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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.

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 2022 2023e 2024e
Sales 3112 2409 2296
Sales growth (%) 35,1 -22,6 -4,7
EBITDA 691 364 375
EBITDA margin (%) 22,2 15,1 16,3
EBIT adj. 681 253 258
EBIT adj. margin (%) 21,9 10,5 11,2
Pretax profit 714 247 252
EPS 3,7 1,26 1,29
EPS growth (%) 183,9 -65,9 2
EPS adj. 4,56 1,26 1,29
DPS 1,4 0,63 0,51
EV/EBITDA (x) 2,9 5,8 5,2
EV/EBIT adj. (x) 2,9 8,4 7,5
P/E (x) 4,2 12,2 12
P/E adj. (x) 3,4 12,2 12
EV/sales (x) 0,64 0,88 0,84
FCF yield (%) 18,3 3,6 12,2
Le. adj. FCF yld. (%) 18,3 3,6 12,2
Dividend yield (%) 9,1 4,1 3,3
Net IB debt/EBITDA (x) -0,5 -0,6 -1,1
Le. adj. ND/EBITDA (x) 0,4 0,6 1,1
SEKm 2022 2023e 2024e
Sales 3112 2409 2296
COGS -1415 -1148 -1002
Gross profit 1697 1261 1294
Other operating items -1006 -897 -919
EBITDA 691 364 375
Depreciation and amortisation -141 -111 -118
EBITA 550 253 258
EO Items -131 0 0
EBIT 550 253 258
Net financial items 164 -6 -6
Pretax profit 714 247 252
Tax -149 -54 -55
Net profit 565 192 196
Minority interest 0 0 0
Net profit to shareholders 565 192 196
EPS 3,7 1,26 1,29
EPS adj. 4,56 1,26 1,29
Total extraordinary items after tax -131 0 0
Tax rate (%) 20,9 22 22
Gross margin (%) 54,5 52,4 56,4
EBITDA margin (%) 22,2 15,1 16,3
EBITA margin (%) 17,7 10,5 11,2
EBIT margin (%) 17,7 10,5 11,2
Pre-tax margin (%) 22,9 10,2 11
Net margin (%) 18,2 8 8,5
Sales growth (%) 35,1 -22,6 -4,7
EBITDA growth (%) 79,5 -47,3 3,1
EBITA growth (%) 106 -54,1 1,9
EBIT growth (%) N/A -54,1 1,9
Net profit growth (%) 183,9 -65,9 2
EPS growth (%) 183,9 -65,9 2
Profitability N/A N/A N/A
ROE (%) 29,9 8,6 8,6
ROE adj. (%) 36,8 8,6 8,6
ROCE (%) 35,6 10,7 10,7
ROCE adj. (%) 42,1 10,7 10,7
ROIC (%) 39 15,8 16
ROIC adj. (%) 48,2 15,8 16
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 822 364 375
EBITDA adj. margin (%) 26,4 15,1 16,3
EBITDA lease adj. 822 364 375
EBITDA lease adj. margin (%) 26,4 15,1 16,3
EBITA adj. 681 253 258
EBITA adj. margin (%) 21,9 10,5 11,2
EBIT adj. 681 253 258
EBIT adj. margin (%) 21,9 10,5 11,2
Pretax profit Adj. 845 247 252
Net profit Adj. 696 192 196
Net profit to shareholders adj. 696 192 196
Net adj. margin (%) 22,4 8 8,5
SEKm 2022 2023e 2024e
EBITDA 691 364 375
Other intangible assets 21 21 21
Net financial items 164 -6 -6
Tangible fixed assets 1190 1351 1345
Paid tax -32 -54 -55
Total other fixed assets 290 290 290
Non-cash items 65 0 0
Fixed assets 1501 1662 1656
Cash flow before change in WC 888 304 314
Inventories 436 326 237
Change in working capital -347 53 84
Receivables 1020 725 720
Operating cash flow 541 357 398
Cash and liquid assets 465 336 526
Capex tangible fixed assets -112 -272 -112
Total assets 3422 3050 3139
Acquisitions and Disposals 0 0 0
Shareholders equity 2256 2235 2335
Free cash flow 429 85 286
Total equity 2256 2235 2335
Dividend paid -91 -214 -96
Long-term debt 111 111 111
Share issues and buybacks 0 0 0
Leasing liability 0 0 0
Other non-cash items -118 0 0
Total other long-term liabilities 325 325 325
Short-term debt 0 0 0
Accounts payable 730 379 368
Other current liabilities 0 0 0
Total liabilities and equity 3422 3050 3139
Net IB debt -354 -225 -415
Net IB debt excl. pension debt -354 -225 -415
Net IB debt excl. leasing -354 -225 -415
Capital employed 2367 2346 2446
Capital invested 1902 2009 1919
Working capital 726 673 589
Market cap. diluted (m) 2350 2350 2350
Net IB debt adj. -354 -225 -415
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 1996 2124 1934
Total assets turnover (%) 107,2 74,5 74,2
Working capital/sales (%) 17,8 29 27,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -15,7 -10,1 -17,8
Net debt / market cap (%) -15,1 -9,6 -17,7
Equity ratio (%) 65,9 73,3 74,4
Net IB debt adj. / equity (%) -15,7 -10,1 -17,8
Current ratio 2,63 3,66 4,03
EBITDA/net interest 4,2 60,7 62,5
Net IB debt/EBITDA (x) -0,5 -0,6 -1,1
Net IB debt/EBITDA lease adj. (x) -0,4 -0,6 -1,1
Interest coverage 143,8 42,1 42,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 153 153 153
Diluted shares adj. 153 153 153
EPS 3,7 1,26 1,29
Dividend per share 1,4 0,63 0,51
EPS adj. 4,56 1,26 1,29
BVPS 14,79 14,65 15,3
BVPS adj. 14,65 14,51 15,17
Net IB debt/share -2,32 -1,48 -2,72
Share price 15,4 15,4 15,4
Market cap. (m) 2350 2350 2350
P/E (x) 4,2 12,2 12
EV/sales (x) 0,64 0,88 0,84
EV/EBITDA (x) 2,9 5,8 5,2
EV/EBITA (x) 3,6 8,4 7,5
EV/EBIT (x) 3,6 8,4 7,5
Dividend yield (%) 9,1 4,1 3,3
FCF yield (%) 18,3 3,6 12,2
Le. adj. FCF yld. (%) 18,3 3,6 12,2
P/BVPS (x) 1,04 1,05 1,01
P/BVPS adj. (x) 1,04 1,05 1,01
P/E adj. (x) 3,4 12,2 12
EV/EBITDA adj. (x) 2,4 5,8 5,2
EV/EBITA adj. (x) 2,9 8,4 7,5
EV/EBIT adj. (x) 2,9 8,4 7,5
EV/CE (x) 0,8 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 3,6 11,3 4,9
Capex/depreciation 0,8 2,4 1
Capex tangibles / tangible fixed assets 9,4 20,1 8,3
Depreciation on tangibles / tangibles 11,85 8,25 8,75

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Arctic Paper SA 51.0 % 51.0 % 24 Feb 2023
Stefan Sundh 7.5 % 7.5 % 24 Feb 2023
Dimensional Fund Advisors 2.0 % 2.0 % 28 Feb 2023
Avanza Pension 1.6 % 1.6 % 24 Feb 2023
Söderberg & Partners Asset Management SA 1.4 % 1.4 % 28 Feb 2023
KBC Asset Management 0.8 % 0.8 % 30 Jun 2022
Magallanes Value Investors SGIIC 0.8 % 0.8 % 28 Feb 2023
Handelsbanken Fonder 0.6 % 0.6 % 28 Feb 2023
SEB Fonder 0.5 % 0.5 % 28 Feb 2023
Rottneros AB 0.5 % 0.5 % 24 Feb 2023
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Lennart Eberleh + 6 267 BUY 5 Feb 2021
Kasper Skuthälla + 12 500 BUY 14 Dec 2020
Lennart Eberleh - 267 SELL 18 Nov 2020
Ingemar Eliasson + 12 365 BUY 29 Oct 2020
Ingemar Eliasson + 2 635 BUY 28 Oct 2020
Monica Still Pasanen + 2 500 BUY 26 Oct 2020
Monica Still Pasanen + 7 500 BUY 26 Oct 2020
Kasper Skuthälla + 30 000 BUY 23 Oct 2020
Ola Thomasson + 10 000 BUY 29 Jul 2020
Lennart Eberleh + 335 BUY 24 Jul 2020

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