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Financials

SEKm 2024 2025e 2026e
Sales 2150 2143 2420
Sales growth (%) -2,1 -0,3 12,9
EBITDA 212 207 254
EBITDA margin (%) 9,8 9,6 10,5
EBIT adj. 131 121 154
EBIT adj. margin (%) 6,1 5,7 6,4
Pretax profit 92 82 127
EPS 3,27 2,75 4,4
EPS growth (%) -26,8 -15,8 59,7
EPS adj. 3,57 3,06 4,54
DPS 1 0,81 1,32
EV/EBITDA (x) 6,3 6,2 4,9
EV/EBIT adj. (x) 10,1 10,6 8
P/E (x) 11,3 13,4 8,4
P/E adj. (x) 10,4 12,1 8,1
EV/sales (x) 0,62 0,6 0,51
FCF yield (%) -5,2 9,1 14,4
Le. adj. FCF yld. (%) -9,8 5,3 10,5
Dividend yield (%) 2,7 2,2 3,6
Net IB debt/EBITDA (x) 2,4 2,1 1,5
Le. adj. ND/EBITDA (x) 1,6 1,3 0,7
SEKm 2024 2025e 2026e
Sales 2150 2143 2420
COGS -1220 -1214 -1365
Gross profit 930 930 1055
Other operating items -718 -723 -801
EBITDA 212 207 254
Depreciation and amortisation -87 -87 -96
of which leasing depreciation -36 -36 -33
EBITA 125 120 158
EO Items -10 -5 0
Impairment and PPA amortisation -3 -3 -3
EBIT 122 116 154
Net financial items -30 -34 -27
Pretax profit 92 82 127
Tax -19 -20 -27
Net profit 73 62 100
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 62 100
EPS 3,27 2,75 4,4
EPS adj. 3,57 3,06 4,54
Total extraordinary items after tax -8 -4 0
Leasing payments -48 -42 -41
Tax rate (%) 20,4 24,6 21
Gross margin (%) 43,2 43,4 43,6
EBITDA margin (%) 9,8 9,6 10,5
EBITA margin (%) 5,8 5,6 6,5
EBIT margin (%) 5,7 5,4 6,4
Pre-tax margin (%) 4,3 3,8 5,2
Net margin (%) 3,4 2,9 4,1
Sales growth (%) -2,1 -0,3 12,9
EBITDA growth (%) -13,2 -2,2 22,7
EBITA growth (%) -23 -4,3 31,7
EBIT growth (%) -23,5 -4,4 32,6
Net profit growth (%) -23,7 -15,3 61,9
EPS growth (%) -26,8 -15,8 59,7
Profitability N/A N/A N/A
ROE (%) 11,4 8,7 12,6
ROE adj. (%) 13,2 9,6 13
ROCE (%) 11 9,5 11,2
ROCE adj. (%) 12,1 10,1 11,4
ROIC (%) 8,8 7,6 10,2
ROIC adj. (%) 9,5 7,9 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 135 125 158
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,3 5,8 6,5
EBITDA lease adj. 204 221 241
EBIT adj. 131 121 154
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6,1 5,7 6,4
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 216 224 224
EBITDA 212 207 254
Other intangible assets 102 103 100
Net financial items -30 -34 -27
Tangible fixed assets 105 130 116
Paid tax -22 -29 -27
Right-of-use asset 236 218 233
Non-cash items -10 -5 0
Total other fixed assets 26 26 26
Cash flow before change in WC 149 139 200
Fixed assets 685 702 699
Change in working capital -142 58 -30
Operating cash flow 7 197 170
Inventories 558 569 605
Capex tangible fixed assets -29 -26 -30
Receivables 397 407 436
Capex intangible fixed assets -15 -14 -18
Other current assets 36 22 24
Acquisitions and Disposals -6 -81 0
Cash and liquid assets 39 146 216
Free cash flow -43 75 121
Total assets 1715 1847 1980
Dividend paid -16 -22 -19
Shareholders equity 667 757 839
Share issues and buybacks 0 22 0
Minority 2 2 2
Leasing liability amortisation -38 -31 -33
Total equity 670 759 841
Other non-cash items -109 -33 -31
Long-term debt 76 91 91
Pension debt 7 6 6
Convertible debt 0 0 0
Leasing liability 233 218 233
Total other long-term liabilities 66 67 67
Short-term debt 231 274 274
Accounts payable 226 246 266
Other current liabilities 206 186 201
Total liabilities and equity 1715 1847 1980
Net IB debt 508 443 389
Net IB debt excl. pension debt 502 437 383
Net IB debt excl. leasing 275 226 156
Capital employed 1217 1348 1446
Capital invested 1178 1203 1230
Working capital 559 567 597
Market cap. diluted (m) 820 843 843
Net IB debt adj. 508 443 389
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
EV 1330 1289 1234
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 131 120,4 126,5
Working capital/sales (%) 23,9 26,3 24,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75,9 58,4 46,2
Net debt / market cap (%) 62 52,6 46,1
Equity ratio (%) 39,1 41,1 42,5
Net IB debt adj. / equity (%) 75,9 58,4 46,2
Current ratio 1,55 1,62 1,73
EBITDA/net interest 6,2 5,6 9,3
Net IB debt/EBITDA (x) 2,4 2,1 1,5
Net IB debt/EBITDA lease adj. (x) 1,6 1,3 0,7
Interest coverage 3,5 3,1 5,4
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 23 23
Diluted shares adj. 22 23 23
EPS 3,27 2,75 4,4
Dividend per share 1 0,81 1,32
EPS adj. 3,57 3,06 4,54
BVPS 30,12 33,21 36,8
BVPS adj. 15,77 18,84 22,59
Net IB debt/share 22,94 19,44 17,06
Share price 37 37 37
Market cap. (m) 820 843 843
P/E (x) 11,3 13,4 8,4
EV/sales (x) 0,6 0,6 0,5
EV/EBITDA (x) 6,3 6,2 4,9
EV/EBITA (x) 10,6 10,8 7,8
EV/EBIT (x) 10,9 11,1 8
Dividend yield (%) 2,7 2,2 3,6
FCF yield (%) -5,2 9,1 14,4
Le. adj. FCF yld. (%) -9,8 5,3 10,5
P/BVPS (x) 1,23 1,11 1,01
P/BVPS adj. (x) 2,35 1,96 1,64
P/E adj. (x) 10,4 12,1 8,1
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 9,9 10,3 7,8
EV/EBIT adj. (x) 10,1 10,6 8
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2 1,9 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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