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SEKm 2021 2022e 2023e
Sales 115 134 155
Sales growth (%) 40,4 17 15,1
EBITDA 24 26 31
EBITDA margin (%) 21,1 19,5 19,9
EBIT adj 23 24 29
EBIT adj margin (%) 19,9 18,2 18,6
Pretax profit 23 24 29
EPS rep 1,47 1,58 1,85
EPS growth (%) 67,2 7,1 17,4
EPS adj 1,47 1,58 1,85
DPS 1 1,2 1,5
EV/EBITDA (x) 40,5 25,9 21,8
EV/EBIT adj (x) 43 27,7 23,3
P/E (x) 55,9 36,8 31,3
P/E adj (x) 55,9 36,8 31,3
EV/sales (x) 8,6 5 4,3
FCF yield (%) 1,9 2,6 3,2
Dividend yield (%) 1,2 2,1 2,6
Net IB debt/EBITDA -1,3 -1,4 -1,5
Lease adj. FCF yield (%) 1,9 2,6 3,2
Lease adj. ND/EBITDA -1,3 -1,4 -1,5
SEKm 2021 2022e 2023e
Sales 115 134 155
COGS -61 -75 -88
Gross profit 54 59 67
Other operating items -29 -33 -36
EBITDA 24 26 31
Depreciation on tangibles -1 -2 -2
Depreciation on intangibles 0 0 0
EBITA 23 24 29
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 23 24 29
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 23 24 29
Tax -5 -5 -6
Net profit 18 19 23
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 19 23
EPS 1,47 1,58 1,85
EPS Adj 1,47 1,58 1,85
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,7 -20,6 -20,6
Gross margin (%) 46,8 44,2 43,2
EBITDA margin (%) 21,1 19,5 19,9
EBITA margin (%) 19,9 18,2 18,6
EBIT margin (%) 19,9 18,2 18,6
Pretax margin (%) 19,9 18,2 18,6
Net margin (%) 15,8 14,5 14,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 40,4 17 15,1
EBITDA growth (%) 59,8 7,9 17,4
EBIT growth (%) 65,3 7 17,4
Net profit growth (%) 67,2 7,1 17,4
EPS growth (%) 67,2 7,1 17,4
Profitability 2021 2022 2023
ROE (%) 69,3 57,3 55
ROE Adj (%) 69,3 57,3 55
ROCE (%) 87,3 72,2 69,3
ROCE Adj(%) 87,3 72,2 69,3
ROIC (%) -2994,8 -11724,2 5280,3
ROIC Adj (%) -2994,8 -11724,2 5280,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 24 26 31
EBITDA Adj margin (%) 21,1 19,5 19,9
EBITA Adj 23 24 29
EBITA Adj margin (%) 19,9 18,2 18,6
EBIT Adj 23 24 29
EBIT Adj margin (%) 19,9 18,2 18,6
Pretax profit Adj 23 24 29
Net profit Adj 18 19 23
Net profit to shareholders Adj 18 19 23
Net Adj margin (%) 15,8 14,5 14,7
Depreciation and amortisation -1 -2 -2
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 24 26 31
EBITDA lease Adj margin (%) 21,1 19,5 19,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
Total assets 59 66 78
Shareholders equity 30 37 45
Minority 0 0 0
Total equity 30 37 45
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 23 23 26
Other current liabilities 6 6 6
Total liabilities and equity 59 66 78
Net IB debt -31 -37 -45
Net IB debt excl. pension debt -31 -37 -45
Capital invested -1 0 0
Working capital -5 -3 -2
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1013 714 714
Net IB debt Adj -31 -37 -45
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 982 677 669
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 221,1 213,5 214,2
Capital invested turnover (%) 60352 89775,1 21436,1
Capital employed turnover (%) 380,1 408,4 398,6
Inventories / sales (%) 0,4 0,5 0,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,1 16,9 15,9
Working capital / sales (%) -3,9 -2,8 -1,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -102,5 -98,9 -99
Net debt / market cap (%) -3,7 -5,2 -6,3
Equity ratio (%) 51 56,4 58,4
Net IB debt adj. / equity (%) -102,5 -98,9 -99
Current ratio (%) 190,6 218 231,9
EBITDA / net interest (%) -220372,7 0 0
Net IB debt / EBITDA (%) -128,2 -141,5 -146,7
Interest cover (%) -207627,3 0 0
EBITDA 24 26 31
Net financial items 0 0 0
Paid tax -5 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC 20 21 25
Change in WC 0 -2 -1
Operating cash flow 20 19 24
CAPEX tangible fixed assets -1 -1 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 19 18 23
Dividend paid -10 -12 -15
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 2 2 5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 2 1 1
Other fixed assets 0 0 0
Fixed assets 4 3 3
Inventories 0 1 1
Receivables 24 26 29
Other current assets 0 0 0
Cash and liquid assets 31 37 45
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 -31 -37 -45
Net IB debt / EBITDA lease Adj (%) -128,2 -141,5 -146,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 1,47 1,58 1,85
Dividend per share Adj 1 1,2 1,5
EPS Adj 1,47 1,58 1,85
BVPS 2,47 3,05 3,7
BVPS Adj 2,29 2,87 3,52
Net IB debt / share -2,5 -3 -3,7
Share price 67,63 58,1 58,1
Market cap. (m) 831 714 714
Valuation 2021 2022 2023
P/E 55,9 36,8 31,3
EV/sales 8,55 5,04 4,33
EV/EBITDA 40,5 25,9 21,8
EV/EBITA 43 27,7 23,3
EV/EBIT 43 27,7 23,3
Dividend yield (%) 1,2 2,1 2,6
FCF yield (%) 1,9 2,6 3,2
P/BVPS 33,41 19,08 15,7
P/BVPS Adj 35,97 20,24 16,48
P/E Adj 55,9 36,8 31,3
EV/EBITDA Adj 40,5 25,9 21,8
EV/EBITA Adj 43 27,7 23,3
EV/EBIT Adj 43 27,7 23,3
EV/cap. employed 32,4 18,1 14,7
Investment ratios 2021 2022 2023
Capex / sales 0,9 0,7 1
Capex / depreciation 71,3 58,8 75
Capex tangibles / tangible fixed assets 56,5 93,4 262,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 79,2 158,7 350,3
Lease adj. FCF yield (%) 1,9 2,6 3,2

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.

31,4

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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22,5

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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4,2

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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15,5