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Financials

SEKm 2024 2025e 2026e
Sales 4864 5004 5215
Sales growth (%) 0,3 2,9 4,2
EBITDA 510 521 562
EBITDA margin (%) 10,5 10,4 10,8
EBIT adj. 296 305 344
EBIT adj. margin (%) 6,1 6,1 6,6
Pretax profit 278 295 334
EPS 8,14 8,33 9,38
EPS growth (%) 28,9 2,3 12,6
EPS adj. 9,76 9,91 10,92
DPS 2,4 2,5 2,81
EV/EBITDA (x) 5,7 5,5 4,7
EV/EBIT adj. (x) 9,8 9,3 7,7
P/E (x) 14,5 14,2 12,6
P/E adj. (x) 12,1 11,9 10,8
EV/sales (x) 0,59 0,57 0,51
FCF yield (%) 9,9 3,2 12,2
Le. adj. FCF yld. (%) 6,2 -0,6 8,4
Dividend yield (%) 2 2,1 2,4
Net IB debt/EBITDA (x) -0,6 -0,6 -0,9
Le. adj. ND/EBITDA (x) -1,5 -1,5 -1,8
SEKm 2024 2025e 2026e
Sales 4864 5004 5215
COGS -3656 -3824 -3963
Gross profit 1209 1180 1251
Other operating items -699 -659 -689
EBITDA 510 521 562
Depreciation and amortisation -159 -160 -163
of which leasing depreciation -120 -120 -120
EBITA 351 361 399
EO Items 0 0 0
Impairment and PPA amortisation -55 -56 -55
EBIT 296 305 344
Net financial items -18 -10 -10
Pretax profit 278 295 334
Tax -58 -71 -82
Net profit 220 224 252
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 220 224 252
EPS 8,14 8,33 9,38
EPS adj. 9,76 9,91 10,92
Total extraordinary items after tax 0 0 0
Leasing payments -120 -120 -120
Tax rate (%) 20,9 24 24,5
Gross margin (%) 24,8 23,6 24
EBITDA margin (%) 10,5 10,4 10,8
EBITA margin (%) 7,2 7,2 7,7
EBIT margin (%) 6,1 6,1 6,6
Pre-tax margin (%) 5,7 5,9 6,4
Net margin (%) 4,5 4,5 4,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0,3 2,9 4,2
EBITDA growth (%) 11,2 2,2 7,9
EBITA growth (%) 22,8 2,9 10,6
EBIT growth (%) 28,6 3,1 12,9
Net profit growth (%) 27 1,9 12,6
EPS growth (%) 28,9 2,3 12,6
Profitability N/A N/A N/A
ROE (%) 20,2 17,9 17,7
ROE adj. (%) 25,2 22,4 21,6
ROCE (%) 17,7 17 17,5
ROCE adj. (%) 21,2 20,2 20,3
ROIC (%) 30,4 29,4 30,4
ROIC adj. (%) 30,4 29,4 30,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 510 521 562
EBITDA adj. margin (%) 10,5 10,4 10,8
EBITDA lease adj. 390 401 442
EBITDA lease adj. margin (%) 8 8 8,5
EBITA adj. 351 361 399
EBITA adj. margin (%) 7,2 7,2 7,7
EBIT adj. 296 305 344
EBIT adj. margin (%) 6,1 6,1 6,6
Pretax profit Adj. 333 351 389
Net profit Adj. 275 280 307
Net profit to shareholders adj. 275 280 307
Net adj. margin (%) 5,7 5,6 5,9
SEKm 2024 2025e 2026e
EBITDA 510 521 562
Goodwill 1022 1126 1126
Net financial items -18 -10 -10
Other intangible assets 130 158 135
Paid tax -58 -71 -82
Tangible fixed assets 27 47 64
Non-cash items 0 -60 0
Right-of-use asset 293 293 293
Cash flow before change in WC 434 380 470
Total other fixed assets 637 637 637
Change in working capital -26 21 9
Fixed assets 2108 2260 2254
Operating cash flow 408 401 479
Inventories 21 40 42
Capex tangible fixed assets -60 -60 -60
Receivables 1534 1601 1669
Capex intangible fixed assets -32 -32 -32
Other current assets 0 0 0
Acquisitions and Disposals 0 -208 0
Cash and liquid assets 814 842 1042
Free cash flow 316 101 387
Total assets 4476 4743 5005
Dividend paid -55 -65 -67
Shareholders equity 1172 1332 1517
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -120 -120 -120
Total equity 1172 1332 1517
Other non-cash items -64 112 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 1001 1043
Other current liabilities 900 911 946
Total liabilities and equity 4476 4743 5005
Net IB debt -305 -333 -533
Net IB debt excl. pension debt -305 -333 -533
Net IB debt excl. leasing -576 -604 -804
Capital employed 1681 1840 2025
Capital invested 867 998 983
Working capital -250 -270 -279
EV breakdown N/A N/A N/A
Market cap. diluted (m) 3188 3174 3174
Net IB debt adj. -305 -333 -533
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 2882 2841 2641
Total assets turnover (%) 114,2 108,6 107
Working capital/sales (%) -5,4 -5,2 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26 -25 -35,2
Net debt / market cap (%) -9,6 -10,5 -16,8
Equity ratio (%) 26,2 28,1 30,3
Net IB debt adj. / equity (%) -26 -25 -35,2
Current ratio 1,3 1,29 1,37
EBITDA/net interest 29,1 52,1 56,2
Net IB debt/EBITDA (x) -0,6 -0,6 -0,9
Net IB debt/EBITDA lease adj. (x) -1,5 -1,5 -1,8
Interest coverage 84,3 88,7 98,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS 8,14 8,33 9,38
Dividend per share 2,4 2,5 2,81
EPS adj. 9,76 9,91 10,92
BVPS 43,4 49,5 56,38
BVPS adj. 0,78 1,8 9,53
Net IB debt/share -11,3 -12,4 -19,83
Share price 118 118 118
Market cap. (m) 3188 3174 3174
Valuation N/A N/A N/A
P/E (x) 14,5 14,2 12,6
EV/sales (x) 0,59 0,57 0,51
EV/EBITDA (x) 5,7 5,5 4,7
EV/EBITA (x) 8,2 7,9 6,6
EV/EBIT (x) 9,8 9,3 7,7
Dividend yield (%) 2 2,1 2,4
FCF yield (%) 9,9 3,2 12,2
Le. adj. FCF yld. (%) 6,2 -0,6 8,4
P/BVPS (x) 2,72 2,38 2,09
P/BVPS adj. (x) 151,07 65,59 12,38
P/E adj. (x) 12,1 11,9 10,8
EV/EBITDA adj. (x) 5,7 5,5 4,7
EV/EBITA adj. (x) 8,2 7,9 6,6
EV/EBIT adj. (x) 9,8 9,3 7,7
EV/CE (x) 1,7 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,9 1,8 1,8
Capex/depreciation 2,4 2,3 2,1
Capex tangibles / tangible fixed assets 226,2 129 94,5
Capex intangibles / definite intangibles 24,7 20,3 23,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 146,68 85,98 67,7

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.

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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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7,7

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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0,5

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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