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Elanders

Elanders

SEKm 2021 2022e 2023e
Sales 11733 13983 14597
Sales growth (%) 6,2 19,2 4,4
EBITDA 1467 1895 1913
EBITDA margin (%) 12,5 13,5 13,1
EBIT adj 597 820 903
EBIT adj margin (%) 5,1 5,9 6,2
Pretax profit 482 718 761
EPS rep 9,11 13,83 14,9
EPS growth (%) 11,9 51,7 7,7
EPS adj 11,31 15,21 17,16
DPS 3,6 4,5 5
EV/EBITDA (x) 7,8 5,4 5,1
EV/EBIT adj (x) 19,1 12,5 10,8
P/E (x) 19,1 11,1 10,3
P/E adj (x) 15,4 10,1 8,9
EV/sales (x) 1 0,7 0,7
FCF yield (%) -5,4 23,4 24,7
Dividend yield (%) 2,1 2,9 3,3
Net IB debt/EBITDA 3,6 2,6 2,3
Lease adj. FCF yield (%) -15,9 10,8 12
Lease adj. ND/EBITDA 3 1,8 1,3
SEKm 2021 2022e 2023e
Sales 11733 13983 14597
COGS -10088 -11858 -12302
Gross profit 1645 2125 2294
Other operating items -177 -231 -381
EBITDA 1467 1895 1913
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 641 949 983
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 580 860 903
Other financial items 0 0 0
Net financial items -98 -142 -142
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 482 718 761
Tax -151 -217 -228
Net profit 331 500 533
Minority interest -9 -12 -6
Net profit discontinued 0 0 0
Net profit to shareholders 322 489 527
EPS 9,11 13,83 14,9
EPS Adj 11,31 15,21 17,16
Total extraordinary items after tax -17 40 0
Tax rate (%) -31,3 -30,3 -30
Gross margin (%) 14 15,2 15,7
EBITDA margin (%) 12,5 13,5 13,1
EBITA margin (%) 5,5 6,8 6,7
EBIT margin (%) 4,9 6,1 6,2
Pretax margin (%) 4,1 5,1 5,2
Net margin (%) 2,8 3,6 3,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,2 19,2 4,4
EBITDA growth (%) 3,5 29,1 1
EBIT growth (%) 6,4 48,1 5
Net profit growth (%) 13,5 51,1 6,4
EPS growth (%) 11,9 51,7 7,7
Profitability 2021 2022 2023
ROE (%) 10,5 14,1 13,8
ROE Adj (%) 13 15,6 15,9
ROCE (%) 7,1 8,9 9
ROCE Adj(%) 8 9,4 9,8
ROIC (%) 5,5 7 7,5
ROIC Adj (%) 5,7 6,7 7,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 1484 1855 1913
EBITDA Adj margin (%) 12,7 13,3 13,1
EBITA Adj 658 909 983
EBITA Adj margin (%) 5,6 6,5 6,7
EBIT Adj 597 820 903
EBIT Adj margin (%) 5,1 5,9 6,2
Pretax profit Adj 560 767 841
Net profit Adj 409 549 613
Net profit to shareholders Adj 400 538 607
Net Adj margin (%) 3,5 3,9 4,2
Leasing payments -648 -680 -690
Depreciation and amortisation -826 -946 -930
Of which leasing depreciation -653 -750 -750
EO items -17 40 0
Impairment and PPA amortisation -61 -89 -80
EBITDA lease Adj 837 1175 1223
EBITDA lease Adj margin (%) 7,1 8,4 8,4
SEKm 2021 2022e 2023e
EBITDA 1467 1895 1913
Net financial items -98 -142 -142
Paid tax -128 -217 -228
Non-cash items -230 -84 -23
Cash flow before change in WC 1011 1451 1520
Change in WC 52 -18 -6
Operating cash flow 1063 1433 1513
CAPEX tangible fixed assets -128 -168 -175
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1267 0 0
Free cash flow -332 1265 1338
Dividend paid -112 -127 -159
Share issues and buybacks 0 0 0
Other non cash items -1178 -42 0
Decrease in net IB debt 1107 145 394
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 3305 3347 3347
Indefinite intangible assets 672 646 622
Definite intangible assets 0 0 0
Tangible fixed assets 698 637 597
Other fixed assets 297 297 297
Fixed assets 8241 8096 7951
Inventories 400 475 496
Receivables 1822 2167 2263
Other current assets 438 522 545
Cash and liquid assets 898 1356 1845
Total assets 11800 12617 13100
Shareholders equity 3277 3638 4006
Minority 27 39 45
Total equity 3304 3677 4051
Long-term debt 3260 3302 3302
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 188 200 200
Short-term debt 132 132 132
Accounts payable 2096 2498 2608
Other current liabilities 0 0 0
Total liabilities and equity 11800 12617 13100
Net IB debt 5249 4833 4344
Net IB debt excl. pension debt 5249 4833 4344
Capital invested 8553 8510 8394
Working capital 565 667 696
EV breakdown 2021 2022 2023
Market cap. diluted (m) 6152 5410 5410
Net IB debt Adj 5249 4833 4344
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 11401 10243 9753
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 114,8 114,5 113,5
Capital invested turnover (%) 171,3 181,3 189,2
Capital employed turnover (%) 155 156 157,2
Inventories / sales (%) 2,6 2,8 3,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,4 14,5 14,1
Working capital / sales (%) 4,5 4,4 4,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 158,9 131,4 107,2
Net debt / market cap (%) 91,7 89,3 80,3
Equity ratio (%) 28 29,1 30,9
Net IB debt adj. / equity (%) 158,9 131,4 107,2
Current ratio (%) 122 136,2 150,2
EBITDA / net interest (%) 1494,3 1334,3 1347,2
Net IB debt / EBITDA (%) 357,7 255,1 227,1
Interest cover (%) 652,7 668,1 692,3
Lease liability amortisation -648 -680 -690
Other intangible assets 1212 1156 1111
Right-of-use asset 2674 2603 2543
Total other fixed assets 352 352 352
Leasing liability 2755 2755 2755
Total other long-term liabilities 253 253 253
Net IB debt excl. leasing 2494 2078 1589
Net IB debt / EBITDA lease Adj (%) 298,1 176,9 129,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 9,11 13,83 14,9
Dividend per share Adj 3,6 4,5 5
EPS Adj 11,31 15,21 17,16
BVPS 92,67 102,89 113,29
BVPS Adj -0,8 8,23 18,63
Net IB debt / share 148,4 136,7 122,8
Share price 161,86 153 153
Market cap. (m) 5723 5410 5410
Valuation 2021 2022 2023
P/E 19,1 11,1 10,3
EV/sales 0,97 0,73 0,67
EV/EBITDA 7,8 5,4 5,1
EV/EBITA 17,8 10,8 9,9
EV/EBIT 19,6 11,9 10,8
Dividend yield (%) 2,1 2,9 3,3
FCF yield (%) -5,4 23,4 24,7
P/BVPS 1,88 1,49 1,35
P/BVPS Adj -216,63 18,58 8,21
P/E Adj 15,4 10,1 8,9
EV/EBITDA Adj 7,7 5,5 5,1
EV/EBITA Adj 17,3 11,3 9,9
EV/EBIT Adj 19,1 12,5 10,8
EV/cap. employed 1,2 1 1
Investment ratios 2021 2022 2023
Capex / sales 1,1 1,2 1,2
Capex / depreciation 73,8 85,8 97,3
Capex tangibles / tangible fixed assets 18,3 26,3 29,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,8 30,7 30,2
Lease adj. FCF yield (%) -15,9 10,8 12

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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