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Vestum

Vestum

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Financials

SEKm 2024 2025e 2026e
Sales 5071 5778 6071
Sales growth (%) -19,9 13,9 5,1
EBITDA 728 855 949
EBITDA margin (%) 14,4 14,8 15,6
EBIT adj. 189 329 417
EBIT adj. margin (%) 3,7 5,7 6,9
Pretax profit 11 223 355
EPS -0,31 0,46 0,73
EPS growth (%) -69,1 -249,3 59,2
EPS adj. -0,95 1,09 1,36
DPS 0 0 0
EV/EBITDA (x) 8,5 6,9 5,6
EV/EBIT adj. (x) 32,8 17,8 12,8
P/E (x) N/A 24,1 15,2
P/E adj. (x) N/A 10,2 8,2
EV/sales (x) 1,22 1,02 0,88
FCF yield (%) 7,5 12 16,8
Le. adj. FCF yld. (%) 3,6 7,9 12,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,7 2 1,2
Le. adj. ND/EBITDA (x) 2,6 1,6 0,8
SEKm 2024 2025e 2026e
Sales 5071 5778 6071
COGS -2615 -3057 -3161
Gross profit 2456 2721 2910
Other operating items -1728 -1866 -1961
EBITDA 728 855 949
Depreciation and amortisation -217 -222 -228
of which leasing depreciation -155 -159 -163
EBITA 511 633 721
EO Items 17 0 0
Impairment and PPA amortisation -305 -304 -304
EBIT 206 329 417
Net financial items -195 -106 -62
Pretax profit 11 223 355
Tax -21 -49 -78
Net profit -10 174 277
Minority interest -107 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -116 174 277
EPS -0,31 0,46 0,73
EPS adj. -0,95 1,09 1,36
Total extraordinary items after tax -14 0 0
Leasing payments -155 -159 -163
Tax rate (%) 184,3 22 22
Gross margin (%) 48,4 47,1 47,9
EBITDA margin (%) 14,4 14,8 15,6
EBITA margin (%) 10,1 11 11,9
EBIT margin (%) 4,1 5,7 6,9
Pre-tax margin (%) 0,2 3,9 5,8
Net margin (%) -0,2 3 4,6
Sales growth (%) -19,9 13,9 5,1
EBITDA growth (%) -11,9 17,5 11
EBITA growth (%) -12,7 23,9 13,9
EBIT growth (%) -21,5 59,4 26,8
Net profit growth (%) -120 -1896,7 59,2
EPS growth (%) -69,1 -249,3 59,2
Profitability N/A N/A N/A
ROE (%) -2,9 4,3 6,5
ROE adj. (%) 5,1 11,9 13,7
ROCE (%) 3,2 5,3 7
ROCE adj. (%) 7,6 10,3 12,1
ROIC (%) -7 8,4 9,9
ROIC adj. (%) -6,8 8,4 9,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 711 855 949
EBITDA adj. margin (%) 14 14,8 15,6
EBITDA lease adj. 555 697 787
EBITDA lease adj. margin (%) 11 12,1 13
EBITA adj. 494 633 721
EBITA adj. margin (%) 9,7 11 11,9
EBIT adj. 189 329 417
EBIT adj. margin (%) 3,7 5,7 6,9
Pretax profit Adj. 299 527 659
Net profit Adj. 309 478 581
Net profit to shareholders adj. 203 478 581
Net adj. margin (%) 6,1 8,3 9,6
SEKm 2024 2025e 2026e
EBITDA 728 855 949
Goodwill 3541 3541 3541
Net financial items -195 -106 -62
Other intangible assets 1736 1437 1138
Paid tax -21 -49 -78
Tangible fixed assets 237 232 228
Non-cash items -60 0 0
Right-of-use asset 525 541 569
Cash flow before change in WC 452 700 809
Total other fixed assets 11 11 11
Change in working capital 107 -131 -36
Fixed assets 6049 5762 5486
Operating cash flow 559 569 773
Inventories 254 347 364
Capex tangible fixed assets -57 -59 -62
Receivables 761 867 911
Capex intangible fixed assets -4 -5 -5
Other current assets 264 286 297
Acquisitions and Disposals -185 0 0
Cash and liquid assets 347 277 293
Free cash flow 313 505 706
Total assets 7674 7538 7352
Dividend paid 0 0 0
Shareholders equity 3936 4109 4386
Share issues and buybacks -1 0 0
Minority 3 3 3
Leasing liability amortisation -160 -175 -190
Total equity 3939 4112 4389
Other non-cash items 326 0 0
Long-term debt 1696 1246 746
Leasing liability 536 536 536
Total other long-term liabilities 501 501 501
Short-term debt 116 166 166
Accounts payable 345 393 413
Other current liabilities 542 584 601
Total liabilities and equity 7674 7538 7352
Net IB debt 2001 1671 1155
Net IB debt excl. pension debt 2001 1671 1155
Net IB debt excl. leasing 1465 1135 619
Capital employed 6287 6061 5837
Capital invested 5940 5784 5544
Working capital 391 523 559
Market cap. diluted (m) 4194 4194 4194
Net IB debt adj. 2001 1671 1155
Market value of minority 3 3 3
EV 6199 5869 5352
Total assets turnover (%) 63,2 76 81,5
Working capital/sales (%) 8,8 7,9 8,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,8 40,6 26,3
Net debt / market cap (%) 47,7 39,8 27,5
Equity ratio (%) 51,3 54,6 59,7
Net IB debt adj. / equity (%) 50,8 40,6 26,3
Current ratio 1,62 1,55 1,58
EBITDA/net interest 3,7 8,1 15,3
Net IB debt/EBITDA (x) 2,7 2 1,2
Net IB debt/EBITDA lease adj. (x) 2,6 1,6 0,8
Interest coverage 2,6 6 11,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 379 379 379
Diluted shares adj. 379 379 379
EPS -0,31 0,46 0,73
Dividend per share 0 0 0
EPS adj. -0,95 1,09 1,36
BVPS 10,4 10,86 11,59
BVPS adj. -3,54 -2,29 -0,77
Net IB debt/share 5,29 4,41 3,05
Share price 11,08 11,08 11,08
Market cap. (m) 4194 4194 4194
P/E (x) N/A 24,1 15,2
EV/sales (x) 1,22 1,02 0,88
EV/EBITDA (x) 8,5 6,9 5,6
EV/EBITA (x) 12,1 9,3 7,4
EV/EBIT (x) 30 17,8 12,8
Dividend yield (%) 0 0 0
FCF yield (%) 7,5 12 16,8
Le. adj. FCF yld. (%) 3,6 7,9 12,3
P/BVPS (x) 1,07 1,02 0,96
P/BVPS adj. (x) -3,13 -4,83 -14,36
P/E adj. (x) N/A 10,2 8,2
EV/EBITDA adj. (x) 8,7 6,9 5,6
EV/EBITA adj. (x) 12,6 9,3 7,4
EV/EBIT adj. (x) 32,8 17,8 12,8
EV/CE (x) 1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 1,1 1,1
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 24 25,2 27,1
Capex intangibles / definite intangibles 0,2 0,3 0,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 25,98 27,41 28,75

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.

15,2

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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12,8

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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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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1,0