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Coverage

Inission

Inission

SEKm 2024 2025e 2026e
Sales 2152 2174 2282
Sales growth (%) -2 1 5
EBITDA 218 236 255
EBITDA margin (%) 10,1 10,9 11,2
EBIT adj. 128 145 162
EBIT adj. margin (%) 6 6,7 7,1
Pretax profit 94 118 136
EPS 3,43 4,21 4,83
EPS growth (%) -23,3 22,7 14,8
EPS adj. 3,59 4,36 4,99
DPS 0,7 1,05 1,45
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBIT adj. (x) 9,9 8,3 7,2
P/E (x) 11 9 7,8
P/E adj. (x) 10,6 8,7 7,6
EV/sales (x) 0,59 0,56 0,51
FCF yield (%) 11,7 17,5 16,8
Le. adj. FCF yld. (%) 7,4 13,3 12
Dividend yield (%) 1,9 2,8 3,8
Net IB debt/EBITDA (x) 2 1,5 1,2
Le. adj. ND/EBITDA (x) 1,1 0,5 0,1
SEKm 2024 2025e 2026e
Sales 2152 2174 2282
COGS -1228 -1255 -1322
Gross profit 924 919 960
Other operating items -706 -682 -705
EBITDA 218 236 255
Depreciation and amortisation -86 -88 -89
of which leasing depreciation -38 -39 -40
EBITA 132 149 165
EO Items 0 0 0
Impairment and PPA amortisation -3 -3 -3
EBIT 128 145 162
Net financial items -34 -27 -26
Pretax profit 94 118 136
Tax -18 -25 -28
Net profit 76 93 107
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 76 93 107
EPS 3,43 4,21 4,83
EPS adj. 3,59 4,36 4,99
Total extraordinary items after tax 0 0 0
Leasing payments -43 -44 -50
Tax rate (%) 19,1 21 21
Gross margin (%) 42,9 42,3 42,1
EBITDA margin (%) 10,1 10,9 11,2
EBITA margin (%) 6,1 6,8 7,2
EBIT margin (%) 6 6,7 7,1
Pre-tax margin (%) 4,4 5,4 5,9
Net margin (%) 3,5 4,3 4,7
Sales growth (%) -2 1 5
EBITDA growth (%) -10,6 8,6 7,7
EBITA growth (%) -18,9 12,7 11,2
EBIT growth (%) -19,3 13,1 11,5
Net profit growth (%) -20,3 22,1 14,8
EPS growth (%) -23,3 22,7 14,8
Profitability N/A N/A N/A
ROE (%) 12 13,2 13,6
ROE adj. (%) 12,5 13,7 14,1
ROCE (%) 10,9 11,4 11,7
ROCE adj. (%) 11,2 11,6 12
ROIC (%) 9,8 10,6 11,6
ROIC adj. (%) 9,8 10,6 11,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 252 279 307
EBITA adj. 132 149 165
EBITDA adj. margin (%) 10,8 11,3 11,8
EBITA adj. margin (%) 6,1 6,8 7,2
EBITDA lease adj. 204 221 241
EBIT adj. 128 145 162
EBITDA lease adj. margin (%) 8,7 8,9 9,3
EBIT adj. margin (%) 6 6,7 7,1
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
EBITDA 218 236 255
Goodwill 198 198 198
Other intangible assets 111 95 80
Net financial items -34 -27 -26
Paid tax -15 -25 -28
Tangible fixed assets 100 96 93
Non-cash items -5 0 0
Right-of-use asset 243 269 297
Cash flow before change in WC 164 185 200
Total other fixed assets 28 28 28
Change in working capital -20 -5 -25
Fixed assets 680 687 697
Operating cash flow 143 179 175
Inventories 581 587 616
Capex tangible fixed assets -20 -22 -23
Receivables 301 304 319
Capex intangible fixed assets -19 -11 -11
Other current assets 22 22 23
Acquisitions and Disposals -6 0 0
Cash and liquid assets 145 241 319
Free cash flow 98 147 141
Total assets 1729 1841 1974
Dividend paid -15 -16 -23
Shareholders equity 666 743 827
Share issues and buybacks 0 0 0
Minority 2 2 2
Leasing liability amortisation -37 -36 -40
Total equity 668 746 829
Other non-cash items -109 -33 -31
Long-term debt 100 100 100
Pension debt 7 7 7
Convertible debt 0 0 0
Leasing liability 237 267 295
Total other long-term liabilities 62 62 62
Short-term debt 234 234 234
Accounts payable 237 239 251
Other current liabilities 185 187 195
Total liabilities and equity 1729 1841 1974
Net IB debt 432 366 317
Net IB debt excl. pension debt 426 360 311
Net IB debt excl. leasing 195 100 22
Capital employed 1246 1353 1465
Capital invested 1100 1112 1147
Working capital 482 487 512
Market cap. diluted (m) 840 840 840
Net IB debt adj. 432 366 317
Market value of minority 2 2 2
Reversal of shares and participations -1 -1 -1
EV 1273 1207 1158
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 130,5 121,8 119,7
Working capital/sales (%) 22,1 22,3 21,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 64,7 49,1 38,3
Net debt / market cap (%) 51,5 43,6 37,8
Equity ratio (%) 38,6 40,5 42
Net IB debt adj. / equity (%) 64,7 49,1 38,3
Current ratio 1,6 1,75 1,88
EBITDA/net interest 6,5 8,7 9,7
Net IB debt/EBITDA (x) 2 1,5 1,2
Net IB debt/EBITDA lease adj. (x) 1,1 0,5 0,1
Interest coverage 3,8 5,1 5,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 22 22 22
Diluted shares adj. 22 22 22
EPS 3,43 4,21 4,83
Dividend per share 0,7 1,05 1,45
EPS adj. 3,59 4,36 4,99
BVPS 30,05 33,55 37,33
BVPS adj. 16,11 20,32 24,78
Net IB debt/share 19,51 16,53 14,33
Share price 37,9 37,9 37,9
Market cap. (m) 840 840 840
P/E (x) 11 9 7,8
EV/sales (x) 0,59 0,56 0,51
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBITA (x) 9,7 8,1 7
EV/EBIT (x) 9,9 8,3 7,2
Dividend yield (%) 1,9 2,8 3,8
FCF yield (%) 11,7 17,5 16,8
Le. adj. FCF yld. (%) 7,4 13,3 12
P/BVPS (x) 1,26 1,13 1,02
P/BVPS adj. (x) 2,35 1,87 1,53
P/E adj. (x) 10,6 8,7 7,6
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 9,7 8,1 7
EV/EBIT adj. (x) 9,9 8,3 7,2
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 1,5 1,5
Capex/depreciation 0,8 0,7 0,7
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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