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Ovzon

Ovzon

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Financials

SEKm 2021 2022e 2023e
Sales 191 321 433
Sales growth (%) 19,3 67,6 35
EBITDA -104 -79 35
EBITDA margin (%) -54,3 -24,7 8,2
EBIT adj margin (%) -54,7 -29,9 -21
Pretax profit -84 -87 -147
EPS rep -1,64 -1,4 -2,26
EPS growth (%) 27,3 14,5 -61,6
EPS adj -1,46 -1,3 -2,26
DPS 0 0 0
EV/EBITDA (x) -30,2 -32,2 71,7
EV/EBIT adj (x) -30 -26,6 -28
P/E (x) -38,4 -31,5 -19,5
P/E adj (x) -42,9 -33,8 -19,5
EV/sales (x) 16,4 7,9 5,9
FCF yield (%) -10,9 -16,5 0,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 -3,7 8
EBIT adj -105 -96 -91
Lease adj. FCF yield (%) -10,9 -16,6 0,3
Lease adj. ND/EBITDA 0,9 -3,8 8,2
SEKm 2021 2022e 2023e
Gross profit 14 53 182
Other operating items -118 -132 -146
EBITDA -104 -79 35
Depreciation on tangibles -1 -2 -96
Depreciation on intangibles -4 -4 -15
EBITA -113 -101 -91
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -113 -101 -91
Other financial items 0 0 0
Net financial items 30 13 -56
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -84 -87 -147
Tax 0 16 31
Net profit -84 -72 -116
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -84 -72 -116
EPS -1,64 -1,4 -2,26
EPS Adj -1,46 -1,3 -2,26
Total extraordinary items after tax -8,8 -5 0
Tax rate (%) 0 -18,1 -21
Gross margin (%) 7,3 16,4 42
EBITDA margin (%) -54,3 -24,7 8,2
EBITA margin (%) -59,2 -31,4 -21
EBIT margin (%) -59,2 -31,4 -21
Pretax margin (%) -43,8 -27,3 -33,9
Net margin (%) -43,8 -22,4 -26,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 19,3 67,6 35
EBITDA growth (%) -148,5 24 144,9
EBIT growth (%) -134,8 11,1 9,8
Net profit growth (%) 19,4 14,5 -61,6
EPS growth (%) 27,3 14,5 -61,6
Profitability 2021 2022 2023
ROE (%) -6,1 -5,1 -8,8
ROE Adj (%) -5,5 -4,7 -8,8
ROCE (%) -7,4 -5,4 -4,8
ROCE Adj(%) -6,8 -5,2 -4,8
ROIC (%) -9,1 -5,4 -4,5
ROIC Adj (%) -8,4 -5,2 -4,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj -95 -74 35
EBITDA Adj margin (%) -49,7 -23,1 8,2
EBITA Adj -105 -96 -91
EBITA Adj margin (%) -54,7 -29,9 -21
EBIT Adj -105 -96 -91
EBIT Adj margin (%) -54,7 -29,9 -21
Pretax profit Adj -75 -82 -147
Net profit Adj -75 -67 -116
Net profit to shareholders Adj -75 -67 -116
Net Adj margin (%) -39,2 -20,8 -26,8
Sales 191 321 433
COGS -177 -268 -251
Depreciation and amortisation -9 -22 -126
Of which leasing depreciation -2 -2 -2
EO items -9 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -97 -76 34
EBITDA lease Adj margin (%) -50,6 -23,6 7,8
Leasing payments -2 -2 -2
SEKm 2021 2022e 2023e
EBITDA -104 -79 35
Net financial items 30 13 -56
Paid tax 0 16 31
Non-cash items -21 1 1
Cash flow before change in WC -95 -49 11
Change in WC 18 -8 0
Operating cash flow -77 -57 11
CAPEX tangible fixed assets -258 -296 0
CAPEX intangible fixed assets -16 -18 -3
Acquisitions and disposals 0 0 0
Free cash flow -351 -371 8
Dividend paid 0 0 0
Share issues and buybacks 254 0 0
Other non cash items 1 0 0
Decrease in net IB debt -72 -494 356
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 21 53 52
Definite intangible assets 0 0 0
Tangible fixed assets 1345 1622 1505
Other fixed assets 0 0 0
Fixed assets 1376 1670 1548
Inventories 0 0 0
Receivables 71 96 130
Other current assets 0 0 0
Cash and liquid assets 406 273 279
Total assets 1853 2039 1957
Shareholders equity 1450 1379 1263
Minority 0 0 0
Total equity 1450 1379 1263
Long-term debt 317 557 557
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 79 96 130
Other current liabilities 0 0 0
Total liabilities and equity 1853 2039 1957
Net IB debt -83 291 285
Net IB debt excl. pension debt -83 291 285
Capital invested 1368 1670 1548
Working capital -8 0 0
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3220 2256 2256
Net IB debt Adj -82 291 285
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 3137 2547 2541
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 12 16,5 21,7
Capital invested turnover (%) 19,4 15 48,2
Capital employed turnover (%) 15,3 12,7 36,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 37,4 30,3 21,3
Working capital / sales (%) 24,8 -1,3 0
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -5,7 21,1 22,6
Net debt / market cap (%) -2,4 12,9 12,6
Equity ratio (%) 78,3 67,6 64,5
Net IB debt adj. / equity (%) -5,7 21,1 22,6
Current ratio (%) 601,4 383,9 314,6
EBITDA / net interest (%) -352,4 -593,2 63,7
Net IB debt / EBITDA (%) 79,4 -368,1 804,5
Interest cover (%) 384,3 756,5 -163,2
Lease liability amortisation -1 -2 -2
Other intangible assets 24 40 36
Right-of-use asset 7 7 7
Total other fixed assets 0 0 0
Leasing liability 7 7 7
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -90 284 278
Net IB debt / EBITDA lease Adj (%) 92,5 -375,3 821,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 51 51 51
Fully diluted shares Adj 51 51 51
EPS -1,64 -1,4 -2,26
Dividend per share Adj 0 0 0
EPS Adj -1,46 -1,3 -2,26
BVPS 28,29 26,89 24,63
BVPS Adj 28,29 26,89 24,63
Net IB debt / share -1,6 5,7 5,6
Share price 67,42 44 44
Market cap. (m) 3457 2256 2256
Valuation 2021 2022 2023
P/E -38,4 -31,5 -19,5
EV/sales 16,39 7,94 5,87
EV/EBITDA -30,2 -32,2 71,7
EV/EBITA -27,7 -25,3 -28
EV/EBIT -27,7 -25,3 -28
Dividend yield (%) 0 0 0
FCF yield (%) -10,9 -16,5 0,3
P/BVPS 2,22 1,64 1,79
P/BVPS Adj 2,22 1,64 1,79
P/E Adj -42,9 -33,8 -19,5
EV/EBITDA Adj -33 -34,4 71,7
EV/EBITA Adj -30 -26,6 -28
EV/EBIT Adj -30 -26,6 -28
EV/cap. employed 1,8 1,3 1,4
Investment ratios 2021 2022 2023
Capex / sales 143,1 97,9 0,8
Capex / depreciation 3500,1 1556,3 2,7
Capex tangibles / tangible fixed assets 19,2 18,2 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,5 1,1 7,5
Lease adj. FCF yield (%) -10,9 -16,6 0,3

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.

- 19,5

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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- 27,8

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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5,8

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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1,8