Press the button and be introduced to a new random company!

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

Brighter

Self-developed and patented innovations in m-health

Brighter AB is a Swedish company that develops medical devices to treat diseases with a high unmet need. Its lead product in development is Actiste, for diabetes management.

The diabetes market is large and growing, and many patients do not adhere adequately to therapy. Brighter's solution, Actiste, offers a unique and easy solution to this problem, which should enable it to capture significant market share.

The company is not yet profitable, and has no products on the market at present. Nor is there any guarantee that it will be able to bring any products to the market in future. The company will need to raise additional capital to fund future operations.

SEKm 2018 2019e 2020e
Sales 0 0 5
Sales growth (%) N/A N/A N/A
EBITDA -69 -77 -82
EBITDA margin (%) N/A N/A -1782,6
EBIT adj -69 -89 -95
EBIT adj margin (%) N/A N/A -2044,5
Pretax profit -80 -92 -97
EPS rep -1,53 -1,51 -1,59
EPS growth (%) -15,5 1,2 -5
EPS adj -1,53 -1,51 -1,59
DPS 0 0 0
EV/EBITDA (x) -9,6 -9,7 -9,8
EV/EBIT adj (x) -9,6 -8,4 -8,5
P/E (x) -5,5 -5,8 -5,5
P/E adj (x) -5,5 -5,8 -5,5
EV/sales (x) N/A N/A 174,4
FCF yield (%) -19 -10,4 -11
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,6 -0,6 -0,5
SEKm 2018 2019e 2020e
Sales 0 0 5
COGS 0 0 -2
Gross profit 0 0 3
Other operating items -69 -77 -85
EBITDA -69 -77 -82
Depreciation on tangibles 0 -2 -2
Depreciation on intangibles 0 -10 -10
EBITA -69 -89 -95
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -69 -89 -95
Other financial items 0 -2 -2
Net financial items -6 -2 -2
Associated income -4 0 0
Other EO items 0 0 0
Pretax profit -80 -92 -97
Tax 0 0 0
Net profit -80 -92 -97
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -80 -92 -97
EPS -1,53 -1,51 -1,59
EPS Adj -1,53 -1,51 -1,59
Total extraordinary items after tax 4 5 6
Tax rate (%) 0 0 0
Gross margin (%) N/A N/A 57
EBITDA margin (%) N/A N/A -1782,6
EBITA margin (%) N/A N/A -2044,5
EBIT margin (%) N/A N/A -2044,5
Pretax margin (%) N/A N/A -2093,1
Net margin (%) N/A N/A -2093,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) N/A N/A N/A
EBITDA growth (%) -39,5 -11,4 -6,7
EBIT growth (%) -39,5 -28,7 -5,9
Net profit growth (%) -39,5 -15 -5,8
EPS growth (%) -15,5 1,2 -5
Profitability 2018 2019 2020
ROE (%) -81,9 -95,2 -121,8
ROE Adj (%) -81,9 -95,2 -121,8
ROCE (%) -62,9 -65,5 -78,1
ROCE Adj(%) -62,9 -65,5 -78,1
ROIC (%) -59 -63,5 -74,7
ROIC Adj (%) -59 -63,5 -74,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj -69 -77 -82
EBITDA Adj margin (%) N/A N/A -1782,6
EBITA Adj -69 -89 -95
EBITA Adj margin (%) N/A N/A -2044,5
EBIT Adj -69 -89 -95
EBIT Adj margin (%) N/A N/A -2044,5
Pretax profit Adj -80 -92 -97
Net profit Adj -80 -92 -97
Net profit to shareholders Adj -80 -92 -97
Net Adj margin (%) N/A N/A -2093,1
SEKm 2018 2019e 2020e
EBITDA -69 -77 -82
Net financial items -6 -2 -2
Paid tax 0 0 0
Non-cash items 34 2 2
Cash flow before change in WC -41 -77 -83
Change in WC -33 5 0
Operating cash flow -74 -73 -83
CAPEX tangible fixed assets -5 0 0
CAPEX intangible fixed assets -25 0 0
Acquisitions and disposals 0 0 0
Free cash flow -104 -73 -84
Dividend paid 0 0 0
Share issues and buybacks 35 70 85
Other non cash items 25 0 0
Decrease in net IB debt -44 -3 1
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 103 93 83
Tangible fixed assets 9 6 5
Other fixed assets 1 1 1
Fixed assets 112 100 89
Inventories 7 5 5
Receivables 34 19 20
Other current assets 8 7 7
Cash and liquid assets 9 6 8
Total assets 171 138 129
Shareholders equity 107 85 74
Minority 0 0 0
Total equity 107 85 74
Long-term debt 42 42 42
Pension debt 0 0 0
Convertible debt 10 10 10
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 4 -9 -8
Other current liabilities 8 10 11
Total liabilities and equity 69 111 171
Net IB debt 42 45 43
Net IB debt excl. pension debt 42 45 43
Capital invested 149 132 121
Working capital 37 33 33
EV breakdown 2018 2019 2020
Market cap. diluted (m) 626 701 763
Net IB debt Adj 42 45 43
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 668 746 807
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 0 0 3,5
Capital invested turnover (%) 0 0 3,7
Capital employed turnover (%) 0 0 3,7
Inventories / sales (%) N/A N/A 111,6
Customer advances / sales (%) N/A N/A 0
Payables / sales (%) N/A N/A -185,2
Working capital / sales (%) N/A N/A 712,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 39,2 52,2 59
Net debt / market cap (%) 6,2 6,4 5,7
Equity ratio (%) 62,7 61,9 57,3
Net IB debt adj. / equity (%) 39,2 52,2 59
Current ratio (%) 492,9 5628,8 1307,8
EBITDA / net interest (%) -1164,4 -31804,7 -33211,6
Net IB debt / EBITDA (%) -60,4 -57,7 -52,7
Interest cover (%) -1155,9 -30065,7 -31839,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 74 80 87
Fully diluted shares Adj 74 80 87
EPS -1,53 -1,51 -1,59
Dividend per share Adj 0 0 0
EPS Adj -1,53 -1,51 -1,59
BVPS 1,44 1,06 0,84
BVPS Adj 0,05 -0,1 -0,11
Net IB debt / share 0,6 0,6 0,5
Share price 9,13 8,74 8,74
Market cap. (m) 679 701 763
Valuation 2018 2019 2020
P/E -5,5 -5,8 -5,5
EV/sales N/A N/A 174,4
EV/EBITDA -9,6 -9,7 -9,8
EV/EBITA -9,6 -8,4 -8,5
EV/EBIT -9,6 -8,4 -8,5
Dividend yield (%) 0 0 0
FCF yield (%) -19 -10,4 -11
P/BVPS 5,86 8,21 10,37
P/BVPS Adj 156,95 -91,04 -78,97
P/E Adj -5,5 -5,8 -5,5
EV/EBITDA Adj -9,6 -9,7 -9,8
EV/EBITA Adj -9,6 -8,4 -8,5
EV/EBIT Adj -9,6 -8,4 -8,5
EV/cap. employed 4,5 5,7 6,9
Investment ratios 2018 2019 2020
Capex / sales N/A N/A 10
Capex / depreciation N/A 0 3,8
Capex tangibles / tangible fixed assets 58,6 0 10,2
Capex intangibles / definite intangibles 24,3 0 0
Depreciation on intangibles / definite intangibles 0 10,6 11,8
Depreciation on tangibles / tangibles 0 34,4 50,2

Equity research

Read earlier research

Media

View more media

Main shareholders

Brighter

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 13.1 % 13.1 % 31 Dec 2018
Truls Sjöstedt 8.9 % 8.9 % 9 Jul 2018
Michael Göran Erik Frantzén 7.1 % 7.1 % 31 Mar 2017
Recall Capital Nordic AB 2.8 % 2.8 % 31 Dec 2018
Jonas Metzger 1.6 % 1.6 % 31 Dec 2018
Minh Nguyen 1.4 % 1.4 % 31 Dec 2018
Robert Mellin 1.3 % 1.3 % 31 Dec 2018
Swedbank Försäkring 1.2 % 1.2 % 31 Dec 2018
Nordnet Pensionsförsäkring 1.1 % 1.1 % 31 Dec 2018
Henrik Norström 0.9 % 0.9 % 8 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Brighter

Name Quantity Code Date
Henrik Norström - 26 291 Redemp 8 Mar 2019
Henrik Norström + 26 291 Redemp 8 Mar 2019
Henrik Norström + 880 BUY 11 Oct 2018
Henrik Norström + 225 BUY 11 Oct 2018
Henrik Norström + 5 000 BUY 11 Oct 2018
Henrik Norström - 18 411 SELL 3 Oct 2018
Henrik Norström - 18 411 SELL 3 Oct 2018
Truls Sjöstedt - 945 022 SELL 30 Sep 2018
Truls Sjöstedt + 220 578 TECKN 30 Sep 2018
Henrik Norström -1 013 911 SELL 30 Sep 2018

Show More