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Financials

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,9 8,4 9,2
Lease adj. ND/EBITDA 0,1 -0,5 -0,8
Sales 3525 4230 4185
Sales growth (%) -3 20 -1,1
EBITDA 349 416 438
EBITDA margin (%) 9,9 9,8 10,5
EBIT adj 173 215 234
EBIT adj margin (%) 4,9 5,1 5,6
Pretax profit 152 202 226
EPS rep 4,27 5,78 6,23
EPS growth (%) -11 35,5 7,7
EPS adj 5,66 7,38 7,79
DPS 1,5 1,73 1,87
EV/EBITDA (x) 7,7 4,9 4,3
EV/EBIT adj (x) 15,5 9,4 8,1
P/E (x) 20,4 12,1 11,2
P/E adj (x) 15,4 9,4 8,9
EV/sales (x) 0,8 0,5 0,5
FCF yield (%) -5,6 13,8 14,6
Dividend yield (%) 1,7 2,5 2,7
Net IB debt/EBITDA 0,8 0,3 0
SEKm 2021 2022e 2023e
Depreciation and amortisation -151 -157 -160
Of which leasing depreciation -104 -104 -104
EO items -7 0 0
Impairment and PPA amortisation -31 -44 -43
EBITDA lease Adj 252 312 334
EBITDA lease Adj margin (%) 7,1 7,4 8
Sales 3525 4230 4185
COGS -2714 -3271 -3202
Gross profit 811 959 984
Other operating items -463 -543 -546
EBITDA 349 416 438
Depreciation on tangibles -49 -60 -63
Depreciation on intangibles 0 0 0
EBITA 197 259 277
Goodwill impairment charges 0 0 0
Other impairment and amortisation -35 -36 -34
EBIT 166 215 234
Other financial items 0 0 0
Net financial items -14 -13 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 152 202 226
Tax -35 -43 -55
Net profit 117 159 171
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 117 159 171
EPS 4,27 5,78 6,23
EPS Adj 5,66 7,38 7,79
Total extraordinary items after tax -7 -0,1 0
Tax rate (%) -22,9 -21,3 -24,5
Gross margin (%) 23 22,7 23,5
EBITDA margin (%) 9,9 9,8 10,5
EBITA margin (%) 5,6 6,1 6,6
EBIT margin (%) 4,7 5,1 5,6
Pretax margin (%) 4,3 4,8 5,4
Net margin (%) 3,3 3,8 4,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -3 20 -1,1
EBITDA growth (%) -5,7 19,3 5,2
EBIT growth (%) -8,7 29,2 9,2
Net profit growth (%) -11,5 35,6 7,7
EPS growth (%) -11 35,5 7,7
Profitability 2021 2022 2023
ROE (%) 17,8 20,6 19,2
ROE Adj (%) 23,7 26,4 24
ROCE (%) 12,2 13,5 14
ROCE Adj(%) 15,1 16,4 16,6
ROIC (%) 14,8 16,2 17,5
ROIC Adj (%) 15,4 16,2 17,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 356 416 438
EBITDA Adj margin (%) 10,1 9,8 10,5
EBITA Adj 204 259 277
EBITA Adj margin (%) 5,8 6,1 6,6
EBIT Adj 173 215 234
EBIT Adj margin (%) 4,9 5,1 5,6
Pretax profit Adj 190 246 269
Net profit Adj 155 203 214
Net profit to shareholders Adj 155 203 214
Net Adj margin (%) 4,4 4,8 5,1
Leasing payments -104 -104 -104
SEKm 2021 2022e 2023e
Lease liability amortisation -104 -104 -104
Other intangible assets 225 213 202
Right-of-use asset 225 225 225
Total other fixed assets 429 429 429
Leasing liability 258 258 258
Total other long-term liabilities 566 566 566
Net IB debt excl. leasing 32 -147 -275
Net IB debt / EBITDA lease Adj (%) 12,8 -47 -82,3
EBITDA 349 416 438
Net financial items -14 -13 -8
Paid tax -35 -43 -55
Non-cash items 0 0 0
Cash flow before change in WC 299 360 374
Change in WC 4 -4 -2
Operating cash flow 304 356 372
CAPEX tangible fixed assets -38 -60 -60
CAPEX intangible fixed assets -32 -32 -32
Acquisitions and disposals -367 0 0
Free cash flow -133 264 280
Dividend paid -41 -41 -48
Share issues and buybacks 0 0 0
Other non cash items -26 0 0
Decrease in net IB debt 186 109 138
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 821 821 821
Indefinite intangible assets 0 0 0
Definite intangible assets 112 108 106
Tangible fixed assets 98 105 109
Other fixed assets 425 425 425
Fixed assets 1798 1793 1785
Inventories 16 30 29
Receivables 1118 1354 1339
Other current assets 0 0 0
Cash and liquid assets 464 643 771
Total assets 3395 3818 3925
Shareholders equity 711 828 951
Minority 3 3 3
Total equity 714 831 955
Long-term debt 404 404 404
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 33 33 33
Other long-term liabilities 461 461 461
Short-term debt 92 92 92
Accounts payable 789 888 879
Other current liabilities 573 779 772
Total liabilities and equity 3395 3818 3925
Net IB debt 290 111 -17
Net IB debt excl. pension debt 290 111 -17
Capital invested 1073 1012 1007
Working capital -228 -284 -282
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2389 1914 1914
Net IB debt Adj 290 111 -17
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2682 2028 1900
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 111,6 117,3 108,1
Capital invested turnover (%) 321,2 349 360,6
Capital employed turnover (%) 330 340,4 317,5
Inventories / sales (%) 0,5 0,5 0,7
Customer advances / sales (%) 15,8 15,8 16,7
Payables / sales (%) 21,4 20,2 20,7
Working capital / sales (%) -7,2 -6,1 -6,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 40,6 13,4 -1,7
Net debt / market cap (%) 12 5,8 -0,9
Equity ratio (%) 21 21,8 24,3
Net IB debt adj. / equity (%) 40,6 13,4 -1,7
Current ratio (%) 106,9 112,5 119,9
EBITDA / net interest (%) 2437,1 3198,8 5469,7
Net IB debt / EBITDA (%) 83,3 26,8 -3,8
Interest cover (%) 4675 6241,3 6834,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,9 8,4 9,2
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 4,27 5,78 6,23
Dividend per share Adj 1,5 1,7 1,9
EPS Adj 5,66 7,38 7,79
BVPS 25,88 30,16 34,65
BVPS Adj -12,2 -7,49 -2,59
Net IB debt / share 10,6 4,1 -0,6
Share price 87,92 69,7 69,7
Market cap. (m) 2414 1914 1914
Valuation 2021 2022 2023
P/E 20,4 12,1 11,2
EV/sales 0,76 0,48 0,45
EV/EBITDA 7,7 4,9 4,3
EV/EBITA 13,6 7,8 6,9
EV/EBIT 16,1 9,4 8,1
Dividend yield (%) 1,7 2,5 2,7
FCF yield (%) -5,6 13,8 14,6
P/BVPS 3,36 2,31 2,01
P/BVPS Adj -7,13 -9,31 -26,87
P/E Adj 15,4 9,4 8,9
EV/EBITDA Adj 7,5 4,9 4,3
EV/EBITA Adj 13,1 7,8 6,9
EV/EBIT Adj 15,5 9,4 8,1
EV/cap. employed 1,8 1,3 1,1
Investment ratios 2021 2022 2023
Capex / sales 2 2,2 2,2
Capex / depreciation 147,5 172,9 163,7
Capex tangibles / tangible fixed assets 38,4 57,3 55,3
Capex intangibles / definite intangibles 14,2 15 15,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 48,2 50,8 51,8

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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8,0

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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