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SEKm 2025 2026e 2027e
Sales 4745 4902 5044
Sales growth (%) -2,4 3,3 2,9
EBITDA 424 492 521
EBITDA margin (%) 8,9 10 10,3
EBIT adj. 244 276 303
EBIT adj. margin (%) 5,1 5,6 6
Pretax profit 184 266 293
EPS 5,57 7,68 8,47
EPS growth (%) -31,6 37,9 10,2
EPS adj. 8,15 9,42 10,17
DPS 1,7 2,31 2,54
EV/EBITDA (x) 6,3 5 4,3
EV/EBIT adj. (x) 10,9 8,8 7,4
P/E (x) 19,3 14 12,7
P/E adj. (x) 13,2 11,4 10,6
EV/sales (x) 0,56 0,5 0,45
FCF yield (%) -1,6 12,7 13,5
Le. adj. FCF yld. (%) -6,3 7,9 8,7
Dividend yield (%) 1,6 2,1 2,4
Net IB debt/EBITDA (x) -0,5 -0,8 -1,1
Le. adj. ND/EBITDA (x) -1,4 -1,7 -2,1
SEKm 2025 2026e 2027e
Sales 4745 4902 5044
COGS -3621 -3740 -3833
Gross profit 1124 1162 1211
Other operating items -700 -670 -690
EBITDA 424 492 521
Depreciation and amortisation -154 -156 -159
of which leasing depreciation -120 -120 -120
EBITA 271 336 362
EO Items -29 0 0
Impairment and PPA amortisation -56 -60 -59
EBIT 215 276 303
Net financial items -31 -10 -10
Pretax profit 184 266 293
Tax -36 -65 -72
Net profit 148 201 221
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 148 201 221
EPS 5,57 7,68 8,47
EPS adj. 8,15 9,42 10,17
Total extraordinary items after tax -23 0 0
Leasing payments -120 -120 -120
Tax rate (%) 19,7 24,5 24,5
Gross margin (%) 23,7 23,7 24
EBITDA margin (%) 8,9 10 10,3
EBITA margin (%) 5,7 6,8 7,2
EBIT margin (%) 4,5 5,6 6
Pre-tax margin (%) 3,9 5,4 5,8
Net margin (%) 3,1 4,1 4,4
Sales growth (%) -2,4 3,3 2,9
EBITDA growth (%) -16,8 15,9 5,9
EBITA growth (%) -22,9 24,1 7,8
EBIT growth (%) -27,4 28,4 9,8
Net profit growth (%) -32,9 35,8 10,2
EPS growth (%) -31,6 37,9 10,2
Profitability N/A N/A N/A
ROE (%) 12,2 15 14,8
ROE adj. (%) 18,7 19,5 18,8
ROCE (%) 10,9 14,6 14,8
ROCE adj. (%) 15,8 17,9 17,8
ROIC (%) 22,6 24,2 26,7
ROIC adj. (%) 25 24,2 26,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 453 492 521
EBITDA adj. margin (%) 9,5 10 10,3
EBITDA lease adj. 333 372 401
EBITDA lease adj. margin (%) 7 7,6 7,9
EBITA adj. 300 336 362
EBITA adj. margin (%) 6,3 6,8 7,2
EBIT adj. 244 276 303
EBIT adj. margin (%) 5,1 5,6 6
Pretax profit Adj. 269 326 352
Net profit Adj. 227 261 280
Net profit to shareholders adj. 227 261 280
Net adj. margin (%) 4,8 5,3 5,6
SEKm 2025 2026e 2027e
EBITDA 424 492 521
Goodwill 1173 1181 1189
Net financial items -31 -10 -10
Other intangible assets 154 103 53
Paid tax -36 -65 -72
Tangible fixed assets 38 47 53
Non-cash items -60 0 0
Right-of-use asset 308 323 338
Cash flow before change in WC 297 417 439
Total other fixed assets 637 637 637
Change in working capital 10 7 6
Fixed assets 2310 2291 2270
Operating cash flow 307 423 445
Inventories 38 39 40
Capex tangible fixed assets -45 -45 -45
Receivables 1519 1569 1614
Capex intangible fixed assets -5 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -303 -16 -16
Cash and liquid assets 704 885 1072
Free cash flow -46 357 379
Total assets 4570 4784 4997
Dividend paid -65 -45 -60
Shareholders equity 1255 1411 1572
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -135 -135 -135
Total equity 1255 1411 1572
Other non-cash items 136 4 4
Long-term debt 219 219 219
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 271 271 271
Total other long-term liabilities 991 991 991
Short-term debt 19 19 19
Accounts payable 949 980 1009
Other current liabilities 867 893 917
Total liabilities and equity 4570 4784 4997
Net IB debt -195 -376 -564
Net IB debt excl. pension debt -195 -376 -564
Net IB debt excl. leasing -466 -647 -835
Capital employed 1763 1919 2080
Capital invested 1060 1034 1007
Working capital -259 -266 -272
Market cap. diluted (m) 2857 2813 2813
Net IB debt adj. -195 -376 -564
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 2661 2437 2249
Total assets turnover (%) 104,9 104,8 103,1
Working capital/sales (%) -5,4 -5,4 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -15,6 -26,7 -35,9
Net debt / market cap (%) -6,8 -13,4 -20,1
Equity ratio (%) 27,5 29,5 31,4
Net IB debt adj. / equity (%) -15,6 -26,7 -35,9
Current ratio 1,23 1,32 1,4
EBITDA/net interest 13,8 49,2 52,1
Net IB debt/EBITDA (x) -0,5 -0,8 -1,1
Net IB debt/EBITDA lease adj. (x) -1,4 -1,7 -2,1
Interest coverage 60,9 82,4 88,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 26
Diluted shares adj. 26 26 26
EPS 5,57 7,68 8,47
Dividend per share 1,7 2,31 2,54
EPS adj. 8,15 9,42 10,17
BVPS 47,37 54,06 60,22
BVPS adj. -2,73 4,83 12,6
Net IB debt/share -7,37 -14,43 -21,62
Share price 107,8 107,8 107,8
Market cap. (m) 2857 2813 2813
P/E (x) 19,3 14 12,7
EV/sales (x) 0,6 0,5 0,4
EV/EBITDA (x) 6,3 5 4,3
EV/EBITA (x) 9,8 7,3 6,2
EV/EBIT (x) 12,4 8,8 7,4
Dividend yield (%) 1,6 2,1 2,4
FCF yield (%) -1,6 12,7 13,5
Le. adj. FCF yld. (%) -6,3 7,9 8,7
P/BVPS (x) 2,28 1,99 1,79
P/BVPS adj. (x) -39,44 22,31 8,55
P/E adj. (x) 13,2 11,4 10,6
EV/EBITDA adj. (x) 5,9 5 4,3
EV/EBITA adj. (x) 8,9 7,3 6,2
EV/EBIT adj. (x) 10,9 8,8 7,4
EV/CE (x) 1,5 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1 1
Capex/depreciation 1,5 1,4 1,3
Capex tangibles / tangible fixed assets 118,7 95,9 85
Capex intangibles / definite intangibles 3,2 4,8 9,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 88,6 76,7 73,7

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.

12,7

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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7,4

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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0,4

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