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Inission

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Financials

SEKm 2025 2026e 2027e
Sales 2206 2421 2545
Sales growth (%) 2,6 9,7 5,1
EBITDA 200 256 278
EBITDA margin (%) 9,1 10,6 10,9
EBIT adj. 124 154 177
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit 50 130 153
EPS 1,33 4,44 5,26
EPS growth (%) -59,2 N/A 18,4
EPS adj. 2,9 4,81 5,63
DPS 0,6 1,33 1,58
EV/EBITDA (x) 8,3 6,3 5,7
EV/EBIT adj. (x) 13,4 10,4 9
P/E (x) 38,4 11,5 9,7
P/E adj. (x) 17,6 10,6 9,1
EV/sales (x) 0,75 0,66 0,62
FCF yield (%) 4,8 10 11,8
Le. adj. FCF yld. (%) 1,7 6,8 8,9
Dividend yield (%) 1,2 2,6 3,1
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Le. adj. ND/EBITDA (x) 1,5 0,9 0,7
SEKm 2025 2026e 2027e
Sales 2206 2421 2545
COGS -1226 -1345 -1409
Gross profit 980 1075 1135
Other operating items -780 -820 -858
EBITDA 200 256 278
Depreciation and amortisation -89 -91 -90
of which leasing depreciation -37 -38 -40
EBITA 111 165 188
EO Items -18 0 0
Impairment and PPA amortisation -5 -11 -11
EBIT 106 154 177
Net financial items -56 -24 -24
Pretax profit 50 130 153
Tax -20 -27 -32
Net profit 30 102 121
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 102 121
EPS 1,33 4,44 5,26
EPS adj. 2,9 4,81 5,63
Total extraordinary items after tax -9 2 2
Leasing payments -53 -45 -44
Tax rate (%) 39,3 21 21
Gross margin (%) 44,4 44,4 44,6
EBITDA margin (%) 9,1 10,6 10,9
EBITA margin (%) 5 6,8 7,4
EBIT margin (%) 4,8 6,4 7
Pre-tax margin (%) 2,3 5,3 6
Net margin (%) 1,4 4,2 4,8
Sales growth (%) 2,6 9,7 5,1
EBITDA growth (%) -5,3 27,7 8,7
EBITA growth (%) -11,2 48,3 14,3
EBIT growth (%) -13,1 45,4 15,3
Net profit growth (%) -58,5 237,7 18,4
EPS growth (%) -59,2 N/A 18,4
Profitability N/A N/A N/A
ROE (%) 4,3 13,8 14,6
ROE adj. (%) 6,4 15 15,6
ROCE (%) 9,8 12,1 13
ROCE adj. (%) 11,6 13 13,8
ROIC (%) 5,7 10,9 11,9
ROIC adj. (%) 6,6 10,9 11,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 279 307 N/A
EBITA adj. 129 165 188
EBITDA adj. margin (%) 11,3 11,8 N/A
EBITA adj. margin (%) 5,8 6,8 7,4
EBITDA lease adj. 221 241 N/A
EBIT adj. 124 154 177
EBITDA lease adj. margin (%) 8,9 9,3 N/A
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit Adj. 146 166 N/A
Net profit Adj. 116 131 N/A
Net profit to shareholders adj. 116 131 N/A
Net adj. margin (%) 4,7 5,1 N/A
SEKm 2025 2026e 2027e
Goodwill 220 220 220
EBITDA 200 256 278
Other intangible assets 100 89 80
Net financial items -56 -24 -24
Tangible fixed assets 101 96 96
Paid tax -18 -27 -32
Right-of-use asset 233 243 254
Non-cash items 30 0 0
Total other fixed assets 24 24 24
Cash flow before change in WC 156 204 222
Fixed assets 677 672 673
Change in working capital 22 -38 -31
Operating cash flow 178 166 191
Inventories 579 605 636
Capex tangible fixed assets -25 -30 -32
Receivables 416 436 458
Capex intangible fixed assets -14 -18 -19
Other current assets 40 24 25
Acquisitions and Disposals -85 0 0
Cash and liquid assets 49 115 147
Free cash flow 54 117 140
Total assets 1760 1853 1940
Dividend paid -22 -14 -31
Shareholders equity 695 783 874
Share issues and buybacks 23 0 0
Minority 3 3 3
Leasing liability amortisation -35 -37 -35
Total equity 698 786 877
Other non-cash items -33 -31 N/A
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 N/A
Leasing liability 224 235 251
Total other long-term liabilities 66 66 23
Short-term debt 225 220 220
Accounts payable 271 266 280
Other current liabilities 198 196 206
Total liabilities and equity 1760 1853 1940
Net IB debt 478 423 407
Net IB debt excl. pension debt 469 414 398
Net IB debt excl. leasing 254 188 156
Capital employed 1225 1325 1431
Capital invested 1176 1209 1284
Working capital 565 603 634
Market cap. diluted (m) 1180 1180 1180
Net IB debt adj. 478 423 407
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
EV 1660 1605 1590
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 127 134 134,2
Working capital/sales (%) 25,5 24,1 24,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 68,4 53,8 46,5
Net debt / market cap (%) 40,5 35,9 34,5
Equity ratio (%) 39,7 42,4 45,2
Net IB debt adj. / equity (%) 68,4 53,8 46,5
Current ratio 1,56 1,73 1,79
EBITDA/net interest 3,2 10,5 11,6
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Net IB debt/EBITDA lease adj. (x) 1,5 0,9 0,7
Interest coverage 1,7 6,6 7,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 4,44 5,26
Dividend per share 0,6 1,33 1,58
EPS adj. 2,9 4,81 5,63
BVPS 30,18 34,01 37,93
BVPS adj. 16,29 20,58 24,93
Net IB debt/share 20,74 18,36 17,68
Share price 51,2 51,2 51,2
Market cap. (m) 1180 1180 1180
P/E (x) 38,4 11,5 9,7
EV/sales (x) 0,8 0,7 0,6
EV/EBITDA (x) 8,3 6,3 5,7
EV/EBITA (x) 15 9,7 8,4
EV/EBIT (x) 15,7 10,4 9
Dividend yield (%) 1,2 2,6 3,1
FCF yield (%) 4,8 10 11,8
Le. adj. FCF yld. (%) 1,7 6,8 8,9
P/BVPS (x) 1,7 1,51 1,35
P/BVPS adj. (x) 3,14 2,49 2,05
P/E adj. (x) 17,6 10,6 9,1
EV/EBITDA adj. (x) 5,2 4,4 N/A
EV/EBITA adj. (x) 12,9 9,7 8,4
EV/EBIT adj. (x) 13,4 10,4 9
EV/CE (x) 1,4 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 2 2
Capex/depreciation 0,7 0,9 1
Capex tangibles / tangible fixed assets 22,9 25,4 N/A
Capex intangibles / definite intangibles 0 0 N/A
Depreciation on intang / def. intang 11 12 N/A
Depreciation on tangibles / tangibles 28,86 31,35 N/A

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.

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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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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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