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Nilörngruppen

Nilörngruppen

SEKm 2022 2023e 2024e
Sales 1005 1000 1051
Sales growth (%) 27,4 -0,5 5,1
EBITDA 188 150 160
EBITDA margin (%) 18,7 15 15,2
EBIT adj 156 119 130
EBIT adj margin (%) 15,6 11,9 12,4
Pretax profit 154 119 133
EPS rep 10,31 7,94 8,87
EPS growth (%) 33,8 -23 11,7
EPS adj 10,31 7,94 8,87
DPS 7 6 7
EV/EBITDA (x) 4,2 5,2 4,8
EV/EBIT adj (x) 5,1 6,6 6
P/E (x) 7,7 10 9
P/E adj (x) 7,7 10 9
EV/sales (x) 0,8 0,8 0,7
FCF yield (%) 8,6 11,2 10,5
Dividend yield (%) 8,8 7,5 8,8
Net IB debt/EBITDA -0,6 -0,8 -0,8
Lease adj. FCF yield (%) 6,9 9,5 8,8
Lease adj. ND/EBITDA -0,9 -1,2 -1,2
SEKm 2022 2023e 2024e
Sales 1005 1000 1051
COGS -560 -557 -583
Gross profit 444 443 468
Other operating items -257 -293 -308
EBITDA 188 150 160
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 156 119 130
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 156 119 130
Other financial items 0 0 0
Net financial items -2 0 3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 154 119 133
Tax -36 -29 -32
Net profit 118 90 101
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 118 90 101
EPS 10,31 7,94 8,87
EPS Adj 10,31 7,94 8,87
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,6 -24 -24
Gross margin (%) 44,2 44,3 44,5
EBITDA margin (%) 18,7 15 15,2
EBITA margin (%) 15,6 11,9 12,4
EBIT margin (%) 15,6 11,9 12,4
Pretax margin (%) 15,3 11,9 12,7
Net margin (%) 11,7 9,1 9,6
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 27,4 -0,5 5,1
EBITDA growth (%) 28,9 -19,8 6,1
EBIT growth (%) 30,3 -24 9,4
Net profit growth (%) 33,8 -23 11,7
EPS growth (%) 33,8 -23 11,7
Profitability 2022 2023 2024
ROE (%) 36,9 24,8 26,2
ROE Adj (%) 36,9 24,8 26,2
ROCE (%) 41,2 27,9 29,1
ROCE Adj(%) 41,2 27,9 29,1
ROIC (%) 51 36,5 38
ROIC Adj (%) 51 36,5 38
Adj earnings numbers 2022 2023 2024
EBITDA Adj 188 150 160
EBITDA Adj margin (%) 18,7 15 15,2
EBITA Adj 156 119 130
EBITA Adj margin (%) 15,6 11,9 12,4
EBIT Adj 156 119 130
EBIT Adj margin (%) 15,6 11,9 12,4
Pretax profit Adj 154 119 133
Net profit Adj 118 90 101
Net profit to shareholders Adj 118 90 101
Net Adj margin (%) 11,7 9,1 9,6
Depreciation and amortisation -31 -32 -30
Of which leasing depreciation -19 -19 -18
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 172 135 144
EBITDA lease Adj margin (%) 17,1 13,5 13,7
Leasing payments -15 -16 -16
SEKm 2022 2023e 2024e
EBITDA 188 150 160
Net financial items -2 0 3
Paid tax -2 0 3
Non-cash items -3 -30 -24
Cash flow before change in WC 180 121 142
Change in WC -81 7 -17
Operating cash flow 98 128 124
CAPEX tangible fixed assets -13 -21 -24
CAPEX intangible fixed assets -6 -5 -5
Acquisitions and disposals -1 0 0
Free cash flow 78 102 96
Dividend paid -57 -80 -68
Share issues and buybacks 0 0 0
Other non cash items -25 1 -13
Decrease in net IB debt 5 8 8
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 25 28 30
Tangible fixed assets 105 113 125
Other fixed assets 0 0 0
Fixed assets 160 170 184
Inventories 186 185 194
Receivables 156 150 158
Other current assets 38 38 40
Cash and liquid assets 175 181 193
Total assets 715 724 770
Shareholders equity 359 370 402
Minority 0 0 0
Total equity 359 370 402
Long-term debt 25 25 25
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 289 288 301
Total liabilities and equity 715 724 770
Net IB debt -114 -120 -132
Net IB debt excl. pension debt -114 -120 -132
Capital invested 245 249 270
Working capital 91 85 91
EV breakdown 2022 2023 2024
Market cap. diluted (m) 906 906 906
Net IB debt Adj -114 -120 -132
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 792 786 774
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 158,1 139 140,8
Capital invested turnover (%) 287,4 293,2 294,1
Capital employed turnover (%) 251,3 250,5 247,3
Inventories / sales (%) 16,6 16,7 16,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 8 8,8 8,4
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) -31,8 -32,6 -32,8
Net debt / market cap (%) -12,6 -13,3 -14,6
Equity ratio (%) 50,3 51,1 52,3
Net IB debt adj. / equity (%) -31,8 -32,6 -32,8
Current ratio (%) 181,1 181,6 183,9
EBITDA / net interest (%) 7949,8 -47761,1 -5235,1
Net IB debt / EBITDA (%) -60,9 -80,1 -82,7
Interest cover (%) 6623,7 -37699,9 -4260,9
Lease liability amortisation -15 -16 -16
Other intangible assets 29 34 39
Right-of-use asset 27 23 21
Total other fixed assets 0 0 0
Leasing liability 35 35 35
Total other long-term liabilities 5 5 5
Net IB debt excl. leasing -150 -156 -167
Net IB debt / EBITDA lease Adj (%) -86,8 -115,5 -116,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 10,31 7,94 8,87
Dividend per share Adj 7 6 7
EPS Adj 10,31 7,94 8,87
BVPS 31,49 32,43 35,3
BVPS Adj 31,49 32,43 35,3
Net IB debt / share -10 -10,6 -11,6
Share price 79,5 79,5 79,5
Market cap. (m) 906 906 906
Valuation 2022 2023 2024
P/E 7,7 10 9
EV/sales 0,79 0,79 0,74
EV/EBITDA 4,2 5,2 4,8
EV/EBITA 5,1 6,6 6
EV/EBIT 5,1 6,6 6
Dividend yield (%) 8,8 7,5 8,8
FCF yield (%) 8,6 11,2 10,5
P/BVPS 2,52 2,45 2,25
P/BVPS Adj 2,52 2,45 2,25
P/E Adj 7,7 10 9
EV/EBITDA Adj 4,2 5,2 4,8
EV/EBITA Adj 5,1 6,6 6
EV/EBIT Adj 5,1 6,6 6
EV/cap. employed 1,9 1,8 1,7
Investment ratios 2022 2023 2024
Capex / sales 1,9 2,6 2,7
Capex / depreciation 150 207,3 238,1
Capex tangibles / tangible fixed assets 12,5 18,7 19
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,9 11,2 9,7
Lease adj. FCF yield (%) 6,9 9,5 8,8

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.

9,0

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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5,7

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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2,2