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Vestum

Vestum

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Financials

SEKm 2023 2024e 2025e
Sales 6332 5177 5896
Sales growth (%) -8,6 -18,2 13,9
EBITDA 826 732 876
EBITDA margin (%) 13 14,1 14,9
EBIT adj. 261 208 349
EBIT adj. margin (%) 4,1 4 5,9
Pretax profit 82 16 243
EPS -0,99 -0,3 0,5
EPS growth (%) -358,8 -69,9 -267,6
EPS adj. -0,49 -0,64 1,13
DPS 0 0 0
EV/EBITDA (x) 7,4 8 6,3
EV/EBIT adj. (x) 23,4 28 15,7
P/E (x) -10,2 -33,7 20,1
P/E adj. (x) -20,6 -15,9 9
EV/sales (x) 0,96 1,13 0,93
FCF yield (%) 15,5 7,9 13,5
Le. adj. FCF yld. (%) 11,7 3,7 9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,8 2,7 1,9
Le. adj. ND/EBITDA (x) 2,7 2,6 1,6
SEKm 2023 2024e 2025e
Sales 6332 5177 5896
COGS -3446 -2683 -3116
Gross profit 2886 2495 2780
Other operating items -2060 -1763 -1904
EBITDA 826 732 876
Depreciation and amortisation -241 -217 -222
of which leasing depreciation -155 -155 -159
EBITA 585 515 653
EO Items 1 2 0
Impairment and PPA amortisation -322 -305 -304
EBIT 263 210 349
Net financial items -181 -195 -106
Pretax profit 82 16 243
Tax -34 -22 -54
Net profit 48 -7 190
Minority interest -421 -107 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -373 -113 190
EPS -0,99 -0,3 0,5
EPS adj. -0,49 -0,64 1,13
Total extraordinary items after tax 1 -1 0
Leasing payments -155 -155 -159
Tax rate (%) 41 142,1 22
Gross margin (%) 45,6 48,2 47,2
EBITDA margin (%) 13 14,1 14,9
EBITA margin (%) 9,2 9,9 11,1
EBIT margin (%) 4,2 4,1 5,9
Pre-tax margin (%) 1,3 0,3 4,1
Net margin (%) 0,8 -0,1 3,2
Sales growth (%) -8,6 -18,2 13,9
EBITDA growth (%) -10,4 -11,4 19,6
EBITA growth (%) -13,7 -12 26,9
EBIT growth (%) -30,3 -19,9 66,1
Net profit growth (%) -67,6 -113,5 -3007,1
EPS growth (%) -358,8 -69,9 -267,6
Profitability N/A N/A N/A
ROE (%) -8,9 -2,8 4,7
ROE adj. (%) -1,2 4,8 12,2
ROCE (%) 3,5 3,2 5,7
ROCE adj. (%) 7,9 7,9 10,6
ROIC (%) 5 -3,5 8,7
ROIC adj. (%) 4,9 -3,5 8,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 825 730 876
EBITDA adj. margin (%) 13 14,1 14,9
EBITDA lease adj. 670 574 717
EBITDA lease adj. margin (%) 10,6 11,1 12,2
EBITA adj. 584 513 653
EBITA adj. margin (%) 9,2 9,9 11,1
EBIT adj. 261 208 349
EBIT adj. margin (%) 4,1 4 5,9
Pretax profit Adj. 403 318 547
Net profit Adj. 370 299 494
Net profit to shareholders adj. -51 192 494
Net adj. margin (%) 5,8 5,8 8,4
SEKm 2023 2024e 2025e
EBITDA 826 732 876
Goodwill 3498 3541 3541
Net financial items -181 -195 -106
Other intangible assets 2024 1736 1437
Paid tax -90 -22 -54
Tangible fixed assets 236 239 235
Non-cash items 23 -60 0
Right-of-use asset 520 525 541
Cash flow before change in WC 578 455 716
Total other fixed assets 260 11 11
Change in working capital 56 95 -134
Fixed assets 6538 6051 5764
Operating cash flow 634 550 582
Inventories 318 259 354
Capex tangible fixed assets -63 -58 -60
Receivables 867 777 884
Capex intangible fixed assets -6 -4 -5
Other current assets 311 268 290
Acquisitions and Disposals 23 -185 0
Cash and liquid assets 345 337 279
Free cash flow 588 303 518
Total assets 8379 7691 7572
Dividend paid 0 0 0
Shareholders equity 4053 3939 4129
Share issues and buybacks 2 -1 0
Minority 3 3 3
Leasing liability amortisation -146 -160 -175
Total equity 4056 3942 4132
Other non-cash items 433 326 0
Long-term debt 631 1696 1246
Leasing liability 527 536 536
Total other long-term liabilities 667 501 501
Short-term debt 1500 116 166
Accounts payable 430 352 401
Other current liabilities 567 548 591
Total liabilities and equity 8379 7691 7572
Net IB debt 2313 2012 1669
Net IB debt excl. pension debt 2313 2012 1669
Net IB debt excl. leasing 1786 1476 1133
Capital employed 6714 6290 6080
Capital invested 6370 5953 5801
Working capital 498 403 537
Market cap. diluted (m) 3789 3823 3823
Net IB debt adj. 2313 2012 1669
Market value of minority 3 3 3
EV 6106 5838 5495
Total assets turnover (%) 69,1 64,4 77,3
Working capital/sales (%) 10,5 8,7 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 57 51 40,4
Net debt / market cap (%) 61,1 52,6 43,7
Equity ratio (%) 48,4 51,3 54,6
Net IB debt adj. / equity (%) 57 51 40,4
Current ratio 0,74 1,61 1,56
EBITDA/net interest 4,6 3,8 8,3
Net IB debt/EBITDA (x) 2,8 2,7 1,9
Net IB debt/EBITDA lease adj. (x) 2,7 2,6 1,6
Interest coverage 3,2 2,6 6,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 375 379 379
Diluted shares adj. 375 379 379
EPS -0,99 -0,3 0,5
Dividend per share 0 0 0
EPS adj. -0,49 -0,64 1,13
BVPS 10,8 10,4 10,91
BVPS adj. -3,92 -3,53 -2,24
Net IB debt/share 6,17 5,31 4,41
Share price 10,1 10,1 10,1
Market cap. (m) 3789 3823 3823
P/E (x) -10,2 -33,7 20,1
EV/sales (x) 0,96 1,13 0,93
EV/EBITDA (x) 7,4 8 6,3
EV/EBITA (x) 10,4 11,3 8,4
EV/EBIT (x) 23,2 27,7 15,7
Dividend yield (%) 0 0 0
FCF yield (%) 15,5 7,9 13,5
Le. adj. FCF yld. (%) 11,7 3,7 9
P/BVPS (x) 0,93 0,97 0,93
P/BVPS adj. (x) -2,58 -2,86 -4,5
P/E adj. (x) -20,6 -15,9 9
EV/EBITDA adj. (x) 7,4 8 6,3
EV/EBITA adj. (x) 10,5 11,4 8,4
EV/EBIT adj. (x) 23,4 28 15,7
EV/CE (x) 0,9 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,2 1,1
Capex/depreciation 0,8 1 1
Capex tangibles / tangible fixed assets 26,7 24,4 25,5
Capex intangibles / definite intangibles 0,3 0,2 0,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 36,36 25,84 27,11

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.

20,2

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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15,8

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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0,9