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eWork

eWork

SEKm 2021 2022e 2023e
Sales 13189 15498 16660
Sales growth (%) 7,8 17,5 7,5
EBITDA 161 201 214
EBITDA margin (%) 1,2 1,3 1,3
EBIT adj 130 165 178
EBIT adj margin (%) 1 1,1 1,1
Pretax profit 124 157 172
EPS rep 5,68 7,12 7,76
EPS growth (%) 41,4 25,2 9
EPS adj 5,86 7,12 7,76
DPS 5 5,5 6
EV/EBITDA (x) 14,7 10,3 9,5
EV/EBIT adj (x) 18,2 12,5 11,5
P/E (x) 23,4 16,8 15,4
P/E adj (x) 22,6 16,8 15,4
EV/sales (x) 0,2 0,1 0,1
FCF yield (%) 2,3 8,4 6,7
Dividend yield (%) 3,8 4,6 5
Net IB debt/EBITDA 0,5 0 -0,1
Lease adj. FCF yield (%) 1,3 7,3 5,6
Lease adj. ND/EBITDA 0,4 -0,1 -0,2
SEKm 2021 2022e 2023e
Sales 13189 15498 16660
COGS -12705 -14929 -16051
Gross profit 483 569 608
Other operating items -322 -367 -394
EBITDA 161 201 214
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -7 -7 -8
EBITA 127 165 178
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 127 165 178
Other financial items 0 0 0
Net financial items -2 -8 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 124 157 172
Tax -26 -34 -38
Net profit 98 123 134
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 123 134
EPS 5,68 7,12 7,76
EPS Adj 5,86 7,12 7,76
Total extraordinary items after tax -3,1 0 0
Tax rate (%) -21,2 -21,9 -22
Gross margin (%) 3,7 3,7 3,7
EBITDA margin (%) 1,2 1,3 1,3
EBITA margin (%) 1 1,1 1,1
EBIT margin (%) 1 1,1 1,1
Pretax margin (%) 0,9 1 1
Net margin (%) 0,7 0,8 0,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 7,8 17,5 7,5
EBITDA growth (%) 28,4 24,9 6,4
EBIT growth (%) 34,4 30,2 7,6
Net profit growth (%) 41,4 25,2 9
EPS growth (%) 41,4 25,2 9
Profitability 2021 2022 2023
ROE (%) 47,7 56,2 52
ROE Adj (%) 49,2 56,2 52
ROCE (%) 27,6 36,5 38,4
ROCE Adj(%) 28,3 36,5 38,4
ROIC (%) 40,2 50,1 55,4
ROIC Adj (%) 41,2 50,1 55,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 164 201 214
EBITDA Adj margin (%) 1,2 1,3 1,3
EBITA Adj 130 165 178
EBITA Adj margin (%) 1 1,1 1,1
EBIT Adj 130 165 178
EBIT Adj margin (%) 1 1,1 1,1
Pretax profit Adj 127 157 172
Net profit Adj 101 123 134
Net profit to shareholders Adj 101 123 134
Net Adj margin (%) 0,8 0,8 0,8
Depreciation and amortisation -35 -36 -37
Of which leasing depreciation -22 -22 -22
EO items -3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 142 180 193
EBITDA lease Adj margin (%) 1,1 1,2 1,2
Leasing payments -22 -22 -22
SEKm 2021 2022e 2023e
EBITDA 161 201 214
Net financial items -2 -8 -6
Paid tax -16 -34 -38
Non-cash items 1 -1 0
Cash flow before change in WC 143 158 171
Change in WC -75 34 -14
Operating cash flow 68 192 157
CAPEX tangible fixed assets 0 -2 -2
CAPEX intangible fixed assets -15 -17 -18
Acquisitions and disposals 0 0 0
Free cash flow 53 173 137
Dividend paid -112 -86 -95
Share issues and buybacks 0 0 0
Other non cash items 7 -19 0
Decrease in net IB debt 345 -142 -13
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 57 66 72
Definite intangible assets 0 0 0
Tangible fixed assets 3 6 8
Other fixed assets 4 4 4
Fixed assets 98 96 101
Inventories 0 0 0
Receivables 3453 4153 4465
Other current assets 19 23 23
Cash and liquid assets 154 181 201
Total assets 3724 4454 4790
Shareholders equity 199 238 277
Minority 0 0 0
Total equity 199 238 277
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 211 171 171
Accounts payable 3173 3859 4148
Other current liabilities 117 168 176
Total liabilities and equity 3724 4454 4790
Net IB debt 75 3 -18
Net IB debt excl. pension debt 75 3 -18
Capital invested 274 241 259
Working capital 182 149 163
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2289 2062 2062
Net IB debt Adj 75 3 -18
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 2365 2065 2044
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 372,2 379 360,4
Capital invested turnover (%) 3318,9 4729,1 4107,2
Capital employed turnover (%) 2000,7 2924 3227
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,5 23,7 24,5
Working capital / sales (%) 1,1 1,1 0,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 37,8 1,3 -6,3
Net debt / market cap (%) 4,2 0,2 -0,8
Equity ratio (%) 5,3 5,3 5,8
Net IB debt adj. / equity (%) 37,8 1,3 -6,3
Current ratio (%) 103,2 103,6 104,1
EBITDA / net interest (%) 6524,2 2519,6 3572,6
Net IB debt / EBITDA (%) 46,6 1,5 -8,2
Interest cover (%) 0 0 0
Lease liability amortisation -22 -23 -22
Other intangible assets 62 62 65
Right-of-use asset 28 23 23
Total other fixed assets 5 5 5
Leasing liability 24 18 18
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 51 -15 -36
Net IB debt / EBITDA lease Adj (%) 36,1 -8,5 -18,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 5,68 7,12 7,76
Dividend per share Adj 5 5,5 6
EPS Adj 5,86 7,12 7,76
BVPS 11,54 13,78 16,04
BVPS Adj 11,54 13,78 16,04
Net IB debt / share 4,4 0,2 -1
Share price 105,05 119,6 119,6
Market cap. (m) 1811 2062 2062
Valuation 2021 2022 2023
P/E 23,4 16,8 15,4
EV/sales 0,18 0,13 0,12
EV/EBITDA 14,7 10,3 9,5
EV/EBITA 18,7 12,5 11,5
EV/EBIT 18,7 12,5 11,5
Dividend yield (%) 3,8 4,6 5
FCF yield (%) 2,3 8,4 6,7
P/BVPS 11,51 8,68 7,45
P/BVPS Adj 11,51 8,68 7,45
P/E Adj 22,6 16,8 15,4
EV/EBITDA Adj 14,4 10,3 9,5
EV/EBITA Adj 18,2 12,5 11,5
EV/EBIT Adj 18,2 12,5 11,5
EV/cap. employed 5,4 4,8 4,4
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,1 0,1
Capex / depreciation 123,9 129,8 129,3
Capex tangibles / tangible fixed assets 16,4 30 24,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 60,6 34,7 28,3
Lease adj. FCF yield (%) 1,3 7,3 5,6

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.

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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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11,3

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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0,1

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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