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SEKm 2022 2023e 2024e
Sales 618 647 684
Sales growth (%) -6,1 4,7 5,6
EBITDA 136 180 182
EBITDA margin (%) 22 27,9 26,7
EBIT adj. 51 94 96
EBIT adj. margin (%) 8,2 14,6 14,1
Pretax profit 52 92 95
EPS 3,57 6,41 6,62
EPS growth (%) -51,1 79,7 3,3
EPS adj. 7,08 9,92 10,13
DPS 1,3 1,43 1,57
EV/EBITDA (x) 13,6 9,6 9
EV/EBIT adj. (x) 36,7 18,4 17,1
P/E (x) 53,9 30 29
P/E adj. (x) 27,2 19,4 19
EV/sales (x) 3 2,68 2,4
FCF yield (%) 4,2 6,1 5,7
Le. adj. FCF yld. (%) 3,6 5,4 5,1
Dividend yield (%) 0,7 0,7 0,8
Net IB debt/EBITDA (x) -1,9 -2,1 -2,6
Le. adj. ND/EBITDA (x) 2,6 2,7 3,2
SEKm 2022 2023e 2024e
Sales 618 647 684
COGS -363 -353 -381
Gross profit 255 294 303
Other operating items -119 -114 -121
EBITDA 136 180 182
Depreciation and amortisation -46 -46 -46
of which leasing depreciation -13 -13 -14
EBITA 91 134 136
EO Items N/A N/A N/A
Impairment and PPA amortisation -40 -40 -40
EBIT 51 94 96
Net financial items 1 -2 -1
Pretax profit 52 92 95
Tax -11 -19 -20
Net profit 41 73 75
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 73 75
EPS 3,57 6,41 6,62
EPS adj. 7,08 9,92 10,13
Total extraordinary items after tax 0 0 0
Leasing payments -14 -13 -14
Tax rate (%) 21,8 20,6 20,6
Gross margin (%) 41,3 45,5 44,3
EBITDA margin (%) 22 27,9 26,7
EBITA margin (%) 14,6 20,8 19,9
EBIT margin (%) 8,2 14,6 14,1
Pre-tax margin (%) 8,4 14,2 13,9
Net margin (%) 6,6 11,3 11
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -6,1 4,7 5,6
EBITDA growth (%) -25,4 32,3 1,1
EBITA growth (%) -38,9 48,3 1,3
EBIT growth (%) -53,7 86,5 1,8
Net profit growth (%) -51,1 79,7 3,3
EPS growth (%) -51,1 79,7 3,3
Profitability N/A N/A N/A
ROE (%) 3 5 5
ROE adj. (%) 6 7,8 7,6
ROCE (%) 3,9 6,2 6,1
ROCE adj. (%) 6,7 8,9 8,7
ROIC (%) 5,4 9,9 10,5
ROIC adj. (%) 5,4 9,9 10,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 136 180 182
EBITDA adj. margin (%) 22 27,9 26,7
EBITDA lease adj. 123 167 169
EBITDA lease adj. margin (%) 19,8 25,8 24,7
EBITA adj. 91 134 136
EBITA adj. margin (%) 14,6 20,8 19,9
EBIT adj. 51 94 96
EBIT adj. margin (%) 8,2 14,6 14,1
Pretax profit Adj. 92 132 135
Net profit Adj. 81 113 115
Net profit to shareholders adj. 81 113 115
Net adj. margin (%) 13 17,5 16,9
SEKm 2022 2023e 2024e
EBITDA 136 180 182
Goodwill 354 354 354
Net financial items 1 -2 -1
Other intangible assets 382 344 306
Paid tax -11 -19 -20
Tangible fixed assets 147 137 128
Non-cash items 25 0 0
Right-of-use asset 66 66 66
Cash flow before change in WC 151 159 162
Total other fixed assets 81 81 81
Change in working capital 5 -2 -11
Fixed assets 1030 982 935
Operating cash flow 156 157 150
Inventories 116 113 122
Capex tangible fixed assets -52 -13 -13
Receivables 89 93 99
Capex intangible fixed assets -12 -12 -13
Other current assets 11 11 11
Acquisitions and Disposals 0 0 0
Cash and liquid assets 324 443 537
Free cash flow 92 133 124
Total assets 1570 1642 1704
Dividend paid -15 -15 -16
Shareholders equity 1411 1484 1543
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -14 -13 -14
Total equity 1411 1484 1543
Other non-cash items 16 15 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 70 70 70
Total other long-term liabilities 19 19 19
Short-term debt 0 0 0
Accounts payable 34 33 36
Other current liabilities 35 35 35
Total liabilities and equity 1570 1642 1704
Net IB debt -253 -372 -467
Net IB debt excl. pension debt -253 -372 -467
Net IB debt excl. leasing -324 -443 -537
Capital employed 1481 1554 1613
Capital invested 1171 1125 1090
Working capital 147 149 160
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2190 2190 2190
Net IB debt adj. -253 -372 -467
Market value of minority 0 0 0
Reversal of shares and participations -81 -81 -81
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1856 1737 1643
Total assets turnover (%) 41,2 40,3 40,9
Working capital/sales (%) 24,1 22,8 22,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -18 -25,1 -30,3
Net debt / market cap (%) -11,6 -17 -21,3
Equity ratio (%) 89,9 90,4 90,5
Net IB debt adj. / equity (%) -18 -25,1 -30,3
Current ratio 7,75 9,6 10,77
EBITDA/net interest 173,4 75,6 172,7
Net IB debt/EBITDA (x) -1,9 -2,1 -2,6
Net IB debt/EBITDA lease adj. (x) -2,6 -2,7 -3,2
Interest coverage 37 56,3 57,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 3,57 6,41 6,62
Dividend per share 1,3 1,43 1,57
EPS adj. 7,08 9,92 10,13
BVPS 123,8 130,2 135,39
BVPS adj. 59,17 68,95 77,46
Net IB debt/share -22,24 -32,69 -40,98
Share price 192,2 192,2 192,2
Market cap. (m) 2190 2190 2190
Valuation N/A N/A N/A
P/E (x) 53,9 30 29
EV/sales (x) 3 2,68 2,4
EV/EBITDA (x) 13,6 9,6 9
EV/EBITA (x) 20,5 12,9 12,1
EV/EBIT (x) 36,7 18,4 17,1
Dividend yield (%) 0,7 0,7 0,8
FCF yield (%) 4,2 6,1 5,7
Le. adj. FCF yld. (%) 3,6 5,4 5,1
P/BVPS (x) 1,55 1,48 1,42
P/BVPS adj. (x) 3,25 2,79 2,48
P/E adj. (x) 27,2 19,4 19
EV/EBITDA adj. (x) 13,6 9,6 9
EV/EBITA adj. (x) 20,5 12,9 12,1
EV/EBIT adj. (x) 36,7 18,4 17,1
EV/CE (x) 1,3 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 10,4 3,8 3,8
Capex/depreciation 2 0,8 0,8
Capex tangibles / tangible fixed assets 35,7 9,2 10,4
Capex intangibles / definite intangibles 3,2 3,4 4,1
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 14,9 16,16 17,47

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.

29,0

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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17,2

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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2,4

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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