity (%) 10,8 -2,5 -19,3
Current ratio (%) 493,7 436,3 381,1
EBITDA / net interest (%) 426,6 1553,4 3684,1
Net IB debt / EBITDA (%) 60,3 -6,8 -43,1
Interest cover (%) 300,2 1434,9 3434,1
Lease liability amortisation 0 0 0
Other intangible assets 76 83 93
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 0 0 0
Total other long-term liabilities 4 4 4
Net IB debt excl. leasing 23 -7 -63
Net IB debt / EBITDA lease Adj (%) 69 -6,8 -43,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 1,13 5,49 8,43
Dividend per share Adj 0,8 3,8 5,9
EPS Adj 0,74 5,49 8,43
BVPS 16,99 21,69 26,28
BVPS Adj 10,93 15,04 18,88
Net IB debt / share 1,8 -0,5 -5,1
Share price 195,79 209,5 209,5
Market cap. (m) 2453 2625 2625
Valuation 2021 2022 2023
P/E 192,1 38,2 24,9
EV/sales 18,09 10,44 6,93
EV/EBITDA 72 25,9 17,4
EV/EBITA 102,4 28,1 18,6
EV/EBIT 102,4 28,1 18,6
Dividend yield (%) 0,4 1,8 2,8
FCF yield (%) 0,8 1,5 4
P/BVPS 12,74 9,66 7,97
P/BVPS Adj 19,8 13,93 11,1
P/E Adj 291 38,2 24,9
EV/EBITDA Adj 82,5 25,9 17,4
EV/EBITA Adj 124,8 28,1 18,6
EV/EBIT Adj 124,8 28,1 18,6
EV/cap. employed 9,6 7,6 6,4
Investment ratios 2021 2022 2023
Capex / sales 5,7 5 5,3
Capex / depreciation 76,4 162,9 195,8
Capex tangibles / tangible fixed assets 0,3 5,5 10,5
Capex intangibles / definite intangibles 11,1 12 15,9
Depreciation on intangibles / definite intangibles 5,1 3,1 5,8
Depreciation on tangibles / tangibles 15,4 11,1 10,1
Lease adj. FCF yield (%) 0,8 1,5 4

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

24,9

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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19,4

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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7,2

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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8,3