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Financials

SEKm 2025 2026e 2027e
Sales 9486 9984 10571
Sales growth (%) -1,8 5,2 5,9
EBITDA 1647 1803 1890
EBITDA margin (%) 17,4 18,1 17,9
EBIT adj. 1055 1163 1250
EBIT adj. margin (%) 11,1 11,6 11,8
Pretax profit 1028 1135 1226
EPS 3,07 3,34 3,61
EPS growth (%) 25,9 8,8 8,1
EPS adj. 3,18 3,47 3,74
DPS 1,8 2 2,2
EV/EBITDA (x) 10,9 9,7 9,1
EV/EBIT adj. (x) 17 15,1 13,7
P/E (x) 20,3 18,7 17,3
P/E adj. (x) 19,7 18 16,7
EV/sales (x) 1,88 1,76 1,62
FCF yield (%) 0,9 5 5,3
Le. adj. FCF yld. (%) 0,9 5 5,3
Dividend yield (%) 2,9 3,2 3,5
Net IB debt/EBITDA (x) 0,6 0,4 0,2
Le. adj. ND/EBITDA (x) 0,5 0,3 0,1
SEKm 2025 2026e 2027e
Sales 9486 9984 10571
COGS -7738 -8132 -8611
Gross profit 1748 1852 1960
Other operating items -102 -49 -69
EBITDA 1647 1803 1890
Depreciation and amortisation -544 -596 -596
of which leasing depreciation -76 -76 -76
EBITA 1103 1207 1294
EO Items 7 0 0
Impairment and PPA amortisation -41 -44 -44
EBIT 1062 1163 1250
Net financial items -34 -28 -24
Pretax profit 1028 1135 1226
Tax -199 -234 -253
Net profit 828 901 974
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 828 901 974
EPS 3,07 3,34 3,61
EPS adj. 3,18 3,47 3,74
Total extraordinary items after tax 6 0 0
Leasing payments -76 -76 -76
Tax rate (%) 19,4 20,6 20,6
Gross margin (%) 18,4 18,5 18,5
EBITDA margin (%) 17,4 18,1 17,9
EBITA margin (%) 11,6 12,1 12,2
EBIT margin (%) 11,2 11,6 11,8
Pre-tax margin (%) 10,8 11,4 11,6
Net margin (%) 8,7 9 9,2
Sales growth (%) -1,8 5,2 5,9
EBITDA growth (%) 9,1 9,5 4,9
EBITA growth (%) 15 9,5 7,3
EBIT growth (%) 16,3 9,5 7,5
Net profit growth (%) 25,9 8,8 8,1
EPS growth (%) 25,9 8,8 8,1
Profitability N/A N/A N/A
ROE (%) 13,9 14,1 14,3
ROE adj. (%) 14,5 14,8 15
ROCE (%) 14,3 15,3 15,6
ROCE adj. (%) 14,7 15,9 16,2
ROIC (%) 12,7 13,2 14,1
ROIC adj. (%) 12,6 13,2 14,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1640 1803 1890
EBITDA adj. margin (%) 17,3 18,1 17,9
EBITDA lease adj. 1564 1727 1814
EBITDA lease adj. margin (%) 16,5 17,3 17,2
EBITA adj. 1096 1207 1294
EBITA adj. margin (%) 11,5 12,1 12,2
EBIT adj. 1055 1163 1250
EBIT adj. margin (%) 11,1 11,6 11,8
Pretax profit Adj. 1062 1179 1270
Net profit Adj. 864 945 1018
Net profit to shareholders adj. 864 945 1018
Net adj. margin (%) 9,1 9,5 9,6
SEKm 2025 2026e 2027e
EBITDA 1647 1803 1890
Goodwill 2526 2526 2526
Net financial items -34 -28 -24
Other intangible assets 0 0 0
Paid tax -199 -234 -253
Tangible fixed assets 3648 3701 3739
Non-cash items -214 0 0
Right-of-use asset 140 96 52
Cash flow before change in WC 1199 1541 1614
Total other fixed assets 16 16 16
Change in working capital -191 -53 -88
Fixed assets 6330 6339 6333
Operating cash flow 1008 1488 1526
Inventories 1015 998 1004
Capex tangible fixed assets -849 -649 -634
Receivables 1529 1610 1704
Capex intangible fixed assets 0 0 0
Other current assets 415 437 463
Acquisitions and Disposals 0 0 0
Cash and liquid assets 176 530 883
Free cash flow 159 839 892
Total assets 9465 9914 10387
Dividend paid -404 -485 -539
Shareholders equity 6162 6578 7013
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 6162 6578 7013
Other non-cash items 308 0 0
Long-term debt 782 782 782
Pension debt 241 241 241
Convertible debt N/A N/A N/A
Leasing liability 188 188 188
Total other long-term liabilities 306 306 306
Short-term debt 6 6 6
Accounts payable 617 649 687
Other current liabilities 1164 1164 1164
Total liabilities and equity 9465 9914 10387
Net IB debt 1041 686 334
Net IB debt excl. pension debt 800 445 93
Net IB debt excl. leasing 853 498 146
Capital employed 7379 7795 8230
Capital invested 7203 7265 7347
Working capital 1179 1232 1320
Market cap. diluted (m) 16836 16836 16836
Net IB debt adj. 1041 686 334
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 17877 17522 17170
Total assets turnover (%) 99,1 103 104,1
Working capital/sales (%) 13 12,1 12,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 16,9 10,4 4,8
Net debt / market cap (%) 6,2 4,1 2
Equity ratio (%) 65,1 66,4 67,5
Net IB debt adj. / equity (%) 16,9 10,4 4,8
Current ratio 1,76 1,97 2,18
EBITDA/net interest 48,4 64,4 78,8
Net IB debt/EBITDA (x) 0,6 0,4 0,2
Net IB debt/EBITDA lease adj. (x) 0,5 0,3 0,1
Interest coverage 32,4 43,1 53,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 3,07 3,34 3,61
Dividend per share 1,8 2 2,2
EPS adj. 3,18 3,47 3,74
BVPS 22,88 24,42 26,04
BVPS adj. 13,5 15,04 16,66
Net IB debt/share 3,86 2,55 1,24
Share price 62,5 62,5 62,5
Market cap. (m) 16836 16836 16836
P/E (x) 20,3 18,7 17,3
EV/sales (x) 1,9 1,8 1,6
EV/EBITDA (x) 10,9 9,7 9,1
EV/EBITA (x) 16,2 14,5 13,3
EV/EBIT (x) 16,8 15,1 13,7
Dividend yield (%) 2,9 3,2 3,5
FCF yield (%) 0,9 5 5,3
Le. adj. FCF yld. (%) 0,9 5 5,3
P/BVPS (x) 2,73 2,56 2,4
P/BVPS adj. (x) 4,63 4,15 3,75
P/E adj. (x) 19,7 18 16,7
EV/EBITDA adj. (x) 10,9 9,7 9,1
EV/EBITA adj. (x) 16,3 14,5 13,3
EV/EBIT adj. (x) 17 15,1 13,7
EV/CE (x) 2,4 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 8,9 6,5 6
Capex/depreciation 1,8 1,2 1,2
Capex tangibles / tangible fixed assets 23,3 17,5 17
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 12,8 14,1 13,9

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.

17,3

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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13,7

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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1,6

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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2,4