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Studsvik

Studsvik

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 7 -1,7 7,5
Lease adj. ND/EBITDA -0,7 -0,2 -0,5
Sales 798 814 851
Sales growth (%) 10,6 2 4,6
EBITDA 97 84 106
EBITDA margin (%) 12,1 10,3 12,4
EBIT adj 54 61 77
EBIT adj margin (%) 6,8 7,4 9
Pretax profit 77 53 72
EPS rep 7,65 5,15 7,87
EPS growth (%) 78,7 -32,7 52,8
EPS adj 3,82 5,15 7,87
DPS 2 3 4
EV/EBITDA (x) 8,4 9,9 7,5
EV/EBIT adj (x) 15 13,8 10,4
P/E (x) 13,6 20 13,1
P/E adj (x) 27,3 20 13,1
EV/sales (x) 1 1 0,9
FCF yield (%) 7 -1,7 7,5
Dividend yield (%) 1,9 2,9 3,9
Net IB debt/EBITDA -0,5 -0,2 -0,5
SEKm 2021 2022e 2023e
Depreciation and amortisation -11 -24 -29
Of which leasing depreciation 0 0 0
EO items 32 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 84 106
EBITDA lease Adj margin (%) 8,1 10,3 12,4
Sales 798 814 851
COGS -591 -590 -570
Gross profit 207 224 281
Other operating items -111 -140 -175
EBITDA 97 84 106
Depreciation on tangibles -25 -28 -29
Depreciation on intangibles 0 0 0
EBITA 86 61 77
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 86 61 77
Other financial items 0 0 0
Net financial items -8 -8 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 77 53 72
Tax -14 -10 -7
Net profit 63 42 65
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 63 42 65
EPS 7,65 5,15 7,87
EPS Adj 3,82 5,15 7,87
Total extraordinary items after tax 31,5 0 0
Tax rate (%) -18,6 -19,8 -10
Gross margin (%) 25,9 27,5 33
EBITDA margin (%) 12,1 10,3 12,4
EBITA margin (%) 10,7 7,4 9
EBIT margin (%) 10,7 7,4 9
Pretax margin (%) 9,7 6,5 8,4
Net margin (%) 7,9 5,2 7,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 10,6 2 4,6
EBITDA growth (%) 36,9 -12,7 25,6
EBIT growth (%) 86,1 -29,3 26,9
Net profit growth (%) 78,7 -32,7 52,8
EPS growth (%) 78,7 -32,7 52,8
Profitability 2021 2022 2023
ROE (%) 18 10,6 14,9
ROE Adj (%) 9 10,6 14,9
ROCE (%) 19,8 13,1 15,5
ROCE Adj(%) 12,5 13,1 15,5
ROIC (%) 20,5 13,1 17,3
ROIC Adj (%) 12,9 13,1 17,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 65 84 106
EBITDA Adj margin (%) 8,1 10,3 12,4
EBITA Adj 54 61 77
EBITA Adj margin (%) 6,8 7,4 9
EBIT Adj 54 61 77
EBIT Adj margin (%) 6,8 7,4 9
Pretax profit Adj 46 53 72
Net profit Adj 31 42 65
Net profit to shareholders Adj 31 42 65
Net Adj margin (%) 3,9 5,2 7,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 214 214 214
Leasing liability 0 0 0
Total other long-term liabilities 229 229 229
Net IB debt excl. leasing -45 -14 -53
Net IB debt / EBITDA lease Adj (%) -69,1 -16,8 -49,8
EBITDA 97 84 106
Net financial items -8 -8 -5
Paid tax -14 -10 -7
Non-cash items 0 0 0
Cash flow before change in WC 74 66 94
Change in WC 26 -40 0
Operating cash flow 100 26 93
CAPEX tangible fixed assets -40 -40 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 60 -14 63
Dividend paid -8 -16 -25
Share issues and buybacks 0 0 0
Other non cash items -74 0 0
Decrease in net IB debt 31 32 36
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 190 190 190
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 199 216 217
Other fixed assets 184 184 184
Fixed assets 603 620 621
Inventories 0 0 0
Receivables 225 252 264
Other current assets 0 0 0
Cash and liquid assets 108 78 116
Total assets 937 950 1001
Shareholders equity 387 413 453
Minority 0 0 0
Total equity 387 413 453
Long-term debt 64 64 64
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 156 156 156
Short-term debt 0 0 0
Accounts payable 257 244 255
Other current liabilities 0 0 0
Total liabilities and equity 937 950 1001
Net IB debt -45 -14 -53
Net IB debt excl. pension debt -45 -14 -53
Capital invested 343 399 401
Working capital -32 8 9
EV breakdown 2021 2022 2023
Market cap. diluted (m) 856 848 848
Net IB debt Adj -45 -14 -53
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 811 834 795
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 94,1 86,3 87,3
Capital invested turnover (%) 132,7 139,9 148
Capital employed turnover (%) 162,8 159,8 157,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,7 29 28,8
Working capital / sales (%) -2,4 -1,5 1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -11,6 -3,4 -11,6
Net debt / market cap (%) -6,2 -1,7 -6,2
Equity ratio (%) 41,4 43,5 45,3
Net IB debt adj. / equity (%) -11,6 -3,4 -11,6
Current ratio (%) 129,6 135,1 148,8
EBITDA / net interest (%) 1162,7 1080 2116,5
Net IB debt / EBITDA (%) -46,5 -16,8 -49,8
Interest cover (%) 1031,3 776,1 1536,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 7 -1,7 7,5
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 7,65 5,15 7,87
Dividend per share Adj 2 3 4
EPS Adj 3,82 5,15 7,87
BVPS 47,14 50,29 55,15
BVPS Adj 24,04 27,19 32,06
Net IB debt / share -5,5 -1,7 -6,4
Share price 88,2 103,2 103,2
Market cap. (m) 725 848 848
Valuation 2021 2022 2023
P/E 13,6 20 13,1
EV/sales 1,02 1,02 0,93
EV/EBITDA 8,4 9,9 7,5
EV/EBITA 9,5 13,8 10,4
EV/EBIT 9,5 13,8 10,4
Dividend yield (%) 1,9 2,9 3,9
FCF yield (%) 7 -1,7 7,5
P/BVPS 2,21 2,05 1,87
P/BVPS Adj 4,33 3,8 3,22
P/E Adj 27,3 20 13,1
EV/EBITDA Adj 12,5 9,9 7,5
EV/EBITA Adj 15 13,8 10,4
EV/EBIT Adj 15 13,8 10,4
EV/cap. employed 1,8 1,7 1,5
Investment ratios 2021 2022 2023
Capex / sales 5 4,9 3,5
Capex / depreciation 367 168,8 103,4
Capex tangibles / tangible fixed assets 20,1 18,5 13,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 5,5 11 13,4

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.

13,1

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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10,0

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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0,9

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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1,8