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SEKm 2024 2025e 2026e
Sales 628 667 705
Sales growth (%) 0 6,2 5,8
EBITDA 112 135 152
EBITDA margin (%) 17,8 20,3 21,6
EBIT adj. 9 32 48
EBIT adj. margin (%) 1,4 4,8 6,9
Pretax profit 17 37 53
EPS 1,34 2,91 4,2
EPS growth (%) -9,2 N/A 44,2
EPS adj. 5,52 7,09 8,37
DPS 1,5 1,94 2,53
EV/EBITDA (x) 23,7 19,3 16,7
EV/EBIT adj. (x) 295,8 81,4 52,5
P/E (x) 196,6 90,4 62,7
P/E adj. (x) 47,7 37,1 31,4
EV/sales (x) 4,22 3,9 3,61
FCF yield (%) 2,2 2,6 3,2
Le. adj. FCF yld. (%) 1,6 2,1 2,7
Dividend yield (%) 0,6 0,7 1
Net IB debt/EBITDA (x) -2,5 -2,4 -2,5
Le. adj. ND/EBITDA (x) -3,8 -3,4 -3,4
SEKm 2024 2025e 2026e
Sales 628 667 705
COGS -415 -423 -437
Gross profit 213 243 268
Other operating items -101 -108 -116
EBITDA 112 135 152
Depreciation and amortisation -55 -56 -56
of which leasing depreciation -15 -16 -16
EBITA 57 80 96
EO Items N/A N/A N/A
Impairment and PPA amortisation -48 -48 -48
EBIT 9 32 48
Net financial items 8 5 5
Pretax profit 17 37 53
Tax -2 -4 -5
Net profit 15 33 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 33 48
EPS 1,34 2,91 4,2
EPS adj. 5,52 7,09 8,37
Total extraordinary items after tax 0 0 0
Leasing payments -17 -16 -16
Tax rate (%) 10 10 10
Gross margin (%) 33,9 36,5 38,1
EBITDA margin (%) 17,8 20,3 21,6
EBITA margin (%) 9 11,9 13,6
EBIT margin (%) 1,4 4,8 6,9
Pre-tax margin (%) 2,7 5,5 7,5
Net margin (%) 2,4 5 6,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0 6,2 5,8
EBITDA growth (%) 3,8 21 12,5
EBITA growth (%) -4,1 40,7 20,7
EBIT growth (%) -20,9 N/A 51,5
Net profit growth (%) -9,2 117,4 44,2
EPS growth (%) -9,2 N/A 44,2
Profitability N/A N/A N/A
ROE (%) 1,1 2,4 3,4
ROE adj. (%) 4,6 5,9 6,8
ROCE (%) 1,3 2,7 3,7
ROCE adj. (%) 4,7 6 7
ROIC (%) 4,7 6,7 8,3
ROIC adj. (%) 4,7 6,7 8,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 112 135 152
EBITDA adj. margin (%) 17,8 20,3 21,6
EBITDA lease adj. 95 120 136
EBITDA lease adj. margin (%) 15,2 17,9 19,3
EBITA adj. 57 80 96
EBITA adj. margin (%) 9 11,9 13,6
EBIT adj. 9 32 48
EBIT adj. margin (%) 1,4 4,8 6,9
Pretax profit Adj. 65 84 101
Net profit Adj. 63 81 95
Net profit to shareholders adj. 63 81 95
Net adj. margin (%) 10 12,1 13,5
SEKm 2024 2025e 2026e
EBITDA 112 135 152
Goodwill 342 342 342
Net financial items 8 5 5
Other intangible assets 310 277 243
Paid tax -2 -4 -5
Tangible fixed assets 144 142 138
Non-cash items -10 0 0
Right-of-use asset 75 75 75
Cash flow before change in WC 108 136 151
Total other fixed assets 81 81 81
Change in working capital 7 -6 -7
Fixed assets 952 918 879
Operating cash flow 115 131 145
Inventories 127 129 133
Capex tangible fixed assets -28 -30 -28
Receivables 62 66 70
Capex intangible fixed assets -22 -23 -21
Other current assets 21 21 21
Acquisitions and Disposals 0 0 0
Cash and liquid assets 363 408 466
Free cash flow 65 78 95
Total assets 1525 1542 1569
Dividend paid -15 -17 -22
Shareholders equity 1370 1386 1412
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -17 -16 -16
Total equity 1370 1386 1412
Other non-cash items -27 0 0
Long-term debt N/A N/A N/A
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 81 81 81
Total other long-term liabilities 5 5 5
Short-term debt 0 0 0
Accounts payable 37 38 39
Other current liabilities 31 31 31
Total liabilities and equity 1525 1542 1569
Net IB debt -282 -327 -384
Net IB debt excl. pension debt -282 -327 -384
Net IB debt excl. leasing -363 -408 -466
Capital employed 1451 1467 1493
Capital invested 1088 1059 1027
Working capital 141 147 154
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2997 2997 2997
Net IB debt adj. -282 -327 -384
Market value of minority 0 0 0
Reversal of shares and participations -67 -67 -67
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2648 2603 2545
Total assets turnover (%) 41,6 43,5 45,3
Working capital/sales (%) 23,1 21,6 21,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,6 -23,6 -27,2
Net debt / market cap (%) -9,4 -10,9 -12,8
Equity ratio (%) 89,8 89,9 90
Net IB debt adj. / equity (%) -20,6 -23,6 -27,2
Current ratio 8,34 8,98 9,75
EBITDA/net interest 14,1 28 32,8
Net IB debt/EBITDA (x) -2,5 -2,4 -2,5
Net IB debt/EBITDA lease adj. (x) -3,8 -3,4 -3,4
Interest coverage 27,5 35,6 44,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 1,34 2,91 4,2
Dividend per share 1,5 1,94 2,53
EPS adj. 5,52 7,09 8,37
BVPS 120,22 121,63 123,89
BVPS adj. 62,97 67,25 72,54
Net IB debt/share -24,74 -28,68 -33,72
Share price 263 263 263
Market cap. (m) 2997 2997 2997
Valuation N/A N/A N/A
P/E (x) 196,6 90,4 62,7
EV/sales (x) 4,22 3,9 3,61
EV/EBITDA (x) 23,7 19,3 16,7
EV/EBITA (x) 46,8 32,7 26,5
EV/EBIT (x) 295,8 81,4 52,5
Dividend yield (%) 0,6 0,7 1
FCF yield (%) 2,2 2,6 3,2
Le. adj. FCF yld. (%) 1,6 2,1 2,7
P/BVPS (x) 2,19 2,16 2,12
P/BVPS adj. (x) 4,18 3,91 3,63
P/E adj. (x) 47,7 37,1 31,4
EV/EBITDA adj. (x) 23,7 19,3 16,7
EV/EBITA adj. (x) 46,8 32,7 26,5
EV/EBIT adj. (x) 295,8 81,4 52,5
EV/CE (x) 1,8 1,8 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 8 8 7
Capex/depreciation 1,3 1,3 1,2
Capex tangibles / tangible fixed assets 19,6 21,1 20,4
Capex intangibles / definite intangibles 7 8,4 8,7
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 21,88 22,39 23,26

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.

62,6

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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52,3

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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3,6

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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2,0