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Financials

SEKm 2024 2025e 2026e
Sales 9664 9578 10219
Sales growth (%) 1,2 -0,9 6,7
EBITDA 1509 1659 1817
EBITDA margin (%) 15,6 17,3 17,8
EBIT adj. 913 1059 1177
EBIT adj. margin (%) 9,4 11,1 11,5
Pretax profit 848 1032 1149
EPS 2,44 3,05 3,39
EPS growth (%) 51,3 24,7 11,2
EPS adj. 2,58 3,17 3,52
DPS 1,5 1,8 2
EV/EBITDA (x) 11,7 10,5 9,4
EV/EBIT adj. (x) 19,3 16,5 14,6
P/E (x) 25,2 20,2 18,1
P/E adj. (x) 23,9 19,4 17,5
EV/sales (x) 1,83 1,83 1,68
FCF yield (%) 4,5 1,8 5,1
Le. adj. FCF yld. (%) 4,5 1,8 5,1
Dividend yield (%) 2,4 2,9 3,3
Net IB debt/EBITDA (x) 0,7 0,6 0,3
Le. adj. ND/EBITDA (x) 0,6 0,5 0,2
SEKm 2024 2025e 2026e
Sales 9664 9578 10219
COGS -8051 -7805 -8326
Gross profit 1613 1773 1893
Other operating items -104 -115 -76
EBITDA 1509 1659 1817
Depreciation and amortisation -550 -557 -596
of which leasing depreciation -76 -76 -76
EBITA 959 1102 1221
EO Items 0 0 0
Impairment and PPA amortisation -46 -43 -44
EBIT 913 1059 1177
Net financial items -65 -27 -28
Pretax profit 848 1032 1149
Tax -190 -211 -237
Net profit 658 820 912
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 658 820 912
EPS 2,44 3,05 3,39
EPS adj. 2,58 3,17 3,52
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 22,4 20,5 20,6
Gross margin (%) 16,7 18,5 18,5
EBITDA margin (%) 15,6 17,3 17,8
EBITA margin (%) 9,9 11,5 11,9
EBIT margin (%) 9,4 11,1 11,5
Pre-tax margin (%) 8,8 10,8 11,2
Net margin (%) 6,8 8,6 8,9
Sales growth (%) 1,2 -0,9 6,7
EBITDA growth (%) 20,4 9,9 9,5
EBITA growth (%) 36,8 14,9 10,8
EBIT growth (%) 39 15,9 11,2
Net profit growth (%) 51,3 24,7 11,2
EPS growth (%) 51,3 24,7 11,2
Profitability N/A N/A N/A
ROE (%) 12,1 13,8 14,3
ROE adj. (%) 12,9 14,5 15
ROCE (%) 12,3 14,1 15,3
ROCE adj. (%) 13 14,7 15,9
ROIC (%) 11,1 12,6 13,6
ROIC adj. (%) 11,1 12,6 13,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1509 1659 1817
EBITDA adj. margin (%) 15,6 17,3 17,8
EBITDA lease adj. 1433 1583 1741
EBITDA lease adj. margin (%) 14,8 16,5 17
EBITA adj. 959 1102 1221
EBITA adj. margin (%) 9,9 11,5 11,9
EBIT adj. 913 1059 1177
EBIT adj. margin (%) 9,4 11,1 11,5
Pretax profit Adj. 894 1075 1193
Net profit Adj. 704 863 956
Net profit to shareholders adj. 704 863 956
Net adj. margin (%) 7,3 9 9,4
SEKm 2024 2025e 2026e
EBITDA 1509 1659 1817
Goodwill 2526 2526 2526
Net financial items -65 -27 -28
Other intangible assets 0 0 0
Paid tax -140 -211 -237
Tangible fixed assets 3129 3585 3602
Non-cash items -29 -166 0
Right-of-use asset 181 138 94
Cash flow before change in WC 1275 1254 1552
Total other fixed assets 16 16 16
Change in working capital 102 -114 -103
Fixed assets 5852 6265 6238
Operating cash flow 1377 1140 1449
Inventories 1183 1006 1022
Capex tangible fixed assets -631 -847 -613
Receivables 1558 1532 1635
Capex intangible fixed assets -5 0 0
Other current assets 423 383 409
Acquisitions and Disposals 0 0 0
Cash and liquid assets 672 373 725
Free cash flow 741 293 836
Total assets 9688 9559 10028
Dividend paid -404 -404 -485
Shareholders equity 5738 6154 6582
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5738 6154 6582
Other non-cash items -18 276 0
Long-term debt 1341 877 877
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 704 623 664
Other current liabilities 1164 1164 1164
Total liabilities and equity 9688 9559 10028
Net IB debt 1104 939 588
Net IB debt excl. pension debt 863 698 347
Net IB debt excl. leasing 916 751 400
Capital employed 7514 7467 7894
Capital invested 6842 7094 7169
Working capital 1296 1135 1237
Market cap. diluted (m) 16553 16553 16553
Net IB debt adj. 1104 939 588
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 17657 17493 17141
Total assets turnover (%) 101,8 99,5 104,3
Working capital/sales (%) 13,9 12,7 11,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19,2 15,3 8,9
Net debt / market cap (%) 6,7 5,7 3,6
Equity ratio (%) 59,2 64,4 65,6
Net IB debt adj. / equity (%) 19,2 15,3 8,9
Current ratio 2,05 1,84 2,07
EBITDA/net interest 23,2 61,4 64,9
Net IB debt/EBITDA (x) 0,7 0,6 0,3
Net IB debt/EBITDA lease adj. (x) 0,6 0,5 0,2
Interest coverage 14,8 40,8 43,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,44 3,05 3,39
Dividend per share 1,5 1,8 2
EPS adj. 2,58 3,17 3,52
BVPS 21,3 22,85 24,43
BVPS adj. 11,92 13,47 15,06
Net IB debt/share 4,1 3,49 2,18
Share price 61,45 61,45 61,45
Market cap. (m) 16553 16553 16553
P/E (x) 25,2 20,2 18,1
EV/sales (x) 1,8 1,8 1,7
EV/EBITDA (x) 11,7 10,5 9,4
EV/EBITA (x) 18,4 15,9 14
EV/EBIT (x) 19,3 16,5 14,6
Dividend yield (%) 2,4 2,9 3,3
FCF yield (%) 4,5 1,8 5,1
Le. adj. FCF yld. (%) 4,5 1,8 5,1
P/BVPS (x) 2,88 2,69 2,52
P/BVPS adj. (x) 5,15 4,56 4,08
P/E adj. (x) 23,9 19,4 17,5
EV/EBITDA adj. (x) 11,7 10,5 9,4
EV/EBITA adj. (x) 18,4 15,9 14
EV/EBIT adj. (x) 19,3 16,5 14,6
EV/CE (x) 2,3 2,3 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,6 8,8 6
Capex/depreciation 1,3 1,8 1,2
Capex tangibles / tangible fixed assets 20,2 23,6 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 15,1 13,4 14,4

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.

18,1

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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14,5

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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1,7

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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2,5