Sdiptech: Comforting stability
Research Update
2024-07-22
07:00
Analyst Q&A
Closed
Niklas Sävås answered 4 questions.
Redeye retains its positive view of Sdiptech following a Q2 report that met our expectations. The company continues to perform strongly with organic growth figures well above peers and sustained margins. We believe continued stable results will drive the stock upwards from here and nudge up our base case fair value per share.
NS
Niklas Sävås
Contents
Investment thesis
Quality Rating
Comforting stability
Financial development over time
FCF before acquisitions
Breakdown per business area
Resource Efficiency
Special Infrastructure Solutions
Acquisitions
Financial forecasts
Valuation
Financials
Rating definitions
The team
Download article
Sales increased by 19% year over year, and organic sales growth was 9% excluding currency effects in Q2. This was in-line with our estimates. The adjusted EBITA margin was solid and came in at c18.7% with organic EBITA growth of c1%. Net profit was negatively impacted by higher financing costs and a higher tax rate and earnings per share decreased with c8%. Cash conversion of c83% was strong and we believe in continued strong cash flows ahead. The company meets tough comparables in Q3 and we expect a slowdown in organic growth.
Sdiptech has had to adjust to the higher interest rate environment by slowing down its acquisition pace. It is now back to a reasonable gearing level and considering expected lower interest rates ahead we believe the company will gradually increase its acquisition pace. The company faces significant earn-out payments in the current year and in future years but we expect it to tackle that with strong cash flows and discipline around valuations leading to a net debt ratio around current levels.
We increase our Fair Value Range from SEK200 to SEK580 to SEK220 to SEK600 with a Base Case per share of SEK400. The market’s reaction to the Q2 report was somewhat muted, but expectations was also high after a 40% appreciation since the release of the Q1 report. We believe continued stable results will drive the stock upwards.
SEKm | 2022 | 2023 | 2024e | 2025e | 2026e |
Revenues | 3,585.1 | 4,887.9 | 5,680.8 | 6,188.6 | 6,961.9 |
Revenue Growth | 30.7% | 36.3% | 16.2% | 8.9% | 12.5% |
EBITDA | 858.3 | 1,146.1 | 1,293.1 | 1,396.2 | 1,559.5 |
EBIT | 641.2 | 835.5 | 931.8 | 1,043.5 | 1,162.6 |
EBIT Margin | 18.3% | 17.3% | 16.7% | 16.9% | 16.7% |
Net Income | 428.1 | 445.6 | 482.0 | 569.0 | 636.7 |
EV/Sales | 3.3 | 2.8 | 3.0 | 2.7 | 2.5 |
EV/EBIT | 18.0 | 16.2 | 18.1 | 16.3 | 14.9 |
Case
Opportunistic acquirer with a short history
Evidence
Infrastructure niches supporting organic growth
Supportive Analysis
Challenge
Profitability and organic growth challenges
Challenge
Competition making acquisitions more expensive
Valuation
Still on discount - solid performance to drive the share price
People: 4
The management and the board have solid experience from similar businesses. Compensations are reasonable and to some extent liked to the operation performance. Also, over the last years, Sdiptech’s management has proven itself, turning Sdiptech to a successful M&A-compounder. We view Sdiptech’s ownership structure as favorable, mixing active and committed entrepreneurs with quality institutions and incentivized management.
Business: 5
The company consists of over 35 subsidiaries within different infrastructure niches. Most of them are driven by stricter regulations regarding the environment, energy, and safety as well as neglected investments in water and power supplies. The combination of niches, providing high margins, and underlying growth drivers are attractive and present in most subsidiaries. Sdiptech also has a successful track-record of intensive M&A-activity.
Financials: 3
The group’s current profitability is solid and has improved in recent years. Its net debt is typically between 3-4x EBITDA, which we deem as reasonable especially due to the company’s diversified business with strong cash flows. A large share of the net debt is related to expected earn-outs for which Sdiptech do not pay any cash interest. Also, they require rising EBITDA level to be paid out. On the negative side weighs the relatively low return on equity, which needs to increase to near 20% to drive a higher financial ratio, and also the rather high leverage even though it's manageable.
Estimates vs. Actuals | Q2e 2024 | Q2a 2024 | Diff | Q2 2023 | Q1 2024 | |
Revenues | 1372 | 1391 | 1% | 1169 | 1335 | |
Y/Y Growth (%) | 17% | 19% | 38% | 24% | ||
Resource Efficiency | 455 | 463 | 2% | 403 | 455 | |
Growth y/y (RE) | 13% | 12% | 19% | 16% | ||
EBITA (RE) | 107 | 102 | -4% | 82 | 111 | |
EBITA margin (RE) | 23.5% | 22.0% | 20.4% | 24.4% | ||
Special Infrastructure Solutions | 912 | 928 | 2% | 766 | 880 | |
Growth y/y (SIS) | 19% | 20% | 50% | 29% | ||
EBITA (SIS) | 166 | 176 | 6% | 163 | 157 | |
EBITA margin (SIS) | 18.2% | 19.0% | 21.3% | 17.8% | ||
Group adjusted EBITA | 257 | 260 | 1% | 231 | 251 | |
Adjusted EBITA Margin (%) | 18.7% | 18.7% | 19.7% | 18.8% | ||
EPS | 2.7 | 3.0 | 9% | 2.4 | 2.4 | |
Source: Sdiptech & Redeye Research |
Net sales in Q2 came in at SEK1391m (SEK1169m) growing c19% year over year, which was c1% above our forecast. Organic sales growth was c9% excluding FX effects.
The adjusted EBITA of SEK260m beat our forecast with c1% and was an increase from SEK231m last year. Organic EBITA growth was c1% year over year. The EBITA margin was solid at c18.7% driven by strong performance within Resource Efficiency.
The operating cash flow was strong and came in at SEK197m, leading to a cash conversion of c83% for the quarter. We expect strong cash flows for the rest of 2024 driven by working capital releases after strong organic sales growth in 2023 and so far in 2024, which we expect to continue to normalize further ahead.
The net debt position stood at SEK3992m in Q1 and decreased to SEK3904m in Q2 driven by the strong operating cash flow in the quarter. The net debt to EBITDA on a rolling twelve-month basis is c3.13x (3.32x in the last quarter). The net financial debt excluding contingent considerations was SEK2552m.
Financing costs increased, driven by increased interest rates which weighed negatively on the net income for the group. The UK tax increase from 19% to 25% that came into force on 1st of April 2023 did not impact the comparables in the quarter. While adjusted EBITA grew by 17% y/y, EPS decreased by c8% y/y - we expect improvements in the quarters to come and note that despite the decrease this was above our estimates.
Sales have increased steadily since 2018 while the gross margins are more or less flat. Sdiptech has exited its service businesses with large operating expenses and has replaced them with product businesses with low operating expenses which can be seen in the EBITA graph. Proprietary products are now making up c59% of total sales. From this quarter onwards we include a graph on free cash flow before acquisitions in per share figures as we believe this is the best proxy of value creation over time (although volatile quarter over quarter).
Source: Sdiptech
Source: Sdiptech
As seen below, both business areas have been growing steadily since 2019.
Source: Sdiptech
Resource Efficiency continued to meet strong comparable figures in the quarter but still grew sales and EBITA due to a mix of organic and acquired growth. Most of the business units again showed strong figures, and the segment was in-line with our estimates both on sales and EBITA. Sales increased by 15% and the organic sales growth was not disclosed but we believe it was c7%. The EBITA margin increased from 20.4% to 22%, which is a solid figure for the segment (despite a drop from 24.5% in Q1 boosted by a few high margin businesses such as Heatwork and Agrosistemi that has its high season then). The company highlights IDE which had a strong quarter with its offer of rental of temporary electric power. Also the businesses focused on electricity and energy solutions were strong performers.
Source: Sdiptech
Special Infrastructure Solutions beat our expectations on sales and EBITA, where several of the larger business units delivered solid organic growth. Sales increased by 29% and adjusted EBITA increased by Special Infrastructure Solutions beat our expectations on sales and EBITA, again driven by that several of the larger business units delivered solid organic growth. Sales increased by 21% and adjusted EBITA increased by 8% in the segment. While not disclosed we believe the organic sales growth was c10%. The adjusted EBITA margin was, as in Q1, again hurt by the elevator business, Metus, delivering a negative profit. Sdiptech has laid off c20% of the workforce in the company during the quarter and expects the company to return to profitability ahead. Last quarter, Castella Entreprenad was weak but seems to have improved after the restructuring. Strong development was seen within the group's business units offering attachments for forklift trucks (ELM), solutions for transport refrigeration (GAH), and road maintenance equipment (Hilltip).
Source: Sdiptech
Sdiptech clearly slowed-down its acquisition pace in 2023 after a few years of strong acquisition-driven growth. We think this was a prudent move by the company as interest rates have increased heavily while the share price of Sdiptech suffered, meaning it makes less sense to issue shares. The company acquired an EBITA of cSEK50m during 2023. In 2024 it has completed two acquisition of JR Industries with a combined EBITA of cSEK65m. Sdiptech has a target to acquire SEK120m to SEK150m in EBITA per year and has earlier mentioned that they expect to meet the target in 2024, but likely at the lower end - this was updated to a target of around SEK100m to SEK120m meaning the company expects to acquire additional cSEK40m in EBITA this year.
As stated before, we expect strong cash flows in 2024 that will be positive for the financial position of Sdiptech which is a key for the acquisition machine to start working in full gear ahead. On the negative front the company face expected earn-outs of cSEK200m in 2024, cSEK808m in 2025-2026, cSEK349m in 2027-2029 and SEK116m after 2029. We believe the company will generate enough cash in 2024 to be able to acquire cSEK100m in EBITA (including the already concluded transaction of JR Industries and Watertech), and keep the net debt to EBITDA ratio around current levels at c3.1x.
Company | Segment | Country | Consolidated | Sales (SEKm) | EBITA (SEKm) | Growth vs R12m |
Watertech | RE | SE | 4/1/2024 | 20 | 5 | 1.0% |
JR Industries | SIS | UK | 1/1/2024 | 338 | 61 | 7.0% |
Total | 358 | 65 | 8.0% | |||
Source: Sdiptech & Redeye |
In this report we got the data for the acquisition multiple of the latest acquisition Watertech. We had previously assumed a multiple of 7x and the actual multiple seems to have been in that range as the EV/EBT multiple was c8x including earn-outs (c5x excluding earn-outs). We are encouraged by Sdiptech's discipline with multiples paid in the latest acquisitions.
Source: Sdiptech
On the back of the Q2 report we have only made minor revisions to our estimates.
Q3 & Q4 2024
2025 and onwards
Revisions | FYe 2024 | Old | Change | FYe 2025 | Old | Change |
Revenues | 5,582 | 5,588 | (0.1%) | 6,189 | 6,210 | (0.3%) |
Y/Y Growth (%) | 15.8% | 16.0% | 10.9% | 11.1% | ||
Resource Efficiency | 1,814 | 1,805 | 0.5% | 1,891 | 1,883 | 0.5% |
Growth y/y (RE) | 9.9% | 9.4% | 4.0% | 4.0% | ||
EBITA (RE) | 421 | 427 | (1.3%) | 434 | 432 | 0.5% |
EBITA margin (RE) | 23.2% | 23.6% | 23.0% | 23.0% | ||
Special Infrastructure Solutions | 3,731 | 3,721 | 0.3% | 3,885 | 3,870 | 0.4% |
Growth y/y (SIS) | 17.7% | 17.4% | 4.0% | 4.0% | ||
EBITA (SIS) | 698 | 688 | 1.4% | 749 | 738 | 1.5% |
EBITA margin (SIS) | 18.7% | 18.5% | 19.3% | 19.1% | ||
EBITA (Central) | (66) | (68) | (77) | (71) | ||
Future M&A (Cumulative) | 38 | 62 | 413 | 458 | ||
EBITA (Cumulative) | 8 | 14 | 91 | 101 | ||
EBITA Margin (Future M&A) | 22.0% | 22.0% | ||||
Adjusted EBITA | 1,061 | 1,061 | 0.0% | 1,197 | 1,200 | (0.2%) |
Adjusted EBITA Margin (%) | 19.0% | 19.0% | 19.3% | 19.3% | ||
EPS | 12.7 | 13.0 | (2.3%) | 15.0 | 14.5 | 3.1% |
Source: Sdiptech & Redeye Research |
Sdiptech: Estimates (SEKm) | |||||||
(SEKm) | 2023 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2024 | 2025 |
Net sales | 4818 | 1335 | 1391 | 1323 | 1533 | 5582 | 6189 |
Gross Profit | 2962 | 839 | 850 | 807 | 927 | 3423 | 3704 |
EBITDA | 1146 | 304 | 326 | 312 | 351 | 1293 | 1396 |
Adjusted EBITA | 921 | 251 | 260 | 258 | 293 | 1061 | 1197 |
EBIT | 836 | 220 | 236 | 223 | 253 | 932 | 1043 |
EPS | 11.3 | 2.8 | 3.1 | 3.1 | 3.7 | 12.7 | 15.0 |
Growth (%) | 36% | 26% | 19% | 9% | 12% | 16% | 9% |
Gross margin | 61% | 63% | 61% | 61% | 60% | 61% | 60% |
EBITDA margin (%) | 24% | 23% | 23% | 24% | 23% | 23% | 23% |
Adjusted EBITA margin (%) | 19% | 19% | 19% | 19% | 19% | 19% | 19% |
EBIT margin (%) | 17% | 16% | 17% | 17% | 16% | 17% | 17% |
Net income margin (%) | 9% | 8% | 8% | 9% | 9% | 9% | 9% |
Source: Redeye Research | |||||||
Divisional Estimates | |||||||
Resource Efficiency | 2023 | Q1 24 | Q2 24 | Q3 24e | Q4 24e | 2024 | 2025 |
Sales | 1650 | 455 | 463 | 417 | 479 | 1814 | 1891 |
Y/Y Growth | 30% | 16% | 12% | 5% | 4% | 10% | 4% |
Organic growth | 10% | 7% | 4% | 6% | 6% | 4% | |
Added M&A | 35 | 20 | 5 | 5 | |||
Added M&A (%) | 0% | 9% | 5% | 1% | 1% | 0% | 0% |
EBITA | 366 | 111 | 102 | 98 | 110 | 421 | 434 |
EBITA margin | 22% | 24% | 22% | 24% | 23% | 23% | 23% |
Special Infrastructure Solutions | |||||||
Sales | 3169 | 880 | 928 | 893 | 1029 | 3731 | 3885 |
Y/Y Growth | 42% | 29% | 20% | 10% | 13% | 18% | 4% |
Organic growth | 10% | 9% | 0% | 4% | 6% | 4% | |
Added M&A | 84 | 84 | 84 | 84 | 0 | ||
Added M&A (%) | 12% | 11% | 10% | 9% | 0% | ||
EBITA | 623 | 157 | 176 | 170 | 195 | 698 | 749 |
EBITA margin | 20% | 18% | 19% | 19% | 19% | 19% | 19% |
Future M&A | |||||||
Sales | 0 | 0 | 13 | 25 | 38 | 413 | |
EBITA (Future M&A (Acc)) | 0 | 0 | 3 | 6 | 8 | 91 | |
Assumed EBITA margin (Future M&A (Acc)) | 20% | 20% | 20% | 20% | 20% | ||
Total | |||||||
Sales | 4818 | 1335 | 1391 | 1323 | 1533 | 5582 | 6189 |
EBITA Central costs | -68 | -17 | -19 | -13 | -17 | -66 | -77 |
Adjusted EBITA | 921 | 251 | 260 | 258 | 293 | 1061 | 1197 |
Source: Sdiptech & Redeye Research |
Sdiptech: Estimates (SEKm) | |||||||||
(SEKm) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | |
Net sales | 4,818 | 5,582 | 6,189 | 6,962 | 7,765 | 8,599 | 9,464 | 10,359 | |
Gross Profit | 2,962 | 3,423 | 3,704 | 4,191 | 4,694 | 5,211 | 5,754 | 6,319 | |
EBITDA | 1,146 | 1,293 | 1,396 | 1,559 | 1,743 | 1,943 | 2,158 | 2,382 | |
Adjusted EBITA | 921 | 1,061 | 1,197 | 1,336 | 1,494 | 1,668 | 1,855 | 2,051 | |
EBIT | 836 | 932 | 1,043 | 1,163 | 1,301 | 1,453 | 1,618 | 1,792 | |
Net Income | 446 | 482 | 569 | 637 | 716 | 804 | 899 | 998 | |
EPS | 11 | 13 | 15 | 17 | 19 | 21 | 24 | 26 | |
Growth (%) | 36% | 16% | 9% | 12% | 12% | 11% | 10% | 9% | |
Gross margin | 61% | 61% | 60% | 60% | 60% | 61% | 61% | 61% | |
EBITDA margin (%) | 24% | 23% | 23% | 22% | 22% | 23% | 23% | 23% | |
Adjusted EBITA margin (%) | 19% | 19% | 19% | 19% | 19% | 19% | 20% | 20% | |
EBIT margin (%) | 17% | 17% | 17% | 17% | 17% | 17% | 17% | 17% | |
Net Income margin (%) | 9% | 9% | 9% | 9% | 9% | 9% | 10% | 10% | |
Source: Redeye Research |
We increase our Fair Value Range from SEK200 to SEK580 to SEK220 to SEK600 with a Base Case per share of SEK400, on the back of the report largely driven by a slight decrease in the interest rate environment leading to a lower WACC (from 8.28% to 8.09%).
Fair value range | Bear case | Base case | Bull case |
SEK220 | SEK400 | SEK600 | |
Acquired EBITA per year until 2030 | 100m over the period | 120m growing to 150m | 130m growing to 160m |
Average EBITA margin until 2030 | 15% | 19% | 21% |
Organic sales CAGR | 2% | 4% | 6% |
Terminal EBITA margin | 17% | 19% | 21% |
Terminal growth | 2% | 2% | 2% |
Source: Redeye Research |
Niche acquirers | EV | Sales | EV/SALES | EV/EBITA (x) | Sales growth | EBITA margin | P/E | ||||||||||
Company | (SEKm) | 23E | 23E | 24E | 25E | 23E | 24E | 25E | 23E | 24E | 25E | 23E | 24E | 25E | 23E | 24E | 25E |
Lifco | 153,402 | 25,942 | 5.9 | 5.4 | 5.0 | 26.1 | 23.5 | 21.5 | 6% | 8% | 7% | 23% | 23% | 23% | 43.9 | 38.6 | 34.9 |
Indutrade | 120,874 | 32,118 | 3.8 | 3.5 | 3.3 | 26.5 | 23.9 | 21.9 | 1% | 5% | 5% | 14% | 15% | 15% | 42.2 | 36.8 | 33.1 |
Addtech | 96,029 | 21,603 | 4.4 | 4.1 | 3.9 | 29.7 | 27.7 | 25.6 | 8% | 6% | 6% | 15% | 15% | 15% | 48.1 | 43.5 | 39.8 |
Lagercrantz | 39,254 | 9,046 | 4.3 | 4.0 | 3.7 | 24.4 | 22.4 | 20.6 | 11% | 5% | 8% | 18% | 18% | 18% | 37.5 | 34.3 | 31.1 |
Addlife | 23,171 | 10,266 | 2.3 | 2.0 | 1.9 | 20.0 | 17.6 | 15.8 | 6% | 7% | 6% | 11% | 12% | 12% | 70.3 | 45.1 | 35.2 |
Vitec | 23,168 | 3,266 | 7.1 | 6.6 | 6.0 | 22.8 | 20.5 | 18.6 | 18% | 8% | 8% | 31% | 32% | 32% | 46.7 | 39.5 | 34.3 |
Sdiptech | 17,000 | 5,540 | 3.1 | 2.8 | 2.5 | 15.9 | 14.1 | 12.7 | 15% | 9% | 9% | 19% | 20% | 20% | 27.1 | 22.9 | 19.7 |
Addnode | 15,700 | 7,951 | 2.0 | 2.4 | 2.2 | 19.3 | 17.3 | 15.6 | 7% | -17% | 5% | 10% | 14% | 14% | 37.4 | 29.5 | 25.9 |
Beijer Alma | 14,714 | 7,155 | 2.1 | 1.9 | 1.7 | 14.0 | 12.2 | 10.9 | 4% | 6% | 7% | 15% | 16% | 15% | 21.3 | 18.4 | 15.0 |
Volati | 11,632 | 8,015 | 1.5 | 1.3 | 1.2 | 16.0 | 13.3 | 12.0 | 3% | 8% | 4% | 9% | 10% | 10% | 29.4 | 20.9 | 18.1 |
Bergman & Beving | 10,566 | 5,006 | 2.1 | 2.0 | 1.9 | 21.2 | 19.7 | 18.0 | 6% | 4% | 2% | 10% | 10% | 10% | 38.0 | 33.7 | 30.3 |
Momentum Group | 9,121 | 2,913 | 3.1 | 2.9 | 2.7 | 27.6 | 24.8 | 23.0 | 27% | 7% | 4% | 11% | 12% | 12% | 43.9 | 38.1 | 35.4 |
Idun Industrier | 3,703 | 2,180 | 1.7 | 1.6 | 1.5 | 16.2 | 14.7 | 13.8 | 6% | 5% | 4% | 14% | 14% | 14% | 24.5 | 23.2 | 22.2 |
Average | 41,410 | 10,846 | 3.3 | 3.1 | 2.9 | 21.5 | 19.4 | 17.7 | 9% | 4% | 6% | 15% | 16% | 16% | 39.3 | 32.6 | 28.8 |
Median | 17,000 | 7,951 | 3.1 | 2.8 | 2.5 | 21.2 | 19.7 | 18.0 | 6% | 6% | 6% | 14% | 15% | 15% | 38.0 | 34.3 | 31.1 |
Source: Redeye, Company reports, FactSet |
For this comparison, we use FactSet consensus for Sdiptech. Sdiptech is trading below the median and average of its peers on 2024-2025e EV/EBITA and P/E consensus. While EV/EBITA is the common valuation metric for serial acquirers we have noted that the P/E is a better metric to grasp the underlying profit generation of these companies as net profit is a close proxy to free cash flow adding back acquisitions (the reason why we don't have that in the table is that there are no FactSet consensus for this number). As seen above Sdiptech trades at a discount of roughly 30% of the larger peers but roughly in-line with peers of similar size such as Volati.
We believe the valuation gap will shrink a bit more as we think Sdiptech will continue to show solid figures in the years to come but believe the overall valuation in the sector is at the high side.
Income statement | |||
SEKm | 2023 | 2024e | 2025e |
Revenues | 4,887.9 | 5,680.8 | 6,188.6 |
Cost of Revenue | 1,856.2 | 2,158.6 | 2,484.7 |
Operating Expenses | 1,816.0 | 2,130.1 | 2,307.7 |
EBITDA | 1,146.1 | 1,293.1 | 1,396.2 |
Depreciation | 183.1 | 214.0 | 198.0 |
Amortizations | 127.5 | 147.3 | 154.7 |
EBIT | 835.5 | 931.8 | 1,043.5 |
Shares in Associates | 0.00 | 0.00 | 0.00 |
Interest Expenses | 240.1 | 252.0 | 264.0 |
Net Financial Items | -224.0 | -252.0 | -264.0 |
EBT | 611.5 | 679.8 | 779.5 |
Income Tax Expenses | 165.9 | 197.8 | 210.5 |
Net Income | 445.6 | 482.0 | 569.0 |
Balance sheet | |||
Assets | |||
Non-current assets | |||
SEKm | 2023 | 2024e | 2025e |
Property, Plant and Equipment (Net) | 431.4 | 544.2 | 741.5 |
Goodwill | 4,625.9 | 5,320.0 | 5,844.0 |
Intangible Assets | 1,223.3 | 1,520.9 | 1,773.6 |
Right-of-Use Assets | 440.0 | 464.0 | 464.0 |
Other Non-Current Assets | 16.0 | 19.0 | 19.0 |
Total Non-Current Assets | 6,736.6 | 7,868.1 | 8,842.1 |
Current assets | |||
SEKm | 2023 | 2024e | 2025e |
Inventories | 645.5 | 680.0 | 720.0 |
Accounts Receivable | 917.2 | 920.0 | 930.0 |
Other Current Assets | 248.6 | 250.0 | 250.0 |
Cash Equivalents | 557.0 | 409.7 | 587.5 |
Total Current Assets | 2,368.3 | 2,259.7 | 2,487.5 |
Total Assets | 9,104.9 | 10,127.9 | 11,329.6 |
Equity and Liabilities | |||
Equity | |||
SEKm | 2023 | 2024e | 2025e |
Non Controlling Interest | 5.0 | 7.0 | 7.0 |
Shareholder's Equity | 3,951.8 | 4,514.8 | 5,488.6 |
Non-current liabilities | |||
SEKm | 2023 | 2024e | 2025e |
Long Term Debt | 3,528.1 | 3,507.9 | 3,507.9 |
Long Term Lease Liabilities | 162.1 | 101.1 | 29.1 |
Other Non-Current Lease Liabilities | 280.0 | 336.0 | 336.0 |
Total Non-Current Liabilities | 3,970.2 | 3,945.0 | 3,873.0 |
Current liabilities | |||
SEKm | 2023 | 2024e | 2025e |
Short Term Debt | 305.1 | 669.7 | 969.7 |
Short Term Lease Liabilities | 71.4 | 71.4 | 71.4 |
Accounts Payable | 0.00 | 0.00 | 0.00 |
Other Current Liabilities | 801.4 | 920.0 | 920.0 |
Total Current Liabilities | 1,177.9 | 1,661.1 | 1,961.1 |
Total Liabilities and Equity | 9,104.9 | 10,127.9 | 11,329.6 |
Cash flow | |||
SEKm | 2023 | 2024e | 2025e |
Operating Cash Flow | 618.4 | 988.3 | 1,292.7 |
Investing Cash Flow | -774.6 | -1,146.4 | -1,326.7 |
Financing Cash Flow | 327.3 | 29.4 | 178.3 |
Disclosures and disclaimers
Contents
Investment thesis
Quality Rating
Comforting stability
Financial development over time
FCF before acquisitions
Breakdown per business area
Resource Efficiency
Special Infrastructure Solutions
Acquisitions
Financial forecasts
Valuation
Financials
Rating definitions
The team
Download article