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Financials

SEKm 2025 2026e 2027e
Sales 183,71 202,17 225,32
Sales growth (%) 4,1 10,1 11,4
EBITDA 40 46 53
EBITDA margin (%) 21,5 22,6 23,4
EBIT adj. 41 45 52
EBIT adj. margin (%) 22,1 22,1 23
Pretax profit 39 45 53
EPS 2,53 2,92 3,41
EPS growth (%) 13,9 15,5 16,8
EPS adj. 2,66 2,92 3,41
DPS N/A N/A N/A
Dividend per share 1,75 2 2,25
EV/EBITDA (x) 9,6 8 6,7
EV/EBIT adj. (x) 9,3 8,2 6,9
P/E (x) 14,06 12,17 10,42
P/E adj. (x) 13,4 12,2 10,4
EV/sales (x) 2,06 1,81 1,58
FCF yield (%) 8,5 7,5 8,3
Le. adj. FCF yld. (%) 8,5 7,5 8,3
Dividend yield (%) 4,9 5,6 6,3
Net IB debt/EBITDA (x) -1,5 -1,5 -1,5
Le. adj. ND/EBITDA (x) -1,4 -1,5 -1,5
SEKm 2025 2026e 2027e
Sales 183,71 202,17 225,32
COGS -103 -111 -122
Gross profit 81 91 103
Other operating items -41 -46 -51
EBITDA 40 46 53
Depreciation and amortisation -1 -1 -1
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets 0 0 0
EBITA 38,58 44,67 51,73
EO Items N/A N/A N/A
Operating EO items -2 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 38,58 44,67 51,73
Net financial items 1 0 1
Pretax profit 39 45 53
Tax -8 -9 -11
Net profit 31 36 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 31 36 42
EPS 2,53 2,92 3,41
EPS adj. 2,66 2,92 3,41
Total extraordinary items after tax -2 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,5 20,6
Gross margin (%) 44,1 45,1 45,9
EBITDA margin (%) 21,5 22,6 23,4
EBITA margin (%) 21 22,1 23
EBIT margin (%) 21 22,1 23
Pre-tax margin (%) 21,3 22,3 23,4
Net margin (%) 16,9 17,7 18,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 4,1 10,1 11,4
EBITDA growth (%) 15,3 15,4 15,5
EBITA growth (%) 15,8 15,8 15,8
EBIT growth (%) 15,8 15,8 15,8
Net profit growth (%) 13,9 15,5 16,8
EPS growth (%) 13,9 15,5 16,8
Profitability N/A N/A N/A
ROE (%) 51 48,7 46,9
ROE adj. (%) 53,6 48,7 46,9
ROCE (%) 65,2 61,8 60,2
ROCE adj. (%) 66,7 60,7 58
ROIC (%) 266,5 363,7 291,7
ROIC adj. (%) 280,7 363,7 291,7
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 42 46 53
EBITDA adj. margin (%) 22,6 22,6 23,4
EBITDA lease adj. 42 46 53
EBITDA lease adj. margin (%) 22,6 22,6 23,4
EBITA adj. 41 45 52
EBITA adj. margin (%) 22,1 22,1 23
EBIT adj. 41 45 52
EBIT adj. margin (%) 22,1 22,1 23
Pretax profit Adj. 41 45 53
Net profit Adj. 33 36 42
Net profit to shareholders adj. 33 36 42
Net adj. margin (%) 17,8 17,7 18,6
SEKm 2025 2026e 2027e
EBITDA 40 46 53
Goodwill 0 0 0
Net financial items 1 0 1
Other intangible assets 8 9 11
Paid tax -8 -9 -11
Tangible fixed assets 2 1 2
Non-cash items 3 2 2
Right-of-use asset 0 0 0
Cash flow before change in WC 35 39 44
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 0 0
Change in working capital 4 -4 -5
Fixed assets 10 10 13
Operating cash flow 40 35 39
Inventories 1 1 0
Receivables 19 24 27
Capex tangible fixed assets -1 -1 -1
Other current assets 18 18 21
Capex intangible fixed assets -2 -1 -2
Cash and liquid assets 58 69 81
Acquisitions and Disposals 0 0 0
Total assets 105 122 143
Free cash flow 37 33 36
Shareholders equity 67 81 98
Dividend paid -20 -22 -25
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 67 81 98
Leasing liability amortisation 0 0 0
Long-term debt 0 0 0
Other non-cash items N/A N/A N/A
Other changes in net debt -3 -2 -2
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 20 22 24
Short-term debt 0 0 0
Accounts payable 12 13 15
Other current liabilities 7 7 7
Total liabilities and equity 105 122 143
Net IB debt -58 -69 -81
Net IB debt excl. pension debt -58 -69 -81
Net IB debt excl. leasing -58 -69 -81
Capital employed 67 81 98
Capital invested 8 11 17
Working capital 19 23 28
EV breakdown N/A N/A N/A
Market cap. diluted (m) 436 436 436
Net IB debt adj. -58 -69 -81
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 378 367 355
Total assets turnover (%) 189,3 177,7 169,8
Working capital/sales (%) 11,5 10,4 11,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -87,5 -86,1 -82,7
Net debt / market cap (%) -13,3 -15,9 -18,5
Equity ratio (%) 63,3 65,9 68,5
Net IB debt adj. / equity (%) -87,5 -86,1 -82,7
Current ratio 5,23 5,76 6,14
EBITDA/net interest 71,5 112,9 52,7
Net IB debt/EBITDA (x) -1,5 -1,5 -1,5
Net IB debt/EBITDA lease adj. (x) -1,4 -1,5 -1,5
Interest coverage 69,8 110,5 51,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 2,53 2,92 3,41
Dividend per share 1,75 2 2,25
EPS adj. 2,66 2,92 3,41
BVPS 5,42 6,56 7,96
BVPS adj. 4,75 5,81 7,07
Net IB debt/share -4,74 -5,65 -6,58
Share price 35,5 35,5 35,5
Market cap. (m) 436 436 436
Valuation N/A N/A N/A
P/E (x) 14,06 12,17 10,42
EV/sales (x) 2,06 1,81 1,58
EV/EBITDA (x) 9,6 8 6,7
EV/EBITA (x) 9,8 8,2 6,9
EV/EBIT (x) 9,8 8,2 6,9
Dividend yield (%) 4,9 5,6 6,3
FCF yield (%) 8,5 7,5 8,3
Le. adj. FCF yld. (%) 8,5 7,5 8,3
P/BVPS (x) 6,55 5,41 4,46
P/BVPS adj. (x) 7,47 6,11 5,02
P/E adj. (x) 13,4 12,2 10,4
EV/EBITDA adj. (x) 9,1 8 6,7
EV/EBITA adj. (x) 9,3 8,2 6,9
EV/EBIT adj. (x) 9,3 8,2 6,9
EV/CE (x) 5,7 4,6 3,6
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -1,3 -1 -1,5
Capex/depreciation 2,5 2,1 3,5
Capex tangibles / tangible fixed assets 47,7 48,1 69,7
Capex intangibles / definite intangibles 20,7 15,4 18,5
Depreciation on intang / def. intang 4 3 3
Depreciation on tangibles / tangibles 43,37 53,45 34,76

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.

10,4

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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6,7

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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1,5

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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4,3