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SEKm 2024 2025e 2026e
Sales 4864 4697 4891
Sales growth (%) 0 -3 4
EBITDA 510 430 493
EBITDA margin (%) 10,5 9,1 10,1
EBIT adj. 296 237 269
EBIT adj. margin (%) 6,1 5 5,5
Pretax profit 278 194 259
EPS 8,14 5,72 7,34
EPS growth (%) 28,9 -29,8 28,3
EPS adj. 9,76 8,47 9,14
DPS 2,4 1,73 2,2
EV/EBITDA (x) 4,6 5,5 4,4
EV/EBIT adj. (x) 8 10 8
P/E (x) 12,1 17,3 13,4
P/E adj. (x) 10,1 11,7 10,8
EV/sales (x) 0,49 0,5 0,44
FCF yield (%) 17,8 2,5 14,4
Le. adj. FCF yld. (%) 12,7 -2,7 9,2
Dividend yield (%) 2,4 1,7 2,2
Net IB debt/EBITDA (x) -0,6 -0,7 -1
Le. adj. ND/EBITDA (x) -1,5 -1,6 -2
SEKm 2024 2025e 2026e
Sales 4864 4697 4891
COGS -3656 -3590 -3717
Gross profit 1209 1107 1174
Other operating items -699 -678 -681
EBITDA 510 430 493
Depreciation and amortisation -159 -158 -161
of which leasing depreciation -120 -120 -120
EBITA 351 272 332
EO Items 0 -29 0
Impairment and PPA amortisation -55 -64 -63
EBIT 296 208 269
Net financial items -18 -14 -10
Pretax profit 278 194 259
Tax -58 -41 -63
Net profit 220 153 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 220 153 196
EPS 8,14 5,72 7,34
EPS adj. 9,76 8,47 9,14
Total extraordinary items after tax 0 -23 0
Leasing payments -120 -120 -120
Tax rate (%) 20,9 21,1 24,5
Gross margin (%) 24,8 23,6 24
EBITDA margin (%) 10,5 9,1 10,1
EBITA margin (%) 7,2 5,8 6,8
EBIT margin (%) 6,1 4,4 5,5
Pre-tax margin (%) 5,7 4,1 5,3
Net margin (%) 4,5 3,3 4
Sales growth (%) 0,3 -3,4 4,1
EBITDA growth (%) 11,2 -15,7 14,7
EBITA growth (%) 22,8 -22,4 22,1
EBIT growth (%) 28,6 -29,7 29,4
Net profit growth (%) 27 -30,4 27,7
EPS growth (%) 28,9 -29,8 28,3
Profitability N/A N/A N/A
ROE (%) 20,2 12,6 14,6
ROE adj. (%) 25,2 19,8 19,4
ROCE (%) 17,7 11,5 14,3
ROCE adj. (%) 21,2 16,9 17,7
ROIC (%) 30,4 23,3 26,3
ROIC adj. (%) 30,4 25,8 26,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 510 459 493
EBITDA adj. margin (%) 10,5 9,8 10,1
EBITDA lease adj. 390 339 373
EBITDA lease adj. margin (%) 8 7,2 7,6
EBITA adj. 351 301 332
EBITA adj. margin (%) 7,2 6,4 6,8
EBIT adj. 296 237 269
EBIT adj. margin (%) 6,1 5 5,5
Pretax profit Adj. 333 288 322
Net profit Adj. 275 240 259
Net profit to shareholders adj. 275 240 259
Net adj. margin (%) 5,7 5,1 5,3
SEKm 2024 2025e 2026e
EBITDA 510 430 493
Goodwill 1022 1126 1126
Net financial items -18 -14 -10
Other intangible assets 130 122 64
Paid tax -59 -41 -63
Tangible fixed assets 27 34 39
Non-cash items 103 -60 0
Right-of-use asset 293 308 323
Cash flow before change in WC 537 315 419
Total other fixed assets 637 637 637
Change in working capital -26 8 8
Fixed assets 2108 2227 2188
Operating cash flow 511 323 428
Inventories 21 38 39
Capex tangible fixed assets -35 -45 -45
Receivables 1534 1503 1565
Capex intangible fixed assets -1 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals 0 -208 0
Cash and liquid assets 814 791 987
Free cash flow 475 65 378
Total assets 4476 4558 4779
Dividend paid -55 -65 -46
Shareholders equity 1172 1261 1410
Share issues and buybacks -26 0 0
Minority 0 0 0
Leasing liability amortisation -136 -135 -135
Total equity 1172 1261 1410
Other non-cash items -181 112 0
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 904 939 978
Other current liabilities 900 859 891
Total liabilities and equity 4476 4558 4779
Net IB debt -305 -282 -479
Net IB debt excl. pension debt -305 -282 -479
Net IB debt excl. leasing -576 -553 -749
Capital employed 1681 1769 1918
Capital invested 867 978 931
Working capital -250 -257 -265
Market cap. diluted (m) 2666 2642 2630
Net IB debt adj. -305 -282 -479
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 2361 2360 2151
Total assets turnover (%) 114,2 104 104,8
Working capital/sales (%) -5,4 -5,4 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26 -22,4 -34
Net debt / market cap (%) -11,5 -10,7 -18,2
Equity ratio (%) 26,2 27,7 29,5
Net IB debt adj. / equity (%) -26 -22,4 -34
Current ratio 1,3 1,28 1,37
EBITDA/net interest 29,1 31,4 49,3
Net IB debt/EBITDA (x) -0,6 -0,7 -1
Net IB debt/EBITDA lease adj. (x) -1,5 -1,6 -2
Interest coverage 84,3 65,6 81,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS 8,14 5,72 7,34
Dividend per share 2,4 1,73 2,2
EPS adj. 9,76 8,47 9,14
BVPS 43,4 47,09 52,92
BVPS adj. 0,78 0,48 8,28
Net IB debt/share -11,3 -10,55 -17,97
Share price 98,7 98,7 98,7
Market cap. (m) 2666 2642 2630
P/E (x) 12,1 17,3 13,4
EV/sales (x) 0,5 0,5 0,4
EV/EBITDA (x) 4,6 5,5 4,4
EV/EBITA (x) 6,7 8,7 6,5
EV/EBIT (x) 8 11,4 8
Dividend yield (%) 2,4 1,7 2,2
FCF yield (%) 17,8 2,5 14,4
Le. adj. FCF yld. (%) 12,7 -2,7 9,2
P/BVPS (x) 2,27 2,1 1,87
P/BVPS adj. (x) 126,36 207,02 11,93
P/E adj. (x) 10,1 11,7 10,8
EV/EBITDA adj. (x) 4,6 5,1 4,4
EV/EBITA adj. (x) 6,7 7,8 6,5
EV/EBIT adj. (x) 8 10 8
EV/CE (x) 1,4 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1,1 1
Capex/depreciation 0,9 1,3 1,2
Capex tangibles / tangible fixed assets 130,8 132,3 116,8
Capex intangibles / definite intangibles 0,9 4,1 7,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 146,7 110,2 105,1

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.

13,4

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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8,1

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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1,9