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Financials

SEKm 2022 2023e 2024e
Sales 485 535 587
Sales growth (%) 2,5 10,2 9,8
EBITDA 72 100 126
EBITDA margin (%) 14,9 18,7 21,4
EBIT adj. 16 41 64
EBIT adj. margin (%) 3,3 7,7 10,9
Pretax profit 11 38 61
EPS 0,16 0,55 0,89
EPS growth (%) -82,6 240,2 60,2
EPS adj. 0,22 0,61 0,95
DPS 0 0,3 0,4
EV/EBITDA (x) 18,5 13,3 10,4
EV/EBIT adj. (x) 84,5 32,3 20,4
P/E (x) 144,9 42,6 26,6
P/E adj. (x) 107,2 38,5 25
EV/sales (x) 2,75 2,49 2,22
FCF yield (%) -0,9 1,2 4,1
Le. adj. FCF yld. (%) -1,7 0,4 3,4
Dividend yield (%) 0 1,3 1,7
Net IB debt/EBITDA (x) 0,8 0,5 0,2
Le. adj. ND/EBITDA (x) 0,7 0,4 0,1
SEKm 2022 2023e 2024e
Sales 485 535 587
COGS -67 0 0
Gross profit 418 535 587
Other operating items -345 -435 -461
EBITDA 72 100 126
Depreciation and amortisation -53 -55 -58
of which leasing depreciation -10 -10 -10
EBITA 20 45 68
EO Items 0 0 0
Impairment and PPA amortisation -4 -4 -4
EBIT 16 41 64
Net financial items -4 -3 -3
Pretax profit 11 38 61
Tax -3 -8 -13
Net profit 9 30 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 9 30 48
EPS 0,16 0,55 0,89
EPS adj. 0,22 0,61 0,95
Total extraordinary items after tax 0 0 0
Leasing payments -10 -10 -10
Tax rate (%) 22,4 21 21
Gross margin (%) 86,1 100 100
EBITDA margin (%) 14,9 18,7 21,4
EBITA margin (%) 4,1 8,5 11,6
EBIT margin (%) 3,3 7,7 10,9
Pre-tax margin (%) 2,3 7,1 10,4
Net margin (%) 1,8 5,6 8,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 2,5 10,2 9,8
EBITDA growth (%) -46,1 38,5 25,6
EBITA growth (%) -72,5 128,2 50,2
EBIT growth (%) -76,9 N/A 55
Net profit growth (%) -82,5 240,2 60,2
EPS growth (%) -82,6 240,2 60,2
ROE (%) 2 6,6 9,9
ROE adj. (%) 2,9 7,4 10,7
ROCE (%) 3,3 8 11,6
ROCE adj. (%) 4,2 8,7 12,4
ROIC (%) 3,3 7 10,2
ROIC adj. (%) 3,3 7 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 72 100 126
EBITDA adj. margin (%) 14,9 18,7 21,4
EBITDA lease adj. 62 90 116
EBITDA lease adj. margin (%) 12,9 16,9 19,7
EBITA adj. 20 45 68
EBITA adj. margin (%) 4,1 8,5 11,6
EBIT adj. 16 41 64
EBIT adj. margin (%) 3,3 7,7 10,9
Pretax profit Adj. 15 42 65
Net profit Adj. 13 34 52
Net profit to shareholders adj. 13 34 52
Net adj. margin (%) 2,6 6,4 8,9
SEKm 2022 2023e 2024e
EBITDA 72 100 126
Goodwill 425 425 425
Net financial items -4 -3 -3
Other intangible assets 187 204 219
Paid tax -3 -8 -13
Tangible fixed assets 4 4 3
Non-cash items -6 0 0
Right-of-use asset 15 15 15
Cash flow before change in WC 60 89 110
Total other fixed assets 8 8 8
Change in working capital 21 -8 9
Fixed assets 640 656 671
Operating cash flow 81 81 120
Inventories 0 0 0
Capex tangible fixed assets -4 -3 -3
Receivables 130 146 160
Capex intangible fixed assets -58 -63 -64
Other current assets 8 8 8
Acquisitions and Disposals -30 0 0
Cash and liquid assets 5 10 37
Free cash flow -11 15 53
Total assets 783 820 876
Dividend paid -38 0 -16
Shareholders equity 442 472 504
Share issues and buybacks 10 0 0
Minority 0 0 0
Leasing liability amortisation -10 -10 -10
Total equity 442 472 504
Other non-cash items -12 0 0
Long-term debt 36 36 36
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 14 14 14
Total other long-term liabilities 31 31 31
Short-term debt 12 12 12
Accounts payable 39 27 29
Other current liabilities 209 229 250
Total liabilities and equity 783 820 876
Net IB debt 57 51 24
Net IB debt excl. pension debt 57 51 24
Net IB debt excl. leasing 43 37 11
Capital employed 503 533 565
Capital invested 499 523 528
Working capital -110 -101 -111
Market cap. diluted (m) 1280 1280 1280
Net IB debt adj. 57 51 24
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 1336 1331 1304
Total assets turnover (%) 65,3 66,7 69,2
Working capital/sales (%) -22,6 -19,7 -18,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 12,8 10,8 4,8
Net debt / market cap (%) 4,4 4 1,9
Equity ratio (%) 56,5 57,5 57,5
Net IB debt adj. / equity (%) 12,8 10,8 4,8
Current ratio 0,55 0,61 0,71
EBITDA/net interest 16,3 31,3 42
Net IB debt/EBITDA (x) 0,8 0,5 0,2
Net IB debt/EBITDA lease adj. (x) 0,7 0,4 0,1
Interest coverage 4,5 14,1 22,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 54 54 54
Diluted shares adj. 54 54 54
EPS 0,16 0,55 0,89
Dividend per share 0 0,3 0,4
EPS adj. 0,22 0,61 0,95
BVPS 8,15 8,71 9,29
BVPS adj. -3,14 -2,9 -2,59
Net IB debt/share 1,04 0,94 0,45
Share price 23,6 23,6 23,6
Market cap. (m) 1280 1280 1280
P/E (x) 144,9 42,6 26,6
EV/sales (x) 2,75 2,49 2,22
EV/EBITDA (x) 18,5 13,3 10,4
EV/EBITA (x) 67,4 29,4 19,2
EV/EBIT (x) 84,5 32,3 20,4
Dividend yield (%) 0 1,3 1,7
FCF yield (%) -0,9 1,2 4,1
Le. adj. FCF yld. (%) -1,7 0,4 3,4
P/BVPS (x) 2,89 2,71 2,54
P/BVPS adj. (x) -7,51 -8,15 -9,11
P/E adj. (x) 107,2 38,5 25
EV/EBITDA adj. (x) 18,5 13,3 10,4
EV/EBITA adj. (x) 67,4 29,4 19,2
EV/EBIT adj. (x) 84,5 32,3 20,4
EV/CE (x) 2,7 2,5 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 12,7 12,2 11,3
Capex/depreciation 1,4 1,5 1,4
Capex tangibles / tangible fixed assets 86,6 76,6 96,5
Capex intangibles / definite intangibles 30,9 30,6 28,9
Depreciation on intang / def. intang 21 20 20
Depreciation on tangibles / tangibles 70 85,73 122,45

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.

26,5

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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20,3

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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2,2

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