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inwido

inwido's net profit rose 15.6% yoy to SEK 501 mil in 2020

By Helgi Analytics - December 15, 2021

inwido made a net profit of SEK 501 mil with revenues of SEK 6,681 mil in 2020, up by 15.6% and up by 0.759%, respe...

inwido's employees fell 1.25% yoy to 4,345 in 2020

By Helgi Analytics - December 15, 2021

inwido employed 4,345 employees in 2020, down 1.25% compared to the previous year. Historically, between 2009 and 2020,...

inwido's price/earnings (P/E) rose 49.2% yoy to 14.0 in 2020

By Helgi Analytics - December 15, 2021

inwido stock traded at SEK 121 per share at the end 2020 translating into a market capitalization of USD 849 mil. Since the end o...

Profit Statement 2018 2019 2020
Sales SEK mil 6,667 6,631 6,681
Gross Profit SEK mil 1,712 1,694 1,736
EBITDA SEK mil 781 869 928
EBIT SEK mil 617 600 691
Financing Cost SEK mil 49.6 49.0 49.0
Pre-Tax Profit SEK mil 562 558 624
Net Profit SEK mil 433 433 501
Dividends SEK mil 145 0 261
Balance Sheet 2018 2019 2020
Total Assets SEK mil 7,153 7,471 8,017
Non-Current Assets SEK mil 5,604 6,025 5,846
Current Assets SEK mil 1,549 1,446 2,171
Working Capital SEK mil 229 -4.70 -419
Shareholders' Equity SEK mil 3,501 3,776 4,155
Liabilities SEK mil 3,652 3,695 3,862
Total Debt SEK mil 2,324 2,335 2,246
Net Debt SEK mil 2,159 2,093 1,113
Ratios 2018 2019 2020
ROE % 13.0 11.9 12.6
ROCE % 7.96 7.31 8.75
Gross Margin % 25.7 25.5 26.0
EBITDA Margin % 11.7 13.1 13.9
EBIT Margin % 9.25 9.05 10.3
Net Margin % 6.49 6.53 7.49
Net Debt/EBITDA 2.76 2.41 1.20
Net Debt/Equity % 61.7 55.4 26.8
Cost of Financing % 2.24 2.10 2.14
Valuation 2018 2019 2020
Market Capitalisation USD mil 363 447 849
Enterprise Value (EV) USD mil 607 670 984
Number Of Shares mil 58.1 58.0 58.0
Share Price SEK 51.8 69.9 121
EV/EBITDA 6.67 7.04 9.28
EV/Sales 0.781 0.923 1.29
Price/Earnings (P/E) 6.95 9.35 14.0
Price/Book Value (P/BV) 0.859 1.07 1.68
Dividend Yield % 6.76 3.57 3.74

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overview Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                  
Sales SEK mil             5,220 5,672 6,371 6,667 6,631            
Gross Profit SEK mil             1,283 1,587 1,646 1,712 1,694         ... ...
EBIT SEK mil             459 654 522 617 600            
Net Profit SEK mil             296 428 291 433 433            
                                     
ROE %             10.4 14.5 9.41 13.0 11.9            
EBIT Margin %             8.79 11.5 8.19 9.25 9.05            
Net Margin %             5.66 7.54 4.56 6.49 6.53            
Employees             3,370 3,741 4,361 4,500 4,400   ... ... ... ... ...
balance sheet                                  
Total Assets SEK mil             5,206 6,312 6,652 7,153 7,471   ... ... ... ... ...
Non-Current Assets SEK mil             3,993 4,830 4,963 5,604 6,025   ... ... ... ... ...
Current Assets SEK mil             1,213 1,481 1,689 1,549 1,446   ... ... ... ... ...
                                     
Shareholders' Equity SEK mil             2,891 3,013 3,167 3,501 3,776            
Liabilities SEK mil             2,315 3,299 3,485 3,652 3,695   ... ... ... ... ...
Non-Current Liabilities SEK mil             1,187 2,101 1,851 2,347 2,344   ... ... ... ... ...
Current Liabilities SEK mil             1,129 1,198 1,634 1,306 1,351   ... ... ... ... ...
                                     
Net Debt/EBITDA             1.49 2.13 2.40 2.76 2.41            
Net Debt/Equity %             30.9 55.9 53.2 61.7 55.4            
Cost of Financing % ...           2.36 1.94 2.11 2.24 2.10   ... ... ... ... ...
cash flow                                  
Total Cash From Operations SEK mil             519 489 592 434 926   ... ... ... ... ...
Total Cash From Investing SEK mil             -184 -524 -244 -629 -274   ... ... ... ... ...
Total Cash From Financing SEK mil             -176 97.5 -249 -53.6 -574   ... ... ... ... ...
Net Change In Cash SEK mil             157 64.0 101 -245 77.8   ... ... ... ... ...
valuation                                  
Market Capitalisation USD mil ... ... ... ... ...   761 603 594 363 447            
Enterprise Value (EV) USD mil ... ... ... ... ...   867 788 800 607 670            
Number Of Shares mil             58.0 58.0 58.1 58.1 58.0            
Share Price SEK ... ... ... ... ...   93.6 81.7 74.5 51.8 69.9            
Price/Earnings (P/E) ... ... ... ... ...   18.3 11.1 14.9 6.95 9.35            
Price/Cash Earnings (P/CE) ... ... ... ... ...   13.6 8.83 10.5 5.42 7.20            
EV/EBITDA ... ... ... ... ...   11.7 8.72 9.83 6.67 7.04            
Price/Book Value (P/BV) ... ... ... ... ...   1.88 1.57 1.37 0.859 1.07            
Dividend Yield % ... ... ... ... ...   2.14 3.06 4.70 6.76 3.57            
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                  
Sales SEK mil             5,220 5,672 6,371 6,667 6,631            
Cost of Goods & Services SEK mil             3,937 4,085 4,725 4,954 4,937         ... ...
Gross Profit SEK mil             1,283 1,587 1,646 1,712 1,694         ... ...
Selling, General & Admin SEK mil             784 875 1,031 1,066 1,035   ... ... ... ... ...
Research & Development SEK mil             39.3 41.9 51.8 50.5 53.7   ... ... ... ... ...
Other Operating Expense SEK mil             2.40 16.0 48.9 12.2 4.20   ... ... ... ... ...
Staff Cost SEK mil             1,535 1,784 2,063 2,102 2,091   ... ... ... ... ...
Other Operating Cost (Income) SEK mil             10.7 24.6 12.4 52.7 22.0   ... ... ... ... ...
EBITDA SEK mil             601 790 702 781 869            
Depreciation SEK mil             102 109 119 122 130            
EBIT SEK mil             459 654 522 617 600            
Net Financing Cost SEK mil             26.0 27.6 40.9 46.3 46.7            
Financing Cost SEK mil             28.0 30.3 43.1 49.6 49.0            
Financing Income SEK mil             2.00 2.70 2.20 3.30 2.30   ... ... ... ... ...
FX (Gain) Loss SEK mil             11.9 12.0 11.7 0.400 -23.7   ... ... ... ... ...
(Income) / Loss from Affiliates SEK mil             -1.20 -1.80 -1.30 -1.50 -1.70   ... ... ... ... ...
Extraordinary Cost SEK mil             0 0 0 0 0   ... ... ... ... ...
Pre-Tax Profit SEK mil             421 597 461 562 558            
Tax SEK mil             125 151 136 124 125            
Minorities SEK mil             0.100 18.6 34.0 5.50 0   ... ... ... ... ...
Net Profit SEK mil             296 428 291 433 433            
Net Profit Avail. to Common SEK mil             296 428 291 433 433            
Dividends SEK mil             145 203 203 145 0            
growth rates                                  
Total Revenue Growth % ...           6.19 8.66 12.3 4.64 -0.540            
Operating Cost Growth % ...           2.49 14.7 18.7 1.04 -2.86   ... ... ... ... ...
Staff Cost Growth % ...           2.73 16.2 15.6 1.91 -0.519   ... ... ... ... ...
EBITDA Growth % ...           18.8 31.5 -11.1 11.2 11.2            
EBIT Growth % ...           23.4 42.6 -20.3 18.2 -2.63            
Pre-Tax Profit Growth % ...           66.5 41.9 -22.8 21.9 -0.623            
Net Profit Growth % ...           63.4 44.7 -32.0 48.7 0.162            
ratios                                  
ROE %             10.4 14.5 9.41 13.0 11.9            
ROA %             5.74 7.43 4.49 6.27 5.92   ... ... ... ... ...
ROCE % ...           7.29 9.56 5.83 7.96 7.31   ... ... ... ... ...
Gross Margin %             24.6 28.0 25.8 25.7 25.5         ... ...
EBITDA Margin %             11.5 13.9 11.0 11.7 13.1            
EBIT Margin %             8.79 11.5 8.19 9.25 9.05            
Net Margin %             5.66 7.54 4.56 6.49 6.53            
Payout Ratio %             49.0 47.4 69.8 33.5 0            
Cost of Financing % ...           2.36 1.94 2.11 2.24 2.10   ... ... ... ... ...
Net Debt/EBITDA             1.49 2.13 2.40 2.76 2.41            
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                  
Cash & Cash Equivalents SEK mil             245 309 410 165 243   ... ... ... ... ...
Receivables SEK mil             419 566 567 596 512   ... ... ... ... ...
Inventories SEK mil             401 449 509 549 495   ... ... ... ... ...
Other ST Assets SEK mil             148 158 204 240 197   ... ... ... ... ...
Current Assets SEK mil             1,213 1,481 1,689 1,549 1,446   ... ... ... ... ...
Property, Plant & Equipment SEK mil             629 765 815 893 1,273   ... ... ... ... ...
LT Investments & Receivables SEK mil             2.70 5.40 5.30 2.70 2.70   ... ... ... ... ...
Intangible Assets SEK mil             3,240 3,947 4,046 4,618 4,651   ... ... ... ... ...
Goodwill SEK mil             3,135 3,671 3,785 4,281 4,337   ... ... ... ... ...
Non-Current Assets SEK mil             3,993 4,830 4,963 5,604 6,025   ... ... ... ... ...
Total Assets SEK mil             5,206 6,312 6,652 7,153 7,471   ... ... ... ... ...
                                     
Trade Payables SEK mil             810 904 999 916 1,011   ... ... ... ... ...
Short-Term Debt SEK mil             47.5 49.6 394 125 123   ... ... ... ... ...
Other ST Liabilities SEK mil             271 245 241 265 217   ... ... ... ... ...
Current Liabilities SEK mil             1,129 1,198 1,634 1,306 1,351   ... ... ... ... ...
Long-Term Debt SEK mil             1,090 1,943 1,702 2,199 2,212   ... ... ... ... ...
Other LT Liabilities SEK mil             96.3 158 149 148 132   ... ... ... ... ...
Non-Current Liabilities SEK mil             1,187 2,101 1,851 2,347 2,344   ... ... ... ... ...
Liabilities SEK mil             2,315 3,299 3,485 3,652 3,695   ... ... ... ... ...
Preferred Equity and Hybrid Capital SEK mil             0 0 0 0 0   ... ... ... ... ...
Share Capital SEK mil             232 1,178 232 1,178 1,178   ... ... ... ... ...
Treasury Stock SEK mil             0 0 0 0 0   ... ... ... ... ...
Equity Before Minority Interest SEK mil             2,891 2,924 3,068 3,496 3,776   ... ... ... ... ...
Minority Interest SEK mil             -0.100 88.5 99.5 5.10 0   ... ... ... ... ...
Equity SEK mil             2,891 3,013 3,167 3,501 3,776            
growth rates                                  
Total Asset Growth % ...           2.19 21.2 5.40 7.53 4.44   ... ... ... ... ...
Shareholders' Equity Growth % ...           3.49 4.21 5.13 10.5 7.84            
Net Debt Growth % ...           -22.2 88.5 0.131 28.0 -3.07            
Total Debt Growth % ...           -7.88 75.1 5.20 10.9 0.499   ... ... ... ... ...
ratios                                  
Total Debt SEK mil             1,138 1,993 2,096 2,324 2,335   ... ... ... ... ...
Net Debt SEK mil             893 1,684 1,686 2,159 2,093            
Working Capital SEK mil             9.90 111 76.0 229 -4.70   ... ... ... ... ...
Capital Employed SEK mil             4,003 4,941 5,039 5,833 6,020   ... ... ... ... ...
Net Debt/Equity %             30.9 55.9 53.2 61.7 55.4            
Current Ratio             1.07 1.24 1.03 1.19 1.07   ... ... ... ... ...
Quick Ratio             0.588 0.730 0.598 0.582 0.559   ... ... ... ... ...
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                  
Net Profit SEK mil             296 428 291 433 433            
Depreciation SEK mil             102 109 119 122 130            
Non-Cash Items SEK mil             96.1 -24.3 6.90 -82.7 12.0   ... ... ... ... ...
Change in Working Capital SEK mil             -14.2 -50.3 113 -80.3 212   ... ... ... ... ...
Total Cash From Operations SEK mil             519 489 592 434 926   ... ... ... ... ...
                                     
Capital Expenditures SEK mil             -140 -162 -196 -208 -235   ... ... ... ... ...
Net Change in LT Investment SEK mil             -6.50 1.70 -4.40 -1.70 -1.90   ... ... ... ... ...
Net Cash From Acquisitions SEK mil             -38.1 -364 -43.7 -420 -37.0   ... ... ... ... ...
Other Investing Activities SEK mil             -0.100 0 0 0 0   ... ... ... ... ...
Total Cash From Investing SEK mil             -184 -524 -244 -629 -274   ... ... ... ... ...
                                     
Dividends Paid SEK mil             -116 -145 -203 -203 -145   ... ... ... ... ...
Issuance Of Shares SEK mil             0 2.60 0 0 0   ... ... ... ... ...
Issuance Of Debt SEK mil             -60.1 240 -21.0 179 -429   ... ... ... ... ...
Other Financing Activities SEK mil             0 0 -25.4 -29.6 0   ... ... ... ... ...
Total Cash From Financing SEK mil             -176 97.5 -249 -53.6 -574   ... ... ... ... ...
                                     
Effect of FX Rates SEK mil             -2.20 1.60 3.10 3.60 0   ... ... ... ... ...
Net Change In Cash SEK mil             157 64.0 101 -245 77.8   ... ... ... ... ...
ratios                                  
Days Sales Outstanding days             29.3 36.4 32.5 32.6 28.2   ... ... ... ... ...
Days Sales Of Inventory days             37.1 40.1 39.3 40.4 36.6   ... ... ... ... ...
Days Payable Outstanding days             75.1 80.8 77.2 67.5 74.8   ... ... ... ... ...
Cash Conversion Cycle days             -8.64 -4.24 -5.43 5.57 -10.0   ... ... ... ... ...
Cash Earnings SEK mil             398 537 410 555 563            
Free Cash Flow SEK mil             335 -35.1 348 -195 652   ... ... ... ... ...
Capital Expenditures (As % of Sales) %             2.67 2.85 3.07 3.11 3.54   ... ... ... ... ...
other ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                   
Employees             3,370 3,741 4,361 4,500 4,400   ... ... ... ... ...
Cost Per Employee USD per month             4,674 4,542 4,564 4,536 4,339   ... ... ... ... ...
Cost Per Employee (Local Currency) SEK per month             37,958 39,747 39,414 38,926 39,604   ... ... ... ... ...
Operating Cost (As % of Sales) %             16.0 16.9 17.8 17.2 16.8   ... ... ... ... ...
Research & Development (As % of Sales) %             0.753 0.739 0.813 0.758 0.810   ... ... ... ... ...
Staff Cost (As % of Sales) %             29.4 31.5 32.4 31.5 31.5   ... ... ... ... ...
Effective Tax Rate %             29.7 25.2 29.5 22.1 22.4            
Total Revenue Growth (5-year average) % ... ... ... ... ...   0.273 2.35 6.70 9.17 6.17            
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 2.81            
valuation Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                   
Market Capitalisation USD mil ... ... ... ... ...   761 603 594 363 447            
Enterprise Value (EV) USD mil ... ... ... ... ...   867 788 800 607 670            
Number Of Shares mil             58.0 58.0 58.1 58.1 58.0            
Share Price SEK ... ... ... ... ...   93.6 81.7 74.5 51.8 69.9            
EV/EBITDA ... ... ... ... ...   11.7 8.72 9.83 6.67 7.04            
Price/Earnings (P/E) ... ... ... ... ...   18.3 11.1 14.9 6.95 9.35            
Price/Cash Earnings (P/CE) ... ... ... ... ...   13.6 8.83 10.5 5.42 7.20            
P/FCF ... ... ... ... ...   16.2 -135 12.4 -15.4 6.22   ... ... ... ... ...
Price/Book Value (P/BV) ... ... ... ... ...   1.88 1.57 1.37 0.859 1.07            
Dividend Yield % ... ... ... ... ...   2.14 3.06 4.70 6.76 3.57            
Free Cash Flow Yield % ... ... ... ... ...   5.42 -0.665 6.78 -6.26 16.0   ... ... ... ... ...
Earnings Per Share (EPS) SEK             5.10 7.37 5.01 7.45 7.48            
Cash Earnings Per Share SEK             6.86 9.26 7.06 9.55 9.71            
Free Cash Flow Per Share SEK             5.78 -0.605 5.99 -3.36 11.2   ... ... ... ... ...
Book Value Per Share SEK             49.9 51.9 54.5 60.3 65.1            
Dividend Per Share SEK             2.00 2.50 3.50 3.50 2.50            
EV/Sales ... ... ... ... ...   1.35 1.22 1.08 0.781 0.923            
EV/EBIT ... ... ... ... ...   15.3 10.5 13.2 8.45 10.2            
EV/Free Cash Flow ... ... ... ... ...   21.0 -196 19.9 -26.7 9.39   ... ... ... ... ...
EV/Capital Employed ... ... ... ... ...   1.83 1.45 1.30 0.921 1.04   ... ... ... ... ...
Earnings Per Share Growth % ...           63.5 44.5 -32.0 48.7 0.403            
Cash Earnings Per Share Growth % ...           42.6 34.9 -23.8 35.3 1.66            
Book Value Per Share Growth % ...           3.49 4.14 5.02 10.5 8.03            

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inwido's Share Price rose 72.3% yoy to SEK 121 in 2020

By Helgi Analytics - December 15, 2021

inwido stock traded at SEK 121 per share at the end 2020 implying a market capitalization of USD 849 mil. Since the end of 2015, stock has appreciated by 28.8% implying an annual average growth of 5.19% In absolute terms, the value of the company rose ...

inwido's Net Margin rose 14.7% yoy to 7.49% in 2020

By Helgi Analytics - December 15, 2021

inwido made a net profit of SEK 501 mil with revenues of SEK 6,681 mil in 2020, up by 15.6% and up by 0.759%, respectively, compared to the previous year. This translates into a net margin of 7.49%. Historically, between 2009 and 2020, the firm’s ...

inwido's Net Debt/EBITDA fell 50.2% yoy to 1.20 in 2020

By Helgi Analytics - December 15, 2021

inwido's net debt stood at SEK 1,113 mil and accounted for 26.8% of equity at the end of 2020. The ratio is down 28.6 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 83.6% in 2009 and a low of 2...

inwido's ROCE rose 19.7% yoy to 8.75% in 2020

By Helgi Analytics - December 15, 2021

inwido made a net profit of SEK 501 mil in 2020, up 15.6% compared to the previous year. Historically, between 2009 and 2020, the company's net profit reached a high of SEK 501 mil in 2020 and a low of SEK 53.9 mil in 2009. The result implies a return on ...

inwido's Capital Expenditures rose 24.5% yoy to SEK 177 mil in 2020

By Helgi Analytics - December 15, 2021

inwido invested a total of SEK 177 mil in 2020, down 24.5% compared to the previous year. Historically, between 2009 - 2020, the company's investments stood at a high of SEK 235 mil in 2019 and a low of SEK 61.2 mil in 2010. As a perc...

inwido's P/FCF rose 9.09% yoy to 6.78 in 2020

By Helgi Analytics - December 15, 2021

inwido stock traded at SEK 121 per share at the end 2020 translating into a market capitalization of USD 849 mil. Since the end of 2015, the stock has appreciated by 28.8% representing an annual average growth of 5.19%. At the end of 2020, the firm trade...

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Finance

inwido has been growing its sales by 4.56% a year on average in the last 5 years. EBITDA has grown on average by 5.63% a year during that time to total of SEK 1,221 mil in 2025, or 14.6% of sales. That’s compared to 14.8% average margin seen in last five years.

The company netted SEK 729 mil in 2025 implying ROE of 12.6% and ROCE of . Again, the average figures were 13.7% and %, respectively when looking at the previous 5 years.

inwido’s net debt amounted to SEK 250 mil at the end of 2025, or 4.17% of equity. When compared to EBITDA, net debt was 0.205x, down when compared to average of 0.418x seen in the last 5 years.

Valuation

inwido stock traded at SEK 169 per share at the end of 2025 resulting in a market capitalization of USD 1,103 mil. Over the previous five years, stock price grew by 40.2% or 7.00% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.23x and price to earnings (PE) of 13.4x as of 2025.