Financials K2A Knaust & Andersson Fastigheter AB

Equities

K2A B

SE0010520254

Real Estate Development & Operations

Delayed Nasdaq Stockholm Other stock markets 01:27:06 14/05/2024 pm IST			5-day change	1st Jan Change
6.36 ^SEK	-2.15%		-8.88%	-23.47%

14/02	K2A Knaust & Andersson Fastigheter AB Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI
14/02	K2A Knaust & Andersson Fastigheter AB Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	2,847	3,382	5,255	1,192	558.1	558.1	-
Enterprise Value (EV) ¹	5,333	7,154	10,772	1,192	713.5	7,320	7,435
P/E ratio	14.6 x	19.2 x	7.56 x	12.9 x	-1.08 x	8.13 x	8.02 x
Yield	-	0.25%	0.25%	-	-	-	-
Capitalization / Revenue	19.3 x	16.7 x	19.3 x	3.18 x	1.61 x	1.15 x	1.09 x
EV / Revenue	36.2 x	35.4 x	39.5 x	3.18 x	1.61 x	15.1 x	14.5 x
EV / EBITDA	82.4 x	-	42.4 x	6.44 x	28.2 x	25.9 x	24 x
EV / FCF	-	-	-5.51 x	-	10.1 x	47.5 x	372 x
FCF Yield	-	-	-18.1%	-	9.95%	2.1%	0.27%
Price to Book	-	-	1.81 x	-	0.24 x	0.24 x	0.24 x
Nbr of stocks (in thousands)	80,233	85,411	85,865	85,865	85,865	85,865	-
Reference price ²	35.48	39.60	61.20	13.88	6.500	6.500	6.500
Announcement Date	19/02/20	17/02/21	16/02/22	14/02/23	14/02/24	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	147.5	202.2	272.7	374.7	443.6	484.1	512.3
EBITDA ¹	64.7	-	253.8	185.1	246.4	282.5	309.8
EBIT ¹	64.7	-	253.4	184	244.7	282.5	302
Operating Margin	43.86%	-	92.92%	49.11%	56.28%	58.37%	58.95%
Earnings before Tax (EBT) ¹	282.2	267.3	942.3	214.3	-612.1	111	75.99
Net income ¹	203.2	219.1	755.5	159.5	-361.2	69.04	69.94
Net margin	137.76%	108.36%	277.04%	42.57%	-83.06%	14.26%	13.65%
EPS ²	2.426	2.062	8.100	1.080	-7.710	0.8000	0.8100
Free Cash Flow ¹	-	-	-1,954	-	692	154	20
FCF margin	-	-	-716.35%	-	159.14%	31.81%	3.9%
FCF Conversion (EBITDA)	-	-	-	-	280.83%	54.51%	6.45%
FCF Conversion (Net income)	-	-	-	-	-	223.06%	28.6%
Dividend per Share ²	-	0.1000	0.1500	-	-	-	-
Announcement Date	19/02/20	17/02/21	16/02/22	14/02/23	14/02/24	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	79.7	85.6	87.8	96.3	105	110.3	111.4	-	116.1	119	122	122	122
EBITDA	155.2	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	155.1	69.1	42.3	52.3	58	52.1	69.9	-	-	-	79	79	61
Operating Margin	194.6%	80.72%	48.18%	54.31%	55.24%	47.23%	62.75%	-	-	-	64.75%	64.75%	50%
Earnings before Tax (EBT) ¹	518.5	296.7	-	21.4	-322.7	-183.2	-115.8	-170.9	-	-	30	28	55
Net income ¹	433.4	239	-	10.3	-274.1	-174.2	-82.9	-150.6	-	-	4	2	25
Net margin	543.79%	279.21%	-	10.7%	-261.05%	-157.93%	-74.42%	-	-	-	3.28%	1.64%	20.49%
EPS	4.860	2.600	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	16/02/22	29/04/22	15/07/22	26/10/22	14/02/23	27/04/23	17/07/23	08/11/23	14/02/24	25/04/24	-	-	-

¹SEK in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	2,486	3,771	5,517	-	6,399	6,762	6,877
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	38.42 x	-	21.74 x	-	25.97 x	23.93 x	22.19 x
Free Cash Flow ¹	-	-	-1,954	-	692	154	20
ROE (net income / shareholders' equity)	18.5%	13.8%	32.4%	-	-19.4%	2.94%	2.99%
ROA (Net income/ Total Assets)	-	-	9.41%	-	-6.07%	-0.1%	-0.23%
Assets ¹	-	-	8,026	-	5,955	-71,917	-30,947
Book Value Per Share ²	-	-	33.80	-	26.70	27.30	27.10
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	-	2,019	-	732	62.9	77
Capex / Sales	-	-	740.3%	-	168.37%	12.99%	15.02%
Announcement Date	19/02/20	17/02/21	16/02/22	14/02/23	14/02/24	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for K2A Knaust & Andersson Fastigheter AB

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

6.5 SEK

Average target price

9 SEK

Spread / Average Target

+38.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
K2A KNAUST & ANDERSSON FASTIGHETER AB	-23.47%	5.15Cr
CHINA RESOURCES LAND LIMITED	+10.54%	2.87TCr
MITSUI FUDOSAN CO., LTD.	+27.88%	2.68TCr
SUN HUNG KAI PROPERTIES LIMITED	-7.87%	2.58TCr
DLF LIMITED	+15.58%	2.49TCr
MITSUBISHI ESTATE CO., LTD.	+45.81%	2.28TCr
CHINA OVERSEAS LAND & INVESTMENT LTD.	+10.32%	2.14TCr
EMAAR PROPERTIES	+1.39%	1.96TCr
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+27.40%	1.64TCr
CK ASSET HOLDINGS LIMITED	-10.08%	1.59TCr

Other Real Estate Development & Operations