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Rottneros

Rottneros

Rottneros is a pure-play pulp producer. It produces mechanical and chemical pulp for use in a wide range of applications. The majority of the group’s products are sold on the European market, which accounts for about 72% of the group’s revenues. Rottneros has also initiated the development of a new business area, Rottneros Packaging, where it produces moulded fibre trays for food packaging and special applications.

Sustainability information

The largest share of Rottneros’ profits comes from the sale of pulp, which is a highly commoditised product. As a result, demand for the group’s products is cyclical and depends on the global economic cycle. It also means that the group’s earnings are highly sensitive to changes in the market price of pulp, as well the prices of its input factors: pulp wood, electricity and chemicals. Rottneros’ earnings are also sensitive to currency fluctuations, particularly in USD/SEK and EUR/SEK.

SEKm 2023 2024e 2025e
Sales 2799 2594 2721
Sales growth (%) -10,1 -7,3 4,9
EBITDA 252 304 401
EBITDA margin (%) 9 11,7 14,8
EBIT adj. 155 171 275
EBIT adj. margin (%) 5,5 6,6 10,1
Pretax profit 153 164 269
EPS 0,79 0,84 1,37
EPS growth (%) -78,6 6,1 63,4
EPS adj. 0,9 0,84 1,37
DPS 0,5 0,34 0,55
EV/EBITDA (x) 6,6 5,4 3,7
EV/EBIT adj. (x) 10,7 9,5 5,3
P/E (x) 14,6 13,7 8,4
P/E adj. (x) 12,9 13,7 8,4
EV/sales (x) 0,59 0,63 0,54
FCF yield (%) -2 5,9 12,1
Le. adj. FCF yld. (%) -2 5,9 12,1
Dividend yield (%) 4,3 2,9 4,8
Net IB debt/EBITDA (x) -0,4 -0,4 -0,7
Le. adj. ND/EBITDA (x) -0,4 -0,4 -0,7
SEKm 2023 2024e 2025e
Sales 2799 2594 2721
COGS -1661 -1386 -1393
Gross profit 1138 1208 1327
Other operating items -886 -904 -926
EBITDA 252 304 401
Depreciation and amortisation -113 -133 -126
Depreciation on leased assets 0 0 0
EBITA 139 171 275
EO Items -16 0 0
EBIT 139 171 275
Impairment and amortisation charges 0 0 0
Net financial items 14 -7 -7
Pretax profit 153 164 269
Tax -32 -36 -59
Net profit 121 128 210
Minority interest 0 0 0
Net profit to shareholders 121 128 210
EPS 0,79 0,84 1,37
EPS adj. 0,9 0,84 1,37
Net profit discontinued N/A N/A N/A
Total extraordinary items after tax -16 0 0
Tax rate (%) 20,9 21,8 22
Gross margin (%) 40,7 46,6 48,8
EBITDA margin (%) 9 11,7 14,8
Leasing payments 0 0 0
EBITA margin (%) 5 6,6 10,1
EBIT margin (%) 5 6,6 10,1
Pre-tax margin (%) 5,5 6,3 9,9
Net margin (%) 4,3 4,9 7,7
Sales growth (%) -10,1 -7,3 4,9
EBITDA growth (%) -63,5 20,6 32,1
EBITA growth (%) -74,7 22,8 61,4
EBIT growth (%) -74,7 22,8 61,4
Net profit growth (%) -78,6 6,1 63,4
EPS growth (%) -78,6 6,1 63,4
Profitability N/A N/A N/A
ROE (%) 5,9 6,9 10,8
ROE adj. (%) 6,7 6,9 10,8
ROCE (%) 7,6 9,2 13,6
ROCE adj. (%) 8,3 9,2 13,6
ROIC (%) 6 7,7 12,4
ROIC adj. (%) 6,7 7,7 12,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 268 304 401
EBITDA adj. margin (%) 9,6 11,7 14,8
EBITDA lease adj. 268 304 401
EBITDA lease adj. margin (%) 9,6 11,7 14,8
EBITA adj. 155 171 275
EBITA adj. margin (%) 5,5 6,6 10,1
EBIT adj. 155 171 275
EBIT adj. margin (%) 5,5 6,6 10,1
Pretax profit Adj. 169 164 269
Net profit Adj. 137 128 210
Net profit to shareholders adj. 137 128 210
Net adj. margin (%) 4,9 4,9 7,7
SEKm 2023 2024e 2025e
EBITDA 252 304 401
Other intangible assets 21 21 21
Goodwill 0 0 0
Net financial items 14 -7 -7
Tangible fixed assets 1274 1413 1387
Paid tax -113 -54 -59
Total other fixed assets 175 123 123
Right-of-use asset N/A N/A N/A
Non-cash items -269 -44 0
Fixed assets 1470 1557 1531
Cash flow before change in WC -116 200 336
Inventories 493 218 337
Change in working capital 220 170 -23
Receivables 658 489 613
Operating cash flow 104 370 313
Cash and liquid assets 196 215 376
Capex tangible fixed assets -140 -266 -100
Total assets 2817 2478 2856
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Shareholders equity 1858 1859 2018
Free cash flow -36 104 213
Total equity 1858 1859 2018
Dividend paid -213 -76 -51
Long-term debt 59 51 51
Share issues and buybacks 0 0 0
Leasing liability 0 0 0
Minority N/A N/A N/A
Other non-cash items 102 57 0
Total other long-term liabilities 223 165 165
Leasing liability amortisation 0 0 0
Short-term debt 32 32 32
Accounts payable 645 371 591
Pension debt N/A N/A N/A
Other current liabilities 0 0 0
Convertible debt N/A N/A N/A
Total liabilities and equity 2817 2478 2856
Net IB debt -105 -132 -293
Net IB debt excl. pension debt -105 -132 -293
Net IB debt excl. leasing -105 -132 -293
Capital employed 1949 1942 2101
Capital invested 1753 1728 1725
Working capital 506 336 359
Market cap. diluted (m) 1761 1761 1761
Net IB debt adj. -105 -132 -293
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 1656 1629 1468
Total assets turnover (%) 89,7 98 102
Working capital/sales (%) 22 16,2 12,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,7 -7,1 -14,5
Net debt / market cap (%) -6 -7,5 -16,6
Equity ratio (%) 66 75 70,6
Net IB debt adj. / equity (%) -5,7 -7,1 -14,5
Current ratio 1,99 2,29 2,13
EBITDA/net interest 18 46,8 61,8
Net IB debt/EBITDA (x) -0,4 -0,4 -0,7
Net IB debt/EBITDA lease adj. (x) -0,4 -0,4 -0,7
Interest coverage 16,3 11,6 42,4
SEKm 2023 2024e 2025e
Shares outstanding adj. 153 153 153
Diluted shares adj. 153 153 153
EPS 0,79 0,84 1,37
Dividend per share 0,5 0,34 0,55
EPS adj. 0,9 0,84 1,37
BVPS 12,18 12,19 13,23
BVPS adj. 12,04 12,05 13,09
Net IB debt/share -0,69 -0,86 -1,92
Share price 11,54 11,54 11,54
Market cap. (m) 1761 1761 1761
P/E (x) 14,6 13,7 8,4
EV/sales (x) 0,59 0,63 0,54
EV/EBITDA (x) 6,6 5,4 3,7
EV/EBITA (x) 11,9 9,5 5,3
EV/EBIT (x) 11,9 9,5 5,3
Dividend yield (%) 4,3 2,9 4,8
FCF yield (%) -2 5,9 12,1
Le. adj. FCF yld. (%) -2 5,9 12,1
P/BVPS (x) 0,95 0,95 0,87
P/BVPS adj. (x) 0,95 0,95 0,87
P/E adj. (x) 12,9 13,7 8,4
EV/EBITDA adj. (x) 6,2 5,4 3,7
EV/EBITA adj. (x) 10,7 9,5 5,3
EV/EBIT adj. (x) 10,7 9,5 5,3
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 5 10,3 3,7
Capex/depreciation 1,2 2 0,8
Capex tangibles / tangible fixed assets 11 18,8 7,2
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 8,87 9,43 9,08
Depreciation on intang / def. intang N/A N/A N/A

Equity research

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Media

Rottneros - Company presentation with President & CEO Lennart Eberleh
Rottneros - Fireside chat with President & CEO Lennart Eberleh

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Arctic Paper SA 51.0 % 51.0 % 26 Mar 2024
Stefan Sundh 7.6 % 7.6 % 26 Mar 2024
Dimensional Fund Advisors 2.1 % 2.1 % 31 May 2024
Avanza Pension 1.7 % 1.7 % 26 Mar 2024
Söderberg & Partners Asset Management SA 1.4 % 1.4 % 31 May 2024
Magallanes Value Investors SGIIC 0.8 % 0.8 % 31 May 2024
Handelsbanken Fonder 0.6 % 0.6 % 31 May 2024
SEB Fonder 0.5 % 0.5 % 30 Apr 2024
Rottneros AB 0.5 % 0.5 % 26 Mar 2024
KBC Asset Management 0.5 % 0.5 % 31 Dec 2023
Source: Holdings by Modular Finance AB