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DistIT

DistIT

SEKm 2021 2022e 2023e
Sales 2524 2818 3256
Sales growth (%) 7 11,7 15,5
EBITDA 99 134 216
EBITDA margin (%) 3,9 4,8 6,6
EBIT adj 88 128 184
EBIT adj margin (%) 3,5 4,5 5,7
Pretax profit 59 97 168
EPS rep 3,32 5,02 8,92
EPS growth (%) -45,3 51,2 77,6
EPS adj 4,23 5,65 8,92
DPS 1,8 2,01 3,57
EV/EBITDA (x) 19,6 8,7 5,2
EV/EBIT adj (x) 21,9 9,2 6,1
P/E (x) 34,3 12,1 6,8
P/E adj (x) 26,9 10,8 6,8
EV/sales (x) 0,8 0,4 0,3
FCF yield (%) -15,6 21,4 11,3
Dividend yield (%) 1,6 3,3 5,8
Net IB debt/EBITDA 4,4 2,3 1,2
Lease adj. FCF yield (%) -15,6 21,4 11,3
Lease adj. ND/EBITDA 3,6 1,9 1
SEKm 2021 2022e 2023e
Sales 2524 2818 3256
COGS -1977 -2203 -2543
Gross profit 547 615 713
Other operating items -448 -481 -496
EBITDA 99 134 216
Depreciation on tangibles -27 -28 -29
Depreciation on intangibles 0 0 0
EBITA 76 119 184
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 119 184
Other financial items 0 0 0
Net financial items -18 -22 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 59 97 168
Tax -15 -23 -37
Net profit 44 74 131
Minority interest -1 -2 -4
Net profit discontinued 0 0 0
Net profit to shareholders 44 71 127
EPS 3,32 5,02 8,92
EPS Adj 4,23 5,65 8,92
Total extraordinary items after tax -11,9 -9 0
Tax rate (%) -25 -23,8 -22
Gross margin (%) 21,7 21,8 21,9
EBITDA margin (%) 3,9 4,8 6,6
EBITA margin (%) 3 4,2 5,7
EBIT margin (%) 3 4,2 5,7
Pretax margin (%) 2,3 3,4 5,2
Net margin (%) 1,8 2,6 4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 7 11,7 15,5
EBITDA growth (%) -13,3 36,3 60,8
EBIT growth (%) -12,6 55,2 55,3
Net profit growth (%) -42,2 66,9 77,8
EPS growth (%) -45,3 51,2 77,6
Profitability 2021 2022 2023
ROE (%) 8,4 11,5 18,4
ROE Adj (%) 10,6 13 18,4
ROCE (%) 8,9 10,8 15,7
ROCE Adj(%) 10,2 11,6 15,7
ROIC (%) 7 9,1 14,8
ROIC Adj (%) 8,1 9,8 14,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 111 143 216
EBITDA Adj margin (%) 4,4 5,1 6,6
EBITA Adj 88 128 184
EBITA Adj margin (%) 3,5 4,5 5,7
EBIT Adj 88 128 184
EBIT Adj margin (%) 3,5 4,5 5,7
Pretax profit Adj 71 106 168
Net profit Adj 56 83 131
Net profit to shareholders Adj 55 80 127
Net Adj margin (%) 2,2 2,9 4
Depreciation and amortisation -22 -16 -32
Of which leasing depreciation 0 0 0
EO items -12 -9 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 111 143 216
EBITDA lease Adj margin (%) 4,4 5,1 6,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 99 134 216
Net financial items -18 -22 -16
Paid tax -15 -23 -37
Non-cash items 0 0 0
Cash flow before change in WC 67 90 163
Change in WC -164 116 -43
Operating cash flow -97 205 121
CAPEX tangible fixed assets -97 -20 -23
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -39 0 0
Free cash flow -234 186 98
Dividend paid 0 -24 -29
Share issues and buybacks 0 0 0
Other non cash items -142 -55 -56
Decrease in net IB debt 105 37 85
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 374 374 374
Indefinite intangible assets 19 19 19
Definite intangible assets 0 0 0
Tangible fixed assets 5 17 24
Other fixed assets 6 6 6
Fixed assets 481 500 506
Inventories 663 564 619
Receivables 501 560 647
Other current assets 69 77 89
Cash and liquid assets 36 178 232
Total assets 1750 1878 2092
Shareholders equity 599 641 740
Minority 3 3 3
Total equity 601 644 742
Long-term debt 433 446 446
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 0 0 0
Accounts payable 431 481 556
Other current liabilities 236 263 304
Total liabilities and equity 1750 1878 2092
Net IB debt 434 305 251
Net IB debt excl. pension debt 434 305 251
Capital invested 1036 949 993
Working capital 567 456 494
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1493 867 867
Net IB debt Adj 434 305 251
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1930 1175 1121
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 173,9 155,3 164
Capital invested turnover (%) 375,6 423,1 433,7
Capital employed turnover (%) 365,4 382,4 352,9
Inventories / sales (%) 18,3 17,6 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,1 13,7 14,1
Working capital / sales (%) 20,2 18,1 14,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 72,3 47,3 33,8
Net debt / market cap (%) 34,6 35,2 28,9
Equity ratio (%) 34,4 34,3 35,5
Net IB debt adj. / equity (%) 72,3 47,3 33,8
Current ratio (%) 185,7 181,1 181
EBITDA / net interest (%) 564 616,9 1351,8
Net IB debt / EBITDA (%) 440,1 226,7 115,9
Interest cover (%) 436,6 544 1151,1
Lease liability amortisation 0 0 0
Other intangible assets 61 61 61
Right-of-use asset 37 44 43
Total other fixed assets 4 4 4
Leasing liability 37 37 37
Total other long-term liabilities 12 7 7
Net IB debt excl. leasing 398 268 214
Net IB debt / EBITDA lease Adj (%) 359,6 186,9 98,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 13 14 14
Fully diluted shares Adj 13 14 14
EPS 3,32 5,02 8,92
Dividend per share Adj 1,8 2 3,6
EPS Adj 4,23 5,65 8,92
BVPS 45,7 45,12 52,03
BVPS Adj 17,11 18,79 25,7
Net IB debt / share 33,2 21,4 17,6
Share price 95,98 61 61
Market cap. (m) 1257 867 867
Valuation 2021 2022 2023
P/E 34,3 12,1 6,8
EV/sales 0,76 0,42 0,34
EV/EBITDA 19,6 8,7 5,2
EV/EBITA 25,3 9,9 6,1
EV/EBIT 25,3 9,9 6,1
Dividend yield (%) 1,6 3,3 5,8
FCF yield (%) -15,6 21,4 11,3
P/BVPS 2,49 1,35 1,17
P/BVPS Adj 6,66 3,25 2,37
P/E Adj 26,9 10,8 6,8
EV/EBITDA Adj 17,5 8,2 5,2
EV/EBITA Adj 21,9 9,2 6,1
EV/EBIT Adj 21,9 9,2 6,1
EV/cap. employed 1,8 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 3,8 0,7 0,7
Capex / depreciation 435,4 124,1 71
Capex tangibles / tangible fixed assets 1867,3 116,2 96,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 428,8 93,6 135,3
Lease adj. FCF yield (%) -15,6 21,4 11,3

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.

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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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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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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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