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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.

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 2022 2023e 2024e
Sales 4343 4201 4327
Sales growth (%) 18,6 -3,3 3
EBITDA 526 451 523
EBITDA margin (%) 12,1 10,7 12,1
EBIT adj. 423 361 411
EBIT adj. margin (%) 9,7 8,6 9,5
Pretax profit 413 310 379
EPS 13,74 10,04 12,3
EPS growth (%) 29,2 -27 22,6
EPS adj. 14,53 11,53 13,6
DPS 7 5,8 6,8
EV/EBITDA (x) 7,7 8,9 7,4
EV/EBIT adj. (x) 9,6 11,1 9,4
P/E (x) 10,1 13,8 11,3
P/E adj. (x) 9,6 12,1 10,2
EV/sales (x) 0,94 0,95 0,89
FCF yield (%) 3,9 11 11
Le. adj. FCF yld. (%) 2,1 9,5 9,5
Dividend yield (%) 5 4,2 4,9
Net IB debt/EBITDA (x) 1,6 1,8 1,3
Le. adj. ND/EBITDA (x) 1,6 1,7 1,2
SEKm 2022 2023e 2024e
Sales 4343 4201 4327
COGS -3159 -3038 -3118
Gross profit 1184 1163 1209
Other operating items -658 -712 -686
EBITDA 526 451 523
Depreciation and amortisation -65 -71 -72
of which leasing depreciation -57 -76 -72
EBITA 461 380 451
EO Items 7 -14 0
Impairment and PPA amortisation -31 -33 -40
EBIT 430 347 411
Net financial items -18 -38 -32
Pretax profit 413 310 379
Tax -82 -71 -83
Net profit 330 239 296
Minority interest 1 3 1
Net profit discontinued 0 0 0
Net profit to shareholders 331 242 296
EPS 13,74 10,04 12,3
EPS adj. 14,53 11,53 13,6
Total extraordinary items after tax 6 -11 0
Leasing payments -62 -50 -50
Tax rate (%) 20 22,9 22
Gross margin (%) 27,3 27,7 27,9
EBITDA margin (%) 12,1 10,7 12,1
EBITA margin (%) 10,6 9 10,4
EBIT margin (%) 9,9 8,3 9,5
Pre-tax margin (%) 9,5 7,4 8,8
Net margin (%) 7,6 5,7 6,8
Sales growth (%) 18,6 -3,3 3
EBITDA growth (%) 11,1 -14,3 16
EBITA growth (%) 12,6 -17,7 18,7
EBIT growth (%) 12,8 -19,3 18,3
Net profit growth (%) 28,8 -27,6 23,7
EPS growth (%) 29,2 -27 22,6
Profitability N/A N/A N/A
ROE (%) 20,8 13,7 15,8
ROE adj. (%) 22,3 16,2 18
ROCE (%) 16,5 11,9 13,3
ROCE adj. (%) 17,4 13,5 14,6
ROIC (%) 15,6 11,2 13,3
ROIC adj. (%) 15,4 11,7 13,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 519 465 523
EBITDA adj. margin (%) 12 11,1 12,1
EBITDA lease adj. 457 415 473
EBITDA lease adj. margin (%) 10,5 9,9 10,9
EBITA adj. 454 394 451
EBITA adj. margin (%) 10,5 9,4 10,4
EBIT adj. 423 361 411
EBIT adj. margin (%) 9,7 8,6 9,5
Pretax profit Adj. 436 356 419
Net profit Adj. 355 282 336
Net profit to shareholders adj. 356 285 336
Net adj. margin (%) 8,2 6,7 7,8
SEKm 2022 2023e 2024e
EBITDA 526 451 523
Goodwill 1203 1203 1203
Net financial items -18 -38 -32
Other intangible assets 158 134 102
Paid tax -121 -71 -83
Tangible fixed assets 456 568 637
Non-cash items 34 52 44
Right-of-use asset 116 90 68
Cash flow before change in WC 422 394 452
Total other fixed assets 171 195 223
Change in working capital -62 68 -5
Fixed assets 2103 2190 2234
Operating cash flow 360 462 446
Inventories 787 714 714
Capex tangible fixed assets -99 -71 -69
Receivables 574 551 565
Capex intangible fixed assets -2 -8 -9
Other current assets 0 0 0
Acquisitions and Disposals -128 -14 0
Cash and liquid assets 261 366 544
Free cash flow 132 368 369
Total assets 3724 3821 4057
Dividend paid -144 -169 -140
Shareholders equity 1736 1795 1951
Share issues and buybacks 0 -15 0
Minority 18 15 14
Leasing liability amortisation -62 -50 -50
Total equity 1754 1810 1965
Other non-cash items -116 -98 -72
Long-term debt 772 840 912
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 110 110 110
Total other long-term liabilities 188 188 188
Short-term debt 223 223 223
Accounts payable 300 273 281
Other current liabilities 377 377 377
Total liabilities and equity 3724 3821 4057
Net IB debt 844 808 701
Net IB debt excl. pension debt 844 808 701
Net IB debt excl. leasing 734 698 591
Capital employed 2859 2983 3211
Capital invested 2599 2617 2666
Working capital 684 615 621
Market cap. diluted (m) 3348 3348 3348
Net IB debt adj. 844 808 701
Market value of minority 18 15 14
Reversal of shares and participations -146 -171 -199
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4064 4000 3864
Total assets turnover (%) 126,2 111,4 109,8
Working capital/sales (%) 13,5 15,5 14,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 48,1 44,6 35,7
Net debt / market cap (%) 25,2 24,1 20,9
Equity ratio (%) 47,1 47,4 48,4
Net IB debt adj. / equity (%) 48,1 44,6 35,7
Current ratio 1,8 1,87 2,07
EBITDA/net interest 29,6 12 16,3
Net IB debt/EBITDA (x) 1,6 1,8 1,3
Net IB debt/EBITDA lease adj. (x) 1,6 1,7 1,2
Interest coverage 25,9 10,1 14,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 13,74 10,04 12,3
Dividend per share 7 5,8 6,8
EPS adj. 14,53 11,53 13,6
BVPS 72,1 74,51 81,02
BVPS adj. 15,6 19,02 26,82
Net IB debt/share 35,06 33,54 29,1
Share price 139 139 139
Market cap. (m) 3348 3348 3348
P/E (x) 10,1 13,8 11,3
EV/sales (x) 0,94 0,95 0,89
EV/EBITDA (x) 7,7 8,9 7,4
EV/EBITA (x) 8,8 10,5 8,6
EV/EBIT (x) 9,4 11,5 9,4
Dividend yield (%) 5 4,2 4,9
FCF yield (%) 3,9 11 11
Le. adj. FCF yld. (%) 2,1 9,5 9,5
P/BVPS (x) 1,93 1,87 1,72
P/BVPS adj. (x) 6,28 5,66 4,47
P/E adj. (x) 9,6 12,1 10,2
EV/EBITDA adj. (x) 7,8 8,6 7,4
EV/EBITA adj. (x) 8,9 10,2 8,6
EV/EBIT adj. (x) 9,6 11,1 9,4
EV/CE (x) 1,4 1,3 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 2,3 1,9 1,8
Capex/depreciation 12,5 -16 N/A
Capex tangibles / tangible fixed assets 21,7 12,6 10,9
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 1,76 0,88 0

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Nordic Waterproofing - Company presentation with CFO Per-Olof Schrewelius
Nordic Waterproofing - Company presentation with CFO Per-Olof Schrewelius

Main shareholders - Nordic Waterproofing

Main shareholders Share capital % Voting shares % Verified
Kingspan Group PLC 24.1 % 24.1 % 10 Aug 2022
Handelsbanken Fonder 7.5 % 7.5 % 30 Apr 2023
Tredje AP-fonden 5.6 % 5.6 % 26 Apr 2023
Lannebo Fonder 4.1 % 4.1 % 30 Apr 2023
Cliens Fonder 3.0 % 3.0 % 26 Apr 2023
Alcur Fonder 2.8 % 2.8 % 31 Mar 2023
Carnegie Fonder 2.8 % 2.8 % 30 Apr 2023
Avanza Pension 2.7 % 2.7 % 26 Apr 2023
Danske Invest 2.4 % 2.4 % 30 Apr 2023
Dimensional Fund Advisors 2.2 % 2.2 % 30 May 2023
Source: Holdings by Modular Finance AB

Insider list - Nordic Waterproofing

Name Quantity Code Date
Thomas Zipfel - 975 SELL 18 Aug 2021
Thomas Zipfel + 5 894 ALTM 17 Aug 2021
Thomas Zipfel + 3 929 BUY 16 Aug 2021
Mats Lindborg - 5 000 SELL 26 Jul 2021
Paul Erik Rask - 11 885 SELL 21 Jul 2021
Esa Mäki - 2 500 SELL 21 Jul 2021
Esa Mäki + 6 012 ALTM 2 Jul 2021
Martin Tholstrup + 5 925 ALTM 1 Jul 2021
Mats Lindborg + 5 943 ALTM 28 Jun 2021
Paul Erik Rask + 2 061 BUY 10 Feb 2021

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