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An investment in Coor is an investment in a leading service company with stable growth, good profitability, healthy cash generation and a high dividend yield.

Financial reports

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Key figures - investor startpage

13,000

Employees

12,4 msek

Net sales per year

40%

market share of outsourced FM in the Nordics

Coor creates the happiest, healthiest, and most prosperous workplace environments in the Nordic region

Coor is a leading provider of facility management services in the Nordic region. We offer around a hundred different services in various service areas, ranging from individual cleaning services to complex IFM deliveries.

We offer specialist expertise in cleaning services, workplace services, property services and strategic advisory services. Coor creates value by executing, developing, and streamlining our customers’ service activities. This enables our customers to do what they do best.

Coor was founded in 1998 and has been listed on Nasdaq Stockholm since 2015. Our customer base includes many large and small companies and public-sector organisations across the Nordic region.

All operations are certified under the international ISO 14001, ISO 9001 and ISO 45001 environmental and quality management standards. In addition, Coor has also obtained a number of local, service-specific environmental and quality certifications.

Latest report

Interim Report Q2 2024

Coor Service Management's Interim Report Jan-Jun 2024 was published on July 12 2024.

To the report archive

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Coor as an investment

5 reasons to invest in Coor

An investment in Coor is an investment in a leading service company with stable growth, good profitability, healthy cash generation and historically high dividend yields. Here are five good reasons to be a shareholder in Coor.

Coor is a leader in the IFM segment and holds around 60% of the company’s business. The IFM market is growing faster than GDP and the FM market overall. Short-term growth may vary due to major IFM contracts and unexpected events. Coor’s strong position in the Nordic market, innovation, and digitalization contribute to its success. Over 70% of revenue comes from stable subscriptions. Regardless of economic conditions, Coor’s services remain in demand, with new outsourcing deals during periods of weaker growth.

Available cash can be used for further acquisitions, debt amortization, or dividends. Net debt is below the company's target, which means that Coor will be able to offer a high and stable dividend yield to its shareholders over time.

The goal of the Board of Directors and management is not to accumulate cash and cash equivalents in the company, but to return any surplus to the shareholders.

In 2022, Coor completed a takeover in Sweden when the company acquired Centrumstäd, a cleaning company in southern Sweden. Although Coor's primary focus is on organic growth, the company has both the financial capacity and the ability to integrate further acquisitions going forward.

Coor works continuously to identify well-managed Nordic companies that can complement and strengthen the company's offering in the FM market. The acquisitions must be made at reasonable valuations and create synergies through our integration activities.

Financial targets and results

Developing our business in line with Coor’s vision requires a long-term approach to sustainability. Coor creates value in three dimensions – business responsibility, social responsibility and environmental responsibility – and regularly reports its results in relation to the company’s long-term targets.

Organic growth 5%

Over an economic cycle, Coor should grow organically by 4-5 percent annually.

Outcome in 2023: 2%

Comment: In 2023, Coor grew organically by 2 per cent, which is below the company’s target over a business cycle. Organic growth was boosted by the large IFM contract with the Danish Building and Property Agency, a large number of new medium-sized contracts and high variable volumes in property services and food and beverages.

The ended contracts with Volvo Group and Ericsson had a negative impact.

Adjusted EBITA margin ~5.5%

In the medium term, Coor should deliver an adjusted EBITA margin of around 5.5 percent.

Outcome in 2023: 4,9%

In 2023, Coor had an adjusted EBITA margin of 4.9 per cent. The margin is slightly below Coor’s long-term target.

Comment: In the second half of 2023, Coor implemented an action programme to accelerate progress towards achieving the company’s long-term target margin. The programme includes increased cost control, streamlining of underlying processes and an increased focus on purchasing to take advantage of Nordic economies of scale.

Cash convertion >90%

In the medium term, Coor must maintain a cash generation that
exceeds 90 percent.

Outcome 2023: 86%

Comment: The outcome of 86 per cent for 2023 is slightly below Coor’s target. The lower outcome is partly attributable the fact that the year ended on a Sunday, which resulted in a slightly higher share of overdue accounts receivable.

The company has seen no change in behaviour when it comes to payment patterns.

Capital structure <3.0

The medium-term goal is for Coor's net debt to be below 3.0 times adjusted EBITDA.

Outcome in 2023: 2.5 X

Comment: Coor reports a leverage of 2.5 times adjusted EBITDA, which is well in line with the company’s target. The increase during the year is attributable to the payment of dividends to shareholders of SEK 456 million and the acquisition of Skaraborgs Städ.

Payout ratio ~ 50%

The goal is to distribute around 50 percent of the company's adjusted net profit for the period (before depreciation and amortization of intangible assets) in ordinary dividends to the shareholders.

Outcome 2023: 101%

Comment: In view of the company’s continued stable cash flow, the Board proposes a dividend for 2023 of SEK 3.00 per share (comprising an ordinary dividend of SEK 2.40 per share and an extraordinary dividend of SEK 0.60 per share).

This equates to a high dividend yield of 7 per cent. The total dividend amounts to 101 per cent of the company’s adjusted net profit for the year. The proposed dividend is subject to approval at the 2024 AGM.