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Pricer

Pricer

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,3 4 0,7
Lease adj. ND/EBITDA 0,7 2,2 0,6
Sales 1766 2255 2675
Sales growth (%) 0,4 27,7 18,6
EBITDA 154 67 184
EBITDA margin (%) 8,7 3 6,9
EBIT adj 97 4 117
EBIT adj margin (%) 5,5 0,2 4,4
Pretax profit 98 -1 111
EPS rep 0,71 0 0,79
EPS growth (%) -37,9 -99,9 74291,1
EPS adj 0,71 0 0,79
DPS 1 0 0,5
EV/EBITDA (x) 18,5 33,1 12
EV/EBIT adj (x) 29,4 617,3 18,9
P/E (x) 34,4 17497,6 23,5
P/E adj (x) 34,4 17497,6 23,5
EV/sales (x) 1,6 1 0,8
FCF yield (%) -8,9 4,6 1,3
Dividend yield (%) 4,1 0 2,7
Net IB debt/EBITDA 0,9 2,4 0,8
SEKm 2021 2022e 2023e
Depreciation and amortisation -57 -64 -67
Of which leasing depreciation -12 -12 -12
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 142 55 172
EBITDA lease Adj margin (%) 8 2,4 6,4
Sales 1766 2255 2675
COGS -1371 -1875 -2180
Gross profit 395 380 495
Other operating items -241 -313 -311
EBITDA 154 67 184
Depreciation on tangibles -17 -13 -14
Depreciation on intangibles -17 -24 -25
EBITA 97 4 117
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 97 4 117
Other financial items 0 0 0
Net financial items 0 -5 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 98 -1 111
Tax -19 1 -23
Net profit 79 0 88
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 0 88
EPS 0,71 0 0,79
EPS Adj 0,71 0 0,79
Total extraordinary items after tax 0 0 0
Tax rate (%) -19 -109,1 -21
Gross margin (%) 22,4 16,8 18,5
EBITDA margin (%) 8,7 3 6,9
EBITA margin (%) 5,5 0,2 4,4
EBIT margin (%) 5,5 0,2 4,4
Pretax margin (%) 5,5 -0,1 4,2
Net margin (%) 4,5 0 3,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 0,4 27,7 18,6
EBITDA growth (%) -23,3 -56,4 173,5
EBIT growth (%) -37,4 -96,3 3151,1
Net profit growth (%) -37,9 -99,9 74264,2
EPS growth (%) -37,9 -99,9 74291,1
Profitability 2021 2022 2023
ROE (%) 9,8 0 12
ROE Adj (%) 9,8 0 12
ROCE (%) 10,7 0,4 13
ROCE Adj(%) 10,7 0,4 13
ROIC (%) 10,3 0 10,5
ROIC Adj (%) 10,3 0 10,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 154 67 184
EBITDA Adj margin (%) 8,7 3 6,9
EBITA Adj 97 4 117
EBITA Adj margin (%) 5,5 0,2 4,4
EBIT Adj 97 4 117
EBIT Adj margin (%) 5,5 0,2 4,4
Pretax profit Adj 98 -1 111
Net profit Adj 79 0 88
Net profit to shareholders Adj 79 0 88
Net Adj margin (%) 4,5 0 3,3
Leasing payments -12 -12 -12
SEKm 2021 2022e 2023e
Lease liability amortisation -12 -12 -12
Other intangible assets 356 366 371
Right-of-use asset 35 35 35
Total other fixed assets 62 62 62
Leasing liability 37 37 37
Total other long-term liabilities 22 22 22
Net IB debt excl. leasing 95 122 108
Net IB debt / EBITDA lease Adj (%) 67,1 222,1 62,6
EBITDA 154 67 184
Net financial items 0 -5 -6
Paid tax -3 1 -23
Non-cash items -18 0 0
Cash flow before change in WC 133 64 154
Change in WC -308 102 -61
Operating cash flow -175 166 94
CAPEX tangible fixed assets -21 -25 -23
CAPEX intangible fixed assets -45 -46 -44
Acquisitions and disposals 0 0 0
Free cash flow -242 95 27
Dividend paid -110 -110 0
Share issues and buybacks 0 0 0
Other non cash items 16 0 0
Decrease in net IB debt 136 -148 -28
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 338 371 404
Definite intangible assets 0 0 0
Tangible fixed assets 43 52 59
Other fixed assets 75 75 75
Fixed assets 495 514 527
Inventories 633 451 535
Receivables 586 609 722
Other current assets 0 0 0
Cash and liquid assets 17 29 14
Total assets 1731 1603 1798
Shareholders equity 797 687 775
Minority 0 0 0
Total equity 797 687 775
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 112 152 122
Accounts payable 651 575 695
Other current liabilities 112 131 148
Total liabilities and equity 1731 1603 1798
Net IB debt 132 159 144
Net IB debt excl. pension debt 132 159 144
Capital invested 929 846 919
Working capital 456 354 414
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2722 2066 2066
Net IB debt Adj 132 159 144
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 2854 2226 2211
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 113 135,3 157,3
Capital invested turnover (%) 270,6 219,2 220
Capital employed turnover (%) 196,8 177,6 200,9
Inventories / sales (%) 14,8 20,7 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 31 27,1
Working capital / sales (%) 16,8 18 14,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 16,5 23,2 18,6
Net debt / market cap (%) 3,8 7,8 7
Equity ratio (%) 46 42,8 43,1
Net IB debt adj. / equity (%) 16,5 23,2 18,6
Current ratio (%) 139,2 125,1 130,1
EBITDA / net interest (%) -38494,5 1371,5 3063,5
Net IB debt / EBITDA (%) 85,6 236,8 78,5
Interest cover (%) -24314,8 73,6 1953,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,3 4 0,7
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,71 0 0,79
Dividend per share Adj 1 0 0,5
EPS Adj 0,71 0 0,79
BVPS 7,22 6,23 7,02
BVPS Adj 7,22 6,23 7,02
Net IB debt / share 1,2 1,4 1,3
Share price 31,45 18,6 18,6
Market cap. (m) 3469 2052 2052
Valuation 2021 2022 2023
P/E 34,4 17497,6 23,5
EV/sales 1,62 0,99 0,83
EV/EBITDA 18,5 33,1 12
EV/EBITA 29,3 617,3 18,9
EV/EBIT 29,4 617,3 18,9
Dividend yield (%) 4,1 0 2,7
FCF yield (%) -8,9 4,6 1,3
P/BVPS 3,39 2,99 2,65
P/BVPS Adj 3,39 2,99 2,65
P/E Adj 34,4 17497,6 23,5
EV/EBITDA Adj 18,5 33,1 12
EV/EBITA Adj 29,3 617,3 18,9
EV/EBIT Adj 29,4 617,3 18,9
EV/cap. employed 3 2,5 2,4
Investment ratios 2021 2022 2023
Capex / sales 3,8 3,1 2,5
Capex / depreciation 150,8 137,9 122,9
Capex tangibles / tangible fixed assets 50,1 47,7 39,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 27,8 29,7 27,6

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.

23,5

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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18,7

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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2,6