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Coor

Coor

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Coor is a leading provider of facility management services in the Nordics. The company specialises in integrated facility management (IFM) where Coor and its biggest competitor, ISS, control ~40% of the Nordic market each. Around half of its sales but around two thirds of its EBITA comes from Sweden and the rest from Norway, Denmark and Finland.

Sustainability information

Contract terminations (the largest contract is ~5% of group sales), M&A execution, cost inflation (including salary inflation), financial leverage, employee retention.

Financials

SEKm 2025 2026e 2027e
Sales 12480 12381,07 12842,64
Sales growth (%) 0,3 -0,8 3,7
EBITDA 817 890 1038
EBITDA margin (%) 6,5 7,2 8,1
EBIT adj. 545 633 685
EBIT adj. margin (%) 4,4 5,1 5,3
Pretax profit 298 418 574
EPS 2,26 3,28 4,65
EPS growth (%) 68,5 45 41,9
EPS adj. 3,37 4,14 4,96
Dividend per share 2,5 2,7 3
EV/EBITDA (x) 8,4 7,5 6,2
EV/EBIT adj. (x) 12,6 10,6 9,4
P/E (x) 21,06 14,52 10,24
P/E adj. (x) 14,1 11,5 9,6
EV/sales (x) 0,55 0,54 0,5
FCF yield (%) 12,9 11,3 16
Le. adj. FCF yld. (%) 8,6 6,6 11,2
Dividend yield (%) 5,3 5,7 6,3
Net IB debt/EBITDA (x) 2,9 2,5 1,9
Le. adj. ND/EBITDA (x) 2,7 2,3 1,8
SEKm 2025 2026e 2027e
Sales 12480 12381,07 12842,64
COGS -11027 -10831 -11217
Gross profit 1453 1550 1625
Other operating items -636 -659 -587
EBITDA 817 890 1038
Depreciation and amortisation -306 -301 -315
Depreciation on leased assets -211 -208 -218
EBITA 511 588,67 723,5
Operating EO items -90 -77 0
Impairment and amortisation charges -56 -33 -38
EBIT 455 555,67 685,5
Net financial items -157 -138 -111
Pretax profit 298 418 574
Tax -83 -106 -132
Net profit 215 312 442
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders 215 312 442
EPS 2,26 3,28 4,65
EPS adj. 3,37 4,14 4,96
Total extraordinary items after tax -65 -57 0
Leasing payments -211 -208 -218
Tax rate (%) 27,9 25,4 23
Gross margin (%) 11,6 12,5 12,7
EBITDA margin (%) 6,5 7,2 8,1
EBITA margin (%) 4,1 4,8 5,6
EBIT margin (%) 3,6 4,5 5,3
Pre-tax margin (%) 2,4 3,4 4,5
Net margin (%) 1,7 2,5 3,4
Sales growth (%) 0,3 -0,8 3,7
EBITDA growth (%) 13,9 9 16,7
EBITA growth (%) 16,3 15,2 22,9
EBIT growth (%) 22 22,1 23,4
Net profit growth (%) 68 45 41,9
EPS growth (%) 68,5 45 41,9
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 15,3 21,2 26,7
ROE adj. (%) 23,9 27,3 29
ROCE (%) 10,5 12,7 15,2
ROCE adj. (%) 14 15,3 16
ROIC (%) 9,7 11,8 15
ROIC adj. (%) 11,4 13,3 15
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 907 967 1038
EBITDA adj. margin (%) 7,3 7,8 8,1
EBITDA lease adj. 696 759 821
EBITDA lease adj. margin (%) 5,6 6,1 6,4
EBITA adj. 601 666 723
EBITA adj. margin (%) 4,8 5,4 5,6
EBIT adj. 545 633 685
EBIT adj. margin (%) 4,4 5,1 5,3
Pretax profit Adj. 444 528 612
Net profit Adj. 336 402 480
Net profit to shareholders adj. 336 402 480
Net adj. margin (%) 2,7 3,2 3,7
SEKm 2025 2026e 2027e
EBITDA 817 890 1038
Goodwill 3764 3764 3764
Net financial items -157 -138 -111
Other intangible assets 444 414 379
Paid tax -57 -106 -132
Tangible fixed assets 97 100 103
Non-cash items -9 -20 -10
Right-of-use asset 431 434 435
Cash flow before change in WC 594 626 785
Other Fixed Assets All 36 36 36
Change in working capital 81 -17 41
Fixed assets 4772 4748 4716
Operating cash flow 675 609 827
Inventories N/A N/A N/A
Capex tangible fixed assets -91 -99 -103
Receivables 1431 1424 1490
Capex intangible fixed assets N/A N/A N/A
Other current assets 391 391 391
Acquisitions and Disposals 0 0 0
Cash and liquid assets 385 546 794
Free cash flow 584 510 724
Total assets 6979 7109 7392
Dividend paid -142 -238 -257
Shareholders equity 1387 1561 1747
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -196 -211 -219
Total equity 1387 1561 1747
Other changes in net debt -131 98 -10
Long-term debt 2294 2281 2276
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 434 449 464
Total other long-term liabilities 48 48 48
Short-term debt 0 0 0
Accounts payable 901 891 912
Other current liabilities 1916 1879 1946
Total liabilities and equity 6979 7109 7392
Net IB debt 2343 2183 1945
Net IB debt excl. pension debt 2343 2183 1945
Net IB debt excl. leasing 1909 1735 1482
Capital employed 4115 4290 4486
Capital invested 3730 3744 3692
Working capital -995 -955 -977
Market cap. diluted (m) 4528 4528 4528
Net IB debt adj. 2339 2183 1945
Market value of minority N/A N/A N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 6867 6711 6473
Total assets turnover (%) 177,1 175,8 177,1
Working capital/sales (%) -7,7 -7,9 -7,5
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 168,9 139,9 111,4
Net debt / market cap (%) 51,7 48,2 43
Equity ratio (%) 19,9 22 23,6
Net IB debt adj. / equity (%) 168,6 139,9 111,4
Current ratio 0,78 0,85 0,94
EBITDA/net interest 6,2 7,7 11,4
Net IB debt/EBITDA (x) 2,9 2,5 1,9
Net IB debt/EBITDA lease adj. (x) 2,7 2,3 1,8
Interest coverage 3,9 5,1 8
SEKm 2025 2026e 2027e
Shares outstanding adj. 95 95 95
Diluted shares adj. 95 95 95
EPS 2,26 3,28 4,65
Dividend per share 2,5 2,7 3
EPS adj. 3,37 4,14 4,96
BVPS 14,58 16,41 18,36
BVPS adj. -29,66 -27,51 -25,19
Net IB debt/share 24,59 22,95 20,45
Share price 47,6 47,6 47,6
Market cap. (m) 4528 4528 4528
P/E (x) 21,06 14,52 10,24
EV/sales (x) 0,55 0,54 0,5
EV/EBITDA (x) 8,4 7,5 6,2
EV/EBITA (x) 13,4 11,4 8,9
EV/EBIT (x) 15,1 12,1 9,4
Dividend yield (%) 5,3 5,7 6,3
FCF yield (%) 12,9 11,3 16
Le. adj. FCF yld. (%) 8,6 6,6 11,2
P/BVPS (x) 3,26 2,9 2,59
P/BVPS adj. (x) -1,6 -1,73 -1,89
P/E adj. (x) 14,1 11,5 9,6
EV/EBITDA adj. (x) 7,6 6,9 6,2
EV/EBITA adj. (x) 11,4 10,1 8,9
EV/EBIT adj. (x) 12,6 10,6 9,4
EV/CE (x) 1,7 1,6 1,4
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -0,7 -0,8 -0,8
Capex/depreciation 1 1,1 1,1
Capex tangibles / tangible fixed assets 93,8 99,2 100,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 97,59 93,37 95,04

Equity research

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Media

Coor - Company presentation with Group CFO & IR Director Andreas Engdahl & Head of Sustainability Maria Ekman
Coor - Company presentation with President & CEO AnnaCarin Grandin

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Main shareholders - Coor

Main shareholders Share capital % Voting shares % Verified
WISAG Service Holding Europa 30.0 % 30.0 % 28 Sep 2026
Nordea Funds 8.5 % 8.5 % 28 Sep 2026
SEB pensionsstiftelse 4.6 % 4.6 % 28 Sep 2026
Carnegie Fonder 3.8 % 3.8 % 30 Sep 2026
Fjärde AP-fonden 3.1 % 3.1 % 28 Sep 2026
TIND Asset Management 3.0 % 3.0 % 28 Sep 2026
Handelsbanken Fonder 2.5 % 2.5 % 30 Sep 2026
Coquine SA 2.3 % 2.3 % 28 Sep 2026
Antaurus Capital Management BV 2.1 % 2.1 % 28 Sep 2026
Dimensional Fund Advisors 2.0 % 2.0 % 30 Sep 2026
Source: Holdings by Modular Finance AB