OTC: SWMAY - Swedish Match AB (publ)

Yield per half year: +9.25%
Dividend yield: +1.71%
Sector: Consumer Discretionary

Reporting Swedish Match AB (publ)

Capitalization

IFRS

Reporting Annual Quarterly

	2005	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд $					3.18	5.67	6.8	6.47	8.27	11.63	16.63	16.5	16.63	11.90	20.59
Выручка, млрд $		12.61	13.31	14.49	15.55	16.1	12.97	14.74	16.7	18.49			18.93	15.80	2.81
Чистая прибыль, млрд $		2.71	2.63	2.8	5.12	3.4	3.58	3.9	4.89	6.22			5.93	4.40	12.84
EV, млрд $						2.92	5.14	5.44	6.7	13.04	17.72	17.58	17.72	12.10	26.44
EBIT, млрд $	0.3461	3.37	3.45	3.64	6.74	4.16	4.76	5.6	6.93	7.9				5.87	13.69
EBITDA, млрд $		3.58	3.57	3.86	6.74	5.12	5.29	6.31	7.61	8.92			7.98	6.65	11.74
Баланс стоимость, млрд $	0.8334	-0.786	0.278	0.251	-1.37	-4.18	-5.61	-6.32	-7.81	-6.69				-6.1220	9.86
FCF, млрд $		2.16	3.05	3.26	2.26	3.03	3.04	4.33	4.42	5.16			5.16	4.00	11.23
Операционный денежный поток, млрд $	0.3417	2.5	3.28	3.77	2.93	3.4	3.71	5.08	5.61	6.34				4.83	13.27
Операционная прибыль, млрд $		3.42	3.5	3.72	4	4.28	4.81	5.65	6.97	7.94			7.9	5.93	13.16
Операционные расходы, млрд $		9.25	9.86	10.84	11.55	11.82	8.16	9.09	9.73	10.55				9.87	-2.25
CAPEX, млрд $		0.341	0.228	0.505	0.666	0.377	0.666	0.753	1.19	1.18			1.14	0.8332	25.63

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2019Q3	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	5 quarters average	CAGR 5
Капитализация, млрд $											62.08	62.54	59.94	37.2	14.06	12.4	11.69	14.03	15.47	16.07	13.93	5.32
Выручка, млрд $										4.13	4.4	4.14	4.46	4.51	4.78	4.75	4.89	5.56	5.78		5.15	3.87
Чистая прибыль, млрд $										1.23	1.19	1.24	1.78	1.44	1.54	1.46	1.49	1.62	1.78		1.58	2.94
EV, млрд $	18.2	17.09	19.7	16.42	11.57	1.4	1.89	14.6	14.87												8.87	5.15
EBIT, млрд $										1.68	2.02	1.66	2.05	1.95	2.06	1.83	2.02	2.22	2.39		2.10	3.02
EBITDA, млрд $										1.81	2.43	1.79	2.2	2.1	2.22	2.07	2.19	2.41	2.59		2.30	3.13
Баланс стоимость, млрд $										-7.87	-7.57	-7.81	-5.6	-7.74	-6.79	-6.69	-5.44	-4.15	-1.71		-4.9560	-24.10
FCF, млрд $										1.61	0.827	1.01	1.3	1.02	1.59	1.26	1.3	1.23	1.44		1.36	-1.96
Операционный денежный поток, млрд $										1.94	1.06	1.39	1.58	1.32	1.87	1.57	1.54	1.51	1.72		1.64	-1.66
Операционная прибыль, млрд $										1.94	1.06	1.39	1.58	1.31	1.87	1.57	1.54	1.51	1.72		1.64	-1.66
Операционные расходы, млрд $										2.47	2.38	2.44	2.1	2.55	2.72	2.89	2.87	3.34	3.39		3.04	4.50
CAPEX, млрд $										0.149	0.145	0.146	0.142	0.15	0.153	0.169	0.173	0.185	0.195		0.1750	4.97

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2003	2004	2005	2013	2014	2015	2016	2017	2018	2019	2020	2021	LTM	5 year average	CAGR 5
Наличность, млрд $				3.16	2.31	1.73	3.36	4	2.89	2.37	3.41	2.12	3.41	2.96	-11.92
Short Term Investments $	0.162	0.2748	0.2425											0.2264	14.39
Long term investments $	0.055	-0.0036	0.0538	4.51	5.23	4.85	2.88	0.022	0.024	0.042				1.56	-61.32
Total Receivables $			0.2935	1.65	1.75	1.74	1.93	1.98	2.27	2.18	2.01	2.49		2.19	4.69
Total Current Assets $			1.12	6.21	6.57	4.95	6.95	7.43	6.87	6.49	7.39	7.03		7.04	-1.10
Чистые активы, млрд $			0.3127	2.03	2.07	2.24	2.54	2.56	2.94	3.51	3.91	4.94		3.57	14.05
Активы, млрд $				14.88	16.57	14.82	15.34	13.64	13.99	14.24	15.16	16.15	15.16	14.64	3.44
Short Term Debt $	0.118		0.184	10.34	1.14					1.33				2.62	62.33
Long Term Debt $		0.3874		9.42	7.8	7.71	8.17	10.28	12.28	12.13	13.51	14.2		12.48	6.67
Задолженность, млрд $				15.67	16.29	14.57	16.7	17.82	19.58	20.55	22.95	22.82	22.95	20.74	5.07
Чистый долг, млрд $								7.53	10.63	11.09	11.95	13.07		10.85	11.66
Долг, млрд $	0.757			19.76	8.94			1.25	1.23	1.33	1.85		1.85	2.92	-27.03
Interest income $							0.052	0.05	0.062	0.091	0.049	0.036		0.0576	-6.36
Расходы на обслуживание долга $									0.34	0.337	0.378	0.366		0.3553	1.86
Чист. проц. доходы, млрд $							-0.431	-0.343	-0.284	-0.252	-0.339	-0.339		-0.3114	-0.23
Goodwill $			0.2269	0.556	0.634	0.671	0.71	1.24	1.64	1.31	1.23	1.3		1.34	0.95
Себестоимость, млрд $			0.9148	6.65	7.11	7.7	8.33	8.71	4.83	5.38	5.75	6.25		6.18	-6.42
Товарно материальные запасы $			0.3482	1.3	2.42	1.38	1.54	1.38	1.6	1.81	1.82	2.27		1.78	10.47

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	5 quarters average	CAGR 5
Наличность, млрд $														3.91	3.76	3.41	3.73	1.96	2.24	2.12	2.82	2.29	4.41	2.78	14.51
Long term investments $				3.79	0.022	0.1758	0.1972	1.46	0.024	1.57	1.72	2.01	0.042											1.07	11.84
Total Receivables $														0.176	0.22	2.01	0.271	0.303	0.3	2.49	0.167	0.722	0.705	0.8768	18.64
Total Current Assets $														8.02	7.76	7.39	8.39	6.72	6.86	7.03	8.06	8.52	10.82	8.26	9.54
Чистые активы, млрд $														3.76	3.86	3.91	4.2	4.34	4.57	4.94	5.14	5.59	6.05	5.26	5.77
Активы, млрд $														16.19	15.98	15.16	16.63	15.09	15.56	16.15	17.53	18.57	21.54	17.87	6.72
Short Term Debt $	10.28	10.24	10.76	4.41	1.29	0.1214	0.2548					0.502	1.33											0.6996	0.61
Long Term Debt $														14.58	13.5	13.51	13.79	13.82	14.12	14.2	13.52	12.88	13.13	13.57	-1.44
Задолженность, млрд $														24.05	23.53	22.95	22.21	22.81	22.34	22.82	22.95	22.7	23.23	22.81	0.78
Чистый долг, млрд $														12.22	12.39	11.95	11.17	13.65	12.86	13.07	12.43	12.66	10.87	12.38	-3.31
Долг, млрд $														5.62	6.33	5.76	5.01	5.59	4.84	4.84	5.85	6.25	6.34	5.62	5.55
Interest income $														0.008	0.007	0.005	0.011	0.007	0.006	0.012	0.009	0.013	0.032	0.0144	39.77
Расходы на обслуживание долга $														0.093	0.109	0.067	0.093	0.092	0.092	0.08	0.093	0.093	0.094	0.0904	0.43
Чист. проц. доходы, млрд $														-0.084	-0.105	-0.072	-0.088	-0.085	-0.089	-0.077	-0.086	-0.083	-0.066	-0.0802	-5.80
Goodwill $	0.71				1.24				1.64				1.31			1.23				1.3				1.34	0.95
Себестоимость, млрд $														1.49	1.44	1.4	1.47	1.51	1.61	1.65	1.63	1.9	1.96	1.75	4.01
Товарно материальные запасы $	1.54				1.64				1.6				1.81			1.82				2.27				1.83	6.72

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	1.44	2.73	1.88	2.06	2.32	3.03	3.97	0.4	0.4		0.38	2.02	-29.64
Цена акции ао		3.57	3.15	3.92	3.86	5.14	7.73	9.6	10.73	10.57	10.57	8.75	15.51
Число акций ао, млн		187.01	1800	1734	1677	1608	1531.24	1520.71			1608	1614.19	-2.59
FCF/акцию			14.17	17.77	26.51	2.79	3.37					12.92	-24.97

	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	5 quarters average	CAGR 5
EPS		0.74	0.78	1.12	0.92	0.99	0.94	0.98	1.07	1.17	0.0977		0.8515	-36.42
Цена акции ао			39.48	37.96	23.76	9.04	8.1	7.68	9.22	10.17	10.57	10.7	9.67	6.86
Число акций ао, млн		1597.37	1584.07	1579.16	1565.23	1554.2	1531.24	1520.71	1520.71	1520.71	1520.71		1522.82	-0.14
FCF/акцию	0.9881	0.5108	0.6212	0.8232	0.6485	1.02	0.8203	0.8568	0.8036	0.943			0.8887	-1.56

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	24.57	-345.04	944.24	1116.73	-375.04	-81.36	-63.77	-61.59	-62.55	-62.55						107.98	-66.3640	-5.12
ROA, %				17.86	33.97	23.47	25.9	27.6	33.26	39.72	28.54	28.54			28.54	50.75	31.53	0.67
ROIC, %	27.29	31.91	34.25	35.44	50.28	54.81	56.88	74.84	89.94	89.94						17.17	73.28	10.41
ROS, %						25.82	36.74	37.98	41.47	41.47	31.33	31.33	31.33	31.33	31.33	11.30	33.36	-5.45
ROCE, %			1235.48	1445.24	-493.48	-99.52	-85.15	-88.74	-88.8	-118.5				0	0	19.46	-96.1420	3.55
Ebit margin, %														0	0
Рентаб EBITDA, %					40.69	31.81	40.77	42.83	45.57	43.31	0	0		42.16	42.16	21.74	42.93	0.67
Чистая рентаб, %				25.7	25.7	26.6	37.1	38.3	41.7	42.9	30.26	30.26			30.26	11.30	36.68	-4.60
Operation Margin, %					25.71	26.57	37.06	38.3	41.73	41.73		41.75	41.75	41.75	41.75	16.76	41.74	0.01
Чистая процентная маржа, %		21.51	19.73	19.35	32.95	21.12	27.6	26.43	29.27	33.63					31.33	14.25	27.61	9.75
Доходность FCF, %						82.36	75.42	117.51	7.99	17.28							60.11	-26.82

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %								-15.59	-15.77	-16.73	-31.8	-18.61	-22.66	-21.79	-27.45	-39.09	-103.98		107.98	-42.9940	35.62
ROA, %								7.58	7.47	8.62	10.7	9.55	9.89	9.02	8.51	8.75	8.25		50.75	8.88	-3.56
ROIC, %	12.87	14.95	16.29	34.35	34.09	26.06	35.12												17.17	29.18	16.61
ROS, %									27.11	31.59	39.93	31.99	32.21	30.67	30.5	29.2	30.75	31.33	11.30	30.49	0.43
ROCE, %								-21.33	-26.71	-21.22	-36.81	-25.29	-30.45	-27.5	-37.27	-53.75	-141.49		19.46	-58.0920	35.97
Рентаб EBITDA, %									45.98	41.07	52.93	46.7	46.38	43.63	44.81	43.3	44.78	42.16	21.74	43.74	-0.68
Чистая рентаб, %								29.7	27.11	31.59	39.93	31.99	32.21	30.67	30.5	29.2	30.75		11.30	30.67	-0.92
Operation Margin, %									45.82	41.04	52.82	43.37	43.18	39.28	41.27	39.97	41.4	41.75	16.76	40.73	1.23
Доходность FCF, %								3.05	1.31	1.57	2.17	2.73	11.28	10.13	11.15	8.71	9.27			10.11	-3.85

Coefficients

IFRS

Reporting Annual Quarterly

	2003	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E					20.4	10.5	18.6	17.1	20	23.6	18.8	26.6	27.06			26.6	23.00	23.21	6.23
P/BV		-21.1	-28.2	-1111.1	238.1	-91.7	-12.9	-9.9	-13.6	-13.3	-16.1						11.63	-13.1600	4.53
P/S					4.1	3.5	3.7	3.6	5.8	6.2	6.3	8.05	8.19			8.05	2.82	6.91	7.14
P/FCF						1.87	1.83	1.89	1.77	2.66	3.11		3.22	3.22	3.22	3.22	28.29	3.09	3.90
E/P						1.61	0.9257	0.888	1.06	0.0884	0.2084		0.3566	0.3566	0.3566	0.3566	3.07	0.2733	32.17
EV/EBIT														0	0	0
EV/EBITDA					2.65	1.43	0.57	0.97	0.86	0.88	1.62	2.06	2.04			2.06	11.54	1.49	18.86
EV/S									1				0.9363	0.9363	0.9363	0.9363	3.04	0.9522	-1.63
EV/FCF									3.41					3.44	3.44	3.44	23.13	3.43	0.29
Debt/EBITDA							0.24	0.23	0.21	0.24			0.2319	0.2319	0.2319	0.2319	1.65	0.2291	2.00
Netdebt/Ebitda						0.76	1.33	1.9	1.98	1.4	1.4		0	0	0	0	1.11	1.60	1.03
Debt/Ratio						1.09	1.31	1.4	1.44	1.51	1.51		0.1221	0.1221	0.1221	0.1221	0.24	0.6773	-39.53
Debt/Equity						-12.23	-4.26	-3.49	-3.25	-2.94	-2.94		0	0	-2.94	-2.94	1.09	-3.1120	-3.37
Debt/Net Income	3.24		7.29	3.41					3.46				0.312	0.312	0.312	0.312	4.76	1.56	-38.02
PEG															-78.12	-78.12		-78.1200	0.00
Бета											0.21	0.14	0	0	0	0	0.33	0.1750	-18.35
Индекс Альтмана							2.13	1.76	1.92	2.31	4.41	4.85	4.85	4.85	4.85	4.85	13.37	4.76	1.92

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2019Q3	2019Q4	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E										42.53	52.03	47.85	33.69	25.81	9.13	8.51	7.83	8.64	8.7			23.00	8.56	-0.96
P/BV										-6.63	-8.21	-8	-10.71	-4.8	-2.07	-1.85	-2.15	-3.38	-9.05			11.63	-3.7000	34.32
P/S										12.63	14.11	15.12	13.45	8.26	2.94	2.61	2.39	2.52	2.68			2.82	2.63	-1.83
P/FCF											76.07	63.56	46.11	36.65	8.87	9.87	8.97	11.48	10.79		3.22	28.29	8.87	-20.07
E/P											0.0192	0.0209	0.0297	0.0387	0.1095	0.1175	0.1277	0.1158	0.1149		0.3566	3.07	0.1665	24.86
EV/S	4.6	4.53	4.67	3.04	2.86	3.73	4.44	3.81	3.78												0.9363	3.04	3.34	-24.15
EV/FCF																					3.44	23.13	3.44	0.00
Debt/EBITDA																					0.2319	1.65	0.2319	0.00
Netdebt/Ebitda										7.29	6.13	7.03	4.74	6.95	6.19	6.88	6.12	5.66	4.48			1.11	5.87	-6.26
Debt/Ratio	1.21	1.17	1.46	0.8484	0.8478	0.8323	0.9697	0.9233	0.9456												0.1221	0.24	0.7586	-31.88
Debt/Equity	-13.55	-13.26	-4.24	-2.56	-2.77	-3.63	-2.2	-2.37	-2.13												-2.94	1.09	-2.6540	-4.13
Debt/Net Income	27.97	19.25	23.32	15	12.78	16.44	14.29	11.56	17.81												0.312	4.76	12.08	-54.75
PEG																					-78.12		-78.1200	0.00
Бета																				0	0	0.33
Индекс Альтмана												5.91	5.44	4.01	2.18	1.96	1.83	1.99	1.95	4.85	4.85	13.37	3.09	21.52

Dividends

IFRS

Reporting Annual Quarterly

	2005	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0769	1.46	1.45	1.46	5.52	1.55	1.61	1.78	2.02	2.37					1.87	8.86
Дивиденд				0.75	1.73	0.83	1.71	1.08	1.26	1.49	0.18	0.18	0.18		0.8380	-30.12
Див доход, ао, %				2.51	11.08	4.52	5.1	2.2	1.62	1.78	1.71	1.69	1.71	2.94	1.80	-5.14
Дивиденды / прибыль, %				50.8	29.1	102	84.1	44.8	46.9	39.2	22.34	22.34	22.34	65.19	35.12	-12.99

	2016Q2	2016Q4	2017Q2	2018Q2	2019Q2	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q4	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд						2.02	2.02	2.37	2.37	2.37	2.37	1.41	1.41	1.41	1.41				1.60	-9.86
Дивиденд	0.1474	0.1032	0.0831	0.1969	0.1131		0.1251				0.1782				0.0938	0.0832	10.78		2.25	143.82
Див доход, ао, %	0.8728	0.6333	0.4944	0.8383	0.482		0.3856				0.7498				1.02	0.7868	100.78	2.94	20.74	204.40
Дивиденды / прибыль, %						173.99	164.63	198.58	181.25	133.16	164.4	91.88	97.05	94.77	87.07			65.19	107.03	-11.94

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Other

IFRS

Reporting Annual

	2018	2019	2020	2021	2022	2023	CAGR 5
Всего задолженность	4.56	5.13	5.76				8.10
Персонал, чел				6735	7523	7523	3.76

	CAGR 5

	CAGR 5