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Financials

SEKm 2025 2026e 2027e
Sales 2206,3 2453,25 2585,93
Sales growth (%) 2,6 11,2 5,4
EBITDA 200 258 281
EBITDA margin (%) 9,1 10,5 10,9
EBIT adj. 124 156 180
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit 50 131 156
EPS 1,33 4,51 5,35
EPS growth (%) -59,2 N/A 18,6
EPS adj. 2,9 4,88 5,72
DPS N/A N/A N/A
Dividend per share 0,6 1,35 1,6
EV/EBITDA (x) 9,7 7,3 6,7
EV/EBIT adj. (x) 15,7 12,1 10,4
P/E (x) 47,51 14,06 11,85
P/E adj. (x) 21,8 13 11,1
EV/sales (x) 0,88 0,77 0,73
FCF yield (%) 3,9 7,5 9,5
Le. adj. FCF yld. (%) 1,4 5 7,1
Dividend yield (%) 0,9 2,1 2,5
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Le. adj. ND/EBITDA (x) 1,5 0,9 0,7
SEKm 2025 2026e 2027e
Sales 2206,3 2453,25 2585,93
COGS -1226 -1365 -1433
Gross profit 980 1089 1153
Other operating items -780 -831 -871
EBITDA 200 258 281
Depreciation and amortisation -89 -91 -90
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -37 -38 -40
EBITA 111 166,72 191,22
EO Items N/A N/A N/A
Operating EO items -18 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -5 -11 -11
EBIT 105,8 155,92 180,42
Net financial items -56 -24 -24
Pretax profit 50 131 156
Tax -20 -28 -33
Net profit 30 104 123
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 30 104 123
EPS 1,33 4,51 5,35
EPS adj. 2,9 4,88 5,72
Total extraordinary items after tax -9 2 2
Leasing payments -53 -45 -44
Tax rate (%) 39,3 21 21
Gross margin (%) 44,4 44,4 44,6
EBITDA margin (%) 9,1 10,5 10,9
EBITA margin (%) 5 6,8 7,4
EBIT margin (%) 4,8 6,4 7
Pre-tax margin (%) 2,3 5,4 6
Net margin (%) 1,4 4,2 4,8
Sales growth (%) 2,6 11,2 5,4
EBITDA growth (%) -5,3 28,7 9,1
EBITA growth (%) -11,2 50,2 14,7
EBIT growth (%) -13,1 47,4 15,7
Net profit growth (%) -58,5 242,8 18,6
EPS growth (%) -59,2 N/A 18,6
Profitability N/A N/A N/A
ROE (%) 4,3 14 14,8
ROE adj. (%) 6,4 15,2 15,9
ROCE (%) 9,8 12,3 13,2
ROCE adj. (%) 11,6 13,1 14
ROIC (%) 5,7 11 12
ROIC adj. (%) 6,6 11 12
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 218 258 281
EBITDA adj. margin (%) 9,9 10,5 10,9
EBITDA lease adj. 165 213 237
EBITDA lease adj. margin (%) 7,5 8,7 9,2
EBITA adj. 129 167 191
EBITA adj. margin (%) 5,8 6,8 7,4
EBIT adj. 124 156 180
EBIT adj. margin (%) 5,6 6,4 7
Pretax profit Adj. 73 142 167
Net profit Adj. 44 112 132
Net profit to shareholders adj. 43 112 132
Net adj. margin (%) 2 4,6 5,1
SEKm 2025 2026e 2027e
Goodwill 220 220 220
EBITDA 200 258 281
Other intangible assets 100 89 80
Net financial items -56 -24 -24
Tangible fixed assets 101 96 97
Paid tax -18 -28 -33
Right-of-use asset 233 244 256
Non-cash items 30 0 0
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 24 24 24
Cash flow before change in WC 156 206 224
Fixed assets 677 673 676
Change in working capital 22 -46 -33
Operating cash flow 178 159 191
Inventories 579 613 646
Capex tangible fixed assets -25 -31 -32
Receivables 416 442 465
Capex intangible fixed assets -14 -18 -19
Other current assets 40 25 26
Acquisitions and Disposals -85 0 0
Cash and liquid assets 49 108 138
Free cash flow 54 110 139
Total assets 1760 1861 1952
Dividend paid -22 -14 -31
Shareholders equity 695 785 877
Share issues and buybacks 23 0 0
Minority 3 3 3
Leasing liability amortisation -35 -37 -35
Total equity 698 788 880
Other non-cash items N/A N/A N/A
Other changes in net debt 11 -12 -16
Long-term debt 69 73 73
Pension debt 9 9 9
Convertible debt 0 0 0
Leasing liability 224 236 252
Total other long-term liabilities 66 66 23
Short-term debt 225 220 220
Accounts payable 271 270 284
Other current liabilities 198 198 209
Total liabilities and equity 1760 1861 1952
Net IB debt 478 431 417
Net IB debt excl. pension debt 469 422 408
Net IB debt excl. leasing 254 195 165
Capital employed 1225 1327 1435
Capital invested 1176 1219 1297
Working capital 565 611 644
Market cap. diluted (m) 1461 1461 1461
Net IB debt adj. 478 431 417
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 1941 1894 1880
Total assets turnover (%) 127 135,5 135,6
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 25,5 24 24,3
Year N/A N/A N/A
Net debt/equity (%) 68,4 54,7 47,4
Net debt / market cap (%) 32,7 29,5 28,6
Equity ratio (%) 39,7 42,3 45,1
Net IB debt adj. / equity (%) 68,4 54,7 47,4
Current ratio 1,56 1,72 1,79
EBITDA/net interest 3,2 10,6 11,5
Net IB debt/EBITDA (x) 2,4 1,7 1,5
Net IB debt/EBITDA lease adj. (x) 1,5 0,9 0,7
Interest coverage 1,7 6,7 7,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 23 23 23
Diluted shares adj. 23 23 23
EPS 1,33 4,51 5,35
Dividend per share 0,6 1,35 1,6
EPS adj. 2,9 4,88 5,72
BVPS 30,18 34,08 38,07
BVPS adj. 16,29 20,64 25,04
Net IB debt/share 20,74 18,7 18,11
Share price 63,4 63,4 63,4
Market cap. (m) 1461 1461 1461
P/E (x) 47,51 14,06 11,85
EV/sales (x) 0,88 0,77 0,73
EV/EBITDA (x) 9,7 7,3 6,7
EV/EBITA (x) 17,5 11,4 9,8
EV/EBIT (x) 18,3 12,1 10,4
Dividend yield (%) 0,9 2,1 2,5
FCF yield (%) 3,9 7,5 9,5
Le. adj. FCF yld. (%) 1,4 5 7,1
P/BVPS (x) 2,1 1,86 1,67
P/BVPS adj. (x) 3,89 3,07 2,53
P/E adj. (x) 21,8 13 11,1
EV/EBITDA adj. (x) 8,9 7,3 6,7
EV/EBITA adj. (x) 15,1 11,4 9,8
EV/EBIT adj. (x) 15,7 12,1 10,4
EV/CE (x) 1,6 1,4 1,3
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,8 -2 -2
Capex/depreciation 0,7 0,9 1
Capex tangibles / tangible fixed assets 25 31,9 33,4
Capex intangibles / definite intangibles 13,6 20,6 24,2
Depreciation on intang / def. intang 19 20 22
Depreciation on tangibles / tangibles 33,83 36,36 32,81

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.

11,9

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