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Probi

Probi

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 0,6 4,6 4,6
Lease adj. ND/EBITDA -1,8 -2,4 -2,8
Sales 658 683 736
Sales growth (%) -8,2 3,7 7,8
EBITDA 183 187 199
EBITDA margin (%) 27,7 27,4 27
EBIT adj 109 104 115
EBIT adj margin (%) 16,6 15,2 15,6
Pretax profit 107 102 114
EPS rep 7,3 7,08 7,88
EPS growth (%) -10,3 -2,9 11,2
EPS adj 10,72 10,59 11,39
DPS 1,3 1,3 1,43
EV/EBITDA (x) 23,3 12,8 11,5
EV/EBIT adj (x) 38,9 23 19,8
P/E (x) 54,5 34,4 31
P/E adj (x) 37,1 23 21,4
EV/sales (x) 6,5 3,5 3,1
FCF yield (%) 0,9 5 5,1
Dividend yield (%) 0,3 0,5 0,6
Net IB debt/EBITDA -1,2 -1,8 -2,3
SEKm 2021 2022e 2023e
Depreciation and amortisation -34 -43 -44
Of which leasing depreciation -13 -13 -14
EO items 0 0 0
Impairment and PPA amortisation -39 -40 -40
EBITDA lease Adj 170 174 185
EBITDA lease Adj margin (%) 25,8 25,5 25,2
Sales 658 683 736
COGS -370 -379 -401
Gross profit 288 304 335
Other operating items -105 -117 -136
EBITDA 183 187 199
Depreciation on tangibles -14 -14 -14
Depreciation on intangibles -6 -7 -7
EBITA 148 144 155
Goodwill impairment charges 0 0 0
Other impairment and amortisation -38 -35 -35
EBIT 109 104 115
Other financial items -2 0 0
Net financial items -2 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 107 102 114
Tax -24 -21 -24
Net profit 83 81 90
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 83 81 90
EPS 7,3 7,08 7,88
EPS Adj 10,72 10,59 11,39
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,6 -20,9 -20,9
Gross margin (%) 43,8 44,5 45,5
EBITDA margin (%) 27,7 27,4 27
EBITA margin (%) 22,5 21,1 21,1
EBIT margin (%) 16,6 15,2 15,6
Pretax margin (%) 16,3 15 15,4
Net margin (%) 12,6 11,8 12,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -8,2 3,7 7,8
EBITDA growth (%) -7,1 2,6 6,1
EBIT growth (%) -11,7 -4,9 10,7
Net profit growth (%) -10,3 -2,9 11,2
EPS growth (%) -10,3 -2,9 11,2
Profitability 2021 2022 2023
ROE (%) 7 6,2 6,6
ROE Adj (%) 10,3 9,3 9,5
ROCE (%) 8,7 7,6 8
ROCE Adj(%) 11,8 10,5 10,8
ROIC (%) 8,4 7,9 9,2
ROIC Adj (%) 8,4 7,9 9,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 183 187 199
EBITDA Adj margin (%) 27,7 27,4 27
EBITA Adj 148 144 155
EBITA Adj margin (%) 22,5 21,1 21,1
EBIT Adj 109 104 115
EBIT Adj margin (%) 16,6 15,2 15,6
Pretax profit Adj 146 142 154
Net profit Adj 122 121 130
Net profit to shareholders Adj 122 121 130
Net Adj margin (%) 18,6 17,7 17,6
Leasing payments -12 -13 -14
SEKm 2021 2022e 2023e
Lease liability amortisation -12 -13 -14
Other intangible assets 383 341 299
Right-of-use asset 75 75 75
Total other fixed assets 53 53 53
Leasing liability 78 78 78
Total other long-term liabilities 18 18 18
Net IB debt excl. leasing -299 -412 -527
Net IB debt / EBITDA lease Adj (%) -175,9 -237,3 -284,5
EBITDA 183 187 199
Net financial items -2 -2 -1
Paid tax -24 -21 -24
Non-cash items 0 0 0
Cash flow before change in WC 156 164 174
Change in WC -18 -6 -13
Operating cash flow 139 158 161
CAPEX tangible fixed assets -34 -10 -11
CAPEX intangible fixed assets -7 -8 -8
Acquisitions and disposals -56 0 0
Free cash flow 41 140 142
Dividend paid -13 -14 -14
Share issues and buybacks 0 0 0
Other non cash items 41 1 0
Decrease in net IB debt 25 128 137
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 307 307 307
Indefinite intangible assets 0 0 0
Definite intangible assets 396 368 341
Tangible fixed assets 92 83 74
Other fixed assets 53 53 53
Fixed assets 910 858 808
Inventories 94 96 102
Receivables 119 123 133
Other current assets 10 10 10
Cash and liquid assets 299 412 527
Total assets 1432 1500 1579
Shareholders equity 1266 1332 1408
Minority 0 0 0
Total equity 1266 1332 1408
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 4 4 4
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 46 47 50
Other current liabilities 25 25 25
Total liabilities and equity 1432 1500 1579
Net IB debt -222 -335 -449
Net IB debt excl. pension debt -222 -335 -449
Capital invested 1057 1011 973
Working capital 152 157 170
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4529 2780 2780
Net IB debt Adj -222 -335 -449
Market value of minority 0 0 0
Reversal of shares and participations -53 -53 -53
Reversal of conv. debt assumed equity 0 0 0
EV 4255 2392 2278
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 49,3 46,6 47,8
Capital invested turnover (%) 73 79,9 88,3
Capital employed turnover (%) 60,4 62 61,4
Inventories / sales (%) 12,4 13 12,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,4 5,3 5
Working capital / sales (%) 20,8 22,6 22,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -17,5 -25,1 -31,9
Net debt / market cap (%) -4,2 -12 -16,2
Equity ratio (%) 88,4 88,8 89,2
Net IB debt adj. / equity (%) -17,5 -25,1 -31,9
Current ratio (%) 608,2 738,8 860,2
EBITDA / net interest (%) 10556,9 7719,9 13735,1
Net IB debt / EBITDA (%) -121,4 -178,8 -226
Interest cover (%) 7878,9 5671,9 6149,7
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 0,6 4,6 4,6
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 7,3 7,08 7,88
Dividend per share Adj 1,3 1,3 1,4
EPS Adj 10,72 10,59 11,39
BVPS 111,07 116,93 123,6
BVPS Adj 50,48 60,08 70,44
Net IB debt / share -19,4 -29,4 -39,4
Share price 459,04 244 244
Market cap. (m) 5230 2780 2780
Valuation 2021 2022 2023
P/E 54,5 34,4 31
EV/sales 6,46 3,5 3,1
EV/EBITDA 23,3 12,8 11,5
EV/EBITA 28,7 16,6 14,7
EV/EBIT 38,9 23 19,8
Dividend yield (%) 0,3 0,5 0,6
FCF yield (%) 0,9 5 5,1
P/BVPS 3,58 2,09 1,97
P/BVPS Adj 7,87 4,06 3,46
P/E Adj 37,1 23 21,4
EV/EBITDA Adj 23,3 12,8 11,5
EV/EBITA Adj 28,7 16,6 14,7
EV/EBIT Adj 38,9 23 19,8
EV/cap. employed 3,2 1,7 1,5
Investment ratios 2021 2022 2023
Capex / sales 6,3 2,6 2,6
Capex / depreciation 199,7 59,9 64,1
Capex tangibles / tangible fixed assets 37,2 12,4 15
Capex intangibles / definite intangibles 1,9 2,3 2,8
Depreciation on intangibles / definite intangibles 2,7 3 3,5
Depreciation on tangibles / tangibles 11,4 23,8 26,9

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.

31,0

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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19,4

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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3,0

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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1,9