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PION Group

PION Group

SEKm 2023 2024e 2025e
Sales 2020 1957 2049
Sales growth (%) -3,2 -3,1 4,7
EBITDA 23 78 95
EBITDA margin (%) 1,1 4 4,6
EBIT adj. 5 38 54
EBIT adj. margin (%) 0,2 2 2,6
Pretax profit -17 38 54
EPS -0,31 0,63 0,89
EPS growth (%) -124,7 -304,8 41,4
EPS adj. 0,25 0,79 1,05
DPS 0,25 0,3 0,4
EV/EBITDA (x) 13 3,8 2,9
EV/EBIT adj. (x) 61,6 7,7 5
P/E (x) -21,3 10,4 7,3
P/E adj. (x) 26,3 8,2 6,2
EV/sales (x) 0,15 0,15 0,13
FCF yield (%) 14,5 18,9 24,3
Le. adj. FCF yld. (%) 4,9 9,5 15
Dividend yield (%) 3,8 4,6 6,1
Net IB debt/EBITDA (x) -0,6 -0,3 -0,5
Le. adj. ND/EBITDA (x) -4 -1,3 -1,3
SEKm 2023 2024e 2025e
Sales 2020 1957 2049
COGS 0 0 0
Gross profit 2020 1957 2049
Other operating items -1997 -1879 -1955
EBITDA 23 78 95
Depreciation and amortisation -29 -30 -30
of which leasing depreciation -26 -27 -27
EBITA -6 48 64
EO Items -21 0 0
Impairment and PPA amortisation -10 -10 -10
EBIT -16 38 54
Net financial items -1 0 0
Pretax profit -17 38 54
Tax 2 -8 -11
Net profit -15 30 43
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 30 43
EPS -0,31 0,63 0,89
EPS adj. 0,25 0,79 1,05
Total extraordinary items after tax -18 0 0
Leasing payments -31 -31 -31
Tax rate (%) 13,7 21 21
Gross margin (%) 100 100 100
EBITDA margin (%) 1,1 4 4,6
EBITA margin (%) -0,3 2,5 3,1
EBIT margin (%) -0,8 2 2,6
Pre-tax margin (%) -0,8 2 2,6
Net margin (%) -0,7 1,5 2,1
Sales growth (%) -3,2 -3,1 4,7
EBITDA growth (%) -77,7 243,5 21,5
EBITA growth (%) -107,8 -906,3 32,9
EBIT growth (%) -121,6 -342,9 41,4
Net profit growth (%) -124,7 -309,1 41,4
EPS growth (%) -124,7 -304,8 41,4
Profitability N/A N/A N/A
ROE (%) -6,6 14 17,9
ROE adj. (%) 5,9 18,6 22,1
ROCE (%) -6,5 15 19,3
ROCE adj. (%) 5,3 18,9 22,8
ROIC (%) -2,9 19,1 24,4
ROIC adj. (%) 7 19,1 24,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 43 78 95
EBITDA adj. margin (%) 2,1 4 4,6
EBITDA lease adj. 13 47 64
EBITDA lease adj. margin (%) 0,6 2,4 3,1
EBITA adj. 15 48 64
EBITA adj. margin (%) 0,7 2,5 3,1
EBIT adj. 5 38 54
EBIT adj. margin (%) 0,2 2 2,6
Pretax profit Adj. 14 48 64
Net profit Adj. 13 40 53
Net profit to shareholders adj. 13 40 53
Net adj. margin (%) 0,6 2,1 2,6
SEKm 2023 2024e 2025e
EBITDA 23 78 95
Goodwill 57 57 57
Net financial items -1 0 0
Other intangible assets 0 0 0
Paid tax 2 -8 -11
Tangible fixed assets 35 36 37
Non-cash items 0 0 0
Right-of-use asset 44 46 49
Cash flow before change in WC 24 70 83
Total other fixed assets 10 10 10
Change in working capital 23 -7 -3
Fixed assets 147 151 154
Operating cash flow 47 63 81
Inventories 0 0 0
Capex tangible fixed assets -2 -4 -4
Receivables 458 470 492
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 47 57 82
Free cash flow 45 59 77
Total assets 651 677 727
Dividend paid -24 -12 -14
Shareholders equity 207 226 254
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -30 -30 -30
Total equity 207 226 254
Other non-cash items -46 -10 -10
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 38 41 43
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 405 411 430
Other current liabilities 0 0 0
Total liabilities and equity 651 677 727
Net IB debt -13 -20 -43
Net IB debt excl. pension debt -13 -20 -43
Net IB debt excl. leasing -51 -61 -86
Capital employed 246 266 297
Capital invested 195 205 211
Working capital 52 59 61
Market cap. diluted (m) 308 315 315
Net IB debt adj. -13 -20 -43
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 296 294 272
Total assets turnover (%) 303,5 294,7 291,9
Working capital/sales (%) 3,2 2,8 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -6 -9 -16,9
Net debt / market cap (%) -4,1 -6,5 -13,7
Equity ratio (%) 31,8 33,3 34,9
Net IB debt adj. / equity (%) -6 -9 -16,9
Current ratio 1,24 1,28 1,33
EBITDA/net interest 22,7 N/A N/A
Net IB debt/EBITDA (x) -0,6 -0,3 -0,5
Net IB debt/EBITDA lease adj. (x) -4 -1,3 -1,3
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 47 48 48
Diluted shares adj. 47 48 48
EPS -0,31 0,63 0,89
Dividend per share 0,25 0,3 0,4
EPS adj. 0,25 0,79 1,05
BVPS 4,4 4,69 5,28
BVPS adj. 3,18 3,5 4,09
Net IB debt/share -0,27 -0,42 -0,89
Share price 6,54 6,54 6,54
Market cap. (m) 308 315 315
P/E (x) -21,3 10,4 7,3
EV/sales (x) 0,15 0,15 0,13
EV/EBITDA (x) 13 3,8 2,9
EV/EBITA (x) -49,3 6,1 4,2
EV/EBIT (x) -18,7 7,7 5
Dividend yield (%) 3,8 4,6 6,1
FCF yield (%) 14,5 18,9 24,3
Le. adj. FCF yld. (%) 4,9 9,5 15
P/BVPS (x) 1,49 1,4 1,24
P/BVPS adj. (x) 2,06 1,87 1,6
P/E adj. (x) 26,3 8,2 6,2
EV/EBITDA adj. (x) 6,8 3,8 2,9
EV/EBITA adj. (x) 20,3 6,1 4,2
EV/EBIT adj. (x) 61,6 7,7 5
EV/CE (x) 1,2 1,1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,2 0,2
Capex/depreciation 0,8 1,4 1,3
Capex tangibles / tangible fixed assets 6,5 11 10,7
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 8,13 8,15 8,18

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.

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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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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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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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