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Financials

SEKm 2022 2023e 2024e
Sales 10774 11088 12300
Sales growth (%) -7,2 2,9 10,9
EBITDA 1411 1553 1832
EBITDA margin (%) 13,1 14 14,9
EBIT adj. 867 1001 1280
EBIT adj. margin (%) 8 9 10,4
Pretax profit 875 949 1228
EPS 2,59 2,8 3,62
EPS growth (%) -40 8,1 29,4
EPS adj. 2,71 2,93 3,75
DPS 1,9 1,6 1,8
EV/EBITDA (x) 11,5 10,3 8,5
EV/EBIT adj. (x) 18,7 16 12,2
P/E (x) 21,5 19,9 15,4
P/E adj. (x) 20,6 19 14,9
EV/sales (x) 1,5 1,45 1,27
FCF yield (%) -0,3 3 4,8
Le. adj. FCF yld. (%) -0,3 3 4,8
Dividend yield (%) 3,4 2,9 3,2
Net IB debt/EBITDA (x) 0,8 0,7 0,3
Le. adj. ND/EBITDA (x) 0,7 0,5 0,1
SEKm 2022 2023e 2024e
Sales 10774 11088 12300
COGS -9346 -9644 -10545
Gross profit 1428 1444 1756
Other operating items -17 109 76
EBITDA 1411 1553 1832
Depreciation and amortisation -503 -508 -508
of which leasing depreciation -76 -76 -76
EBITA 908 1045 1324
EO Items 0 0 0
Impairment and PPA amortisation -41 -44 -44
EBIT 867 1001 1280
Net financial items 8 -52 -52
Pretax profit 875 949 1228
Tax -178 -195 -253
Net profit 697 753 975
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 697 753 975
EPS 2,59 2,8 3,62
EPS adj. 2,71 2,93 3,75
Total extraordinary items after tax 0 0 0
Leasing payments -76 -76 -76
Tax rate (%) 20,3 20,6 20,6
Gross margin (%) 13,3 13 14,3
EBITDA margin (%) 13,1 14 14,9
EBITA margin (%) 8,4 9,4 10,8
EBIT margin (%) 8 9 10,4
Pre-tax margin (%) 8,1 8,6 10
Net margin (%) 6,5 6,8 7,9
Sales growth (%) -7,2 2,9 10,9
EBITDA growth (%) -21,8 10 17,9
EBITA growth (%) -33,7 15,1 26,7
EBIT growth (%) -35 15,4 27,8
Net profit growth (%) -39,9 8,1 29,4
EPS growth (%) -40 8,1 29,4
Profitability N/A N/A N/A
ROE (%) 13,7 13,7 16,5
ROE adj. (%) 14,5 14,5 17,2
ROCE (%) 12,3 13,1 16,4
ROCE adj. (%) 12,6 13,7 16,9
ROIC (%) 12,1 12,5 15,6
ROIC adj. (%) 12,1 12,5 15,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1411 1553 1832
EBITDA adj. margin (%) 13,1 14 14,9
EBITDA lease adj. 1335 1477 1756
EBITDA lease adj. margin (%) 12,4 13,3 14,3
EBITA adj. 908 1045 1324
EBITA adj. margin (%) 8,4 9,4 10,8
EBIT adj. 867 1001 1280
EBIT adj. margin (%) 8 9 10,4
Pretax profit Adj. 916 993 1272
Net profit Adj. 738 797 1019
Net profit to shareholders adj. 738 797 1019
Net adj. margin (%) 6,8 7,2 8,3
SEKm 2022 2023e 2024e
EBITDA 1411 1553 1832
Goodwill 2472 2472 2472
Net financial items 8 -52 -52
Other intangible assets 0 0 0
Paid tax -178 -195 -253
Tangible fixed assets 2887 2975 2836
Non-cash items -220 -200 -200
Right-of-use asset 287 243 199
Cash flow before change in WC 1021 1105 1327
Total other fixed assets 90 90 90
Change in working capital -615 -56 -239
Fixed assets 5736 5780 5597
Operating cash flow 406 1049 1087
Inventories 1283 1319 1439
Capex tangible fixed assets -451 -596 -369
Receivables 1522 1541 1685
Capex intangible fixed assets 0 0 0
Other current assets 455 499 554
Acquisitions and Disposals 0 0 0
Cash and liquid assets 1011 952 1240
Free cash flow -45 453 718
Total assets 10007 10092 10515
Dividend paid -511 -512 -431
Shareholders equity 5392 5634 6177
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 5392 5634 6177
Other non-cash items 5 200 200
Long-term debt 1508 1308 1108
Pension debt 173 173 173
Convertible debt N/A N/A N/A
Leasing liability 314 314 314
Total other long-term liabilities 294 294 294
Short-term debt 211 211 211
Accounts payable 677 721 800
Other current liabilities 1438 1438 1438
Total liabilities and equity 10007 10092 10515
Net IB debt 1195 1054 566
Net IB debt excl. pension debt 1022 881 393
Net IB debt excl. leasing 881 740 252
Capital employed 7598 7640 7983
Capital invested 6587 6687 6744
Working capital 1145 1201 1440
Market cap. diluted (m) 15004 15004 15004
Net IB debt adj. 1195 1054 566
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 16199 16058 15571
Total assets turnover (%) 107,4 110,3 119,4
Working capital/sales (%) 7,8 10,6 10,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 22,2 18,7 9,2
Net debt / market cap (%) 8 7 3,8
Equity ratio (%) 53,9 55,8 58,7
Net IB debt adj. / equity (%) 22,2 18,7 9,2
Current ratio 1,84 1,82 2,01
EBITDA/net interest 176,4 29,9 35,2
Net IB debt/EBITDA (x) 0,8 0,7 0,3
Net IB debt/EBITDA lease adj. (x) 0,7 0,5 0,1
Interest coverage 113,5 20,1 25,5
SEKm 2022 2023e 2024e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 2,59 2,8 3,62
Dividend per share 1,9 1,6 1,8
EPS adj. 2,71 2,93 3,75
BVPS 20,02 20,91 22,93
BVPS adj. 10,84 11,74 13,75
Net IB debt/share 4,44 3,91 2,1
Share price 55,7 55,7 55,7
Market cap. (m) 15004 15004 15004
P/E (x) 21,5 19,9 15,4
EV/sales (x) 1,5 1,45 1,27
EV/EBITDA (x) 11,5 10,3 8,5
EV/EBITA (x) 17,8 15,4 11,8
EV/EBIT (x) 18,7 16 12,2
Dividend yield (%) 3,4 2,9 3,2
FCF yield (%) -0,3 3 4,8
Le. adj. FCF yld. (%) -0,3 3 4,8
P/BVPS (x) 2,78 2,66 2,43
P/BVPS adj. (x) 5,14 4,75 4,05
P/E adj. (x) 20,6 19 14,9
EV/EBITDA adj. (x) 11,5 10,3 8,5
EV/EBITA adj. (x) 17,8 15,4 11,8
EV/EBIT adj. (x) 18,7 16 12,2
EV/CE (x) 2,1 2,1 2
Investment ratios N/A N/A N/A
Capex/sales (%) 4,2 5,4 3
Capex/depreciation 1,1 1,4 0,9
Capex tangibles / tangible fixed assets 15,6 20 13
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 14,79 14,52 15,23

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.

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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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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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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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