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Financials

SEKm 2021 2022e 2023e
Sales 421 480 513
Sales growth (%) 16,8 14 6,9
EBITDA 48 54 56
EBITDA margin (%) 11,3 11,2 11
EBIT adj 46 52 54
EBIT adj margin (%) 10,8 10,7 10,5
Pretax profit 46 52 54
EPS rep 3,29 3,73 3,91
EPS growth (%) 214,9 13,1 5
EPS adj 3,29 3,73 3,91
DPS 3,3 3,4 3,6
EV/EBITDA (x) 8,9 7,2 6,9
EV/EBIT adj (x) 9,4 7,5 7,2
P/E (x) 13,4 10,7 10,2
P/E adj (x) 13,4 10,7 10,2
EV/sales (x) 1 0,8 0,8
FCF yield (%) 4,6 7,5 8,8
Dividend yield (%) 7,5 8,5 9
Net IB debt/EBITDA -0,9 -0,8 -0,8
Lease adj. FCF yield (%) 4,6 7,5 8,8
Lease adj. ND/EBITDA -0,9 -0,8 -0,8
SEKm 2021 2022e 2023e
Depreciation and amortisation -2 -2 -2
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 48 54 56
EBITDA lease Adj margin (%) 11,3 11,2 11
Sales 421 480 513
COGS 0 0 0
Gross profit 421 480 513
Other operating items -374 -426 -457
EBITDA 48 54 56
Depreciation on tangibles -3 -3 -3
Depreciation on intangibles 0 0 0
EBITA 46 52 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 52 54
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 46 52 54
Tax -10 -11 -12
Net profit 35 40 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 40 42
EPS 3,29 3,73 3,91
EPS Adj 3,29 3,73 3,91
Total extraordinary items after tax 0 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 11,3 11,2 11
EBITA margin (%) 10,8 10,7 10,5
EBIT margin (%) 10,8 10,7 10,5
Pretax margin (%) 10,8 10,7 10,5
Net margin (%) 8,4 8,4 8,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,8 14 6,9
EBITDA growth (%) 174,7 12,6 4,9
EBIT growth (%) 205,4 13,2 5
Net profit growth (%) 216,9 13,2 5
EPS growth (%) 214,9 13,1 5
Profitability 2021 2022 2023
ROE (%) 48,5 48,6 47,9
ROE Adj (%) 48,5 48,6 47,9
ROCE (%) 62,1 62,3 61,4
ROCE Adj(%) 62,1 62,3 61,4
ROIC (%) 125,1 102,6 93,2
ROIC Adj (%) 125,1 102,6 93,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 48 54 56
EBITDA Adj margin (%) 11,3 11,2 11
EBITA Adj 46 52 54
EBITA Adj margin (%) 10,8 10,7 10,5
EBIT Adj 46 52 54
EBIT Adj margin (%) 10,8 10,7 10,5
Pretax profit Adj 46 52 54
Net profit Adj 35 40 42
Net profit to shareholders Adj 35 40 42
Net Adj margin (%) 8,4 8,4 8,2
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 48 54 56
Net financial items 0 0 0
Paid tax -10 -11 -12
Non-cash items 0 0 0
Cash flow before change in WC 38 42 45
Change in WC -11 -5 -2
Operating cash flow 27 37 43
CAPEX tangible fixed assets -5 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 22 32 38
Dividend paid -21 -35 -36
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 21 -14 5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 10 10 10
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 5 8 11
Other fixed assets 1 1 1
Fixed assets 16 19 22
Inventories 0 0 0
Receivables 78 86 92
Other current assets 0 0 0
Cash and liquid assets 45 42 44
Total assets 139 148 158
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -45 -42 -44
Net IB debt / EBITDA lease Adj (%) -94,2 -78,2 -77,1
Shareholders equity 80 85 91
Minority 0 0 0
Total equity 80 85 91
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 59 62 67
Total liabilities and equity 139 148 158
Net IB debt -45 -42 -44
Net IB debt excl. pension debt -45 -42 -44
Capital invested 35 43 47
Working capital 19 24 26
EV breakdown 2021 2022 2023
Market cap. diluted (m) 471 427 431
Net IB debt Adj -45 -42 -44
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 426 385 387
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 324,5 334,8 336,3
Capital invested turnover (%) 1361,1 1429,8 1159,9
Capital employed turnover (%) 589,4 602 601,6
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 16,1 13,9 13,1
Payables / sales (%) 0 0 0
Working capital / sales (%) 3,2 4,5 4,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,1 -49,4 -47,9
Net debt / market cap (%) -12,2 -9,8 -10,1
Equity ratio (%) 57,6 57,7 57,7
Net IB debt adj. / equity (%) -56,1 -49,4 -47,9
Current ratio (%) 208,5 205,9 203,7
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -94,2 -78,2 -77,1
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 4,6 7,5 8,8
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 3,29 3,73 3,91
Dividend per share Adj 3,3 3,4 3,6
EPS Adj 3,29 3,73 3,91
BVPS 7,5 7,96 8,43
BVPS Adj 6,52 6,98 7,46
Net IB debt / share -4,2 -3,9 -4
Share price 34,5 39,95 39,95
Market cap. (m) 369 427 431
Valuation 2021 2022 2023
P/E 13,4 10,7 10,2
EV/sales 1,01 0,8 0,75
EV/EBITDA 8,9 7,2 6,9
EV/EBITA 9,4 7,5 7,2
EV/EBIT 9,4 7,5 7,2
Dividend yield (%) 7,5 8,5 9
FCF yield (%) 4,6 7,5 8,8
P/BVPS 5,86 5,02 4,74
P/BVPS Adj 6,75 5,73 5,36
P/E Adj 13,4 10,7 10,2
EV/EBITDA Adj 8,9 7,2 6,9
EV/EBITA Adj 9,4 7,5 7,2
EV/EBIT Adj 9,4 7,5 7,2
EV/cap. employed 5,3 4,5 4,3
Investment ratios 2021 2022 2023
Capex / sales 1,2 1,1 1
Capex / depreciation 217,4 219,6 213,2
Capex tangibles / tangible fixed assets 96,2 63,5 47,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 44,2 28,9 22,4

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.

10,2

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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7,3

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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0,8

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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4,8