ICA Gruppen

ICA Gruppen's net profit rose 20.3% yoy to SEK 972 mil in 1Q2020

By Helgi Analytics - August 10, 2020

ICA Gruppen made a net profit of SEK 972 mil with revenues of SEK 30,366 mil in 1Q2020, up by 20.3% and up by 8.07%, ...

ICA Gruppen's Sales rose 8.07% yoy to SEK 30,366 mil in 1Q2020

By Helgi Analytics - August 10, 2020

ICA Gruppen generated sales of SEK 30,366 mil in 1Q2020, up 8.07% compared to the previous year. Historically, between ...

ICA Gruppen's Total Cash From Operations rose 47.3% yoy to SEK 2,289 mil in 1Q2020

By Helgi Analytics - August 10, 2020

ICA Gruppen's operating cash flow stood at SEK 2,289 mil in 1Q2020, up 47.3% when compared to the previous year. Histori...

Profit Statement 2017 2018 2019
Sales SEK mil 109,408 115,354 119,295
Gross Profit SEK mil 18,327 20,220 20,967
EBITDA SEK mil 6,681 9,779 10,119
EBIT SEK mil 5,158 4,587 4,900
Financing Cost SEK mil 339 612 536
Pre-Tax Profit SEK mil 4,853 4,057 4,402
Net Profit SEK mil 4,130 3,491 3,432
Dividends SEK mil 2,213 2,313 2,414
Balance Sheet 2017 2018 2019
Total Assets SEK mil 78,000 96,391 98,927
Non-Current Assets SEK mil 58,711 77,803 79,789
Current Assets SEK mil 19,289 18,588 19,138
Working Capital SEK mil -4,428 -7,225 -5,884
Shareholders' Equity SEK mil 32,017 33,110 33,844
Liabilities SEK mil 45,983 63,281 65,083
Total Debt SEK mil 7,888 21,768 20,964
Net Debt SEK mil 3,389 18,562 14,291
Ratios 2017 2018 2019
ROE % 13.4 10.7 10.3
ROCE % 7.76 5.59 4.75
Gross Margin % 16.8 17.5 17.6
EBITDA Margin % 6.11 8.48 8.48
EBIT Margin % 4.71 3.98 4.11
Net Margin % 3.77 3.03 2.88
Net Debt/EBITDA 0.507 1.90 1.41
Net Debt/Equity % 10.6 56.1 42.2
Cost of Financing % 3.69 4.13 2.51
Valuation 2017 2018 2019
Market Capitalisation USD mil 7,326 7,177 9,405
Enterprise Value (EV) USD mil 7,739 9,274 10,931
Number Of Shares mil 201 201 201
Share Price SEK 274 303 431
EV/EBITDA 10.0 8.14 9.86
EV/Sales 0.611 0.690 0.836
Price/Earnings (P/E) 13.4 17.4 25.3
Price/Book Value (P/BV) 1.72 1.84 2.56
Dividend Yield % 3.83 3.64 2.67

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overview Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Sales SEK mil                   65,155 87,174 101,221 103,655 109,408    
Gross Profit SEK mil                   10,053 12,136 13,717 13,968 18,327    
EBIT SEK mil                   10,666 4,086 4,579 4,483 5,158    
Net Profit SEK mil                   9,439 2,518 4,855 3,413 4,130    
                                   
ROE % ...                 53.1 9.25 17.3 11.8 13.4    
EBIT Margin %                   16.4 4.69 4.52 4.32 4.71    
Net Margin %                   14.5 2.89 4.80 3.29 3.77    
Employees ... ...               21,260 22,184 22,066 21,986 22,137    
balance sheet                                
Total Assets SEK mil                   68,961 72,434 74,916 76,123 78,000    
Non-Current Assets SEK mil                   52,352 51,256 55,831 55,941 58,711    
Current Assets SEK mil                   16,609 21,178 19,085 20,182 19,289    
                                   
Shareholders' Equity SEK mil                   26,541 27,911 28,075 29,688 32,017    
Liabilities SEK mil                   42,420 44,523 46,841 46,435 45,983    
Non-Current Liabilities SEK mil ... ... ... ... ...         13,612 16,995 14,945 14,538 11,140    
Current Liabilities SEK mil                   28,808 27,528 31,896 31,897 34,843    
                                   
Net Debt/EBITDA                   0.531 0.779 1.27 1.08 0.507    
Net Debt/Equity %                   23.9 17.4 27.9 21.9 10.6    
Cost of Financing % ... ... ... ... ...         9.56 3.84 3.41 3.33 3.69    
cash flow                                
Total Cash From Operations SEK mil                   3,533 3,308 5,517 5,145 4,342    
Total Cash From Investing SEK mil                   -16,620 -603 -1,747 -1,715 629    
Total Cash From Financing SEK mil                   16,680 -423 -5,499 -3,953 -4,431    
Net Change In Cash SEK mil                   3,657 2,310 -1,647 -637 525    
valuation                                
Market Capitalisation USD mil ...                 6,287 7,880 7,313 6,152 7,326    
Enterprise Value (EV) USD mil ...                 7,273 8,501 8,239 6,868 7,739    
Number Of Shares mil                   190 201 201 201 201    
Share Price SEK ...                 161 254 263 247 274    
Price/Earnings (P/E) ...                 3.24 20.3 10.9 14.5 13.4    
Price/Cash Earnings (P/CE) ...                 2.90 12.9 8.62 10.7 10.2    
EV/EBITDA ...                 3.97 9.72 10.8 10.0 10.0    
Price/Book Value (P/BV) ...                 1.15 1.83 1.89 1.67 1.72    
Dividend Yield % ...                 3.64 3.15 3.61 4.05 3.83    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                
Sales SEK mil                   65,155 87,174 101,221 103,655 109,408    
Cost of Goods & Services SEK mil                   55,102 75,038 87,504 89,687 91,081    
Gross Profit SEK mil                   10,053 12,136 13,717 13,968 18,327    
Selling, General & Admin SEK mil ... ... ... ... ...         7,629 8,933 9,775 9,728 13,981    
Research & Development SEK mil ... ... ... ... ...         0 0 0 0 0    
Other Operating Expense SEK mil ... ... ... ... ...         -8,051 0 267 219 -524    
Staff Cost SEK mil                   5,150 6,856 8,593 8,725 9,942    
Other Operating Cost (Income) SEK mil                   191 883 904 462 288    
EBITDA SEK mil                   11,953 6,222 6,177 5,984 6,681    
Depreciation SEK mil                   1,120 1,453 1,291 1,241 1,257    
EBIT SEK mil                   10,666 4,086 4,579 4,483 5,158    
Net Financing Cost SEK mil                   470 369 359 360 336    
Financing Cost SEK mil                   504 408 399 381 339    
Financing Income SEK mil                   34.0 39.0 40.0 21.0 3.00    
FX (Gain) Loss SEK mil                   -8.00 0 5.00 -5.00 -4.00    
(Income) / Loss from Affiliates SEK mil                   -121 -11.0 -15.0 -35.0 -62.0    
Extraordinary Cost SEK mil       ...           548 438 -1,192 -21.0 0    
Pre-Tax Profit SEK mil                   10,341 3,727 4,225 4,154 4,853    
Tax SEK mil                   347 622 504 757 708    
Minorities SEK mil                   7.00 149 58.0 5.00 15.0    
Net Profit SEK mil                   9,439 2,518 4,855 3,413 4,130    
Net Profit Avail. to Common SEK mil                   9,439 2,518 4,855 3,413 4,130    
Dividends SEK mil       ...           951 1,130 2,011 2,112 2,213    
growth rates                                
Total Revenue Growth % ...                 2,290 33.8 16.1 2.40 5.55    
Operating Cost Growth % ...                 -128 -2,217 12.4 -0.946 35.3    
Staff Cost Growth % ...                 610 33.1 25.3 1.54 13.9    
EBITDA Growth % ...                 -20,359 -47.9 -0.723 -3.12 11.6    
EBIT Growth % ...                 -8,988 -61.7 12.1 -2.10 15.1    
Pre-Tax Profit Growth % ...                 4,138 -64.0 13.4 -1.68 16.8    
Net Profit Growth % ...                 3,271 -73.3 92.8 -29.7 21.0    
ratios                                
ROE % ...                 53.1 9.25 17.3 11.8 13.4    
ROA % ...                 23.8 3.56 6.59 4.52 5.36    
ROCE % ...                 33.2 5.26 9.77 6.54 7.76    
Gross Margin %                   15.4 13.9 13.6 13.5 16.8    
EBITDA Margin %                   18.3 7.14 6.10 5.77 6.11    
EBIT Margin %                   16.4 4.69 4.52 4.32 4.71    
Net Margin %                   14.5 2.89 4.80 3.29 3.77    
Payout Ratio %       ...           10.1 44.9 41.4 61.9 53.6    
Cost of Financing % ... ... ... ... ...         9.56 3.84 3.41 3.33 3.69    
Net Debt/EBITDA                   0.531 0.779 1.27 1.08 0.507    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                
Cash & Cash Equivalents SEK mil                   3,948 6,091 4,611 3,974 4,499    
Receivables SEK mil                   2,926 2,632 3,803 3,856 4,168    
Inventories SEK mil                   4,253 3,566 4,452 4,455 4,488    
Other ST Assets SEK mil                   5,482 8,889 6,219 7,897 6,134    
Current Assets SEK mil                   16,609 21,178 19,085 20,182 19,289    
Property, Plant & Equipment SEK mil                   19,246 17,600 16,646 15,209 15,642    
LT Investments & Receivables SEK mil         ...         45.0 22.0 65.0 64.0 37.0    
Intangible Assets SEK mil                   25,702 25,460 30,909 30,557 30,858    
Goodwill SEK mil                   11,867 11,545 16,301 16,301 16,301    
Non-Current Assets SEK mil                   52,352 51,256 55,831 55,941 58,711    
Total Assets SEK mil                   68,961 72,434 74,916 76,123 78,000    
                                   
Trade Payables SEK mil                   10,820 10,422 11,759 12,151 13,084    
Short-Term Debt SEK mil                   3,523 1,277 4,712 3,057 3,975    
Other ST Liabilities SEK mil                   11,772 13,700 12,885 14,003 14,995    
Current Liabilities SEK mil                   28,808 27,528 31,896 31,897 34,843    
Long-Term Debt SEK mil                   6,770 9,658 7,721 7,406 3,913    
Other LT Liabilities SEK mil                   6,842 7,337 7,224 7,132 7,227    
Non-Current Liabilities SEK mil ... ... ... ... ...         13,612 16,995 14,945 14,538 11,140    
Liabilities SEK mil                   42,420 44,523 46,841 46,435 45,983    
Preferred Equity and Hybrid Capital SEK mil ... ... ... ...           0 0 0 0 0    
Share Capital SEK mil                   8,197 8,197 8,197 8,197 8,197    
Treasury Stock SEK mil ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Equity Before Minority Interest SEK mil                   23,363 24,706 28,041 29,666 31,720    
Minority Interest SEK mil ... ... ...             3,178 3,205 34.0 22.0 297    
Equity SEK mil                   26,541 27,911 28,075 29,688 32,017    
growth rates                                
Total Asset Growth % ...                 564 5.04 3.43 1.61 2.47    
Shareholders' Equity Growth % ...                 194 5.16 0.588 5.75 7.84    
Net Debt Growth % ...                 -629 -23.7 61.5 -17.0 -47.8    
Total Debt Growth % ... ...               4,067 6.24 13.7 -15.8 -24.6    
ratios                                
Total Debt SEK mil                   10,293 10,935 12,433 10,463 7,888    
Net Debt SEK mil                   6,345 4,844 7,822 6,489 3,389    
Working Capital SEK mil                   -3,641 -4,224 -3,504 -3,840 -4,428    
Capital Employed SEK mil                   48,711 47,032 52,327 52,101 54,283    
Net Debt/Equity %                   23.9 17.4 27.9 21.9 10.6    
Current Ratio                   0.577 0.769 0.598 0.633 0.554    
Quick Ratio                   0.239 0.317 0.264 0.245 0.249    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                
Net Profit SEK mil                   9,439 2,518 4,855 3,413 4,130    
Depreciation SEK mil                   1,120 1,453 1,291 1,241 1,257    
Non-Cash Items SEK mil                   -7,947 -418 -1,932 201 -557    
Change in Working Capital SEK mil                   754 -928 996 30.0 -754    
Total Cash From Operations SEK mil                   3,533 3,308 5,517 5,145 4,342    
                                   
Capital Expenditures SEK mil ... ... ... ... ...         -2,033 -502 -769 -2,013 -1,167    
Net Change in LT Investment SEK mil ... ... ... ... ...         1,168 -1.00 -1.00 2.00 0    
Net Cash From Acquisitions SEK mil ... ... ... ... ...         -15,758 -104 -981 -334 1,587    
Other Investing Activities SEK mil                   3.00 4.00 4.00 630 209    
Total Cash From Investing SEK mil                   -16,620 -603 -1,747 -1,715 629    
                                   
Dividends Paid SEK mil                   0 -1,079 -1,243 -2,011 -2,112    
Issuance Of Shares SEK mil ... ...               8,017 0 -3,257 0 0    
Issuance Of Debt SEK mil ... ... ...             8,663 646 -780 -1,935 -2,583    
Other Financing Activities SEK mil ... ...   ...           0 10.0 -219 -7.00 264    
Total Cash From Financing SEK mil                   16,680 -423 -5,499 -3,953 -4,431    
                                   
Effect of FX Rates SEK mil ... ... ... ... ...         64.0 28.0 82.0 -114 -15.0    
Net Change In Cash SEK mil                   3,657 2,310 -1,647 -637 525    
ratios                                
Days Sales Outstanding days                   16.4 11.0 13.7 13.6 13.9    
Days Sales Of Inventory days                   28.2 17.3 18.6 18.1 18.0    
Days Payable Outstanding days                   71.7 50.7 49.0 49.5 52.4    
Cash Conversion Cycle days                   -27.1 -22.3 -16.8 -17.7 -20.5    
Cash Earnings SEK mil                   10,559 3,971 6,146 4,654 5,387    
Free Cash Flow SEK mil                   -13,087 2,705 3,770 3,430 4,971    
Capital Expenditures (As % of Sales) %                   3.12 0.576 0.760 1.94 1.07    
other ratios Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                 
Employees ... ...               21,260 22,184 22,066 21,986 22,137    
Cost Per Employee USD per month ... ...               3,095 3,621 3,996 3,779 4,334    
Cost Per Employee (Local Currency) SEK per month ... ...               20,187 25,754 32,452 33,070 37,426    
Employee Turnover % ... ... ... ... ... ... ... ... ... 34.0 31.0 33.0 27.0 26.0    
Women (As % of Workforce) % ... ... ... ... ... ...       66.0 65.3 69.0 70.0 69.0    
Women (As % of Management) % ... ... ... ... ... ... ... ...   67.0 26.7 48.0 51.0 47.0    
Operating Cost (As % of Sales) %                   -0.648 10.2 9.92 9.60 12.3    
Research & Development (As % of Sales) % ... ... ... ... ...         0 0 0 0 0    
Staff Cost (As % of Sales) %                   7.90 7.86 8.49 8.42 9.09    
Effective Tax Rate %                   3.36 16.7 11.9 18.2 14.6    
Total Revenue Growth (5-year average) % ... ... ... ... ...         123 105 103 111 109    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 63.9 66.7 65.8 58.8    
valuation Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                 
Market Capitalisation USD mil ...                 6,287 7,880 7,313 6,152 7,326    
Enterprise Value (EV) USD mil ...                 7,273 8,501 8,239 6,868 7,739    
Number Of Shares mil                   190 201 201 201 201    
Share Price SEK ...                 161 254 263 247 274    
EV/EBITDA ...                 3.97 9.72 10.8 10.0 10.0    
Price/Earnings (P/E) ...                 3.24 20.3 10.9 14.5 13.4    
Price/Cash Earnings (P/CE) ...                 2.90 12.9 8.62 10.7 10.2    
P/FCF ...                 -2.34 18.9 14.0 14.5 11.1    
Price/Book Value (P/BV) ...                 1.15 1.83 1.89 1.67 1.72    
Dividend Yield % ...                 3.64 3.15 3.61 4.05 3.83    
Free Cash Flow Yield % ...                 -31.9 4.83 6.35 6.37 7.86    
Earnings Per Share (EPS) SEK                   49.7 12.5 24.1 17.0 20.5    
Cash Earnings Per Share SEK                   55.6 19.8 30.6 23.1 26.8    
Free Cash Flow Per Share SEK                   -68.9 13.5 18.7 17.1 24.7    
Book Value Per Share SEK                   140 139 140 148 159    
Dividend Per Share SEK                   5.86 8.00 9.50 10.0 10.5    
EV/Sales ...                 0.728 0.694 0.661 0.580 0.611    
EV/EBIT ...                 4.45 14.8 14.6 13.4 13.0    
EV/Free Cash Flow ...                 -3.62 22.4 17.7 17.5 13.4    
EV/Capital Employed ...                 0.961 1.41 1.33 1.19 1.17    
Earnings Per Share Growth % ...                 3,113 -74.8 92.7 -29.7 21.0    
Cash Earnings Per Share Growth % ...                 3,118 -64.5 54.7 -24.3 15.7    
Book Value Per Share Growth % ...                 181 -0.592 0.541 5.72 7.84    

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ICA Gruppen's Cash & Cash Equivalents rose 108% yoy to SEK 6,673 mil in 4Q2019

By Helgi Analytics - August 10, 2020

ICA Gruppen's total assets reached SEK 98,927 mil at the end of 4Q2019, up 2.63% compared to the previous year. Current assets amounted to SEK 19,138 mil, or 19.3% of total assets while cash stood at SEK 6,673 mil at the end of 4Q2019. By contrast, ...

ICA Gruppen's net profit fell 1.69% yoy to SEK 3,432 mil in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen made a net profit of SEK 3,432 mil with revenues of SEK 119,295 mil in 2019, down by 1.69% and up by 3.42%, respectively, compared to the previous year. This translates into a net margin of 2.88%. Historically, between 2004 - 2019, th...

ICA Gruppen's price/earnings (P/E) rose 45.0% yoy to 25.3 in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen stock traded at SEK 431 per share at the end 2019 translating into a market capitalization of USD 9,405 mil. Since the end of 2014, stock has appreciated by 69.8% representing an annual average growth of 11.2%. In absolute terms, the value o...

ICA Gruppen's employees rose 3.83% yoy to 23,125 in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen employed 23,125 employees in 2019, up 3.83% compared to the previous year. Historically, between 2006 and 2019, the firm's workforce hit a high of 23,125 employees in 2019 and a low of 11,698 employees in 2006. Average personnel cost stoo...

ICA Gruppen's Share Price rose 42.6% yoy to SEK 431 in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen stock traded at SEK 431 per share at the end 2019 implying a market capitalization of USD 9,405 mil. Since the end of 2014, stock has appreciated by 69.8% implying an annual average growth of 11.2% In absolute terms, the value of the company ...

ICA Gruppen's Capital Expenditures rose 5.74% yoy to SEK 3,021 mil in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen invested a total of SEK 3,021 mil in 2019, down 5.74% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of SEK 3,205 mil in 2018 and a low of SEK 24.0 mil in 2011. ...

ICA Gruppen's Net Margin fell 4.94% yoy to 2.88% in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen made a net profit of SEK 3,432 mil with revenues of SEK 119,295 mil in 2019, down by 1.69% and up by 3.42%, respectively, compared to the previous year. This translates into a net margin of 2.88%. Historically, between 2004 and 2019, the...

ICA Gruppen's P/FCF rose 37.9% yoy to 13.6 in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen stock traded at SEK 431 per share at the end 2019 translating into a market capitalization of USD 9,405 mil. Since the end of 2014, the stock has appreciated by 69.8% representing an annual average growth of 11.2%. At the end of 2019, the fir...

ICA Gruppen's Net Debt/EBITDA fell 25.6% yoy to 1.41 in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen's net debt stood at SEK 14,291 mil and accounted for 42.2% of equity at the end of 2019. The ratio is down 13.8 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 56.1% in 2018 and a low of...

ICA Gruppen's ROCE fell 15.0% yoy to 4.75% in 2019

By Helgi Analytics - August 11, 2020

ICA Gruppen made a net profit of SEK 3,432 mil in 2019, down 1.69% compared to the previous year. Historically, between 2004 and 2019, the company's net profit reached a high of SEK 9,439 mil in 2013 and a low of SEK -303 mil in 2010. The result implies a...

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ICA Gruppen (formerly Hakon Invest), is a Sweden-based company, which is primarily engaged in the food retail sector. The Group includes ICA Sweden and Rimi Baltic, which mainly conduct grocery retail; ICA Real Estate, which owns and manages properties; ICA Bank, which offers financial services, and Apotek Hjartat, which conducts pharmacy operations. The Group also includes two portfolio companies, Hemtex and inkClub. ICA Sweden operates in cooperation with independent retailers, who manage their own stores and have agreements with ICA Sweden in various areas, such as coordinated purchase, logistics, marketing communications and development. Rimi Baltic operates a chain of grocery stores in Estonia, Latvia and Lithuania through the store formats Rimi Hypermarket, Rimi Supermarket, Supernetto and Saastumarket.

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Finance

ICA Gruppen has been growing its sales by 6.47% a year on average in the last 5 years. EBITDA has grown on average by 10.2% a year during that time to total of SEK 10,119 mil in 2019, or 8.48% of sales. That’s compared to 6.99% average margin seen in last five years.

The company netted SEK 3,432 mil in 2019 implying ROE of 10.3% and ROCE of 4.75%. Again, the average figures were 12.7% and 6.88%, respectively when looking at the previous 5 years.

ICA Gruppen’s net debt amounted to SEK 14,291 mil at the end of 2019, or 42.2% of equity. When compared to EBITDA, net debt was 1.41x, up when compared to average of 1.23x seen in the last 5 years.

Valuation

ICA Gruppen stock traded at SEK 431 per share at the end of 2019 resulting in a market capitalization of USD 9,405 mil. Over the previous five years, stock price grew by 69.8% or 11.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 9.86x and price to earnings (PE) of 25.3x as of 2019.

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