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Financials

SEKm 2024 2025e 2026e
Sales 2150 2164 2437
Sales growth (%) -2,1 0,6 12,6
EBITDA 212 198 259
EBITDA margin (%) 9,8 9,1 10,6
EBIT adj. 131 119 162
EBIT adj. margin (%) 6,1 5,5 6,6
Pretax profit 92 72 134
EPS 3,27 2,37 4,63
EPS growth (%) -26,8 -27,6 95,6
EPS adj. 3,57 2,99 4,75
DPS 1 0,7 1,39
EV/EBITDA (x) 6,9 7,4 5,4
EV/EBIT adj. (x) 11,1 12,3 8,7
P/E (x) 13,1 18,1 9,2
P/E adj. (x) 12 14,3 9
EV/sales (x) 0,68 0,68 0,58
FCF yield (%) -4,5 3 12,9
Le. adj. FCF yld. (%) -8,5 -0,3 9,7
Dividend yield (%) 2,3 1,6 3,2
Net IB debt/EBITDA (x) 2,4 2,4 1,6
Le. adj. ND/EBITDA (x) 1,6 1,6 0,9
SEKm 2024 2025e 2026e
Sales 2150 2164 2437
COGS -1220 -1213 -1365
Gross profit 930 950 1072
Other operating items -718 -753 -813
EBITDA 212 198 259
Depreciation and amortisation -87 -89 -94
of which leasing depreciation -36 -36 -35
EBITA 125 108 165
EO Items -10 -14 0
Impairment and PPA amortisation -3 -3 -3
EBIT 122 105 162
Net financial items -30 -33 -28
Pretax profit 92 72 134
Tax -19 -18 -28
Net profit 73 54 106
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 53 106
EPS 3,27 2,37 4,63
EPS adj. 3,57 2,99 4,75
Total extraordinary items after tax -8 -11 1
Leasing payments -48 -42 -39
Tax rate (%) 20,4 25,6 21
Gross margin (%) 43,2 43,9 44
EBITDA margin (%) 9,8 9,1 10,6
EBITA margin (%) 5,8 5 6,8
EBIT margin (%) 5,7 4,9 6,6
Pre-tax margin (%) 4,3 3,3 5,5
Net margin (%) 3,4 2,5 4,3
Sales growth (%) -2,1 0,6 12,6
EBITDA growth (%) -13,2 -6,5 31,1
EBITA growth (%) -23 -13,4 52,3
EBIT growth (%) -23,5 -13,7 53,9
Net profit growth (%) -23,7 -26,6 96,8
EPS growth (%) -26,8 -27,6 95,6
Profitability N/A N/A N/A
ROE (%) 11,4 7,8 14,1
ROE adj. (%) 13,2 9,8 14,5
ROCE (%) 11 8,9 12,1
ROCE adj. (%) 12,1 10,3 12,3
ROIC (%) 8,8 6,8 10,8
ROIC adj. (%) 9,5 7,7 10,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 135 123 165
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,3 5,7 6,8
EBITDA lease adj. 204 221 241
EBIT adj. 131 119 162
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6,1 5,5 6,6
Pretax profit Adj. 132 146 166
Net profit Adj. 106 116 131
Net profit to shareholders adj. 106 116 131
Net adj. margin (%) 4,5 4,7 5,1
SEKm 2024 2025e 2026e
Goodwill 216 220 220
EBITDA 212 198 259
Other intangible assets 102 103 99
Net financial items -30 -33 -28
Tangible fixed assets 105 131 121
Paid tax -22 -23 -28
Right-of-use asset 236 208 222
Non-cash items -10 -2 0
Total other fixed assets 26 27 27
Cash flow before change in WC 149 141 203
Fixed assets 685 689 689
Change in working capital -142 8 -29
Operating cash flow 7 149 174
Inventories 558 574 609
Capex tangible fixed assets -29 -30 -30
Receivables 397 411 439
Capex intangible fixed assets -15 -10 -18
Other current assets 36 23 24
Acquisitions and Disposals -6 -81 0
Cash and liquid assets 39 104 182
Free cash flow -43 29 126
Total assets 1715 1801 1943
Dividend paid -16 -22 -16
Shareholders equity 667 705 794
Share issues and buybacks 0 23 0
Minority 2 3 3
Leasing liability amortisation -38 -31 -31
Total equity 670 707 797
Other non-cash items -109 -33 -31
Long-term debt 76 94 94
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 233 208 225
Total other long-term liabilities 66 67 67
Short-term debt 231 281 281
Accounts payable 226 248 268
Other current liabilities 206 192 206
Total liabilities and equity 1715 1801 1943
Net IB debt 508 484 423
Net IB debt excl. pension debt 502 478 417
Net IB debt excl. leasing 275 276 198
Capital employed 1217 1295 1402
Capital invested 1178 1191 1220
Working capital 559 569 598
Market cap. diluted (m) 948 976 976
Net IB debt adj. 508 484 423
Market value of minority 2 3 3
Reversal of shares and participations 0 0 0
EV 1459 1463 1402
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 131 123,1 130,1
Working capital/sales (%) 23,9 26,1 23,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75,9 68,4 53,1
Net debt / market cap (%) 53,6 49,6 43,3
Equity ratio (%) 39,1 39,3 41
Net IB debt adj. / equity (%) 75,9 68,4 53,1
Current ratio 1,55 1,54 1,66
EBITDA/net interest 6,2 5,5 9,3
Net IB debt/EBITDA (x) 2,4 2,4 1,6
Net IB debt/EBITDA lease adj. (x) 1,6 1,6 0,9
Interest coverage 3,5 2,8 5,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 23 23
Diluted shares adj. 22 23 23
EPS 3,27 2,37 4,63
Dividend per share 1 0,7 1,39
EPS adj. 3,57 2,99 4,75
BVPS 30,12 30,88 34,81
BVPS adj. 15,77 16,71 20,79
Net IB debt/share 22,94 21,21 18,55
Share price 42,8 42,8 42,8
Market cap. (m) 948 976 976
P/E (x) 13,1 18,1 9,2
EV/sales (x) 0,7 0,7 0,6
EV/EBITDA (x) 6,9 7,4 5,4
EV/EBITA (x) 11,7 13,5 8,5
EV/EBIT (x) 12 13,9 8,7
Dividend yield (%) 2,3 1,6 3,2
FCF yield (%) -4,5 3 12,9
Le. adj. FCF yld. (%) -8,5 -0,3 9,7
P/BVPS (x) 1,42 1,39 1,23
P/BVPS adj. (x) 2,71 2,56 2,06
P/E adj. (x) 12 14,3 9
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 10,8 11,9 8,5
EV/EBIT adj. (x) 11,1 12,3 8,7
EV/CE (x) 1,2 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 2 1,8 2
Capex/depreciation 0,9 0,8 0,8
Capex tangibles / tangible fixed assets 45 22,9 25,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 9 11 12
Depreciation on tangibles / tangibles 23,51 28,86 31,35

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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