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Brighter

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 2014 2015 2016 2017 2018 2019 2020 2021e
Sales 0 0 0 0 0 0 5 52
Sales growth (%) N/A N/A N/A N/A N/A N/A N/A 1035
EBITDA -36 -27 -40 -50 -69 -77 -82 -76
EBITDA margin (%) N/A N/A N/A N/A N/A N/A -1782,6 -144,3
EBIT adj -36 -27 -40 -50 -69 -89 -95 -89
EBIT adj margin (%) N/A N/A N/A N/A N/A N/A -2044,5 -169
Pretax profit -36 -27 -36 -57 -80 -92 -97 -91
EPS rep 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
EPS growth (%) N/A N/A 0 -17,7 -15,5 1,2 -5 3,4
EPS adj 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
DPS 0 0 0 0 0 0 0 0
EV/EBITDA (x) 0,1 -6,4 -5,5 -13 -9,6 -9,4 -9,5 -11,1
EV/EBIT adj (x) 0,1 -6,4 -5,5 -13 -9,6 -8,1 -8,3 -9,5
P/E (x) N/A N/A -4 -7,6 -5,5 -5,6 -5,3 -5,5
P/E adj (x) N/A N/A -4 -7,6 -5,5 -5,6 -5,3 -5,5
EV/sales (x) N/A N/A N/A N/A N/A N/A 169,7 16
FCF yield (%) 0 0 -21,9 -11,4 -19 -10,7 -11,3 -10,2
Dividend yield (%) 0 0 0 0 0 0 0 0
Net IB debt/EBITDA 0,1 0 -0,1 0 -0,6 -0,6 -0,5 -0,3
SEKm 2014 2015 2016 2017 2018 2019 2020 2021e
Sales 0 0 0 0 0 0 5 52
COGS 0 0 -1 0 0 0 -2 -23
Gross profit 0 0 -1 0 0 0 3 30
Other operating items -36 -27 -39 -50 -69 -77 -85 -106
EBITDA -36 -27 -40 -50 -69 -77 -82 -76
Depreciation on tangibles 0 0 0 0 0 -2 -2 -3
Depreciation on intangibles 0 0 0 0 0 -10 -10 -10
EBITA -36 -27 -40 -50 -69 -89 -95 -89
Goodwill impairment charges 0 0 0 0 0 0 0 0
Other impairment and amortisation 0 0 0 0 0 0 0 0
EBIT -36 -27 -40 -50 -69 -89 -95 -89
Other financial items 0 0 0 -3 0 -2 -2 -2
Net financial items 0 0 0 -3 -6 -2 -2 -2
Associated income 0 0 4 -4 -4 0 0 0
Other EO items 0 0 0 0 0 0 0 0
Pretax profit -36 -27 -36 -57 -80 -92 -97 -91
Tax 0 0 0 0 0 0 0 0
Net profit -36 -27 -36 -57 -80 -92 -97 -91
Minority interest 0 0 0 0 0 0 0 0
Net profit discontinued 0 0 0 0 0 0 0 0
Net profit to shareholders -36 -27 -36 -57 -80 -92 -97 -91
EPS 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
EPS Adj 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
Total extraordinary items after tax 0 1 2 3 4 5 6 7
Tax rate (%) 0 0 0 0 0 0 0 0
Gross margin (%) N/A N/A N/A N/A N/A N/A 57 57
EBITDA margin (%) N/A N/A N/A N/A N/A N/A -1782,6 -144,3
EBITA margin (%) N/A N/A N/A N/A N/A N/A -2044,5 -169
EBIT margin (%) N/A N/A N/A N/A N/A N/A -2044,5 -169
Pretax margin (%) N/A N/A N/A N/A N/A N/A -2093,1 -173,1
Net margin (%) N/A N/A N/A N/A N/A N/A -2093,1 -173,1
Growth rates Y/Y 2014 2015 2016 2017 2018 2019 2020 2021
Sales growth (%) N/A N/A N/A N/A N/A N/A N/A 1035
EBITDA growth (%) 0 25,5 -48,8 -23,6 -39,5 -11,4 -6,7 8,1
EBIT growth (%) 0 25,5 -48,8 -23,6 -39,5 -28,7 -5,9 6,2
Net profit growth (%) 0 25,4 -34,4 -56,8 -39,5 -15 -5,8 6,1
EPS growth (%) N/A N/A 0 -17,7 -15,5 1,2 -5 3,4
Profitability 2014 2015 2016 2017 2018 2019 2020 2021
ROE (%) -724,8 -136,5 -88,5 -81,5 -81,9 -95,2 -121,8 -116,3
ROE Adj (%) -724,8 -136,5 -88,5 -81,5 -81,9 -95,2 -121,8 -116,3
ROCE (%) -1190,7 -147 -83,8 -80,8 -62,9 -65,5 -78,1 -80,1
ROCE Adj(%) -1190,7 -147 -83,8 -80,8 -62,9 -65,5 -78,1 -80,1
ROIC (%) -941,3 -205,5 -126,5 -75,7 -59 -63,5 -74,7 -75,2
ROIC Adj (%) -941,3 -205,5 -126,5 -75,7 -59 -63,5 -74,7 -75,2
Adj earnings numbers 2014 2015 2016 2017 2018 2019 2020 2021
EBITDA Adj -36 -27 -40 -50 -69 -77 -82 -76
EBITDA Adj margin (%) N/A N/A N/A N/A N/A N/A -1782,6 -144,3
EBITA Adj -36 -27 -40 -50 -69 -89 -95 -89
EBITA Adj margin (%) N/A N/A N/A N/A N/A N/A -2044,5 -169
EBIT Adj -36 -27 -40 -50 -69 -89 -95 -89
EBIT Adj margin (%) N/A N/A N/A N/A N/A N/A -2044,5 -169
Pretax profit Adj -36 -27 -36 -57 -80 -92 -97 -91
Net profit Adj -36 -27 -36 -57 -80 -92 -97 -91
Net profit to shareholders Adj -36 -27 -36 -57 -80 -92 -97 -91
Net Adj margin (%) N/A N/A N/A N/A N/A N/A -2093,1 -173,1
SEKm 2014 2015 2016 2017 2018 2019 2020 2021e
EBITDA -36 -27 -40 -50 -69 -77 -82 -76
Net financial items 0 0 0 -3 -6 -2 -2 -2
Paid tax 0 0 0 0 0 0 0 0
Non-cash items 30 15 31 35 34 2 2 2
Cash flow before change in WC -6 -12 -10 -18 -41 -77 -83 -76
Change in WC 1 5 -4 -7 -33 5 0 -3
Operating cash flow -4 -8 -14 -25 -74 -73 -83 -79
CAPEX tangible fixed assets 0 0 0 -5 -5 0 0 -4
CAPEX intangible fixed assets -15 -16 -23 -30 -25 0 0 0
Acquisitions and disposals 0 0 0 0 0 0 0 0
Free cash flow -20 -24 -37 -59 -104 -73 -84 -83
Dividend paid 0 0 0 0 0 0 0 0
Share issues and buybacks 32 22 38 8 35 70 85 100
Other non cash items -8 -2 -3 57 25 0 0 0
Decrease in net IB debt 4 -5 -2 5 -44 -3 1 17
Balance Sheet (SEKm) 2014 2015 2016 2017 2018 2019 2020 2021
Goodwill 0 0 0 0 0 0 0 0
Indefinite intangible assets 0 0 0 0 0 0 0 0
Definite intangible assets 9 24 47 77 103 93 83 73
Tangible fixed assets 1 0 0 5 9 6 5 6
Other fixed assets 0 13 16 3 1 1 1 1
Fixed assets 9 38 63 85 112 100 89 80
Inventories 0 0 0 0 7 5 5 7
Receivables 1 1 4 16 34 19 20 25
Other current assets 0 0 0 0 8 7 7 8
Cash and liquid assets 4 1 2 10 9 6 8 24
Total assets 14 40 69 111 171 138 129 145
Shareholders equity 10 30 53 87 107 85 74 83
Minority 0 0 0 0 0 0 0 0
Total equity 10 30 53 87 107 85 74 83
Long-term debt 0 2 0 0 42 42 42 42
Pension debt 0 0 0 0 0 0 0 0
Convertible debt 0 0 0 8 10 10 10 10
Deferred tax 0 0 0 0 0 0 0 0
Other long-term liabilities 0 0 0 0 0 0 0 0
Short-term debt 0 0 5 0 0 0 0 0
Accounts payable 2 7 6 11 4 -9 -8 -4
Other current liabilities 2 1 5 4 8 10 11 14
Total liabilities and equity 0 0 14 40 69 111 171 138
Net IB debt -4 1 3 -2 42 45 43 26
Net IB debt excl. pension debt -4 1 3 -2 42 45 43 26
Capital invested 8 19 45 86 149 132 121 115
Working capital -1 -6 -2 5 37 33 33 36
EV breakdown 2014 2015 2016 2017 2018 2019 2020 2021
Market cap. diluted (m) 0 185 234 653 626 681 741 812
Net IB debt Adj -4 1 3 -2 42 45 43 26
Market value of minority 0 0 0 0 0 0 0 0
Reversal of shares and participations 0 -13 -15 -3 0 0 0 0
Reversal of conv. debt assumed equity 0 0 0 0 0 0 0 0
EV -4 173 221 648 668 726 785 838
Capital efficiency (%) 2014 2015 2016 2017 2018 2019 2020 2021
Total assets turnover (%) 0 0 0 0 0 0 3,5 38,4
Capital invested turnover (%) 0 0 0 0 0 0 3,7 44,5
Capital employed turnover (%) 0 0 0 0 0 0 3,7 46,4
Inventories / sales (%) N/A N/A N/A N/A N/A N/A 111,6 11,5
Customer advances / sales (%) N/A N/A N/A N/A N/A N/A 0 0
Payables / sales (%) N/A N/A N/A N/A N/A N/A -185,2 -11,6
Working capital / sales (%) N/A N/A N/A N/A N/A N/A 712,9 65,8
Financial risk and debt service 2014 2015 2016 2017 2018 2019 2020 2021
Net debt / equity (%) -39,4 3,4 5,8 -2,3 39,2 52,2 59 32
Net debt / market cap (%) N/A 0,9 1,4 -0,5 6,2 6,5 5,9 3,3
Equity ratio (%) 71,2 74,5 76,4 78,5 62,7 61,9 57,3 57,2
Net IB debt adj. / equity (%) -39,4 3,4 5,8 -2,3 39,2 52,2 59 32
Current ratio (%) 120,4 24,5 37,2 170 492,9 5628,8 1307,8 647,7
EBITDA / net interest (%) -553663 -52976,5 -16890,3 -58470,6 -1164,4 -31804,7 -33211,6 -41005,4
Net IB debt / EBITDA (%) 10,9 -3,7 -7,5 4,1 -60,4 -57,7 -52,7 -34,9
Interest cover (%) -25622,8 -43072,2 -15883 -39728 -1155,9 -30065,7 -31839,5 -29847
SEKm 2014 2015 2016 2017 2018 2019 2020 2021e
Shares outstanding adj. 0 38 52 65 74 80 87 96
Fully diluted shares Adj 0 38 52 65 74 80 87 96
EPS 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
Dividend per share Adj 0 0 0 0 0 0 0 0
EPS Adj 0 0 -1,13 -1,33 -1,53 -1,51 -1,59 -1,54
BVPS 0 0,79 1,01 1,35 1,44 1,06 0,84 0,87
BVPS Adj 0 0,15 0,12 0,16 0,05 -0,1 -0,11 0,1
Net IB debt / share N/A 0 0,1 0 0,6 0,6 0,5 0,3
Share price 5,45 2,92 4,06 6,53 9,13 8,49 8,49 8,49
Market cap. (m) 0 110 211 424 679 681 741 812
Valuation 2014 2015 2016 2017 2018 2019 2020 2021
P/E N/A N/A -4 -7,6 -5,5 -5,6 -5,3 -5,5
EV/sales N/A N/A N/A N/A N/A N/A 169,68 15,97
EV/EBITDA 0,1 -6,4 -5,5 -13 -9,6 -9,4 -9,5 -11,1
EV/EBITA 0,1 -6,4 -5,5 -13 -9,6 -8,1 -8,3 -9,5
EV/EBIT 0,1 -6,4 -5,5 -13 -9,6 -8,1 -8,3 -9,5
Dividend yield (%) 0 0 0 0 0 0 0 0
FCF yield (%) 0 0 -21,9 -11,4 -19 -10,7 -11,3 -10,2
P/BVPS N/A 6,23 4,45 7,47 5,86 7,98 10,07 9,81
P/BVPS Adj N/A 33,1 39,04 61,62 156,95 -88,43 -76,71 87,36
P/E Adj N/A N/A -4 -7,6 -5,5 -5,6 -5,3 -5,5
EV/EBITDA Adj 0,1 -6,4 -5,5 -13 -9,6 -9,4 -9,5 -11,1
EV/EBITA Adj 0,1 -6,4 -5,5 -13 -9,6 -8,1 -8,3 -9,5
EV/EBIT Adj 0,1 -6,4 -5,5 -13 -9,6 -8,1 -8,3 -9,5
EV/cap. employed -0,7 5,6 4 7,6 4,5 5,6 6,7 7,7
Investment ratios 2014 2015 2016 2017 2018 2019 2020 2021
Capex / sales N/A N/A N/A N/A N/A N/A 10 8
Capex / depreciation N/A N/A N/A N/A N/A 0 3,8 32,4
Capex tangibles / tangible fixed assets 59,3 4,6 0 96,7 58,6 0 10,2 74,7
Capex intangibles / definite intangibles 180,4 68,1 49,3 39,4 24,3 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0 0 0 10,6 11,8 13,4
Depreciation on tangibles / tangibles 0 0 0 0 0 34,4 50,2 55,5

Equity research

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Media

Brighter - Interview with CEO Truls Sjöstedt (in Swedish)
Brighter - Company presentation with CEO Truls Sjöstedt (in Swedish)

Main shareholders - Brighter

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 13.1 % 13.1 %
Truls Sjöstedt 8.9 % 8.9 %
Michael Göran Erik Frantzén 7.1 % 7.1 %
Jonas Metzger 1.6 % 1.6 %
Minh Nguyen 1.6 % 1.6 %
Robert Mellin 1.3 % 1.3 %
Nordnet Pensionsförsäkring 1.2 % 1.2 %
Swedbank Försäkring 1.1 % 1.1 %
Henrik Norström 1.0 % 1.0 %
Emanuel Lipschütz 0.8 % 0.8 %

Insider list - Brighter

Name Quantity Code Date
Catarina Ihre + 50 000 BUY 22 Mar 2019
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 SUBS 30 Sep 2018

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