Projected Income Statement: JM AB

Forecast Balance Sheet: JM AB

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 4,403 6,645 14,367 11,232 10,203 12,843 14,789 17,437
Change - 50.92% 116.21% -21.82% -9.16% 25.87% 15.15% 17.91%
Announcement Date 2/2/22 2/1/23 1/30/24 1/31/25 1/30/26 - - -
1SEK in Million
Estimates

Cash Flow Forecast: JM AB

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 17 28 2 69 28 49.8 55.6 82.9
Change - 64.71% -92.86% 3,350% -59.42% 77.86% 11.65% 49.1%
Free Cash Flow (FCF) 1 -978 - 1,055 3,402 49.82 398 183 506
Change - - - 222.46% -98.54% 698.85% -54.02% 176.5%
Announcement Date 2/2/22 2/1/23 1/30/24 1/31/25 1/30/26 - - -
1SEK in Million
Estimates

Forecast Financial Ratios: JM AB

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 15.94% 12.33% 10.9% 5.53% 3.27% 4.66% 7.29% 8.68%
EBIT Margin (%) 15.17% 12.6% 5.28% 4.25% 2.98% 4.66% 7.23% 8.63%
EBT Margin (%) 14.77% 12.17% 4.56% 3.22% 1.36% 3.03% 6.1% 7.72%
Net margin (%) 12.31% 9.61% 3.13% 1.97% 0.63% 2.32% 4.79% 6%
FCF margin (%) -6.69% - 7.62% 27.2% 0.5% 3.59% 1.38% 3.37%
FCF / Net Income (%) -54.39% - 243.65% 1,382.93% 79.08% 154.26% 28.86% 56.21%

Profitability

        
ROA 7.57% 6.27% 3.32% - - 2.4% 4% 5.7%
ROE 21.9% 17.9% 5% 2.9% 0.8% 3.1% 7.52% 9.97%

Financial Health

        
Leverage (Debt/EBITDA) 1.89x 3.29x 9.51x 16.23x 31.3x 24.84x 15.32x 13.4x
Debt / Free cash flow -4.5x - 13.62x 3.3x 204.79x 32.27x 80.81x 34.46x

Capital Intensity

        
CAPEX / Current Assets (%) 0.12% 0.17% 0.01% 0.55% 0.28% 0.45% 0.42% 0.55%
CAPEX / EBITDA (%) 0.73% 1.39% 0.13% 9.97% 8.59% 9.63% 5.76% 6.37%
CAPEX / FCF (%) -1.74% - 0.19% 2.03% 56.2% 12.51% 30.38% 16.38%

Items per share

        
Cash flow per share 1 - - - 53.81 21.63 6.9 -2.1 6.5
Change - - - - -59.81% -68.09% -130.43% 409.52%
Dividend per Share 1 13.5 14 3 3.25 2 2.625 4.75 7
Change - 3.7% -78.57% 8.33% -38.46% 31.25% 80.95% 47.37%
Book Value Per Share 1 121.1 135.3 129.2 126.7 123 129 134.4 143.8
Change - 11.66% -4.5% -1.94% -2.88% 4.87% 4.16% 7.01%
EPS 1 25.9 23.4 6.7 3.83 0.97 3.99 9.812 13.95
Change - -9.65% -71.37% -42.84% -74.67% 311.34% 145.9% 42.18%
Nbr of stocks (in thousands) 68,652 65,961 64,505 64,505 64,505 64,505 64,505 64,505
Announcement Date 2/2/22 2/1/23 1/30/24 1/31/25 1/30/26 - - -
1SEK
Estimates
2026 *2027 *
P/E 31x 12.6x
PBR 0.96x 0.92x
EV / Sales 1.88x 1.72x
Yield 2.12% 3.84%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
123.70SEK
Average target price
151.50SEK
Spread / Average Target
+22.47%

Quarterly revenue - Rate of surprise