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SEKm 2022 2023e 2024e
Sales 128 147 165
Sales growth (%) 11,3 14,9 12,5
EBITDA 26 30 35
EBITDA margin (%) 20,1 20,4 20,9
EBIT adj 24 28 32
EBIT adj margin (%) 18,7 19 19,6
Pretax profit 24 28 32
EPS rep 1,55 1,81 2,09
EPS growth (%) 4,8 16,8 15,6
EPS adj 1,55 1,81 2,09
DPS 1,2 1,5 1,8
EV/EBITDA (x) 17,2 14,5 12,4
EV/EBIT adj (x) 18,4 15,5 13,2
P/E (x) 25,2 21,5 18,6
P/E adj (x) 25,2 21,5 18,6
EV/sales (x) 3,5 3 2,6
FCF yield (%) 3,8 4,6 5,3
Dividend yield (%) 3,1 3,9 4,6
Net IB debt/EBITDA -1,4 -1,5 -1,5
Lease adj. FCF yield (%) 3,8 4,6 5,3
Lease adj. ND/EBITDA -1,4 -1,5 -1,5
SEKm 2022 2023e 2024e
Sales 128 147 165
COGS -69 -81 -92
Gross profit 58 66 74
Other operating items -33 -36 -39
EBITDA 26 30 35
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 24 28 32
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 24 28 32
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 24 28 32
Tax -5 -6 -7
Net profit 19 22 26
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 22 26
EPS 1,55 1,81 2,09
EPS Adj 1,55 1,81 2,09
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,6 -20,6 -20,6
Gross margin (%) 45,8 45 44,5
EBITDA margin (%) 20,1 20,4 20,9
EBITA margin (%) 18,7 19 19,6
EBIT margin (%) 18,7 19 19,6
Pretax margin (%) 18,7 19 19,6
Net margin (%) 14,9 15,1 15,5
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 11,3 14,9 12,5
EBITDA growth (%) 5,7 16,9 15,3
EBIT growth (%) 4,8 16,8 15,6
Net profit growth (%) 4,8 16,8 15,6
EPS growth (%) 4,8 16,8 15,6
Profitability 2022 2023 2024
ROE (%) 56,4 54,5 53,4
ROE Adj (%) 56,4 54,5 53,4
ROCE (%) 71,1 68,6 67,2
ROCE Adj(%) 71,1 68,6 67,2
ROIC (%) -7676,5 8758,6 6911,1
ROIC Adj (%) -7676,5 8758,6 6911,1
Adj earnings numbers 2022 2023 2024
EBITDA Adj 26 30 35
EBITDA Adj margin (%) 20,1 20,4 20,9
EBITA Adj 24 28 32
EBITA Adj margin (%) 18,7 19 19,6
EBIT Adj 24 28 32
EBIT Adj margin (%) 18,7 19 19,6
Pretax profit Adj 24 28 32
Net profit Adj 19 22 26
Net profit to shareholders Adj 19 22 26
Net Adj margin (%) 14,9 15,1 15,5
Depreciation and amortisation -2 -2 -2
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 26 30 35
EBITDA lease Adj margin (%) 20,1 20,4 20,9
Leasing payments 0 0 0
SEKm 2022 2023e 2024e
Total assets 65 76 86
Shareholders equity 37 44 52
Minority 0 0 0
Total equity 37 44 52
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 22 25 28
Other current liabilities 6 6 6
Total liabilities and equity 65 76 86
Net IB debt -37 -44 -51
Net IB debt excl. pension debt -37 -44 -51
Capital invested 0 0 1
Working capital -3 -2 -2
EV breakdown 2022 2023 2024
Market cap. diluted (m) 478 478 478
Net IB debt Adj -37 -44 -51
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 441 434 427
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 205,5 209,1 204,6
Capital invested turnover (%) 89775,1 21436,1 158462,7
Capital employed turnover (%) 408,4 398,6 373,8
Inventories / sales (%) 0,5 0,5 0,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 15,9 16
Working capital / sales (%) -3 -1,9 -1,4
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) -99,3 -99,5 -99
Net debt / market cap (%) -7,7 -9,2 -10,7
Equity ratio (%) 57,1 58,8 60,2
Net IB debt adj. / equity (%) -99,3 -99,5 -99
Current ratio (%) 221,3 234,2 243,6
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -143,4 -147,6 -148,3
Interest cover (%) 0 0 0
EBITDA 26 30 35
Net financial items 0 0 0
Paid tax -5 -6 -7
Non-cash items 0 0 0
Cash flow before change in WC 21 24 28
Change in WC -2 0 0
Operating cash flow 19 24 27
CAPEX tangible fixed assets -1 -2 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 18 22 25
Dividend paid -12 -15 -18
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 2 5 7
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 1 1 0
Other fixed assets 0 0 0
Fixed assets 3 3 3
Inventories 1 1 1
Receivables 24 28 31
Other current assets 0 0 0
Cash and liquid assets 37 44 51
Lease liability amortisation 0 0 0
Other intangible assets 2 2 2
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -37 -44 -51
Net IB debt / EBITDA lease Adj (%) -143,4 -147,6 -148,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 1,55 1,81 2,09
Dividend per share Adj 1,2 1,5 1,8
EPS Adj 1,55 1,81 2,09
BVPS 3,01 3,62 4,21
BVPS Adj 2,84 3,44 4,03
Net IB debt / share -3 -3,6 -4,2
Share price 38,9 38,9 38,9
Market cap. (m) 478 478 478
Valuation 2022 2023 2024
P/E 25,2 21,5 18,6
EV/sales 3,46 2,96 2,58
EV/EBITDA 17,2 14,5 12,4
EV/EBITA 18,4 15,5 13,2
EV/EBIT 18,4 15,5 13,2
Dividend yield (%) 3,1 3,9 4,6
FCF yield (%) 3,8 4,6 5,3
P/BVPS 12,92 10,75 9,25
P/BVPS Adj 13,71 11,3 9,65
P/E Adj 25,2 21,5 18,6
EV/EBITDA Adj 17,2 14,5 12,4
EV/EBITA Adj 18,4 15,5 13,2
EV/EBIT Adj 18,4 15,5 13,2
EV/cap. employed 11,9 9,8 8,3
Investment ratios 2022 2023 2024
Capex / sales 0,8 1 1,2
Capex / depreciation 58,8 75 90,9
Capex tangibles / tangible fixed assets 93,4 262,7 539,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 158,7 350,3 593
Lease adj. FCF yield (%) 3,8 4,6 5,3

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.

18,6

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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13,0

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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2,5

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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9,0