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Financials

SEKm 2024 2025e 2026e
Sales 529 570 618
Sales growth (%) 0,8 7,6 8,4
EBITDA 94 140 173
EBITDA margin (%) 17,7 24,6 28
EBIT adj. 36 78 99
EBIT adj. margin (%) 6,7 13,7 16
Pretax profit 25 75 105
EPS 0,39 1,09 1,53
EPS growth (%) -42,4 N/A 40
EPS adj. 0,62 1,27 1,59
DPS 0,5 0,6 0,8
EV/EBITDA (x) 14,4 9,6 7,4
EV/EBIT adj. (x) 38 17,2 13
P/E (x) 64,7 23,3 16,6
P/E adj. (x) 40,8 20 16
EV/sales (x) 2,56 2,36 2,07
FCF yield (%) 3,4 3,5 7,5
Le. adj. FCF yld. (%) 2,9 2,9 6,9
Dividend yield (%) 2 2,4 3,1
Net IB debt/EBITDA (x) -0,2 -0,2 -0,6
Le. adj. ND/EBITDA (x) -0,3 -0,3 -0,7
SEKm 2024 2025e 2026e
Sales 529 570 618
COGS -61 0 0
Gross profit 468 570 618
Other operating items -374 -430 -445
EBITDA 94 140 173
Depreciation and amortisation -65 -66 -70
of which leasing depreciation -9 -9 -9
EBITA 29 74 103
EO Items -11 -8 0
Impairment and PPA amortisation -4 -4 -4
EBIT 25 70 99
Net financial items 1 5 6
Pretax profit 25 75 105
Tax -4 -16 -22
Net profit 21 59 83
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 59 83
EPS 0,39 1,09 1,53
EPS adj. 0,62 1,27 1,59
Total extraordinary items after tax -9 -6 0
Leasing payments -7 -9 -9
Tax rate (%) 16,4 21,6 21
Gross margin (%) 88,4 100 100
EBITDA margin (%) 17,7 24,6 28
EBITA margin (%) 5,5 13 16,7
EBIT margin (%) 4,7 12,3 16
Pre-tax margin (%) 4,8 13,2 17
Net margin (%) 4 10,4 13,4
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0,8 7,6 8,4
EBITDA growth (%) -17 49,2 23,4
EBITA growth (%) -45 154,7 38,9
EBIT growth (%) -49 N/A 41,3
Net profit growth (%) -42,4 177,8 40
EPS growth (%) -42,4 N/A 40
Profitability N/A N/A N/A
ROE (%) 4,4 11,8 15,2
ROE adj. (%) 7,1 13,9 16
ROCE (%) 5,1 15,3 19,5
ROCE adj. (%) 7,8 15,6 18,1
ROIC (%) 5,2 12,2 17
ROIC adj. (%) 7,1 13,6 17
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 105 148 173
EBITDA adj. margin (%) 19,8 26 28
EBITDA lease adj. 97 140 164
EBITDA lease adj. margin (%) 18,4 24,5 26,6
EBITA adj. 40 82 103
EBITA adj. margin (%) 7,5 14,5 16,7
EBIT adj. 36 78 99
EBIT adj. margin (%) 6,7 13,7 16
Pretax profit Adj. 40 88 109
Net profit Adj. 34 70 87
Net profit to shareholders adj. 34 70 87
Net adj. margin (%) 6,5 12,2 14,1
SEKm 2024 2025e 2026e
EBITDA 94 140 173
Goodwill 458 458 458
Net financial items 1 5 6
Other intangible assets 178 178 177
Paid tax 0 -16 -22
Tangible fixed assets 20 21 21
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 95 129 157
Total other fixed assets 3 3 3
Change in working capital 15 -19 11
Fixed assets 659 660 659
Operating cash flow 109 111 168
Inventories 0 0 0
Capex tangible fixed assets -4 -4 -4
Receivables 141 151 164
Capex intangible fixed assets -56 -58 -60
Other current assets 7 7 7
Acquisitions and Disposals -3 0 0
Cash and liquid assets 47 59 121
Free cash flow 47 48 103
Total assets 854 877 951
Dividend paid -27 -27 -33
Shareholders equity 486 518 568
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -7 -9 -9
Total equity 486 518 568
Other non-cash items 7 0 0
Long-term debt 3 3 3
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 12 12
Total other long-term liabilities 41 41 41
Short-term debt 10 10 10
Accounts payable 36 34 37
Other current liabilities 267 259 280
Total liabilities and equity 854 877 951
Net IB debt -22 -34 -96
Net IB debt excl. pension debt -22 -34 -96
Net IB debt excl. leasing -34 -46 -108
Capital employed 511 543 593
Capital invested 465 484 472
Working capital -154 -135 -146
Market cap. diluted (m) 1377 1377 1377
Net IB debt adj. -22 -34 -96
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1356 1343 1281
Total assets turnover (%) 62,6 65,8 67,6
Working capital/sales (%) -26,5 -25,4 -22,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -4,4 -6,5 -16,9
Net debt / market cap (%) -1,6 -2,5 -7
Equity ratio (%) 56,9 59,1 59,8
Net IB debt adj. / equity (%) -4,4 -6,5 -16,9
Current ratio 0,62 0,71 0,89
EBITDA/net interest 168,9 25,5 28,8
Net IB debt/EBITDA (x) -0,2 -0,2 -0,6
Net IB debt/EBITDA lease adj. (x) -0,3 -0,3 -0,7
Interest coverage 52,3 13,5 17,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,39 1,09 1,53
Dividend per share 0,5 0,6 0,8
EPS adj. 0,62 1,27 1,59
BVPS 8,97 9,56 10,48
BVPS adj. -2,76 -2,17 -1,22
Net IB debt/share -0,4 -0,62 -1,77
Share price 25,4 25,4 25,4
Market cap. (m) 1377 1377 1377
P/E (x) 64,7 23,3 16,6
EV/sales (x) 2,56 2,36 2,07
EV/EBITDA (x) 14,4 9,6 7,4
EV/EBITA (x) 46,6 18,1 12,4
EV/EBIT (x) 54,5 19,2 13
Dividend yield (%) 2 2,4 3,1
FCF yield (%) 3,4 3,5 7,5
Le. adj. FCF yld. (%) 2,9 2,9 6,9
P/BVPS (x) 2,83 2,66 2,42
P/BVPS adj. (x) -9,2 -11,68 -20,76
P/E adj. (x) 40,8 20 16
EV/EBITDA adj. (x) 13 9,1 7,4
EV/EBITA adj. (x) 34 16,3 12,4
EV/EBIT adj. (x) 38 17,2 13
EV/CE (x) 2,7 2,5 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 11,3 11 10,4
Capex/depreciation 1,1 1,1 1,1
Capex tangibles / tangible fixed assets 20,9 19 18,7
Capex intangibles / definite intangibles 31,4 32,8 34,2
Depreciation on intang / def. intang 30 30 33
Depreciation on tangibles / tangibles 14,75 15,05 17,04

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.

16,6

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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12,9

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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2,1

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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