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Financials

SEKm 2023 2024e 2025e
Sales 9546 9648 10154
Sales growth (%) -11,4 1,1 5,2
EBITDA 1253 1517 1692
EBITDA margin (%) 13,1 15,7 16,7
EBIT adj. 717 917 1052
EBIT adj. margin (%) 7,5 9,5 10,4
Pretax profit 616 851 1000
EPS 1,61 2,48 2,95
EPS growth (%) -37,6 53,6 18,8
EPS adj. 1,89 2,61 3,08
DPS 1,5 1,5 1,8
EV/EBITDA (x) 13,2 10,8 9,7
EV/EBIT adj. (x) 23 17,9 15,6
P/E (x) 34,6 22,5 19
P/E adj. (x) 29,6 21,4 18,2
EV/sales (x) 1,73 1,7 1,62
FCF yield (%) 2,2 3,2 2,8
Le. adj. FCF yld. (%) 2,2 3,2 2,8
Dividend yield (%) 2,7 2,7 3,2
Net IB debt/EBITDA (x) 1,1 0,9 0,8
Le. adj. ND/EBITDA (x) 0,9 0,8 0,7
SEKm 2023 2024e 2025e
Sales 9546 9648 10154
COGS -8210 -8037 -8477
Gross profit 1336 1611 1677
Other operating items -83 -94 15
EBITDA 1253 1517 1692
Depreciation and amortisation -552 -555 -596
of which leasing depreciation -76 -76 -76
EBITA 701 962 1096
EO Items -60 0 0
Impairment and PPA amortisation -44 -45 -44
EBIT 657 917 1052
Net financial items -41 -66 -52
Pretax profit 616 851 1000
Tax -181 -183 -206
Net profit 435 668 794
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 435 668 794
EPS 1,61 2,48 2,95
EPS adj. 1,89 2,61 3,08
Total extraordinary items after tax -42 0 0
Leasing payments -76 -76 -76
Tax rate (%) 29,4 21,5 20,6
Gross margin (%) 14 16,7 16,5
EBITDA margin (%) 13,1 15,7 16,7
EBITA margin (%) 7,3 10 10,8
EBIT margin (%) 6,9 9,5 10,4
Pre-tax margin (%) 6,5 8,8 9,8
Net margin (%) 4,6 6,9 7,8
Sales growth (%) -11,4 1,1 5,2
EBITDA growth (%) -11,2 21,1 11,5
EBITA growth (%) -22,8 37,3 13,9
EBIT growth (%) -24,2 39,6 14,7
Net profit growth (%) -37,6 53,6 18,8
EPS growth (%) -37,6 53,6 18,8
Profitability N/A N/A N/A
ROE (%) 8,2 12,6 14,1
ROE adj. (%) 9,9 13,4 14,9
ROCE (%) 8,8 12,7 14,2
ROCE adj. (%) 10,2 13,3 14,8
ROIC (%) 7,5 11,3 12,4
ROIC adj. (%) 8,1 11,3 12,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1313 1517 1692
EBITDA adj. margin (%) 13,8 15,7 16,7
EBITDA lease adj. 1237 1441 1616
EBITDA lease adj. margin (%) 13 14,9 15,9
EBITA adj. 761 962 1096
EBITA adj. margin (%) 8 10 10,8
EBIT adj. 717 917 1052
EBIT adj. margin (%) 7,5 9,5 10,4
Pretax profit Adj. 720 896 1044
Net profit Adj. 521 713 838
Net profit to shareholders adj. 521 713 838
Net adj. margin (%) 5,5 7,4 8,3
SEKm 2023 2024e 2025e
EBITDA 1253 1517 1692
Goodwill 2401 2473 2473
Net financial items -41 -66 -52
Other intangible assets 0 0 0
Paid tax -151 -183 -206
Tangible fixed assets 2812 3008 3344
Non-cash items -38 -55 -120
Right-of-use asset 282 208 164
Cash flow before change in WC 1023 1213 1314
Total other fixed assets 17 17 17
Fixed assets 5512 5706 5998
Change in working capital -242 -29 -81
Inventories 1196 1206 1218
Operating cash flow 781 1185 1233
Receivables 1525 1544 1625
Capex tangible fixed assets -421 -696 -812
Other current assets 379 386 406
Capex intangible fixed assets -4 0 0
Cash and liquid assets 688 370 387
Acquisitions and Disposals -19 0 0
Total assets 9300 9211 9634
Free cash flow 337 489 421
Shareholders equity 5171 5435 5825
Dividend paid -512 -404 -404
Minority N/A N/A N/A
Share issues and buybacks 0 0 0
Total equity 5171 5435 5825
Leasing liability amortisation 0 0 0
Long-term debt 1544 1188 1188
Other non-cash items 8 -43 0
Pension debt 228 228 228
Convertible debt N/A N/A N/A
Leasing liability 293 293 293
Total other long-term liabilities 308 304 304
Short-term debt 44 44 44
Accounts payable 620 627 660
Other current liabilities 1092 1092 1092
Total liabilities and equity 9300 9211 9634
Net IB debt 1421 1383 1366
Net IB debt excl. pension debt 1193 1155 1138
Net IB debt excl. leasing 1128 1090 1073
Capital employed 7280 7188 7578
Capital invested 6592 6818 7191
Working capital 1388 1417 1497
Market cap. diluted (m) 15058 15058 15058
Net IB debt adj. 1421 1383 1366
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 16479 16441 16424
Total assets turnover (%) 98,9 104,2 107,8
Working capital/sales (%) 13,6 14,5 14,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 27,5 25,4 23,5
Net debt / market cap (%) 9,4 9,2 9,1
Equity ratio (%) 55,6 59 60,5
Net IB debt adj. / equity (%) 27,5 25,4 23,5
Current ratio 2,16 1,99 2,02
EBITDA/net interest 30,6 23 32,5
Net IB debt/EBITDA (x) 1,1 0,9 0,8
Net IB debt/EBITDA lease adj. (x) 0,9 0,8 0,7
Interest coverage 17,1 14,6 21,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 269 269 269
Diluted shares adj. 269 269 269
EPS 1,61 2,48 2,95
Dividend per share 1,5 1,5 1,8
EPS adj. 1,89 2,61 3,08
BVPS 19,2 20,18 21,62
BVPS adj. 10,28 11 12,44
Net IB debt/share 5,28 5,13 5,07
Share price 55,9 55,9 55,9
Market cap. (m) 15058 15058 15058
P/E (x) 34,6 22,5 19
EV/sales (x) 1,73 1,7 1,62
EV/EBITDA (x) 13,2 10,8 9,7
EV/EBITA (x) 23,5 17,1 15
EV/EBIT (x) 25,1 17,9 15,6
Dividend yield (%) 2,7 2,7 3,2
FCF yield (%) 2,2 3,2 2,8
Le. adj. FCF yld. (%) 2,2 3,2 2,8
P/BVPS (x) 2,91 2,77 2,59
P/BVPS adj. (x) 5,44 5,08 4,49
P/E adj. (x) 29,6 21,4 18,2
EV/EBITDA adj. (x) 12,6 10,8 9,7
EV/EBITA adj. (x) 21,7 17,1 15
EV/EBIT adj. (x) 23 17,9 15,6
EV/CE (x) 2,3 2,3 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 4,5 7,2 8
Capex/depreciation 0,9 1,5 1,6
Capex tangibles / tangible fixed assets 15 23,1 24,3
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 16,93 15,93 15,55

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.

18,9

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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15,6

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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2,6