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Vestum

Vestum

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Financials

SEKm 2024 2025e 2026e
Sales 5041 3980 4471
Sales growth (%) -20,4 -21 12,3
EBITDA 723 567 703
EBITDA margin (%) 14,3 14,3 15,7
EBIT adj. 180 114 232
EBIT adj. margin (%) 3,6 2,9 5,2
Pretax profit 18 -35 146
EPS -0,52 -0,14 0,3
EPS growth (%) -48,2 -72,8 N/A
EPS adj. -1,21 0,92 0,89
DPS 0 0 0
EV/EBITDA (x) 7,2 9,5 7,2
EV/EBIT adj. (x) 29 47,4 21,9
P/E (x) N/A N/A 28,1
P/E adj. (x) N/A 9,2 9,5
EV/sales (x) 1,03 1,36 1,14
FCF yield (%) 3,2 5,2 11,9
Le. adj. FCF yld. (%) -0,8 1,1 7,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,7 3,8 2,6
Le. adj. ND/EBITDA (x) 2,8 4 2,5
SEKm 2024 2025e 2026e
Sales 5041 3980 4471
COGS -2588 -1973 -2225
Gross profit 2453 2007 2246
Other operating items -1730 -1439 -1542
EBITDA 723 567 703
Depreciation and amortisation -209 -179 -183
of which leasing depreciation -155 -156 -160
EBITA 514 388 520
EO Items 33 -10 0
Impairment and PPA amortisation -302 -284 -288
EBIT 213 105 232
Net financial items -195 -140 -86
Pretax profit 18 -35 146
Tax -36 -13 -32
Net profit -18 -48 114
Minority interest -177 -5 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -195 -53 114
EPS -0,52 -0,14 0,3
EPS adj. -1,21 0,92 0,89
Total extraordinary items after tax -32 -13 0
Leasing payments -155 -156 -160
Tax rate (%) 198,3 -36,8 22
Gross margin (%) 48,7 50,4 50,2
EBITDA margin (%) 14,3 14,3 15,7
EBITA margin (%) 10,2 9,8 11,6
EBIT margin (%) 4,2 2,6 5,2
Pre-tax margin (%) 0,4 -0,9 3,3
Net margin (%) -0,3 -1,2 2,6
Sales growth (%) -20,4 -21 12,3
EBITDA growth (%) -12,4 -21,6 24
EBITA growth (%) -12,1 -24,5 34
EBIT growth (%) -19 -50,8 N/A
Net profit growth (%) -136,4 172,8 -337,7
EPS growth (%) -48,2 -72,8 N/A
Profitability N/A N/A N/A
ROE (%) -4,9 -1,4 2,9
ROE adj. (%) 3,5 6,3 10,3
ROCE (%) 3,3 1,7 3,8
ROCE adj. (%) 7,5 6,5 8,6
ROIC (%) -8,2 8,9 6,8
ROIC adj. (%) -7,7 9,1 6,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 690 577 703
EBITDA adj. margin (%) 13,7 14,5 15,7
EBITDA lease adj. 535 421 543
EBITDA lease adj. margin (%) 10,6 10,6 12,2
EBITA adj. 482 398 520
EBITA adj. margin (%) 9,6 10 11,6
EBIT adj. 180 114 232
EBIT adj. margin (%) 3,6 2,9 5,2
Pretax profit Adj. 287 258 434
Net profit Adj. 316 249 402
Net profit to shareholders adj. 139 244 402
Net adj. margin (%) 6,3 6,2 9
SEKm 2024 2025e 2026e
EBITDA 723 567 703
Goodwill 3498 3769 3769
Net financial items -195 -140 -86
Other intangible assets 1521 1266 988
Paid tax -74 -51 -74
Tangible fixed assets 189 304 338
Non-cash items -195 -20 -20
Right-of-use asset 476 450 422
Cash flow before change in WC 259 356 523
Total other fixed assets 18 18 18
Change in working capital 118 -34 -73
Fixed assets 5702 5806 5534
Operating cash flow 377 322 450
Inventories 330 318 358
Capex tangible fixed assets -41 -48 -57
Receivables 624 637 715
Capex intangible fixed assets -3 -8 -10
Other current assets 795 698 714
Acquisitions and Disposals -230 -101 0
Cash and liquid assets 174 110 61
Free cash flow 103 165 383
Total assets 7626 7569 7382
Dividend paid 0 0 0
Shareholders equity 3907 3854 3968
Share issues and buybacks -1 0 0
Minority 22 27 27
Leasing liability amortisation -129 -130 -132
Total equity 3929 3881 3995
Other non-cash items 556 -221 62
Long-term debt 1669 1790 1428
Leasing liability 486 486 486
Total other long-term liabilities 465 465 465
Short-term debt 5 5 5
Accounts payable 311 246 276
Other current liabilities 761 697 726
Total liabilities and equity 7626 7569 7382
Net IB debt 1986 2171 1858
Net IB debt excl. pension debt 1986 2171 1858
Net IB debt excl. leasing 1500 1685 1372
Capital employed 6089 6162 5914
Capital invested 5914 6052 5854
Working capital 677 711 784
Market cap. diluted (m) 3206 3206 3206
Net IB debt adj. 1986 2171 1858
Market value of minority 22 27 27
EV 5214 5405 5092
Total assets turnover (%) 63 52,4 59,8
Working capital/sales (%) 11,7 17,4 16,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,5 56 46,5
Net debt / market cap (%) 61,9 67,7 58
Equity ratio (%) 51,5 51,3 54,1
Net IB debt adj. / equity (%) 50,5 56 46,5
Current ratio 1,79 1,86 1,83
EBITDA/net interest 3,7 4,1 8,2
Net IB debt/EBITDA (x) 2,7 3,8 2,6
Net IB debt/EBITDA lease adj. (x) 2,8 4 2,5
Interest coverage 2,6 2,8 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 379 379 379
Diluted shares adj. 379 379 379
EPS -0,52 -0,14 0,3
Dividend per share 0 0 0
EPS adj. -1,21 0,92 0,89
BVPS 10,32 10,18 10,48
BVPS adj. -2,94 -3,12 -2,08
Net IB debt/share 5,25 5,74 4,91
Share price 8,47 8,47 8,47
Market cap. (m) 3206 3206 3206
P/E (x) N/A N/A 28,1
EV/sales (x) 1 1,4 1,1
EV/EBITDA (x) 7,2 9,5 7,2
EV/EBITA (x) 10,1 13,9 9,8
EV/EBIT (x) 24,5 51,7 21,9
Dividend yield (%) 0 0 0
FCF yield (%) 3,2 5,2 11,9
Le. adj. FCF yld. (%) -0,8 1,1 7,8
P/BVPS (x) 0,82 0,83 0,81
P/BVPS adj. (x) -2,88 -2,72 -4,07
P/E adj. (x) N/A 9,2 9,5
EV/EBITDA adj. (x) 7,6 9,4 7,2
EV/EBITA adj. (x) 10,8 13,6 9,8
EV/EBIT adj. (x) 29 47,4 21,9
EV/CE (x) 0,9 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,4 1,5
Capex/depreciation 0,8 2,4 2,9
Capex tangibles / tangible fixed assets 21,7 15,7 16,9
Capex intangibles / definite intangibles 0,2 0,6 1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 28,5 7,6 6,8

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.

28,2

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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21,8

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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1,1

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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