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Financials

SEKm 2025 2026e 2027e
Sales 4678,8 4830,58 4980,82
Sales growth (%) -3,8 3,2 3,1
EBITDA 383 494 522
EBITDA margin (%) 8,2 10,2 10,5
EBIT adj. 255 278 304
EBIT adj. margin (%) 5,4 5,7 6,1
Pretax profit 137 268 294
EPS 4,64 7,84 8,61
EPS growth (%) -43 69 9,8
EPS adj. 9,55 9,72 10,46
DPS N/A N/A N/A
Dividend per share 2,6 2,35 2,58
EV/EBITDA (x) 8 5,8 5,1
EV/EBIT adj. (x) 12 10,3 8,8
P/E (x) 24,82 14,69 13,38
P/E adj. (x) 12,1 11,9 11
EV/sales (x) 0,65 0,59 0,54
FCF yield (%) 1,2 9,5 12,9
Le. adj. FCF yld. (%) -4,2 4,8 8,2
Dividend yield (%) 2,3 2 2,2
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Le. adj. ND/EBITDA (x) -0,8 -1,1 -1,5
SEKm 2025 2026e 2027e
Sales 4678,8 4830,58 4980,82
COGS -3572 -3686 -3785
Gross profit 1107 1145 1195
Other operating items -724 -651 -674
EBITDA 383 494 522
Depreciation and amortisation -151 -152 -155
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -165 -140 -140
EBITA 231,4 341,57 366,83
EO Items N/A N/A N/A
Operating EO items -84 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -61 -64 -63
EBIT 170,5 277,57 303,83
Net financial items -33 -10 -10
Pretax profit 137 268 294
Tax -15 -66 -72
Net profit 122 202 222
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 202 222
EPS 4,64 7,84 8,61
EPS adj. 9,55 9,72 10,46
Total extraordinary items after tax -75 0 0
Leasing payments -165 -140 -140
Tax rate (%) 10,9 24,5 24,5
Gross margin (%) 23,7 23,7 24
EBITDA margin (%) 8,2 10,2 10,5
EBITA margin (%) 4,9 7,1 7,4
EBIT margin (%) 3,6 5,7 6,1
Pre-tax margin (%) 2,9 5,5 5,9
Net margin (%) 2,6 4,2 4,5
Sales growth (%) -3,8 3,2 3,1
EBITDA growth (%) -24,9 29 5,7
EBITA growth (%) -34 47,6 7,4
EBIT growth (%) -42,3 62,8 9,5
Net profit growth (%) -44,5 65,3 9,8
EPS growth (%) -43 69 9,8
Profitability N/A N/A N/A
ROE (%) 11 18,2 17,7
ROE adj. (%) 23,3 24 22,7
ROCE (%) 8,8 17,1 17,2
ROCE adj. (%) 17,9 21,1 20,8
ROIC (%) 21,4 24,3 26,5
ROIC adj. (%) 29,1 24,3 26,5
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 467 494 522
EBITDA adj. margin (%) 10 10,2 10,5
EBITDA lease adj. 302 354 382
EBITDA lease adj. margin (%) 6,4 7,3 7,7
EBITA adj. 316 342 367
EBITA adj. margin (%) 6,7 7,1 7,4
EBIT adj. 255 278 304
EBIT adj. margin (%) 5,4 5,7 6,1
Pretax profit Adj. 282 332 357
Net profit Adj. 258 266 285
Net profit to shareholders adj. 258 266 285
Net adj. margin (%) 5,5 5,5 5,7
SEKm 2025 2026e 2027e
EBITDA 383 494 522
Goodwill 1296 1304 1312
Net financial items -33 -10 -10
Other intangible assets 177 122 68
Paid tax -103 -66 -72
Tangible fixed assets 74 107 137
Non-cash items -7 -60 0
Right-of-use asset 253 253 253
Cash flow before change in WC 240 358 440
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 671 671 671
Change in working capital 135 -10 10
Fixed assets 2471 2457 2441
Operating cash flow 374 348 450
Inventories 24 24 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1546 1594
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 595 782
Free cash flow 37 282 384
Total assets 4418 4622 4842
Dividend paid -64 -68 -61
Shareholders equity 1042 1176 1337
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -165 -140 -140
Total equity 1042 1176 1337
Other non-cash items N/A N/A N/A
Other changes in net debt -166 64 4
Long-term debt 6 6 6
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 261 261 261
Total other long-term liabilities 1024 1024 1024
Short-term debt 211 211 211
Accounts payable 973 966 996
Other current liabilities 900 978 1006
Total liabilities and equity 4418 4622 4842
Net IB debt 21 -116 -303
Net IB debt excl. pension debt 21 -116 -303
Net IB debt excl. leasing -240 -377 -564
Capital employed 1521 1655 1816
Capital invested 1063 1060 1034
Working capital -384 -374 -384
Market cap. diluted (m) 3034 2968 2968
Net IB debt adj. 21 -116 -303
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 3054 2852 2665
Total assets turnover (%) 105,2 106,9 105,3
Working capital/sales (%) -6,8 -7,8 -7,6
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 2 -9,9 -22,7
Net debt / market cap (%) 0,7 -3,9 -10,2
Equity ratio (%) 23,6 25,4 27,6
Net IB debt adj. / equity (%) 2 -9,9 -22,7
Current ratio 0,93 1 1,08
EBITDA/net interest 11,5 49,4 52,2
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Net IB debt/EBITDA lease adj. (x) -0,8 -1,1 -1,5
Interest coverage 50,5 83,9 90,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 26
Diluted shares adj. 26 26 26
EPS 4,64 7,84 8,61
Dividend per share 2,6 2,35 2,58
EPS adj. 9,55 9,72 10,46
BVPS 39,59 45,64 51,9
BVPS adj. -16,36 -9,71 -1,67
Net IB debt/share 0,79 -4,52 -11,77
Share price 115,2 115,2 115,2
Market cap. (m) 3034 2968 2968
P/E (x) 24,82 14,69 13,38
EV/sales (x) 0,65 0,59 0,54
EV/EBITDA (x) 8 5,8 5,1
EV/EBITA (x) 13,2 8,3 7,3
EV/EBIT (x) 17,9 10,3 8,8
Dividend yield (%) 2,3 2 2,2
FCF yield (%) 1,2 9,5 12,9
Le. adj. FCF yld. (%) -4,2 4,8 8,2
P/BVPS (x) 2,91 2,52 2,22
P/BVPS adj. (x) -7,04 -11,87 -69,17
P/E adj. (x) 12,1 11,9 11
EV/EBITDA adj. (x) 6,5 5,8 5,1
EV/EBITA adj. (x) 9,7 8,3 7,3
EV/EBIT adj. (x) 12 10,3 8,8
EV/CE (x) 2 1,7 1,5
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1 -1 -1
Capex/depreciation -3,4 4,2 3,3
Capex tangibles / tangible fixed assets 62,1 42,2 32,9
Capex intangibles / definite intangibles 1,2 4,1 7,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 18,88 11,26 10,98

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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8,9

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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2,2