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Financials

SEKm 2025 2026e 2027e
Sales 2164 2437 2559
Sales growth (%) 0,6 12,6 5
EBITDA 198 259 277
EBITDA margin (%) 9,1 10,6 10,8
EBIT adj. 119 162 179
EBIT adj. margin (%) 5,5 6,6 7
Pretax profit 72 134 151
EPS 2,37 4,63 5,23
EPS growth (%) -27,6 95,6 13
EPS adj. 2,99 4,75 5,35
DPS 0,7 1,39 1,57
EV/EBITDA (x) 7,4 5,4 4,9
EV/EBIT adj. (x) 12,3 8,7 7,5
P/E (x) 18,1 9,2 8,2
P/E adj. (x) 14,3 9 8
EV/sales (x) 0,68 0,58 0,53
FCF yield (%) 3 12,9 13,9
Le. adj. FCF yld. (%) -0,3 9,7 10,5
Dividend yield (%) 1,6 3,2 3,7
Net IB debt/EBITDA (x) 2,4 1,6 1,3
Le. adj. ND/EBITDA (x) 1,6 0,9 0,5
SEKm 2025 2026e 2027e
Sales 2164 2437 2559
COGS -1213 -1365 -1428
Gross profit 950 1072 1130
Other operating items -753 -813 -853
EBITDA 198 259 277
Depreciation and amortisation -89 -94 -95
of which leasing depreciation -36 -35 -37
EBITA 108 165 182
EO Items -14 0 0
Impairment and PPA amortisation -3 -3 -3
EBIT 105 162 179
Net financial items -33 -28 -28
Pretax profit 72 134 151
Tax -18 -28 -32
Net profit 54 106 119
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 53 106 119
EPS 2,37 4,63 5,23
EPS adj. 2,99 4,75 5,35
Total extraordinary items after tax -11 1 1
Leasing payments -42 -39 -42
Tax rate (%) 25,6 21 21
Gross margin (%) 43,9 44 44,2
EBITDA margin (%) 9,1 10,6 10,8
EBITA margin (%) 5 6,8 7,1
EBIT margin (%) 4,9 6,6 7
Pre-tax margin (%) 3,3 5,5 5,9
Net margin (%) 2,5 4,3 4,7
Sales growth (%) 0,6 12,6 5
EBITDA growth (%) -6,5 31,1 6,9
EBITA growth (%) -13,4 52,3 10,6
EBIT growth (%) -13,7 53,9 10,8
Net profit growth (%) -26,6 96,8 13
EPS growth (%) -27,6 95,6 13
Profitability N/A N/A N/A
ROE (%) 7,8 14,1 14,3
ROE adj. (%) 9,8 14,5 14,6
ROCE (%) 8,9 12,1 12,5
ROCE adj. (%) 10,3 12,3 12,7
ROIC (%) 6,8 10,8 11,6
ROIC adj. (%) 7,7 10,8 11,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 279 307 N/A
EBITA adj. 123 165 182
EBITDA adj. margin (%) 11,3 11,8 N/A
EBITA adj. margin (%) 5,7 6,8 7,1
EBITDA lease adj. 221 241 N/A
EBIT adj. 119 162 179
EBITDA lease adj. margin (%) 8,9 9,3 N/A
EBIT adj. margin (%) 5,5 6,6 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 198 259 277
Other intangible assets 103 99 97
Net financial items -33 -28 -28
Tangible fixed assets 131 121 113
Paid tax -23 -28 -32
Right-of-use asset 208 222 236
Non-cash items -2 0 0
Total other fixed assets 27 27 27
Cash flow before change in WC 141 203 218
Fixed assets 689 689 693
Change in working capital 8 -29 -30
Operating cash flow 149 174 187
Inventories 574 609 640
Capex tangible fixed assets -30 -30 -32
Receivables 411 439 461
Capex intangible fixed assets -10 -18 -19
Other current assets 23 24 26
Acquisitions and Disposals -81 0 0
Cash and liquid assets 104 182 253
Free cash flow 29 126 136
Total assets 1801 1943 2072
Dividend paid -22 -16 -32
Shareholders equity 705 794 882
Share issues and buybacks 23 0 0
Minority 3 3 3
Leasing liability amortisation -31 -31 -34
Total equity 707 797 884
Other non-cash items -33 -31 N/A
Long-term debt 94 94 94
Pension debt 6 6 6
Convertible debt 0 0 N/A
Leasing liability 208 225 243
Total other long-term liabilities 67 67 67
Short-term debt 281 281 281
Accounts payable 248 268 281
Other current liabilities 192 206 216
Total liabilities and equity 1801 1943 2072
Net IB debt 484 423 370
Net IB debt excl. pension debt 478 417 364
Net IB debt excl. leasing 276 198 128
Capital employed 1295 1402 1507
Capital invested 1191 1220 1255
Working capital 569 598 628
Market cap. diluted (m) 976 976 976
Net IB debt adj. 484 423 370
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
EV 1463 1402 1349
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 123,1 130,1 127,4
Working capital/sales (%) 26,1 23,9 24
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 68,4 53,1 41,9
Net debt / market cap (%) 49,6 43,3 37,9
Equity ratio (%) 39,3 41 42,7
Net IB debt adj. / equity (%) 68,4 53,1 41,9
Current ratio 1,54 1,66 1,77
EBITDA/net interest 5,5 9,3 10
Net IB debt/EBITDA (x) 2,4 1,6 1,3
Net IB debt/EBITDA lease adj. (x) 1,6 0,9 0,5
Interest coverage 2,8 5,7 6,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 2,37 4,63 5,23
Dividend per share 0,7 1,39 1,57
EPS adj. 2,99 4,75 5,35
BVPS 30,88 34,81 38,65
BVPS adj. 16,71 20,79 24,74
Net IB debt/share 21,21 18,55 16,23
Share price 42,8 42,8 42,8
Market cap. (m) 976 976 976
P/E (x) 18,1 9,2 8,2
EV/sales (x) 0,7 0,6 0,5
EV/EBITDA (x) 7,4 5,4 4,9
EV/EBITA (x) 13,5 8,5 7,4
EV/EBIT (x) 13,9 8,7 7,5
Dividend yield (%) 1,6 3,2 3,7
FCF yield (%) 3 12,9 13,9
Le. adj. FCF yld. (%) -0,3 9,7 10,5
P/BVPS (x) 1,39 1,23 1,11
P/BVPS adj. (x) 2,56 2,06 1,73
P/E adj. (x) 14,3 9 8
EV/EBITDA adj. (x) 5,2 4,4 N/A
EV/EBITA adj. (x) 11,9 8,5 7,4
EV/EBIT adj. (x) 12,3 8,7 7,5
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 2 2
Capex/depreciation 0,8 0,8 0,9
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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