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QuickCool

Cooling method for intensive care

QuickCool is a Swedish medtech company, founded in 2003 to provide Targeted Temperature Management (TTM) solutions following cardiac arrest, stroke, and high grade fever. Its lead product, the QuickCool System, enables rapid cooling via the nasal cavity, to cool the body via the brain. QuickCool operates a lean structure typical of a startup, with three employees. The company’s scientific advisory board is chaired by TTM researcher Hans Friberg. QuickCool is listed on Aktietorget and headquartered in Lund.

The QuickCool system is the only product to cool the body via nasal access to the thermoregulatory region of the brain, allowing rapid cooling of the entire body in the event of cardiac arrest. With over 500,000 cardiac arrests each year in the US alone, we see this as a significant market opportunity, particularly in the paramedic setting.

The company awaits CE marking for its lead product, the QuickCool system, in order to begin marketing. Although the company expects to be able to do so, there is no guarantee that this will occur. There are many competitors in the Targeted Temperature Management market, although we believe that the QuickCool system has the potential (once approved) to be the best in terms of speed, portability, and ease of use. There are significant barriers to entry, however, with established methods already on the market and hence the potential for pricing pressure. Intellectual property rights risks are also significant, as with all medtech companies.

SEKm 2018 2019e 2020e
Sales 0 0 24
Sales growth (%) N/A N/A N/A
EBITDA -10 -12 -8
EBITDA margin (%) N/A N/A -35,7
EBIT adj -10 -12 -9
EBIT adj margin (%) N/A N/A -37,8
Pretax profit -10 -13 -9
EPS rep -4,42 -1,04 -0,76
EPS growth (%) -61 76,4 27,6
EPS adj -4,42 -1,04 -0,76
DPS 0 0 0
EV/EBITDA (x) -1,7 -3,5 -7,6
EV/EBIT adj (x) -1,7 -3,4 -7,2
P/E (x) -1,2 -3,1 -4,3
P/E adj (x) -1,2 -3,1 -4,3
EV/sales (x) N/A N/A 2,7
FCF yield (%) -157,7 -62,6 -57,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,5 -0,3 -3
SEKm 2018 2019e 2020e
Sales 0 0 24
COGS 0 0 -17
Gross profit 0 0 7
Other operating items -10 -12 -16
EBITDA -10 -12 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -10 -12 -9
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -10 -12 -9
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -10 -13 -9
Tax 0 0 0
Net profit -10 -13 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -10 -13 -9
EPS -4,42 -1,04 -0,76
EPS Adj -4,42 -1,04 -0,76
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) N/A N/A 30
EBITDA margin (%) N/A N/A -35,7
EBITA margin (%) N/A N/A -37,8
EBIT margin (%) N/A N/A -37,8
Pretax margin (%) N/A N/A -38
Net margin (%) N/A N/A -38
Growth rates Y/Y 2018 2019 2020
Sales growth (%) N/A N/A N/A
EBITDA growth (%) -91,1 -24,8 28,9
EBIT growth (%) -93,3 -28 27,7
Net profit growth (%) -94,2 -27,9 27,6
EPS growth (%) -61 76,4 27,6
Profitability 2018 2019 2020
ROE (%) -31,1 -33,9 -23,5
ROE Adj (%) -31,1 -33,9 -23,5
ROCE (%) -32,2 -30,7 -17
ROCE Adj(%) -32,2 -30,7 -17
ROIC (%) -30,6 -29,3 -16,3
ROIC Adj (%) -30,6 -29,3 -16,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj -10 -12 -8
EBITDA Adj margin (%) N/A N/A -35,7
EBITA Adj -10 -12 -9
EBITA Adj margin (%) N/A N/A -37,8
EBIT Adj -10 -12 -9
EBIT Adj margin (%) N/A N/A -37,8
Pretax profit Adj -10 -13 -9
Net profit Adj -10 -13 -9
Net profit to shareholders Adj -10 -13 -9
Net Adj margin (%) N/A N/A -38
SEKm 2018 2019e 2020e
EBITDA -10 -12 -8
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -10 -12 -9
Change in WC 2 -1 -2
Operating cash flow -7 -13 -11
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -12 -12 -12
Acquisitions and disposals 0 0 0
Free cash flow -19 -24 -22
Dividend paid 0 0 0
Share issues and buybacks 0 25 0
Other non cash items 8 1 0
Decrease in net IB debt -11 1 -22
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 37 37 37
Definite intangible assets 0 11 22
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 37 48 60
Inventories 0 0 1
Receivables 1 0 3
Other current assets 1 0 0
Cash and liquid assets 0 1 -21
Total assets 39 50 42
Shareholders equity 31 43 34
Minority 0 0 0
Total equity 31 43 34
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 5 5 5
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 2 0 1
Other current liabilities 2 2 3
Total liabilities and equity 28 35 39
Net IB debt 4 3 26
Net IB debt excl. pension debt 4 3 26
Capital invested 37 48 62
Working capital -1 0 2
EV breakdown 2018 2019 2020
Market cap. diluted (m) 12 39 39
Net IB debt Adj 4 3 26
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 16 42 65
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 0 0 51,6
Capital invested turnover (%) 0 0 43,2
Capital employed turnover (%) 0 0 44,9
Inventories / sales (%) N/A N/A 2
Customer advances / sales (%) N/A N/A 1
Payables / sales (%) N/A N/A 2,5
Working capital / sales (%) N/A N/A 4,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 14,2 7,4 75,2
Net debt / market cap (%) 13,6 8,2 65,7
Equity ratio (%) 78 86,5 80,2
Net IB debt adj. / equity (%) 14,2 7,4 75,2
Current ratio (%) 48,6 64,7 -450
EBITDA / net interest (%) -19524,8 -24357,5 -17312
Net IB debt / EBITDA (%) -45,3 -26,8 -301,2
Interest cover (%) -19835,9 -25395,3 -18357,6
SEKm 2018 2019e 2020e
P/E -1,2 -3,1 -4,3
EV/sales N/A N/A 2,71
EV/EBITDA -1,7 -3,5 -7,6
EV/EBITA -1,7 -3,4 -7,2
EV/EBIT -1,7 -3,4 -7,2
Dividend yield (%) 0 0 0
FCF yield (%) -157,7 -62,6 -57,5
P/BVPS 0,4 0,9 1,14
P/BVPS Adj 0,4 1,22 3,36
P/E Adj -1,2 -3,1 -4,3
EV/EBITDA Adj -1,7 -3,5 -7,6
EV/EBITA Adj -1,7 -3,4 -7,2
EV/EBIT Adj -1,7 -3,4 -7,2
EV/cap. employed 0,5 0,9 1,1
Investment ratios 2018 2019 2020
Capex / sales N/A N/A 49,1
Capex / depreciation 7662,7 2296,8 2279,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A 104,3 52,1
Depreciation on intangibles / definite intangibles N/A 4,3 2,1
Depreciation on tangibles / tangibles 956,5 -220,9 -71,4
Shares outstanding adj. 2 12 12
Fully diluted shares Adj 2 12 12
EPS -4,42 -1,04 -0,76
Dividend per share Adj 0 0 0
EPS Adj -4,42 -1,04 -0,76
BVPS 13,83 3,6 2,84
BVPS Adj 13,83 2,66 0,97
Net IB debt / share 2 0,3 2,1
Share price 14,39 3,25 3,25
Market cap. (m) 32 39 39
Valuation 2018 2019 2020

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Main shareholders

QuickCool

Main shareholders Share capital % Voting shares % Verified
Parkallen Invest AB 25.6 % 25.6 %
Mats Danielsson 7.3 % 7.3 %
Avanza Pension 6.6 % 6.6 %
Tadeusz Wojciech Wieloch 3.9 % 3.9 %
Fredrik Lindblad 3.8 % 3.8 %
Rita Löfgren 2.7 % 2.7 %
Nordnet Pensionsförsäkring 2.7 % 2.7 %
Henrik Gustafsson 2.3 % 2.3 %
Fredrik Radencrantz 1.6 % 1.6 %
Kourosh Hemmati 1.4 % 1.4 %