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Formpipe

Formpipe

SEKm 2021 2022e 2023e
Sales 473 496 556
Sales growth (%) 17,4 4,8 12,2
EBITDA 134 83 120
EBITDA margin (%) 28,4 16,7 21,5
EBIT adj 43 26 63
EBIT adj margin (%) 9 5,3 11,3
Pretax profit 66 24 60
EPS rep 0,94 0,31 0,88
EPS growth (%) 21,1 -66,7 182,7
EPS adj 0,52 0,39 0,96
DPS 0,7 0,75 0,8
EV/EBITDA (x) 18 18,3 12,6
EV/EBIT adj (x) 56,7 57,3 24
P/E (x) 48,1 86,7 30,7
P/E adj (x) 86,1 70 28,3
EV/sales (x) 5,1 3 2,7
FCF yield (%) 1,7 -1,5 3,4
Dividend yield (%) 1,6 2,8 3
Net IB debt/EBITDA 0 0,7 0,5
Lease adj. FCF yield (%) 1,4 -2,2 2,7
Lease adj. ND/EBITDA -0,2 0,6 0,4
SEKm 2021 2022e 2023e
Sales 473 496 556
COGS -51 -64 -64
Gross profit 422 432 492
Other operating items -288 -349 -373
EBITDA 134 83 120
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles -40 -43 -42
EBITA 72 30 67
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 68 26 63
Other financial items 0 0 0
Net financial items -2 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 66 24 60
Tax -16 -7 -13
Net profit 50 17 47
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 17 47
EPS 0,94 0,31 0,88
EPS Adj 0,52 0,39 0,96
Total extraordinary items after tax 25,8 0 0
Tax rate (%) -24,1 -29,2 -21
Gross margin (%) 89,2 87,1 88,5
EBITDA margin (%) 28,4 16,7 21,5
EBITA margin (%) 15,2 6,1 12
EBIT margin (%) 14,5 5,3 11,3
Pretax margin (%) 14 4,8 10,8
Net margin (%) 10,7 3,4 8,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 17,4 4,8 12,2
EBITDA growth (%) 28,3 -38,4 44,6
EBIT growth (%) 28,6 -61,5 138,2
Net profit growth (%) 21,8 -66,7 181,3
EPS growth (%) 21,1 -66,7 182,7
Profitability 2021 2022 2023
ROE (%) 12,2 4 11,2
ROE Adj (%) 6,8 4,9 12,1
ROCE (%) 15,1 5,6 12,7
ROCE Adj(%) 10,2 6,5 13,5
ROIC (%) 11,7 3,9 9,7
ROIC Adj (%) 7,3 3,9 9,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 109 83 120
EBITDA Adj margin (%) 23 16,7 21,5
EBITA Adj 46 30 67
EBITA Adj margin (%) 9,8 6,1 12
EBIT Adj 43 26 63
EBIT Adj margin (%) 9 5,3 11,3
Pretax profit Adj 44 28 64
Net profit Adj 28 21 51
Net profit to shareholders Adj 28 21 51
Net Adj margin (%) 5,9 4,2 9,2
Depreciation and amortisation -62 -52 -53
Of which leasing depreciation -7 -10 -10
EO items 26 0 0
Impairment and PPA amortisation -4 -4 -4
EBITDA lease Adj 101 73 110
EBITDA lease Adj margin (%) 21,4 14,7 19,7
Leasing payments -7 -10 -10
SEKm 2021 2022e 2023e
EBITDA 134 83 120
Net financial items -2 -3 -3
Paid tax -8 -7 -13
Non-cash items -8 0 0
Cash flow before change in WC 117 73 104
Change in WC -18 -4 4
Operating cash flow 99 69 108
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -57 -55 -56
Acquisitions and disposals 0 -33 0
Free cash flow 40 -22 49
Dividend paid -35 -38 -40
Share issues and buybacks 5 10 0
Other non cash items 12 0 0
Decrease in net IB debt -22 -33 3
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 391 407 407
Indefinite intangible assets 0 0 0
Definite intangible assets 168 169 172
Tangible fixed assets 5 5 5
Other fixed assets 12 12 12
Fixed assets 566 611 623
Inventories 0 0 0
Receivables 112 129 148
Other current assets 8 8 8
Cash and liquid assets 18 19 17
Total assets 704 766 796
Shareholders equity 430 419 426
Minority 0 0 0
Total equity 430 419 426
Long-term debt 0 60 60
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 24 24 24
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 21 20 22
Other current liabilities 209 222 242
Total liabilities and equity 704 766 796
Net IB debt -4 55 56
Net IB debt excl. pension debt -4 55 56
Capital invested 457 505 514
Working capital -110 -105 -109
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2424 1457 1450
Net IB debt Adj -4 55 56
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 2420 1512 1507
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 66,4 67,5 71,3
Capital invested turnover (%) 91,8 91,6 98,3
Capital employed turnover (%) 87,4 88,7 99,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 49,3 48,5 45,3
Payables / sales (%) 3,9 3,9 3,8
Working capital / sales (%) -24,8 -21,6 -19,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -1 13,2 13,2
Net debt / market cap (%) -0,2 3,8 3,9
Equity ratio (%) 61 54,7 53,5
Net IB debt adj. / equity (%) -1 13,2 13,2
Current ratio (%) 58,2 62,3 63,6
EBITDA / net interest (%) 6515,9 3124,2 3991,7
Net IB debt / EBITDA (%) -3,2 66,6 47,1
Interest cover (%) 3491,2 1146,5 2228,1
Lease liability amortisation -7 -10 -10
Other intangible assets 147 175 187
Right-of-use asset 15 15 15
Total other fixed assets 9 9 9
Leasing liability 14 14 14
Total other long-term liabilities 31 31 31
Net IB debt excl. leasing -18 41 43
Net IB debt / EBITDA lease Adj (%) -17,9 56,9 38,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 54 54 54
Fully diluted shares Adj 54 54 54
EPS 0,94 0,31 0,88
Dividend per share Adj 0,7 0,8 0,8
EPS Adj 0,52 0,39 0,96
BVPS 8,01 7,81 7,94
BVPS Adj -2,01 -3,04 -3,13
Net IB debt / share -0,1 1 1,1
Share price 32,66 27,05 27,05
Market cap. (m) 1751 1450 1450
Valuation 2021 2022 2023
P/E 48,1 86,7 30,7
EV/sales 5,11 3,05 2,71
EV/EBITDA 18 18,3 12,6
EV/EBITA 33,6 49,8 22,5
EV/EBIT 35,3 57,3 24
Dividend yield (%) 1,6 2,8 3
FCF yield (%) 1,7 -1,5 3,4
P/BVPS 5,62 3,46 3,4
P/BVPS Adj -22,36 -8,9 -8,63
P/E Adj 86,1 70 28,3
EV/EBITDA Adj 22,3 18,3 12,6
EV/EBITA Adj 52,4 49,8 22,5
EV/EBIT Adj 56,7 57,3 24
EV/cap. employed 5,5 3,1 3
Investment ratios 2021 2022 2023
Capex / sales 12,4 11,7 10,6
Capex / depreciation 107 136,7 137,4
Capex tangibles / tangible fixed assets 36,9 65,4 65,9
Capex intangibles / definite intangibles 38,9 31,4 29,9
Depreciation on intangibles / definite intangibles 36 22,6 21,3
Depreciation on tangibles / tangibles 45,5 64,5 66,7
Lease adj. FCF yield (%) 1,4 -2,2 2,7

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.

30,7

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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24,1

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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2,7

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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