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Financials

SEKm 2024 2025e 2026e
Sales 9664 9486 9984
Sales growth (%) 1,2 -1,8 5,2
EBITDA 1509 1647 1803
EBITDA margin (%) 15,6 17,4 18,1
EBIT adj. 913 1055 1163
EBIT adj. margin (%) 9,4 11,1 11,6
Pretax profit 848 1028 1135
EPS 2,44 3,07 3,34
EPS growth (%) 51,3 25,9 8,8
EPS adj. 2,58 3,18 3,47
DPS 1,5 1,8 2
EV/EBITDA (x) 11,9 10,9 9,7
EV/EBIT adj. (x) 19,6 17 15,1
P/E (x) 25,6 20,3 18,7
P/E adj. (x) 24,3 19,7 18
EV/sales (x) 1,86 1,88 1,76
FCF yield (%) 4,4 0,9 5
Le. adj. FCF yld. (%) 4,4 0,9 5
Dividend yield (%) 2,4 2,9 3,2
Net IB debt/EBITDA (x) 0,7 0,6 0,4
Le. adj. ND/EBITDA (x) 0,6 0,5 0,3
SEKm 2024 2025e 2026e
Sales 9664 9486 9984
COGS -8051 -7738 -8132
Gross profit 1613 1748 1852
Other operating items -104 -102 -49
EBITDA 1509 1647 1803
Depreciation and amortisation -550 -544 -596
of which leasing depreciation -76 -76 -76
EBITA 959 1103 1207
EO Items 0 7 0
Impairment and PPA amortisation -46 -41 -44
EBIT 913 1062 1163
Net financial items -65 -34 -28
Pretax profit 848 1028 1135
Tax -190 -199 -234
Net profit 658 828 901
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 658 828 901
EPS 2,44 3,07 3,34
EPS adj. 2,58 3,18 3,47
Total extraordinary items after tax 0 6 0
Leasing payments -76 -76 -76
Tax rate (%) 22,4 19,4 20,6
Gross margin (%) 16,7 18,4 18,5
EBITDA margin (%) 15,6 17,4 18,1
EBITA margin (%) 9,9 11,6 12,1
EBIT margin (%) 9,4 11,2 11,6
Pre-tax margin (%) 8,8 10,8 11,4
Net margin (%) 6,8 8,7 9
Sales growth (%) 1,2 -1,8 5,2
EBITDA growth (%) 20,4 9,1 9,5
EBITA growth (%) 36,8 15 9,5
EBIT growth (%) 39 16,3 9,5
Net profit growth (%) 51,3 25,9 8,8
EPS growth (%) 51,3 25,9 8,8
Profitability N/A N/A N/A
ROE (%) 12,1 13,9 14,1
ROE adj. (%) 12,9 14,5 14,8
ROCE (%) 12,3 14,3 15,3
ROCE adj. (%) 13 14,7 15,9
ROIC (%) 11,1 12,7 13,2
ROIC adj. (%) 11,1 12,6 13,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1509 1640 1803
EBITDA adj. margin (%) 15,6 17,3 18,1
EBITDA lease adj. 1433 1564 1727
EBITDA lease adj. margin (%) 14,8 16,5 17,3
EBITA adj. 959 1096 1207
EBITA adj. margin (%) 9,9 11,5 12,1
EBIT adj. 913 1055 1163
EBIT adj. margin (%) 9,4 11,1 11,6
Pretax profit Adj. 894 1062 1179
Net profit Adj. 704 864 945
Net profit to shareholders adj. 704 864 945
Net adj. margin (%) 7,3 9,1 9,5
SEKm 2024 2025e 2026e
EBITDA 1509 1647 1803
Goodwill 2526 2526 2526
Net financial items -65 -34 -28
Other intangible assets 0 0 0
Paid tax -140 -199 -234
Tangible fixed assets 3129 3648 3701
Non-cash items -29 -214 0
Right-of-use asset 181 140 96
Cash flow before change in WC 1275 1199 1541
Total other fixed assets 16 16 16
Change in working capital 102 -191 -53
Fixed assets 5852 6330 6339
Operating cash flow 1377 1008 1488
Inventories 1183 1015 998
Capex tangible fixed assets -631 -849 -649
Receivables 1558 1529 1610
Capex intangible fixed assets -5 0 0
Other current assets 423 415 437
Acquisitions and Disposals 0 0 0
Cash and liquid assets 672 176 530
Free cash flow 741 159 839
Total assets 9688 9465 9914
Dividend paid -404 -404 -485
Shareholders equity 5738 6162 6578
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5738 6162 6578
Other non-cash items -18 308 0
Long-term debt 1341 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 704 617 649
Other current liabilities 1164 1164 1164
Total liabilities and equity 9688 9465 9914
Net IB debt 1104 1041 686
Net IB debt excl. pension debt 863 800 445
Net IB debt excl. leasing 916 853 498
Capital employed 7514 7379 7795
Capital invested 6842 7203 7265
Working capital 1296 1179 1232
Market cap. diluted (m) 16836 16836 16836
Net IB debt adj. 1104 1041 686
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 17940 17877 17522
Total assets turnover (%) 101,8 99,1 103
Working capital/sales (%) 13,9 13 12,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 19,2 16,9 10,4
Net debt / market cap (%) 6,6 6,2 4,1
Equity ratio (%) 59,2 65,1 66,4
Net IB debt adj. / equity (%) 19,2 16,9 10,4
Current ratio 2,05 1,76 1,97
EBITDA/net interest 23,2 48,4 64,4
Net IB debt/EBITDA (x) 0,7 0,6 0,4
Net IB debt/EBITDA lease adj. (x) 0,6 0,5 0,3
Interest coverage 14,8 32,4 43,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,44 3,07 3,34
Dividend per share 1,5 1,8 2
EPS adj. 2,58 3,18 3,47
BVPS 21,3 22,88 24,42
BVPS adj. 11,92 13,5 15,04
Net IB debt/share 4,1 3,86 2,55
Share price 62,5 62,5 62,5
Market cap. (m) 16836 16836 16836
P/E (x) 25,6 20,3 18,7
EV/sales (x) 1,9 1,9 1,8
EV/EBITDA (x) 11,9 10,9 9,7
EV/EBITA (x) 18,7 16,2 14,5
EV/EBIT (x) 19,6 16,8 15,1
Dividend yield (%) 2,4 2,9 3,2
FCF yield (%) 4,4 0,9 5
Le. adj. FCF yld. (%) 4,4 0,9 5
P/BVPS (x) 2,93 2,73 2,56
P/BVPS adj. (x) 5,24 4,63 4,15
P/E adj. (x) 24,3 19,7 18
EV/EBITDA adj. (x) 11,9 10,9 9,7
EV/EBITA adj. (x) 18,7 16,3 14,5
EV/EBIT adj. (x) 19,6 17 15,1
EV/CE (x) 2,4 2,4 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,6 8,9 6,5
Capex/depreciation 1,3 1,8 1,2
Capex tangibles / tangible fixed assets 20,2 23,3 17,5
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 12,8 14,1

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.

18,7

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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15,0

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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1,8

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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2,6