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Eltel

Eltel

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Financials

EURm 2021 2022e 2023e
Sales 813 822 831
Sales growth (%) -13,4 1,2 1,1
EBITDA 47 46 51
EBITDA margin (%) 5,7 5,6 6,1
EBIT adj 12 12 17
EBIT adj margin (%) 1,5 1,5 2
Pretax profit 9 4 8
EPS rep 0,03 0,01 0,04
EPS growth (%) -8,5 -52,6 229,6
EPS adj 0,02 0,02 0,05
DPS 0 0,01 0,02
EV/EBITDA (x) 7,8 4,9 4,3
EV/EBIT adj (x) 30 18,5 13
P/E (x) 55,5 56,5 17,1
P/E adj (x) 68,1 43,5 15,2
EV/sales (x) 0,4 0,3 0,3
FCF yield (%) 8,1 32,8 25,9
Dividend yield (%) 0 0,9 2,9
Net IB debt/EBITDA 2,5 2,2 1,9
Lease adj. FCF yield (%) -0,3 10,9 3,9
Lease adj. ND/EBITDA 4,6 3,1 2
EURm 2021 2022e 2023e
Sales 813 822 831
COGS -725 -730 -739
Gross profit 88 92 92
Other operating items -42 -46 -41
EBITDA 47 46 51
Depreciation and amortisation -32 -33 -33
Of which leasing depreciation -30 -28 -25
EBITA 15 13 18
EO items 2 0 0
Impairment and PPA amortisation 0 -1 -1
EBIT 15 12 17
Net financial items -6 -8 -8
Pretax profit 9 4 8
Tax -4 -2 -2
Net profit 5 2 7
Minority interest 1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 6 2 7
EPS 0,03 0,01 0,04
EPS Adj 0,02 0,02 0,05
Total extraordinary items after tax 2,4 0 0
Leasing payments -30 -28 -25
Tax rate (%) -43,2 -48 -20,5
Gross margin (%) 10,8 11,2 11
EBITDA margin (%) 5,7 5,6 6,1
EBITA margin (%) 1,8 1,5 2,1
EBIT margin (%) 1,8 1,5 2
Pretax margin (%) 1,1 0,5 1
Net margin (%) 0,6 0,2 0,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13,4 1,2 1,1
EBITDA growth (%) -26,2 -1,6 11,1
EBIT growth (%) -41,5 -16,5 38,5
Net profit growth (%) -5,7 -59,2 229,6
EPS growth (%) -8,5 -52,6 229,6
Profitability 2021 2022 2023
ROE (%) 2,6 0,9 3
ROE Adj (%) 1,6 1,2 3,4
ROCE (%) 3,7 3 4,2
ROCE Adj(%) 3,2 3,2 4,4
ROIC (%) 2,3 1,8 3,9
ROIC Adj (%) 1,9 1,8 3,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 44 46 51
EBITDA Adj margin (%) 5,4 5,6 6,1
EBITDA lease Adj 15 18 26
EBITDA lease Adj margin (%) 1,8 2,2 3,1
EBITA Adj 12 13 18
EBITA Adj margin (%) 1,5 1,5 2,1
EBIT Adj 12 12 17
EBIT Adj margin (%) 1,5 1,5 2
Pretax profit Adj 7 5 9
Net profit Adj 3 3 8
Net profit to shareholders Adj 4 3 8
Net Adj margin (%) 0,4 0,3 0,9
EURm 2021 2022e 2023e
Shareholders equity 220 222 228
Minority 8 8 8
Total equity 228 230 236
Long-term debt 26 35 36
Pension debt 14 12 9
Convertible debt 0 0 0
Leasing liability 54 54 54
Total other long-term liabilities 14 16 16
Short-term debt 74 69 69
Accounts payable 179 177 179
Other current liabilities 42 28 28
Total liabilities and equity 631 619 625
Net IB debt 117 102 97
Net IB debt excl. pension debt 103 90 88
Net IB debt excl. leasing 67 55 53
Capital invested 356 342 343
Working capital -11 -21 -22
EV breakdown 2021 2022 2023
Market cap. diluted (m) 239 115 115
Net IB debt Adj 117 102 97
Market value of minority 8 8 8
Reversal of shares and participations -1 -1 -1
Reversal of conv. debt assumed equity 0 0 0
EV 363 224 219
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 124,2 131,5 133,5
Working capital / sales (%) -2,3 -2 -2,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 51,5 44,3 41
Net debt / market cap (%) 34,8 88,4 83,9
Equity ratio (%) 36,1 37,1 37,7
Net IB debt adj. / equity (%) 51,5 44,3 41
Current ratio (%) 77,2 79,2 80,5
EBITDA / net interest (%) 815,8 559,1 611,8
Net IB debt / EBITDA (%) 252,3 222,6 190,1
Net IB debt / EBITDA lease Adj (%) 464,8 311,4 204,7
Interest cover (%) 255,2 155,4 211,8
EBITDA 47 46 51
Net financial items -6 -8 -8
Paid tax -3 -2 -2
Non-cash items -6 -4 -4
Cash flow before change in WC 32 32 37
Change in WC -10 12 0
Operating cash flow 22 44 37
CAPEX tangible fixed assets 1 -6 -7
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 23 38 30
Dividend paid 0 0 -1
Share issues and buybacks 0 0 0
Lease liability amortisation -24 -25 -25
Other non cash items 0 0 0
Balance Sheet (EURm) 2021 2022 2023
Goodwill 265 266 266
Other intangible assets 40 39 38
Tangible fixed assets 12 13 12
Right-of-use asset 53 51 53
Total other fixed assets 20 20 20
Fixed assets 389 388 388
Inventories 17 11 11
Receivables 192 173 174
Other current assets 0 0 0
Cash and liquid assets 32 48 52
Total assets 631 619 625
EURm 2021 2022e 2023e
Shares outstanding adj. 157 157 157
Fully diluted shares Adj 157 157 157
EPS 0,03 0,01 0,04
Dividend per share Adj 0 0 0
EPS Adj 0,02 0,02 0,05
BVPS 1,4 1,42 1,45
BVPS Adj -0,29 -0,28 -0,24
Net IB debt / share 0,8 0,7 0,7
Share price 2,15 0,73 0,73
Market cap. (m) 337 115 115
Valuation 2021 2022 2023
P/E 55,5 56,5 17,1
EV/sales 0,45 0,27 0,26
EV/EBITDA 7,8 4,9 4,3
EV/EBITA 24,7 17,6 12,4
EV/EBIT 25 18,5 13
Dividend yield (%) 0 0,9 2,9
FCF yield (%) 8,1 32,8 25,9
Lease adj. FCF yield (%) -0,3 10,9 3,9
P/BVPS 1,08 0,52 0,51
P/BVPS Adj -5,32 -2,66 -3,07
P/E Adj 68,1 43,5 15,2
EV/EBITDA Adj 8,2 4,9 4,3
EV/EBITA Adj 29,5 17,6 12,4
EV/EBIT Adj 30 18,5 13
EV/cap. employed 0,9 0,6 0,5
Investment ratios 2021 2022 2023
Capex / sales -0,1 0,8 0,9
Capex / depreciation -40,9 126,2 90
Capex tangibles / tangible fixed assets -7,8 49,8 61,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19 39,4 68,6

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.

18,2

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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12,4

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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0,3

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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