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SEKm 2023 2024e 2025e
Sales 143 173 198
Sales growth (%) 11,8 20,7 14,9
EBITDA 29 33 40
EBITDA margin (%) 20,5 18,9 20
EBIT adj. 29 32 39
EBIT adj. margin (%) 20,6 18,4 19,5
Pretax profit 29 33 40
EPS 1,9 2,12 2,57
EPS growth (%) 14 11,8 21,2
EPS adj. 1,95 2,12 2,57
DPS 1,55 1,75 2
EV/EBITDA (x) 20,2 18 14,5
EV/EBIT adj. (x) 20,2 18,4 14,9
P/E (x) 26,6 23,8 19,6
P/E adj. (x) 25,8 23,8 19,6
EV/sales (x) 4,15 3,39 2,91
FCF yield (%) 1,1 4,5 4,7
Le. adj. FCF yld. (%) 1,1 4,5 4,7
Dividend yield (%) 3,1 3,5 4
Net IB debt/EBITDA (x) -0,9 -1 -1
Le. adj. ND/EBITDA (x) -0,8 -1 -1
SEKm 2023 2024e 2025e
Sales 143 173 198
COGS -79 -103 -119
Gross profit 64 70 79
Other operating items -34 -37 -39
EBITDA 29 33 40
Depreciation and amortisation -1 -1 -1
of which leasing depreciation 0 0 0
EBITA 29 32 39
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT 29 32 39
Net financial items 1 1 1
Pretax profit 29 33 40
Tax -6 -7 -8
Net profit 23 26 32
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 26 32
EPS 1,9 2,12 2,57
EPS adj. 1,95 2,12 2,57
Total extraordinary items after tax -1 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 44,6 40,5 39,9
EBITDA margin (%) 20,5 18,9 20
EBITA margin (%) 20 18,4 19,5
EBIT margin (%) 20 18,4 19,5
Pre-tax margin (%) 20,5 19 20
Net margin (%) 16,3 15,1 15,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 11,8 20,7 14,9
EBITDA growth (%) 9,4 10,8 22,2
EBITA growth (%) 11 11 22,1
EBIT growth (%) 11 11 22,1
Net profit growth (%) 14 11,8 21,2
EPS growth (%) 14 11,8 21,2
Profitability N/A N/A N/A
ROE (%) 54,9 52,2 54,1
ROE adj. (%) 56,5 52,2 54,1
ROCE (%) 71,1 67,9 69,8
ROCE adj. (%) 69,4 63,7 66,4
ROIC (%) 167,7 124,7 149,5
ROIC adj. (%) 172,6 124,7 149,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 30 33 40
EBITDA adj. margin (%) 21,1 18,9 20
EBITDA lease adj. 30 33 40
EBITDA lease adj. margin (%) 21,1 18,9 20
EBITA adj. 29 32 39
EBITA adj. margin (%) 20,6 18,4 19,5
EBIT adj. 29 32 39
EBIT adj. margin (%) 20,6 18,4 19,5
Pretax profit Adj. 30 33 40
Net profit Adj. 24 26 32
Net profit to shareholders adj. 24 26 32
Net adj. margin (%) 16,8 15,1 15,9
SEKm 2023 2024e 2025e
EBITDA 29 33 40
Goodwill 0 0 0
Net financial items 1 1 1
Other intangible assets 5 5 5
Paid tax -6 -7 -8
Tangible fixed assets 2 2 2
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 24 27 33
Total other fixed assets 0 0 0
Change in working capital -14 2 -3
Fixed assets 7 7 7
Operating cash flow 10 29 30
Inventories 1 1 1
Capex tangible fixed assets -3 -1 -1
Receivables 45 47 54
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 25 34 41
Free cash flow 7 28 29
Total assets 77 89 103
Dividend paid -15 -19 -22
Shareholders equity 46 53 63
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 46 53 63
Other non-cash items 1 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 25 29 34
Other current liabilities 6 6 6
Total liabilities and equity 77 89 103
Net IB debt -25 -34 -41
Net IB debt excl. pension debt -25 -34 -41
Net IB debt excl. leasing -25 -34 -41
Capital employed 46 53 63
Capital invested 21 19 22
Working capital 14 12 15
EV breakdown N/A N/A N/A
Market cap. diluted (m) 620 620 620
Net IB debt adj. -25 -34 -41
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 594 585 578
Total assets turnover (%) 195,3 207,7 206,5
Working capital/sales (%) 4,9 7,5 6,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,3 -63,9 -65,4
Net debt / market cap (%) -4,1 -5,5 -6,7
Equity ratio (%) 59,9 60 61,4
Net IB debt adj. / equity (%) -54,3 -63,9 -65,4
Current ratio 2,27 2,3 2,41
EBITDA/net interest 37,9 31,1 39,8
Net IB debt/EBITDA (x) -0,9 -1 -1
Net IB debt/EBITDA lease adj. (x) -0,8 -1 -1
Interest coverage 36,9 30,3 38,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 1,9 2,12 2,57
Dividend per share 1,55 1,75 2
EPS adj. 1,95 2,12 2,57
BVPS 3,78 4,34 5,16
BVPS adj. 3,36 3,93 4,75
Net IB debt/share -2,05 -2,77 -3,37
Share price 50,4 50,4 50,4
Market cap. (m) 620 620 620
Valuation N/A N/A N/A
P/E (x) 26,6 23,8 19,6
EV/sales (x) 4,15 3,39 2,91
EV/EBITDA (x) 20,2 18 14,5
EV/EBITA (x) 20,8 18,4 14,9
EV/EBIT (x) 20,8 18,4 14,9
Dividend yield (%) 3,1 3,5 4
FCF yield (%) 1,1 4,5 4,7
Le. adj. FCF yld. (%) 1,1 4,5 4,7
P/BVPS (x) 13,35 11,61 9,77
P/BVPS adj. (x) 14,98 12,83 10,61
P/E adj. (x) 25,8 23,8 19,6
EV/EBITDA adj. (x) 19,7 18 14,5
EV/EBITA adj. (x) 20,2 18,4 14,9
EV/EBIT adj. (x) 20,2 18,4 14,9
EV/CE (x) 12,8 11 9,1
Investment ratios N/A N/A N/A
Capex/sales (%) 2 0,6 0,5
Capex/depreciation 3,5 1,3 1
Capex tangibles / tangible fixed assets 137,7 44,8 44,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 38,79 35,81 44,76

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.

19,6

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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14,5

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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2,8

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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9,6