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Penneo

Penneo

DKKm 2021 2022e 2023e
Sales 54 78 106
Sales growth (%) 52,8 42,9 36,1
EBITDA -15 -22 -14
EBITDA margin (%) -27,7 -28,3 -13,5
EBIT adj -22 -29 -26
EBIT adj margin (%) -40,1 -37,4 -24,9
Pretax profit -24 -36 -30
EPS rep -0,61 -0,82 -0,64
EPS growth (%) -15,6 -33,3 21,4
EPS adj -0,58 -0,71 -0,61
DPS 0 0 0
EV/EBITDA (x) -39 -16,3 -27,3
EV/EBIT adj (x) -26,9 -12,3 -14,8
P/E (x) -30 -13,2 -16,8
P/E adj (x) -31,6 -15,1 -17,5
EV/sales (x) 10,8 4,6 3,7
FCF yield (%) -4,6 -9,6 -9,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,1 1,1 1,8
Lease adj. FCF yield (%) -4,6 -9,6 -9,6
Lease adj. ND/EBITDA 0,7 1,6 2,1
DKKm 2021 2022e 2023e
Sales 54 78 106
COGS -10 -15 -20
Gross profit 45 63 85
Other operating items -60 -84 -100
EBITDA -15 -22 -14
Depreciation and amortisation -7 -10 -12
Of which leasing depreciation -3 -3 -3
EBITA -22 -32 -26
EO items -1 -4 -1
Impairment and PPA amortisation -1 -1 -1
EBIT -23 -33 -27
Net financial items -1 -3 -3
Pretax profit -24 -36 -30
Tax 6 7 7
Net profit -19 -29 -24
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 -29 -24
EPS -0,61 -0,82 -0,64
EPS Adj -0,58 -0,71 -0,61
Total extraordinary items after tax -1 -3,7 -1
Leasing payments -3 -3 -3
Tax rate (%) -22,9 -18,7 -22
Gross margin (%) 82,2 80,6 81
EBITDA margin (%) -27,7 -28,3 -13,5
EBITA margin (%) -40,6 -41,2 -25
EBIT margin (%) -41,9 -42,1 -25,9
Pretax margin (%) -44,5 -45,8 -28,8
Net margin (%) -34,3 -37,3 -22,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 52,8 42,9 36,1
EBITDA growth (%) -36,2 -45,9 35,2
EBIT growth (%) -39,9 -43,7 16,3
Net profit growth (%) -45,6 -55,1 17,9
EPS growth (%) -15,6 -33,3 21,4
Profitability 2021 2022 2023
ROE (%) -32,5 -38,5 -23,6
ROE Adj (%) -29,7 -32,6 -21,6
ROCE (%) -28,5 -32,5 -22,8
ROCE Adj(%) -26,5 -28,2 -21,2
ROIC (%) -33,5 -41,3 -28,1
ROIC Adj (%) -32,1 -36,6 -27,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj -14 -18 -13
EBITDA Adj margin (%) -25,9 -23,5 -12,5
EBITDA lease Adj -17 -22 -16
EBITDA lease Adj margin (%) -30,6 -27,7 -15,6
EBITA Adj -21 -28 -25
EBITA Adj margin (%) -38,9 -36,4 -24
EBIT Adj -22 -29 -26
EBIT Adj margin (%) -40,1 -37,4 -24,9
Pretax profit Adj -23 -31 -28
Net profit Adj -17 -24 -22
Net profit to shareholders Adj -17 -24 -22
Net Adj margin (%) -31,3 -31,6 -20,6
DKKm 2021 2022e 2023e
Pension debt 0 0 0
EBITDA -15 -22 -14
Net financial items -1 -3 -3
Paid tax 3 0 0
Non-cash items 6 7 4
Cash flow before change in WC -7 -18 -13
Change in WC -3 1 1
Operating cash flow -10 -17 -12
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets -15 -20 -26
Acquisitions and disposals 0 0 0
Free cash flow -26 -36 -38
Dividend paid 0 0 0
Share issues and buybacks 10 60 38
Lease liability amortisation 0 0 0
Other non cash items 0 0 0
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 45 57 73
Tangible fixed assets 1 1 1
Right-of-use asset 13 10 7
Total other fixed assets 1 1 1
Fixed assets 60 70 83
Inventories 0 0 0
Receivables 14 23 29
Other current assets 5 8 8
Cash and liquid assets 25 48 47
Total assets 104 148 166
Shareholders equity 57 93 108
Minority 0 0 0
Total equity 57 93 108
Long-term debt 14 12 12
Convertible debt 0 0 0
Leasing liability 14 11 9
Total other long-term liabilities 3 3 3
Short-term debt 0 2 2
Accounts payable 12 19 25
Other current liabilities 4 7 9
Total liabilities and equity 104 148 166
Net IB debt 2 -24 -26
Net IB debt excl. pension debt 2 -24 -26
Net IB debt excl. leasing -12 -35 -34
Capital invested 59 70 82
Working capital 3 4 3
EV breakdown 2021 2022 2023
Market cap. diluted (m) 584 380 415
Net IB debt Adj 2 -24 -26
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 586 357 389
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 54,2 61,4 67,1
Working capital / sales (%) -0,4 4,4 3,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 3,5 -25,3 -24
Net debt / market cap (%) 0,2 -6,9 -6,9
Equity ratio (%) 54,6 62,9 64,7
Net IB debt adj. / equity (%) 3,5 -25,3 -24
Current ratio (%) 236,6 256,1 221,4
EBITDA / net interest (%) -1957,2 -987,6 -723,2
Net IB debt / EBITDA (%) -13,3 107,4 181,6
Net IB debt / EBITDA lease Adj (%) 69,7 161,7 209
Interest cover (%) -2870,9 -1436,8 -1339,6
DKKm 2021 2022e 2023e
Shares outstanding adj. 27 32 35
Fully diluted shares Adj 32 35 39
EPS -0,61 -0,82 -0,64
Dividend per share Adj 0 0 0
EPS Adj -0,58 -0,71 -0,61
BVPS 2,1 2,92 3,06
BVPS Adj 0,44 1,14 0,98
Net IB debt / share 0,1 -0,7 -0,7
Share price 46,66 10,74 10,74
Market cap. (m) 1266 343 377
Valuation 2021 2022 2023
P/E -30 -13,2 -16,8
EV/sales 10,8 4,6 3,68
EV/EBITDA -39 -16,3 -27,3
EV/EBITA -26,6 -11,2 -14,8
EV/EBIT -25,8 -10,9 -14,2
Dividend yield (%) 0 0 0
FCF yield (%) -4,6 -9,6 -9,6
Lease adj. FCF yield (%) -4,6 -9,6 -9,6
P/BVPS 8,72 3,68 3,51
P/BVPS Adj 41,48 9,45 10,96
P/E Adj -31,6 -15,1 -17,5
EV/EBITDA Adj -41,7 -19,5 -29,5
EV/EBITA Adj -27,8 -12,6 -15,4
EV/EBIT Adj -26,9 -12,3 -14,8
EV/cap. employed 6,8 3 3
Investment ratios 2021 2022 2023
Capex / sales 28,5 25,4 24,7
Capex / depreciation 342,9 292,8 293,2
Capex tangibles / tangible fixed assets 56 14,5 22
Capex intangibles / definite intangibles 32,8 34,3 35,2
Depreciation on intangibles / definite intangibles 9,6 11,4 11,8
Depreciation on tangibles / tangibles 15,9 20,8 19,6

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.

- 16,8

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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- 13,0

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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3,3

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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3,5