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Proact

Proact

SEKm 2022 2023e 2024e
Lease adj. FCF yield (%) 3 8,2 9,5
Lease adj. ND/EBITDA -0,3 -0,6 -1
Sales 4485 4387 4524
Sales growth (%) 27,2 -2,2 3,1
EBITDA 439 464 483
EBITDA margin (%) 9,8 10,6 10,7
EBIT adj 239 250 267
EBIT adj margin (%) 5,3 5,7 5,9
Pretax profit 216 236 255
EPS rep 6,21 6,49 7,01
EPS growth (%) 45,7 4,5 8
EPS adj 8,18 8,43 8,91
DPS 1,86 1,95 2,1
EV/EBITDA (x) 5,7 5,1 4,5
EV/EBIT adj (x) 10,4 9,4 8,2
P/E (x) 13,6 13 12
P/E adj (x) 10,3 10 9,5
EV/sales (x) 0,6 0,5 0,5
FCF yield (%) 7,5 12,7 14
Dividend yield (%) 2,2 2,3 2,5
Net IB debt/EBITDA 0,4 0,1 -0,3
SEKm 2022 2023e 2024e
Depreciation and amortisation -158 -161 -164
Of which leasing depreciation -104 -104 -104
EO items -6 0 0
Impairment and PPA amortisation -48 -53 -52
EBITDA lease Adj 341 360 379
EBITDA lease Adj margin (%) 7,6 8,2 8,4
Sales 4485 4387 4524
COGS -3492 -3356 -3461
Gross profit 993 1031 1063
Other operating items -553 -567 -580
EBITDA 439 464 483
Depreciation on tangibles -60 -63 -66
Depreciation on intangibles 0 0 0
EBITA 281 303 319
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -34 -32
EBIT 233 250 267
Other financial items 0 0 0
Net financial items -18 -14 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 236 255
Tax -45 -58 -62
Net profit 171 178 192
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 171 178 192
EPS 6,21 6,49 7,01
EPS Adj 8,18 8,43 8,91
Total extraordinary items after tax -5,8 0 0
Tax rate (%) -20,9 -24,5 -24,5
Gross margin (%) 22,1 23,5 23,5
EBITDA margin (%) 9,8 10,6 10,7
EBITA margin (%) 6,3 6,9 7,1
EBIT margin (%) 5,2 5,7 5,9
Pretax margin (%) 4,8 5,4 5,6
Net margin (%) 3,8 4,1 4,3
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 27,2 -2,2 3,1
EBITDA growth (%) 26,1 5,6 4,1
EBIT growth (%) 40,4 7,2 6,8
Net profit growth (%) 45,8 4,5 8
EPS growth (%) 45,7 4,5 8
Profitability 2022 2023 2024
ROE (%) 22 19,7 18,6
ROE Adj (%) 29 25,6 23,6
ROCE (%) 14,3 14,5 14,4
ROCE Adj(%) 17,8 17,7 17,3
ROIC (%) 17,1 17,5 19,1
ROIC Adj (%) 17,5 17,5 19,1
Adj earnings numbers 2022 2023 2024
EBITDA Adj 445 464 483
EBITDA Adj margin (%) 9,9 10,6 10,7
EBITA Adj 287 303 319
EBITA Adj margin (%) 6,4 6,9 7,1
EBIT Adj 239 250 267
EBIT Adj margin (%) 5,3 5,7 5,9
Pretax profit Adj 270 289 307
Net profit Adj 225 231 245
Net profit to shareholders Adj 225 231 245
Net Adj margin (%) 5 5,3 5,4
Leasing payments -104 -104 -104
SEKm 2022 2023e 2024e
Lease liability amortisation -104 -104 -104
Other intangible assets 239 217 197
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 -87 -227 -393
Net IB debt / EBITDA lease Adj (%) -25,5 -63 -103,8
EBITDA 439 464 483
Net financial items -18 -14 -12
Paid tax -45 -58 -62
Non-cash items 0 0 0
Cash flow before change in WC 377 392 408
Change in WC 10 -5 7
Operating cash flow 386 387 416
CAPEX tangible fixed assets -60 -60 -60
CAPEX intangible fixed assets -32 -32 -32
Acquisitions and disposals -120 0 0
Free cash flow 174 295 324
Dividend paid -41 -51 -53
Share issues and buybacks 0 0 0
Other non cash items 30 0 0
Decrease in net IB debt 109 138 142
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 881 881 881
Indefinite intangible assets 0 0 0
Definite intangible assets 108 106 106
Tangible fixed assets 104 107 108
Other fixed assets 425 425 425
Fixed assets 1877 1859 1839
Inventories 31 31 32
Receivables 1435 1404 1448
Other current assets 0 0 0
Cash and liquid assets 583 723 889
Total assets 3927 4017 4208
Shareholders equity 840 967 1106
Minority 3 3 3
Total equity 843 970 1109
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 942 921 950
Other current liabilities 822 806 829
Total liabilities and equity 3927 4017 4208
Net IB debt 171 31 -135
Net IB debt excl. pension debt 171 31 -135
Capital invested 1083 1071 1043
Working capital -298 -292 -300
EV breakdown 2022 2023 2024
Market cap. diluted (m) 2317 2317 2317
Net IB debt Adj 171 31 -135
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 2491 2352 2185
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 122,5 110,4 110
Capital invested turnover (%) 349 360,6 375,8
Capital employed turnover (%) 340,4 317,5 297,4
Inventories / sales (%) 0,5 0,7 0,7
Customer advances / sales (%) 15,8 16,7 16,7
Payables / sales (%) 20,2 20,7 20,7
Working capital / sales (%) -5,9 -6,7 -6,5
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) 20,3 3,2 -12,2
Net debt / market cap (%) 7,4 1,3 -5,8
Equity ratio (%) 21,5 24,2 26,4
Net IB debt adj. / equity (%) 20,3 3,2 -12,2
Current ratio (%) 108 116 123,9
EBITDA / net interest (%) 2481,8 3314,6 4024,4
Net IB debt / EBITDA (%) 38,9 6,7 -28
Interest cover (%) 6694,6 7331,1 7778,3
SEKm 2022 2023e 2024e
Lease adj. FCF yield (%) 3 8,2 9,5
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 6,21 6,49 7,01
Dividend per share Adj 1,9 1,9 2,1
EPS Adj 8,18 8,43 8,91
BVPS 30,6 35,22 40,29
BVPS Adj -10,17 -4,77 1,03
Net IB debt / share 6,2 1,1 -4,9
Share price 84,4 84,4 84,4
Market cap. (m) 2317 2317 2317
Valuation 2022 2023 2024
P/E 13,6 13 12
EV/sales 0,56 0,54 0,48
EV/EBITDA 5,7 5,1 4,5
EV/EBITA 8,9 7,8 6,8
EV/EBIT 10,7 9,4 8,2
Dividend yield (%) 2,2 2,3 2,5
FCF yield (%) 7,5 12,7 14
P/BVPS 2,76 2,4 2,1
P/BVPS Adj -8,3 -17,7 81,94
P/E Adj 10,3 10 9,5
EV/EBITDA Adj 5,6 5,1 4,5
EV/EBITA Adj 8,7 7,8 6,8
EV/EBIT Adj 10,4 9,4 8,2
EV/cap. employed 1,6 1,4 1,2
Investment ratios 2022 2023 2024
Capex / sales 2,1 2,1 2
Capex / depreciation 171 162 153,8
Capex tangibles / tangible fixed assets 57,6 55,9 55,8
Capex intangibles / definite intangibles 13,4 14,7 16,2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 51,7 52,9 55,6

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.

12,0

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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0,5

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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2,1