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Nordic Waterproofing

Nordic Waterproofing

SEKm 2023 2024e 2025e
Sales 4463 4314 4619
Sales growth (%) 2,8 -3,3 7,1
EBITDA 464 542 627
EBITDA margin (%) 10,4 12,6 13,6
EBIT adj. 317 358 443
EBIT adj. margin (%) 7,1 8,3 9,6
Pretax profit 256 326 411
EPS 8,81 10,58 13,35
EPS growth (%) -35,9 20,1 26,2
EPS adj. 10,9 11,87 14,65
DPS 5 6 7
EV/EBITDA (x) 10,1 8,5 7,1
EV/EBIT adj. (x) 14,8 12,8 10
P/E (x) 19,4 16,2 12,8
P/E adj. (x) 15,7 14,4 11,7
EV/sales (x) 1,05 1,06 0,96
FCF yield (%) 10,5 7,5 9,1
Le. adj. FCF yld. (%) 9 6,3 7,8
Dividend yield (%) 2,9 3,5 4,1
Net IB debt/EBITDA (x) 1,6 1,2 0,9
Le. adj. ND/EBITDA (x) 1,4 1,1 0,8
SEKm 2023 2024e 2025e
Sales 4463 4314 4619
COGS -3349 -3146 -3328
Gross profit 1114 1168 1291
Other operating items -650 -627 -664
EBITDA 464 542 627
Depreciation and amortisation -132 -144 -144
of which leasing depreciation -70 -72 -72
EBITA 332 398 483
EO Items -24 0 0
Impairment and PPA amortisation -39 -40 -40
EBIT 293 358 443
Net financial items -37 -32 -32
Pretax profit 256 326 411
Tax -50 -72 -90
Net profit 206 254 321
Minority interest 6 1 1
Net profit discontinued 0 0 0
Net profit to shareholders 212 255 322
EPS 8,81 10,58 13,35
EPS adj. 10,9 11,87 14,65
Total extraordinary items after tax -19 0 0
Leasing payments -62 -50 -50
Tax rate (%) 19,5 22 22
Gross margin (%) 25 27,1 28
EBITDA margin (%) 10,4 12,6 13,6
EBITA margin (%) 7,4 9,2 10,5
EBIT margin (%) 6,6 8,3 9,6
Pre-tax margin (%) 5,7 7,5 8,9
Net margin (%) 4,6 5,9 6,9
Sales growth (%) 2,8 -3,3 7,1
EBITDA growth (%) -20,4 16,7 15,8
EBITA growth (%) -28 19,8 21,5
EBIT growth (%) -31,9 22 23,9
Net profit growth (%) -37,5 23 26,3
EPS growth (%) -35,9 20,1 26,2
Profitability N/A N/A N/A
ROE (%) 12,1 13,9 16,2
ROE adj. (%) 15,4 16,1 18,2
ROCE (%) 10,3 12,1 13,9
ROCE adj. (%) 12,5 13,5 15,2
ROIC (%) 10,5 12,2 14,5
ROIC adj. (%) 11,2 12,2 14,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 488 542 627
EBITDA adj. margin (%) 10,9 12,6 13,6
EBITDA lease adj. 425 492 577
EBITDA lease adj. margin (%) 9,5 11,4 12,5
EBITA adj. 356 398 483
EBITA adj. margin (%) 8 9,2 10,5
EBIT adj. 317 358 443
EBIT adj. margin (%) 7,1 8,3 9,6
Pretax profit Adj. 319 366 451
Net profit Adj. 264 294 361
Net profit to shareholders adj. 270 295 362
Net adj. margin (%) 5,9 6,8 7,8
SEKm 2023 2024e 2025e
EBITDA 464 542 627
Goodwill 1199 1199 1199
Net financial items -37 -32 -32
Other intangible assets 136 104 73
Paid tax -93 -72 -90
Tangible fixed assets 418 483 552
Non-cash items 21 -28 -28
Right-of-use asset 116 94 72
Cash flow before change in WC 356 410 477
Total other fixed assets 223 251 279
Change in working capital 147 -26 -25
Fixed assets 2092 2131 2175
Operating cash flow 503 384 452
Inventories 619 647 647
Capex tangible fixed assets -56 -65 -69
Receivables 559 556 589
Capex intangible fixed assets -10 -9 -9
Other current assets 16 16 16
Acquisitions and Disposals -5 0 0
Cash and liquid assets 349 489 668
Free cash flow 433 311 373
Total assets 3634 3839 4096
Dividend paid -168 -120 -145
Shareholders equity 1764 1898 2075
Share issues and buybacks -15 0 0
Minority 13 12 11
Leasing liability amortisation -62 -50 -50
Total equity 1777 1910 2086
Other non-cash items -39 -72 -72
Long-term debt 750 822 894
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 110 110 110
Total other long-term liabilities 160 160 160
Short-term debt 214 214 214
Accounts payable 246 246 254
Other current liabilities 377 377 377
Total liabilities and equity 3634 3839 4096
Net IB debt 724 656 549
Net IB debt excl. pension debt 724 656 549
Net IB debt excl. leasing 614 546 439
Capital employed 2850 3056 3304
Capital invested 2501 2566 2636
Working capital 569 595 620
Market cap. diluted (m) 4123 4123 4123
Net IB debt adj. 724 656 549
Market value of minority 13 12 11
Reversal of shares and participations -185 -213 -241
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4676 4579 4443
Total assets turnover (%) 121,3 115,5 116,4
Working capital/sales (%) 14 13,5 13,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 34,3 26,3
Net debt / market cap (%) 17,6 15,9 13,3
Equity ratio (%) 48,9 49,8 50,9
Net IB debt adj. / equity (%) 40,8 34,3 26,3
Current ratio 1,84 2,04 2,27
EBITDA/net interest 12,7 16,9 19,6
Net IB debt/EBITDA (x) 1,6 1,2 0,9
Net IB debt/EBITDA lease adj. (x) 1,4 1,1 0,8
Interest coverage 9,1 12,4 15,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 8,81 10,58 13,35
Dividend per share 5 6 7
EPS adj. 10,9 11,87 14,65
BVPS 73,24 78,82 86,17
BVPS adj. 17,83 24,71 33,33
Net IB debt/share 30,07 27,24 22,81
Share price 171,2 171,2 171,2
Market cap. (m) 4123 4123 4123
P/E (x) 19,4 16,2 12,8
EV/sales (x) 1,05 1,06 0,96
EV/EBITDA (x) 10,1 8,5 7,1
EV/EBITA (x) 14,1 11,5 9,2
EV/EBIT (x) 16 12,8 10
Dividend yield (%) 2,9 3,5 4,1
FCF yield (%) 10,5 7,5 9,1
Le. adj. FCF yld. (%) 9 6,3 7,8
P/BVPS (x) 2,34 2,17 1,99
P/BVPS adj. (x) 7,3 5,9 4,71
P/E adj. (x) 15,7 14,4 11,7
EV/EBITDA adj. (x) 9,6 8,5 7,1
EV/EBITA adj. (x) 13,1 11,5 9,2
EV/EBIT adj. (x) 14,8 12,8 10
EV/CE (x) 1,6 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,7 1,7
Capex/depreciation 1,1 1 1,1
Capex tangibles / tangible fixed assets 13,4 13,4 12,6
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 14,84 14,92 13,05

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.

12,8

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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10,5

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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1,0

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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2,0