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Financials

SEKm 2024 2025e 2026e
Sales 529 582 630
Sales growth (%) 0,7 10 8,3
EBITDA 93 145 181
EBITDA margin (%) 17,7 24,8 28,7
EBIT adj. 35 79 104
EBIT adj. margin (%) 6,7 13,6 16,6
Pretax profit 25 76 109
EPS 0,38 1,11 1,59
EPS growth (%) -43,5 N/A 43,5
EPS adj. 0,61 1,28 1,65
DPS 0,5 0,6 0,8
EV/EBITDA (x) 14,8 9,5 7,3
EV/EBIT adj. (x) 39,4 17,3 12,6
P/E (x) 67,6 23,4 16,3
P/E adj. (x) 42,3 20,4 15,7
EV/sales (x) 2,62 2,37 2,09
FCF yield (%) 3,3 3,4 7,2
Le. adj. FCF yld. (%) 2,8 2,7 6,6
Dividend yield (%) 1,9 2,3 3,1
Net IB debt/EBITDA (x) -0,2 -0,2 -0,5
Le. adj. ND/EBITDA (x) -0,4 -0,3 -0,6
SEKm 2024 2025e 2026e
Sales 529 582 630
COGS -61 0 0
Gross profit 468 582 630
Other operating items -374 -437 -449
EBITDA 93 145 181
Depreciation and amortisation -65 -68 -72
of which leasing depreciation -9 -9 -9
EBITA 29 76 109
EO Items -11 -7 0
Impairment and PPA amortisation -4 -4 -4
EBIT 24 72 104
Net financial items 1 4 5
Pretax profit 25 76 109
Tax -4 -16 -23
Net profit 21 60 86
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 60 86
EPS 0,38 1,11 1,59
EPS adj. 0,61 1,28 1,65
Total extraordinary items after tax -9 -6 0
Leasing payments -7 -9 -9
Tax rate (%) 16,7 21 21
Gross margin (%) 88,4 100 100
EBITDA margin (%) 17,7 24,8 28,7
EBITA margin (%) 5,4 13,1 17,2
EBIT margin (%) 4,6 12,4 16,6
Pre-tax margin (%) 4,7 13,1 17,4
Net margin (%) 3,9 10,3 13,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0,7 10 8,3
EBITDA growth (%) -17,4 54,7 25
EBITA growth (%) -45,7 166,4 42
EBIT growth (%) -49,9 N/A 44,5
Net profit growth (%) -43,5 188,5 43,5
EPS growth (%) -43,5 N/A 43,5
Profitability N/A N/A N/A
ROE (%) 4,3 12 15,8
ROE adj. (%) 7,1 13,9 16,6
ROCE (%) 5 15,2 20
ROCE adj. (%) 7,7 15,8 19
ROIC (%) 5,1 12,7 17,8
ROIC adj. (%) 7 13,9 17,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 104 152 181
EBITDA adj. margin (%) 19,7 26,1 28,7
EBITDA lease adj. 97 143 172
EBITDA lease adj. margin (%) 18,4 24,6 27,3
EBITA adj. 39 84 109
EBITA adj. margin (%) 7,5 14,4 17,2
EBIT adj. 35 79 104
EBIT adj. margin (%) 6,7 13,6 16,6
Pretax profit Adj. 40 88 114
Net profit Adj. 34 70 91
Net profit to shareholders adj. 34 70 91
Net adj. margin (%) 6,4 12 14,4
SEKm 2024 2025e 2026e
EBITDA 93 145 181
Goodwill 458 458 458
Net financial items 1 4 5
Other intangible assets 178 183 187
Paid tax 0 -16 -23
Tangible fixed assets 20 21 21
Non-cash items 1 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 95 133 163
Total other fixed assets 3 3 3
Change in working capital 15 -16 11
Fixed assets 659 665 669
Operating cash flow 109 117 174
Inventories 0 0 0
Capex tangible fixed assets -4 -4 -4
Receivables 141 154 167
Capex intangible fixed assets -56 -66 -68
Other current assets 7 7 7
Acquisitions and Disposals -3 0 0
Cash and liquid assets 47 58 119
Free cash flow 47 47 102
Total assets 854 884 962
Dividend paid -27 -27 -33
Shareholders equity 486 519 573
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -7 -9 -9
Total equity 486 519 573
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 35 38
Other current liabilities 267 265 285
Total liabilities and equity 854 884 962
Net IB debt -22 -33 -94
Net IB debt excl. pension debt -22 -33 -94
Net IB debt excl. leasing -34 -45 -106
Capital employed 511 544 598
Capital invested 465 486 479
Working capital -154 -138 -149
Market cap. diluted (m) 1410 1410 1410
Net IB debt adj. -22 -33 -94
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 1388 1377 1316
Total assets turnover (%) 62,6 66,9 68,2
Working capital/sales (%) -26,6 -25,1 -22,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -4,4 -6,3 -16,3
Net debt / market cap (%) -1,5 -2,3 -6,6
Equity ratio (%) 56,9 58,7 59,6
Net IB debt adj. / equity (%) -4,4 -6,3 -16,3
Current ratio 0,62 0,71 0,88
EBITDA/net interest 168,2 36,1 36,1
Net IB debt/EBITDA (x) -0,2 -0,2 -0,5
Net IB debt/EBITDA lease adj. (x) -0,4 -0,3 -0,6
Interest coverage 51,6 19,1 21,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,38 1,11 1,59
Dividend per share 0,5 0,6 0,8
EPS adj. 0,61 1,28 1,65
BVPS 8,97 9,58 10,57
BVPS adj. -2,76 -2,25 -1,33
Net IB debt/share -0,4 -0,61 -1,73
Share price 26 26 26
Market cap. (m) 1410 1410 1410
P/E (x) 67,6 23,4 16,3
EV/sales (x) 2,62 2,37 2,09
EV/EBITDA (x) 14,8 9,5 7,3
EV/EBITA (x) 48,4 18 12,1
EV/EBIT (x) 56,7 19,1 12,6
Dividend yield (%) 1,9 2,3 3,1
FCF yield (%) 3,3 3,4 7,2
Le. adj. FCF yld. (%) 2,8 2,7 6,6
P/BVPS (x) 2,9 2,71 2,46
P/BVPS adj. (x) -9,42 -11,56 -19,61
P/E adj. (x) 42,3 20,4 15,7
EV/EBITDA adj. (x) 13,3 9,1 7,3
EV/EBITA adj. (x) 35,2 16,5 12,1
EV/EBIT adj. (x) 39,4 17,3 12,6
EV/CE (x) 2,7 2,5 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 11,3 11,9 11,4
Capex/depreciation 1,1 1,2 1,1
Capex tangibles / tangible fixed assets 20,9 19,3 19,2
Capex intangibles / definite intangibles 31,4 35,8 36,1
Depreciation on intang / def. intang 30 31 32
Depreciation on tangibles / tangibles 14,75 16,53 18,76

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.

16,4

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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12,6

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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2,5