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Financials

SEKm 2025 2026e 2027e
Sales 2206,2 2649,91 2816,95
Sales growth (%) 2,6 20,1 6,3
EBITDA 200 267 298
EBITDA margin (%) 9,1 10,1 10,6
EBIT adj. 129 167 195
EBIT adj. margin (%) 5,8 6,3 6,9
Pretax profit 50 146 171
EPS 1,33 5,01 5,84
EPS growth (%) -59,3 N/A 16,6
EPS adj. 3,05 5,32 6,15
DPS N/A N/A N/A
Dividend per share 0,6 1,5 1,75
EV/EBITDA (x) 10,1 7,6 6,8
EV/EBIT adj. (x) 15,7 12,2 10,4
P/E (x) 50,38 13,37 11,47
P/E adj. (x) 22 12,6 10,9
EV/sales (x) 0,92 0,77 0,72
FCF yield (%) 5 5,2 9,1
Le. adj. FCF yld. (%) 2,7 2,5 6,5
Dividend yield (%) 0,9 2,2 2,6
Net IB debt/EBITDA (x) 2,4 1,8 1,6
Le. adj. ND/EBITDA (x) 1,4 1 0,8
SEKm 2025 2026e 2027e
Sales 2206,2 2649,91 2816,95
COGS -1226 -1486 -1572
Gross profit 980 1164 1245
Other operating items -780 -897 -946
EBITDA 200 267 298
Depreciation and amortisation -89 -92 -94
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -43 -40 -45
EBITA 111,1 175,42 203,9
EO Items N/A N/A N/A
Operating EO items -23 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -5 -9 -9
EBIT 105,9 166,52 195
Net financial items -56 -21 -24
Pretax profit 50 146 171
Tax -20 -30 -36
Net profit 31 116 135
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 116 135
EPS 1,33 5,01 5,84
EPS adj. 3,05 5,32 6,15
Total extraordinary items after tax -13 2 2
Leasing payments -44 -50 -49
Tax rate (%) 38,8 20,3 21
Gross margin (%) 44,4 43,9 44,2
EBITDA margin (%) 9,1 10,1 10,6
EBITA margin (%) 5 6,6 7,2
EBIT margin (%) 4,8 6,3 6,9
Pre-tax margin (%) 2,3 5,5 6,1
Net margin (%) 1,4 4,4 4,8
Sales growth (%) 2,6 20,1 6,3
EBITDA growth (%) -5,3 33,3 11,7
EBITA growth (%) -11,1 57,9 16,2
EBIT growth (%) -13 57,2 17,1
Net profit growth (%) -58 277,9 16,2
EPS growth (%) -59,3 N/A 16,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 4,4 15,4 15,7
ROE adj. (%) 7 16,3 16,5
ROCE (%) 5,9 12,8 13,9
ROCE adj. (%) 8,2 13,5 14,5
ROIC (%) 5,8 11,3 12
ROIC adj. (%) 6,9 11,3 12
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 223 267 298
EBITDA adj. margin (%) 10,1 10,1 10,6
EBITDA lease adj. 179 217 250
EBITDA lease adj. margin (%) 8,1 8,2 8,9
EBITA adj. 134 175 204
EBITA adj. margin (%) 6,1 6,6 7,2
EBIT adj. 129 167 195
EBIT adj. margin (%) 5,8 6,3 6,9
Pretax profit Adj. 78 154 180
Net profit Adj. 48 123 142
Net profit to shareholders adj. 48 123 142
Net adj. margin (%) 2,2 4,6 5
SEKm 2025 2026e 2027e
Goodwill 220 224 224
EBITDA 200 267 298
Other intangible assets 100 92 87
Net financial items -56 -21 -24
Tangible fixed assets 101 97 100
Paid tax -18 -31 -36
Right-of-use asset 233 275 286
Non-cash items 30 1 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 157 216 238
Fixed assets 677 712 721
Change in working capital 22 -89 -42
Operating cash flow 179 127 196
Inventories 579 662 704
Capex tangible fixed assets -25 -28 -35
Receivables 416 477 507
Capex intangible fixed assets -15 -18 -21
Other current assets 40 26 28
Acquisitions and Disposals -64 0 0
Cash and liquid assets 49 49 73
Free cash flow 75 81 140
Total assets 1760 1927 2034
Dividend paid -22 -14 -35
Shareholders equity 696 811 911
Share issues and buybacks 1 0 0
Minority 3 3 3
Leasing liability amortisation -35 -42 -39
Total equity 698 814 915
Other non-cash items N/A N/A N/A
Other changes in net debt 12 -35 -17
Long-term debt 69 66 66
Pension debt 9 8 8
Convertible debt 0 0 0
Leasing liability 224 261 279
Total other long-term liabilities 66 69 27
Short-term debt 225 198 198
Accounts payable 271 291 310
Other current liabilities 198 218 231
Total liabilities and equity 1760 1927 2034
Net IB debt 477 485 479
Net IB debt excl. pension debt 468 476 470
Net IB debt excl. leasing 254 223 200
Capital employed 1225 1349 1466
Capital invested 1176 1299 1393
Working capital 565 657 699
Market cap. diluted (m) 1544 1546 1546
Net IB debt adj. 477 485 479
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2024 2034 2027
Total assets turnover (%) 127 143,7 142,2
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 23,1 24,1
Year N/A N/A N/A
Net debt/equity (%) 68,4 59,5 52,3
Net debt / market cap (%) 30,9 31,4 31
Equity ratio (%) 39,7 42,3 45
Net IB debt adj. / equity (%) 68,4 59,5 52,3
Current ratio 1,56 1,72 1,78
EBITDA/net interest 10,5 14 12,2
Net IB debt/EBITDA (x) 2,4 1,8 1,6
Net IB debt/EBITDA lease adj. (x) 1,4 1 0,8
Interest coverage 5,2 9 8,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 5,01 5,84
Dividend per share 0,6 1,5 1,75
EPS adj. 3,05 5,32 6,15
BVPS 30,19 35,16 39,5
BVPS adj. 16,31 21,44 25,99
Net IB debt/share 20,72 21,01 20,74
Share price 67 67 67
Market cap. (m) 1544 1546 1546
P/E (x) 50,38 13,37 11,47
EV/sales (x) 0,92 0,77 0,72
EV/EBITDA (x) 10,1 7,6 6,8
EV/EBITA (x) 18,2 11,6 9,9
EV/EBIT (x) 19,1 12,2 10,4
Dividend yield (%) 0,9 2,2 2,6
FCF yield (%) 5 5,2 9,1
Le. adj. FCF yld. (%) 2,7 2,5 6,5
P/BVPS (x) 2,22 1,91 1,7
P/BVPS adj. (x) 4,11 3,12 2,58
P/E adj. (x) 22 12,6 10,9
EV/EBITDA adj. (x) 9,1 7,6 6,8
EV/EBITA adj. (x) 15,1 11,6 9,9
EV/EBIT adj. (x) 15,7 12,2 10,4
EV/CE (x) 1,7 1,5 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -1,7 -2
Capex/depreciation 0,9 0,9 1,1
Capex tangibles / tangible fixed assets 25 29,1 35,1
Capex intangibles / definite intangibles 14,7 19,3 24,2
Depreciation on intang / def. intang 16 19 20
Depreciation on tangibles / tangibles 29,22 34,99 31,94

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.

11,5

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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10,4

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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0,7

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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1,7