Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Nordic Waterproofing

Nordic Waterproofing

Protecting and waterproofing roofs

Nordic Waterproofing is a market-leading supplier of products used to protect and waterproof roofs. The market is highly consolidated in terms of suppliers, while the customer base is fragmented. The company both supplies (through its Products & Solutions division) and installs (through its Installation Services division) waterproofing products using the materials bitumen and EPDM, but also PVC. Recent acquisitions have also been into prefabricated façade elements and green roofing products.

Sustainability information

Bitumen and synthetic rubber costs have an impact on the company’s margin. Although the product renewal in the roofing industry is low and the pace of technology advances is small, new product introductions have historically resulted in some small provisions. Furthermore, M&A activity always brings the risk of lower than expected operational synergies and performance of acquired businesses.

SEKm 2023 2024e 2025e
Sales 4463 4225 4543
Sales growth (%) 2,8 -5,3 7,5
EBITDA 464 518 627
EBITDA margin (%) 10,4 12,3 13,8
EBIT adj. 317 349 443
EBIT adj. margin (%) 7,1 8,3 9,8
Pretax profit 256 305 411
EPS 8,81 9,98 13,35
EPS growth (%) -35,9 13,4 33,7
EPS adj. 10,9 11,53 14,65
DPS 5 5,5 6,5
EV/EBITDA (x) 9,8 8,9 7,1
EV/EBIT adj. (x) 14,3 13,3 10,1
P/E (x) 18,8 16,6 12,4
P/E adj. (x) 15,2 14,4 11,3
EV/sales (x) 1,02 1,09 0,99
FCF yield (%) 10,8 7,6 9,3
Le. adj. FCF yld. (%) 12,4 6,4 8,1
Dividend yield (%) 3 3,3 3,9
Net IB debt/EBITDA (x) 1,6 1,6 1,1
Le. adj. ND/EBITDA (x) 1,1 1,5 1
SEKm 2023 2024e 2025e
Sales 4463 4225 4543
COGS -3349 -3061 -3266
Gross profit 1114 1164 1277
Other operating items -650 -646 -649
EBITDA 464 518 627
Depreciation and amortisation -132 -135 -144
of which leasing depreciation -70 -68 -72
EBITA 332 383 483
EO Items -24 -6 0
Impairment and PPA amortisation -39 -41 -40
EBIT 293 342 443
Net financial items -37 -38 -32
Pretax profit 256 305 411
Tax -50 -67 -90
Net profit 206 238 321
Minority interest 6 3 1
Net profit discontinued 0 0 0
Net profit to shareholders 212 240 322
EPS 8,81 9,98 13,35
EPS adj. 10,9 11,53 14,65
Total extraordinary items after tax -19 -5 0
Leasing payments 61 -50 -50
Tax rate (%) 19,5 21,9 22
Gross margin (%) 25 27,5 28,1
EBITDA margin (%) 10,4 12,3 13,8
EBITA margin (%) 7,4 9,1 10,6
EBIT margin (%) 6,6 8,1 9,8
Pre-tax margin (%) 5,7 7,2 9,1
Net margin (%) 4,6 5,6 7,1
Sales growth (%) 2,8 -5,3 7,5
EBITDA growth (%) -20,4 11,7 21
EBITA growth (%) -28 15,5 26
EBIT growth (%) -31,9 16,8 29,5
Net profit growth (%) -37,5 15,3 34,8
EPS growth (%) -35,9 13,4 33,7
Profitability N/A N/A N/A
ROE (%) 12,1 13,2 16,3
ROE adj. (%) 15,4 15,7 18,3
ROCE (%) 10,3 11,6 14
ROCE adj. (%) 12,5 13,2 15,3
ROIC (%) 10,5 11,5 13,7
ROIC adj. (%) 11,2 11,7 13,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 488 525 627
EBITDA adj. margin (%) 10,9 12,4 13,8
EBITDA lease adj. 549 475 577
EBITDA lease adj. margin (%) 12,3 11,2 12,7
EBITA adj. 356 390 483
EBITA adj. margin (%) 8 9,2 10,6
EBIT adj. 317 349 443
EBIT adj. margin (%) 7,1 8,3 9,8
Pretax profit Adj. 319 352 451
Net profit Adj. 264 284 361
Net profit to shareholders adj. 270 287 362
Net adj. margin (%) 5,9 6,7 7,9
SEKm 2023 2024e 2025e
EBITDA 464 518 627
Goodwill 1199 1199 1199
Net financial items -37 -38 -32
Other intangible assets 136 103 72
Paid tax -93 -99 -90
Tangible fixed assets 418 657 725
Non-cash items 21 3 -28
Right-of-use asset 116 98 76
Cash flow before change in WC 356 385 477
Total other fixed assets 223 245 273
Change in working capital 147 -8 -28
Fixed assets 2092 2302 2345
Operating cash flow 503 377 449
Inventories 619 634 636
Capex tangible fixed assets -56 -63 -68
Receivables 559 546 581
Capex intangible fixed assets -10 -8 -9
Other current assets 16 16 16
Acquisitions and Disposals -5 0 0
Cash and liquid assets 349 316 505
Free cash flow 433 305 372
Total assets 3634 3813 4083
Dividend paid -168 -120 -132
Shareholders equity 1764 1884 2073
Share issues and buybacks -15 0 0
Minority 13 10 10
Leasing liability amortisation 61 -50 -50
Total equity 1777 1894 2083
Other non-cash items -162 -236 -72
Long-term debt 750 817 889
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 246 241 250
Other current liabilities 377 377 377
Total liabilities and equity 3634 3813 4083
Net IB debt 724 825 708
Net IB debt excl. pension debt 724 825 708
Net IB debt excl. leasing 614 715 598
Capital employed 2850 3035 3295
Capital invested 2501 2719 2791
Working capital 569 577 606
Market cap. diluted (m) 3993 3993 3993
Net IB debt adj. 724 825 708
Market value of minority 13 10 10
Reversal of shares and participations -185 -206 -234
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4546 4623 4477
Total assets turnover (%) 121,3 113,5 115,1
Working capital/sales (%) 14 13,6 13
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 40,8 43,6 34
Net debt / market cap (%) 18,1 20,7 17,7
Equity ratio (%) 48,9 49,7 51
Net IB debt adj. / equity (%) 40,8 43,6 34
Current ratio 1,84 1,82 2,07
EBITDA/net interest 12,7 13,8 19,6
Net IB debt/EBITDA (x) 1,6 1,6 1,1
Net IB debt/EBITDA lease adj. (x) 1,1 1,5 1
Interest coverage 9,1 10,2 15,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 8,81 9,98 13,35
Dividend per share 5 5,5 6,5
EPS adj. 10,9 11,53 14,65
BVPS 73,24 78,22 86,08
BVPS adj. 17,83 24,17 33,3
Net IB debt/share 30,07 34,27 29,41
Share price 165,8 165,8 165,8
Market cap. (m) 3993 3993 3993
P/E (x) 18,8 16,6 12,4
EV/sales (x) 1,02 1,09 0,99
EV/EBITDA (x) 9,8 8,9 7,1
EV/EBITA (x) 13,7 12,1 9,3
EV/EBIT (x) 15,5 13,5 10,1
Dividend yield (%) 3 3,3 3,9
FCF yield (%) 10,8 7,6 9,3
Le. adj. FCF yld. (%) 12,4 6,4 8,1
P/BVPS (x) 2,26 2,12 1,93
P/BVPS adj. (x) 7,07 5,83 4,57
P/E adj. (x) 15,2 14,4 11,3
EV/EBITDA adj. (x) 9,3 8,8 7,1
EV/EBITA adj. (x) 12,8 11,9 9,3
EV/EBIT adj. (x) 14,3 13,3 10,1
EV/CE (x) 1,6 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,7 1,7
Capex/depreciation 1,1 1,1 1,1
Capex tangibles / tangible fixed assets 13,4 9,6 9,4
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 10,19 9,93

Equity research

Read earlier research

Media

Nordic Waterproofing - Company presentation with CFO Per-Olof Schrewelius
Nordic Waterproofing - Fireside chat with CEO Martin Ellis

Main shareholders - Nordic Waterproofing

Main shareholders Share capital % Voting shares % Verified
Kingspan Group PLC 35.7 % 35.7 % 15 Apr 2024
Samson Rock Capital LLP 15.1 % 15.1 % 15 Apr 2024
TFG Asset Management 12.5 % 12.5 % 27 Nov 2023
Fidelity International (FIL) 5.0 % 5.0 % 31 Aug 2023
Dimensional Fund Advisors 2.2 % 2.2 % 30 Apr 2024
Carnegie Fonder 1.9 % 1.9 % 30 Apr 2024
Canaccord Genuity Wealth Management 1.7 % 1.7 % 15 Apr 2024
DNCA Finance S.A 1.1 % 1.1 % 15 Apr 2024
Avanza Pension 1.0 % 1.0 % 26 Apr 2024
Evli Fund Management 0.9 % 0.9 % 30 Apr 2024
Source: Holdings by Modular Finance AB