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Biovica

Biovica

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -8,9 -3,7 -2,6
Lease adj. ND/EBITDA 1,6 4,2 5,3
Sales 2 2 39
Sales growth (%) -44 24,3 1777,7
EBITDA -26 -34 -21
EBITDA margin (%) -1537,6 -1638,9 -53,8
EBIT adj -30 -40 -28
EBIT adj margin (%) -1787,3 -1934,6 -71,8
Pretax profit -30 -39 -28
EPS rep -1,29 -1,4 -0,99
EPS growth (%) 2,6 -8,4 29,1
EPS adj -1,29 -1,4 -0,99
DPS 0 0 0
EV/EBITDA (x) -12,7 -29,6 -58,2
EV/EBIT adj (x) -10,9 -25,1 -43,6
P/E (x) -12 -29,1 -47,8
P/E adj (x) -12 -29,1 -47,8
EV/sales (x) 195,2 485 31,3
FCF yield (%) -8,6 -3,6 -2,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,5 4,2 5,5
SEKm 2020 2021e 2022e
Leasing payments -1 -1 -1
Depreciation and amortisation -4 -6 -7
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -26 -35 -22
EBITDA lease Adj margin (%) -1537,6 -1688,9 -56,8
Sales 2 2 39
COGS 0 0 -6
Gross profit 2 2 34
Other operating items -27 -36 -55
EBITDA -26 -34 -21
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -4 -6
EBITA -30 -40 -28
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -30 -40 -28
Other financial items 0 0 0
Net financial items 0 1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -30 -39 -28
Tax 0 0 0
Net profit -30 -39 -28
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -39 -28
EPS -1,29 -1,4 -0,99
EPS Adj -1,29 -1,4 -0,99
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,2 0,2 0
Gross margin (%) 100 82,3 85,9
EBITDA margin (%) -1537,6 -1638,9 -53,8
EBITA margin (%) -1787,3 -1934,6 -71,8
EBIT margin (%) -1787,3 -1934,6 -71,8
Pretax margin (%) -1813,8 -1896,3 -71,8
Net margin (%) -1817,3 -1900,9 -71,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -44 24,3 1777,7
EBITDA growth (%) -24,1 -32,5 38,3
EBIT growth (%) -24,9 -34,5 30,3
Net profit growth (%) -25,1 -30 29,1
EPS growth (%) 2,6 -8,4 29,1
Profitability 2020 2021 2022
ROE (%) -46,6 -30,3 -16,6
ROE Adj (%) -46,6 -30,3 -16,6
ROCE (%) -45,1 -29,6 -16,4
ROCE Adj(%) -45,1 -29,6 -16,4
ROIC (%) -78,9 -101,5 -69,7
ROIC Adj (%) -78,9 -101,5 -69,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj -26 -34 -21
EBITDA Adj margin (%) -1537,6 -1638,9 -53,8
EBITA Adj -30 -40 -28
EBITA Adj margin (%) -1787,3 -1934,6 -71,8
EBIT Adj -30 -40 -28
EBIT Adj margin (%) -1787,3 -1934,6 -71,8
Pretax profit Adj -30 -39 -28
Net profit Adj -30 -39 -28
Net profit to shareholders Adj -30 -39 -28
Net Adj margin (%) -1817,3 -1900,9 -71,8
SEKm 2020 2021e 2022e
Lease liability amortisation -1 -1 -1
Other intangible assets 43 42 40
Right-of-use asset 3 2 3
Total other fixed assets 1 0 0
Leasing liability 2 2 2
Total other long-term liabilities 1 0 1
Net IB debt excl. leasing -42 -146 -118
Net IB debt / EBITDA lease Adj (%) 161,6 415,8 532,6
EBITDA -26 -34 -21
Net financial items 0 1 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -26 -33 -21
Change in WC 2 0 -3
Operating cash flow -24 -34 -24
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -7 -8 -9
Acquisitions and disposals 0 0 0
Free cash flow -31 -42 -33
Dividend paid 0 0 0
Share issues and buybacks 57 140 0
Other non cash items -2 9 3
Decrease in net IB debt -25 22 96
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 38 43 48
Tangible fixed assets 1 1 3
Other fixed assets 0 1 0
Fixed assets 48 45 47
Inventories 0 1 5
Receivables 0 0 25
Other current assets 1 1 0
Cash and liquid assets 41 145 118
Total assets 90 193 195
Shareholders equity 78 183 155
Minority 0 0 0
Total equity 78 183 155
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 1 1
Other long-term liabilities 1 0 0
Short-term debt 0 0 0
Accounts payable 0 0 8
Other current liabilities 9 7 29
Total liabilities and equity 90 193 195
Net IB debt -39 -143 -115
Net IB debt excl. pension debt -39 -143 -115
Capital invested 40 40 41
Working capital -8 -5 -6
EV breakdown 2020 2021 2022
Market cap. diluted (m) 365 1151 1337
Net IB debt Adj -39 -143 -115
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 326 1007 1222
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 2,2 1,5 20,1
Capital invested turnover (%) 8,8 4,4 4,4
Capital employed turnover (%) 4,7 2,5 1,4
Inventories / sales (%) 14,2 25,2 17,4
Customer advances / sales (%) 0 0 25
Payables / sales (%) 0 0 10
Working capital / sales (%) -363,6 -306,7 -14,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -50,2 -78,5 -74,7
Net debt / market cap (%) -13,4 -14,5 -8,6
Equity ratio (%) 86,7 94,8 79,1
Net IB debt adj. / equity (%) -50,2 -78,5 -74,7
Current ratio (%) 466,9 2071,5 402,9
EBITDA / net interest (%) -5786,9 -4281,6 0
Net IB debt / EBITDA (%) 152,8 421,4 550
Interest cover (%) -6726,4 -65543,3 0
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -8,9 -3,7 -2,6
Shares outstanding adj. 24 28 28
Fully diluted shares Adj 24 28 28
EPS -1,29 -1,4 -0,99
Dividend per share Adj 0 0 0
EPS Adj -1,29 -1,4 -0,99
BVPS 3,32 6,46 5,47
BVPS Adj 1,51 4,98 4,06
Net IB debt / share -1,7 -5,1 -4,1
Share price 12,46 35,05 47,3
Market cap. (m) 294 991 1337
Valuation 2020 2021 2022
P/E -12 -29,1 -47,8
EV/sales 195,18 484,97 31,33
EV/EBITDA -12,7 -29,6 -58,2
EV/EBITA -10,9 -25,1 -43,6
EV/EBIT -10,9 -25,1 -43,6
Dividend yield (%) 0 0 0
FCF yield (%) -8,6 -3,6 -2,5
P/BVPS 4,67 6,3 8,65
P/BVPS Adj 10,28 8,17 11,66
P/E Adj -12 -29,1 -47,8
EV/EBITDA Adj -12,7 -29,6 -58,2
EV/EBITA Adj -10,9 -25,1 -43,6
EV/EBIT Adj -10,9 -25,1 -43,6
EV/cap. employed 4,1 5,4 7,8
Investment ratios 2020 2021 2022
Capex / sales 421 399,6 23,8
Capex / depreciation 168,7 135,1 132,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 16,5 19,8 23,3
Depreciation on intangibles / definite intangibles 9,8 14,7 17,5
Depreciation on tangibles / tangibles 0 0 0