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Financials

SEKm 2025 2026e 2027e
Sales 4678,8 5004,33 5026,26
Sales growth (%) -3,8 7 0,4
EBITDA 383 559 544
EBITDA margin (%) 8,2 11,2 10,8
EBIT adj. 255 348 332
EBIT adj. margin (%) 5,4 7 6,6
Pretax profit 137 334 322
EPS 4,64 10,06 9,62
EPS growth (%) -43 N/A -4,4
EPS adj. 9,55 11,93 11,47
DPS N/A N/A N/A
Dividend per share 2,6 3,04 2,89
EV/EBITDA (x) 8,7 5,5 5,2
EV/EBIT adj. (x) 13,1 8,8 8,6
P/E (x) 27,15 12,52 13,1
P/E adj. (x) 13,2 10,6 11
EV/sales (x) 0,71 0,61 0,57
FCF yield (%) 1,1 10,6 12,3
Le. adj. FCF yld. (%) -2,7 6,7 8,3
Dividend yield (%) 2,1 2,4 2,3
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Le. adj. ND/EBITDA (x) -0,7 -0,9 -1,4
SEKm 2025 2026e 2027e
Sales 4678,8 5004,33 5026,26
COGS -3572 -3808 -3830
Gross profit 1107 1197 1196
Other operating items -724 -637 -653
EBITDA 383 559 544
Depreciation and amortisation -151 -147 -150
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -126 -125 -125
EBITA 231,4 412,2 393,73
EO Items N/A N/A N/A
Operating EO items -84 1 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -61 -63 -62
EBIT 170,5 349,2 331,73
Net financial items -33 -15 -10
Pretax profit 137 334 322
Tax -15 -78 -79
Net profit 122 257 243
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 257 243
EPS 4,64 10,06 9,62
EPS adj. 9,55 11,93 11,47
Total extraordinary items after tax -75 1 0
Leasing payments -126 -125 -125
Tax rate (%) 10,9 23,2 24,5
Gross margin (%) 23,7 23,9 23,8
EBITDA margin (%) 8,2 11,2 10,8
EBITA margin (%) 4,9 8,2 7,8
EBIT margin (%) 3,6 7 6,6
Pre-tax margin (%) 2,9 6,7 6,4
Net margin (%) 2,6 5,1 4,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -3,8 7 0,4
EBITDA growth (%) -24,9 46,2 -2,8
EBITA growth (%) -34 78,1 -4,5
EBIT growth (%) -42,3 N/A -5
Net profit growth (%) -44,5 110 -5,4
EPS growth (%) -43 N/A -4,4
Profitability N/A N/A N/A
ROE (%) 11 23,1 19,3
ROE adj. (%) 23,3 28,7 24,2
ROCE (%) 8,8 21,3 18,7
ROCE adj. (%) 17,9 25,2 22,3
ROIC (%) 21,4 30,1 29
ROIC adj. (%) 29,1 30 29
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 467 558 544
EBITDA adj. margin (%) 10 11,2 10,8
EBITDA lease adj. 341 433 419
EBITDA lease adj. margin (%) 7,3 8,7 8,3
EBITA adj. 316 411 394
EBITA adj. margin (%) 6,7 8,2 7,8
EBIT adj. 255 348 332
EBIT adj. margin (%) 5,4 7 6,6
Pretax profit Adj. 282 396 384
Net profit Adj. 258 319 305
Net profit to shareholders adj. 258 319 305
Net adj. margin (%) 5,5 6,4 6,1
SEKm 2025 2026e 2027e
EBITDA 383 559 544
Goodwill 1296 1304 1312
Net financial items -33 -15 -10
Other intangible assets 177 123 70
Paid tax -103 -78 -79
Tangible fixed assets 74 97 117
Non-cash items -7 -60 0
Right-of-use asset 253 253 253
Cash flow before change in WC 240 407 455
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 671 671 671
Change in working capital 135 1 1
Fixed assets 2471 2448 2423
Operating cash flow 374 408 456
Inventories 24 25 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1601 1608
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 618 810
Free cash flow 37 342 390
Total assets 4418 4693 4867
Dividend paid -64 -68 -78
Shareholders equity 1042 1179 1344
Share issues and buybacks -118 -52 0
Minority 0 0 0
Leasing liability amortisation -126 -125 -125
Total equity 1042 1179 1344
Other non-cash items N/A N/A N/A
Other changes in net debt -87 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 1001 1005
Other current liabilities 900 1011 1015
Total liabilities and equity 4418 4693 4867
Net IB debt 21 -139 -331
Net IB debt excl. pension debt 21 -139 -331
Net IB debt excl. leasing -240 -400 -592
Capital employed 1521 1657 1823
Capital invested 1063 1039 1013
Working capital -384 -385 -387
Market cap. diluted (m) 3318 3214 3182
Net IB debt adj. 21 -139 -331
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 3339 3075 2851
Total assets turnover (%) 105,2 109,9 105,2
Working capital/sales (%) -6,8 -7,7 -7,7
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 2 -11,8 -24,6
Net debt / market cap (%) 0,6 -4,3 -10,4
Equity ratio (%) 23,6 25,1 27,6
Net IB debt adj. / equity (%) 2 -11,8 -24,6
Current ratio 0,93 1,01 1,09
EBITDA/net interest 11,5 37,3 54,4
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Net IB debt/EBITDA lease adj. (x) -0,7 -0,9 -1,4
Interest coverage 50,5 100,3 96,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 25
Diluted shares adj. 26 26 25
EPS 4,64 10,06 9,62
Dividend per share 2,6 3,04 2,89
EPS adj. 9,55 11,93 11,47
BVPS 39,59 46,2 53,22
BVPS adj. -16,36 -9,74 -1,51
Net IB debt/share 0,79 -5,46 -13,11
Share price 126 126 126
Market cap. (m) 3318 3214 3182
P/E (x) 27,15 12,52 13,1
EV/sales (x) 0,71 0,61 0,57
EV/EBITDA (x) 8,7 5,5 5,2
EV/EBITA (x) 14,4 7,5 7,2
EV/EBIT (x) 19,6 8,8 8,6
Dividend yield (%) 2,1 2,4 2,3
FCF yield (%) 1,1 10,6 12,3
Le. adj. FCF yld. (%) -2,7 6,7 8,3
P/BVPS (x) 3,18 2,73 2,37
P/BVPS adj. (x) -7,7 -12,93 -83,54
P/E adj. (x) 13,2 10,6 11
EV/EBITDA adj. (x) 7,2 5,5 5,2
EV/EBITA adj. (x) 10,6 7,5 7,2
EV/EBIT adj. (x) 13,1 8,8 8,6
EV/CE (x) 2,2 1,9 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1 -1 -1
Capex/depreciation 1,9 2,3 2
Capex tangibles / tangible fixed assets 62,1 46,6 38,6
Capex intangibles / definite intangibles 1,2 4,1 7,1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 34,1 22,77 21,44

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.

13,1

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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8,5

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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0,6

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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