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Financials

SEKm 2025 2026e 2027e
Sales 9462 9651 10394
Sales growth (%) -2,1 2 7,7
EBITDA 1620 1729 1866
EBITDA margin (%) 17,1 17,9 18
EBIT adj. 1017 1089 1226
EBIT adj. margin (%) 10,7 11,3 11,8
Pretax profit 983 1061 1202
EPS 2,88 3,13 3,54
EPS growth (%) 18,1 8,4 13,3
EPS adj. 2,98 3,26 3,67
DPS 1,7 1,9 2,1
EV/EBITDA (x) 9,3 8,6 7,8
EV/EBIT adj. (x) 14,9 13,7 11,9
P/E (x) 18 16,6 14,7
P/E adj. (x) 17,4 15,9 14,1
EV/sales (x) 1,6 1,55 1,41
FCF yield (%) 2 4,9 5,8
Le. adj. FCF yld. (%) 2 4,9 5,8
Dividend yield (%) 3,3 3,7 4
Net IB debt/EBITDA (x) 0,7 0,5 0,3
Le. adj. ND/EBITDA (x) 0,6 0,5 0,3
SEKm 2025 2026e 2027e
Sales 9462 9651 10394
COGS -7732 -7897 -8471
Gross profit 1730 1754 1923
Other operating items -110 -25 -57
EBITDA 1620 1729 1866
Depreciation and amortisation -555 -596 -596
of which leasing depreciation -76 -76 -76
EBITA 1065 1133 1270
EO Items 7 0 0
Impairment and PPA amortisation -41 -44 -44
EBIT 1024 1089 1226
Net financial items -41 -28 -24
Pretax profit 983 1061 1202
Tax -206 -218 -248
Net profit 777 842 954
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 777 842 954
EPS 2,88 3,13 3,54
EPS adj. 2,98 3,26 3,67
Total extraordinary items after tax 6 0 0
Leasing payments -76 -76 -76
Tax rate (%) 21 20,6 20,6
Gross margin (%) 18,3 18,2 18,5
EBITDA margin (%) 17,1 17,9 18
EBITA margin (%) 11,3 11,7 12,2
EBIT margin (%) 10,8 11,3 11,8
Pre-tax margin (%) 10,4 11 11,6
Net margin (%) 8,2 8,7 9,2
Sales growth (%) -2,1 2 7,7
EBITDA growth (%) 7,4 6,7 7,9
EBITA growth (%) 11,1 6,3 12,1
EBIT growth (%) 12,2 6,3 12,6
Net profit growth (%) 18,1 8,4 13,3
EPS growth (%) 18,1 8,4 13,3
Profitability N/A N/A N/A
ROE (%) 13,8 14,7 15,5
ROE adj. (%) 14,4 15,5 16,3
ROCE (%) 13,9 14,8 15,8
ROCE adj. (%) 14,4 15,4 16,3
ROIC (%) 12,4 13,3 14,6
ROIC adj. (%) 12,4 13,3 14,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1613 1729 1866
EBITDA adj. margin (%) 17 17,9 18
EBITDA lease adj. 1537 1653 1790
EBITDA lease adj. margin (%) 16,2 17,1 17,2
EBITA adj. 1058 1133 1270
EBITA adj. margin (%) 11,2 11,7 12,2
EBIT adj. 1017 1089 1226
EBIT adj. margin (%) 10,7 11,3 11,8
Pretax profit Adj. 1017 1105 1246
Net profit Adj. 812 886 998
Net profit to shareholders adj. 812 886 998
Net adj. margin (%) 8,6 9,2 9,6
SEKm 2025 2026e 2027e
EBITDA 1620 1729 1866
Goodwill 2172 2172 2172
Net financial items -41 -28 -24
Other intangible assets 0 0 0
Paid tax -206 -218 -248
Tangible fixed assets 3152 3232 3238
Non-cash items -63 0 0
Right-of-use asset 209 165 121
Cash flow before change in WC 1310 1482 1594
Total other fixed assets 25 25 25
Change in working capital -248 -124 -184
Fixed assets 5558 5594 5556
Operating cash flow 1062 1358 1410
Inventories 1086 1091 1154
Capex tangible fixed assets -788 -676 -603
Receivables 1600 1632 1758
Capex intangible fixed assets 0 0 0
Other current assets 556 567 611
Acquisitions and Disposals 0 0 0
Cash and liquid assets 482 706 1002
Free cash flow 274 682 807
Total assets 9282 9589 10080
Dividend paid -404 -458 -512
Shareholders equity 5532 5916 6359
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5532 5916 6359
Other non-cash items 41 0 0
Long-term debt 870 870 870
Pension debt 241 241 241
Convertible debt N/A N/A N/A
Leasing liability 188 188 188
Total other long-term liabilities 337 337 337
Short-term debt 345 345 345
Accounts payable 704 627 676
Other current liabilities 1065 1065 1065
Total liabilities and equity 9282 9589 10080
Net IB debt 1162 938 642
Net IB debt excl. pension debt 921 697 401
Net IB debt excl. leasing 974 750 454
Capital employed 7176 7560 8003
Capital invested 6694 6854 7001
Working capital 1473 1597 1782
Market cap. diluted (m) 13981 13981 13981
Net IB debt adj. 1162 938 642
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 15143 14918 14623
Total assets turnover (%) 99,8 102,3 105,7
Working capital/sales (%) 14,6 15,9 16,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 21 15,9 10,1
Net debt / market cap (%) 8,3 6,7 4,6
Equity ratio (%) 59,6 61,7 63,1
Net IB debt adj. / equity (%) 21 15,9 10,1
Current ratio 1,76 1,96 2,17
EBITDA/net interest 39,5 61,7 77,7
Net IB debt/EBITDA (x) 0,7 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,6 0,5 0,3
Interest coverage 26 40,5 52,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,88 3,13 3,54
Dividend per share 1,7 1,9 2,1
EPS adj. 2,98 3,26 3,67
BVPS 20,54 21,96 23,6
BVPS adj. 12,47 13,9 15,54
Net IB debt/share 4,31 3,48 2,38
Share price 51,9 51,9 51,9
Market cap. (m) 13981 13981 13981
P/E (x) 18 16,6 14,7
EV/sales (x) 1,6 1,5 1,4
EV/EBITDA (x) 9,3 8,6 7,8
EV/EBITA (x) 14,2 13,2 11,5
EV/EBIT (x) 14,8 13,7 11,9
Dividend yield (%) 3,3 3,7 4
FCF yield (%) 2 4,9 5,8
Le. adj. FCF yld. (%) 2 4,9 5,8
P/BVPS (x) 2,53 2,36 2,2
P/BVPS adj. (x) 4,16 3,73 3,34
P/E adj. (x) 17,4 15,9 14,1
EV/EBITDA adj. (x) 9,4 8,6 7,8
EV/EBITA adj. (x) 14,3 13,2 11,5
EV/EBIT adj. (x) 14,9 13,7 11,9
EV/CE (x) 2,1 2 1,8
Investment ratios N/A N/A N/A
Capex/sales (%) 8,3 7 5,8
Capex/depreciation 1,6 1,3 1,2
Capex tangibles / tangible fixed assets 25 20,9 18,6
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 15,2 16,1 16,1

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.

14,7

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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11,9

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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1,4

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