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Humble Group

Humble Group

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Financials

SEKm 2021 2022e 2023e
Sales 1518 4187 4855
Sales growth (%) 4665,5 175,9 15,9
EBITDA 162 501 641
EBITDA margin (%) 10,7 12 13,2
EBIT adj -245 -475 -241
EBIT adj margin (%) -16,1 -11,3 -5
Pretax profit -387 -633 -403
EPS rep -1,39 -2,45 -1,75
EPS growth (%) -234,8 -76,9 28,8
EPS adj 0,77 0,9 1,27
DPS 0 0 0
EV/EBITDA (x) 51,4 11,8 9,3
EV/EBIT adj (x) -34,1 -12,5 -24,7
P/E (x) -20,2 -6,3 -8,8
P/E adj (x) 36,5 17,2 12,2
EV/sales (x) 5,5 1,4 1,2
FCF yield (%) -34,6 -16,1 -1,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 8,8 3 2,4
Lease adj. FCF yield (%) -34,6 -16,1 -1,2
Lease adj. ND/EBITDA 6,2 3 2,4
SEKm 2021 2022e 2023e
Sales 1518 4187 4855
COGS -1037 -2840 -3221
Gross profit 481 1347 1634
Other operating items -318 -846 -993
EBITDA 162 501 641
Depreciation and amortisation -11 -19 -21
Of which leasing depreciation 0 0 0
EBITA 151 482 620
EO items -68 0 0
Impairment and PPA amortisation -464 -957 -861
EBIT -313 -475 -241
Net financial items -75 -158 -162
Pretax profit -387 -633 -403
Tax 45 -68 -96
Net profit -342 -701 -499
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -342 -701 -499
EPS -1,39 -2,45 -1,75
EPS Adj 0,77 0,9 1,27
Total extraordinary items after tax -67,9 0 0
Leasing payments 0 0 0
Tax rate (%) -11,6 10,8 23,9
Gross margin (%) 31,7 32,2 33,7
EBITDA margin (%) 10,7 12 13,2
EBITA margin (%) 10 11,5 12,8
EBIT margin (%) -20,6 -11,3 -5
Pretax margin (%) -25,5 -15,1 -8,3
Net margin (%) -22,6 -16,7 -10,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 4665,5 175,9 15,9
EBITDA growth (%) 744,7 209,2 27,8
EBIT growth (%) -496,6 -51,8 49,2
Net profit growth (%) -576,4 -104,6 28,8
EPS growth (%) -234,8 -76,9 28,8
Profitability 2021 2022 2023
ROE (%) -22,9 -29,9 -28,7
ROE Adj (%) 12,7 10,9 20,8
ROCE (%) -12,8 -10,1 -5,2
ROCE Adj(%) 9,1 10,3 13,5
ROIC (%) -11,1 -11,2 -6,7
ROIC Adj (%) -8,7 -11,2 -6,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 230 501 641
EBITDA Adj margin (%) 15,2 12 13,2
EBITDA lease Adj 230 501 641
EBITDA lease Adj margin (%) 15,2 12 13,2
EBITA Adj 219 482 620
EBITA Adj margin (%) 14,4 11,5 12,8
EBIT Adj -245 -475 -241
EBIT Adj margin (%) -16,1 -11,3 -5
Pretax profit Adj 145 324 458
Net profit Adj 189 256 362
Net profit to shareholders Adj 189 256 362
Net Adj margin (%) 12,5 6,1 7,5
SEKm 2021 2022e 2023e
EBITDA 162 501 641
Net financial items -75 -158 -162
Paid tax -11 -68 -96
Non-cash items 648 63 23
Cash flow before change in WC 725 338 406
Change in WC -658 -248 -77
Operating cash flow 67 90 329
CAPEX tangible fixed assets -10 -21 -24
CAPEX intangible fixed assets -44 -42 -49
Acquisitions and disposals -2404 -734 -307
Free cash flow -2390 -707 -51
Dividend paid 0 0 0
Share issues and buybacks 1317 622 0
Lease liability amortisation 0 0 0
Other non cash items -1459 186 284
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 2152 2206 1862
Other intangible assets 2632 2100 1632
Tangible fixed assets 297 347 351
Right-of-use asset 0 0 0
Total other fixed assets 44 44 44
Fixed assets 5125 4697 3888
Inventories 516 724 795
Receivables 551 738 798
Other current assets 0 0 0
Cash and liquid assets 421 735 684
Total assets 6613 6895 6165
Shareholders equity 2690 1989 1490
Minority 0 622 622
Total equity 2690 2611 2112
Long-term debt 1736 2136 2136
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1311 1004 716
Short-term debt 107 107 107
Accounts payable 364 511 565
Other current liabilities 405 526 530
Total liabilities and equity 6613 6895 6165
Net IB debt 1422 1508 1559
Net IB debt excl. pension debt 1422 1508 1559
Net IB debt excl. leasing 1422 1508 1559
Capital invested 4705 4711 4264
Working capital 298 425 499
EV breakdown 2021 2022 2023
Market cap. diluted (m) 6915 4402 4402
Net IB debt Adj 1422 1508 1559
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 8337 5910 5961
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 42,8 62 74,3
Working capital / sales (%) 9,5 8,6 9,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 52,9 57,7 73,8
Net debt / market cap (%) 24,5 34,2 35,4
Equity ratio (%) 40,7 37,9 34,3
Net IB debt adj. / equity (%) 52,9 57,7 73,8
Current ratio (%) 169,9 192,1 189,5
EBITDA / net interest (%) 217 317,4 396,7
Net IB debt / EBITDA (%) 877 300,7 243,2
Net IB debt / EBITDA lease Adj (%) 618,2 300,7 243,2
Interest cover (%) 201,1 305,2 383,7
SEKm 2021 2022e 2023e
P/BVPS Adj 12,85 -20,3 -11,85
Shares outstanding adj. 247 286 286
Fully diluted shares Adj 247 286 286
EPS -1,39 -2,45 -1,75
Dividend per share Adj 0 0 0
EPS Adj 0,77 0,9 1,27
BVPS 10,89 6,96 5,22
BVPS Adj 2,18 -0,76 -1,3
Net IB debt / share 5,8 5,3 5,5
Share price 23,48 15,41 15,41
Market cap. (m) 5798 4402 4402
Valuation 2021 2022 2023
P/E -20,2 -6,3 -8,8
EV/sales 5,49 1,41 1,23
EV/EBITDA 51,4 11,8 9,3
EV/EBITA 55,1 12,3 9,6
EV/EBIT -26,7 -12,5 -24,7
Dividend yield (%) 0 0 0
FCF yield (%) -34,6 -16,1 -1,2
Lease adj. FCF yield (%) -34,6 -16,1 -1,2
P/BVPS 2,57 2,21 2,95
P/E Adj 36,5 17,2 12,2
EV/EBITDA Adj 36,2 11,8 9,3
EV/EBITA Adj 38 12,3 9,6
EV/EBIT Adj -34,1 -12,5 -24,7
EV/cap. employed 1,8 1,2 1,4
Investment ratios 2021 2022 2023
Capex / sales 3,5 1,5 1,5
Capex / depreciation 497,7 326,1 348,6
Capex tangibles / tangible fixed assets 3,4 6 6,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 3,6 5,5 6

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.

- 8,8

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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- 24,8

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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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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