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Össur

Össur

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Financials

USDm 2022 2023e 2024e
Sales 721 781 843
Sales growth (%) 0,3 8,3 8
EBITDA 116 146 167
EBITDA margin (%) 16,1 18,8 19,8
EBIT adj 67 97 118
EBIT adj margin (%) 9,3 12,5 14
Pretax profit 58 91 116
EPS rep 0,11 0,17 0,21
EPS growth (%) -31,7 57,7 26,6
EPS adj 0,11 0,17 0,21
DPS 0 0 0
EV/EBITDA (x) 18,7 14,5 12,4
EV/EBIT adj (x) 32,3 21,8 17,5
P/E (x) 43,7 27,7 21,9
P/E adj (x) 43,7 27,7 21,9
EV/sales (x) 3 2,7 2,4
FCF yield (%) 3,9 4,8 5,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2 1,3 0,8
Lease adj. FCF yield (%) 3,9 4,8 5,8
Lease adj. ND/EBITDA 1,1 0,5 0,1
USDm 2022 2023e 2024e
Sales 721 781 843
COGS -275 -286 -308
Gross profit 445 495 535
Other operating items -329 -348 -369
EBITDA 116 146 167
Depreciation on tangibles -18 -18 -18
Depreciation on intangibles -9 -9 -9
EBITA 67 97 118
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 67 97 118
Other financial items 0 0 0
Net financial items -10 -7 -5
Associated income 1 1 1
Other EO items 0 0 0
Pretax profit 58 91 116
Tax -13 -21 -27
Net profit 45 70 89
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 45 70 89
EPS 0,11 0,17 0,21
EPS Adj 0,11 0,17 0,21
Total extraordinary items after tax 0 0 0
Tax rate (%) -23 -23 -23
Gross margin (%) 61,8 63,4 63,5
EBITDA margin (%) 16,1 18,8 19,8
EBITA margin (%) 9,3 12,5 14
EBIT margin (%) 9,3 12,5 14
Pretax margin (%) 7,9 11,6 13,4
Net margin (%) 6,1 8,9 10,2
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 0,3 8,3 8
EBITDA growth (%) -22,1 26,1 13,9
EBIT growth (%) -31,1 45,2 20,9
Net profit growth (%) -31,9 57,4 26,6
EPS growth (%) -31,7 57,7 26,6
Profitability 2022 2023 2024
ROE (%) 6,9 10,3 12,2
ROE Adj (%) 6,9 10,3 12,2
ROCE (%) 6,4 8,9 10,5
ROCE Adj(%) 6,4 8,9 10,5
ROIC (%) 5,5 8,1 9,8
ROIC Adj (%) 5,5 8,1 9,8
Adj earnings numbers 2022 2023 2024
EBITDA Adj 116 146 167
EBITDA Adj margin (%) 16,1 18,8 19,8
EBITA Adj 67 97 118
EBITA Adj margin (%) 9,3 12,5 14
EBIT Adj 67 97 118
EBIT Adj margin (%) 9,3 12,5 14
Pretax profit Adj 58 91 116
Net profit Adj 45 70 89
Net profit to shareholders Adj 45 70 89
Net Adj margin (%) 6,1 8,9 10,2
Depreciation and amortisation -49 -49 -49
Of which leasing depreciation -20 -20 -20
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 116 146 167
EBITDA lease Adj margin (%) 16,1 18,8 19,8
Leasing payments 0 0 0
USDm 2022 2023e 2024e
EBITDA 116 146 167
Net financial items -10 -7 -5
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 106 139 162
Change in WC 0 -15 -16
Operating cash flow 106 124 146
CAPEX tangible fixed assets -29 -31 -34
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 77 93 112
Dividend paid 0 0 0
Share issues and buybacks -10 -29 -29
Other non cash items 33 -21 -27
Decrease in net IB debt 41 50 58
Balance Sheet (USDm) 2022 2023 2024
Goodwill 612 612 612
Indefinite intangible assets 0 0 0
Definite intangible assets 51 43 34
Tangible fixed assets 76 89 103
Other fixed assets 46 47 48
Fixed assets 853 837 824
Inventories 104 113 122
Receivables 103 112 121
Other current assets 26 26 26
Cash and liquid assets 185 228 285
Total assets 1272 1316 1378
Shareholders equity 661 703 763
Minority 0 0 0
Total equity 661 703 763
Long-term debt 262 262 262
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 26 26 25
Other long-term liabilities 16 16 16
Short-term debt 46 46 46
Accounts payable 27 29 31
Other current liabilities 114 114 114
Total liabilities and equity 1272 1316 1378
Net IB debt 232 189 132
Net IB debt excl. pension debt 232 189 132
Capital invested 923 921 924
Working capital 93 108 124
EV breakdown 2022 2023 2024
Market cap. diluted (m) 1953 1949 1949
Net IB debt Adj 232 189 132
Market value of minority 0 0 0
Reversal of shares and participations -18 -19 -22
Reversal of conv. debt assumed equity 0 0 0
EV 2168 2119 2059
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 58,5 60,3 62,6
Capital invested turnover (%) 73,1 76,9 81,3
Capital employed turnover (%) 67,6 68,3 69
Inventories / sales (%) 14 14,7 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 3 3,1 3,1
Working capital / sales (%) 12,9 12,9 13,7
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 35,1 26,9 17,4
Net debt / market cap (%) 11,9 9,7 6,8
Equity ratio (%) 52 53,4 55,3
Net IB debt adj. / equity (%) 35,1 26,9 17,4
Current ratio (%) 223,2 252,4 288,2
EBITDA / net interest (%) 1160,6 2090,9 3333,3
Net IB debt / EBITDA (%) 200,1 129,2 79,5
Interest cover (%) 670,6 1390,9 2353,3
Lease liability amortisation 0 0 0
Other intangible assets 49 39 29
Right-of-use asset 72 52 32
Total other fixed assets 45 46 49
Leasing liability 109 109 109
Total other long-term liabilities 53 53 53
Net IB debt excl. leasing 123 80 23
Net IB debt / EBITDA lease Adj (%) 106,2 54,7 14,1
USDm 2022 2023e 2024e
Shares outstanding adj. 421 420 420
Fully diluted shares Adj 421 420 420
EPS 0,11 0,17 0,21
Dividend per share Adj 0 0 0
EPS Adj 0,11 0,17 0,21
BVPS 1,57 1,67 1,82
BVPS Adj 0 0,12 0,29
Net IB debt / share 0,6 0,5 0,3
Share price 4,64 4,64 4,64
Market cap. (m) 1953 1949 1949
Valuation 2022 2023 2024
P/E 43,7 27,7 21,9
EV/sales 3,01 2,72 2,44
EV/EBITDA 18,7 14,5 12,4
EV/EBITA 32,3 21,8 17,5
EV/EBIT 32,3 21,8 17,5
Dividend yield (%) 0 0 0
FCF yield (%) 3,9 4,8 5,8
P/BVPS 2,95 2,77 2,55
P/BVPS Adj 5032,02 37,66 16
P/E Adj 43,7 27,7 21,9
EV/EBITDA Adj 18,7 14,5 12,4
EV/EBITA Adj 32,3 21,8 17,5
EV/EBIT Adj 32,3 21,8 17,5
EV/cap. employed 2 1,9 1,7
Investment ratios 2022 2023 2024
Capex / sales 4 4 4
Capex / depreciation 99,4 107,7 116,3
Capex tangibles / tangible fixed assets 37,8 35,3 32,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 20,5 25,7 34,7
Depreciation on tangibles / tangibles 24,9 21,5 18,4
Lease adj. FCF yield (%) 3,9 4,8 5,8

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.

22,1

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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17,6

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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2,5

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