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Biovica

Biovica

SEKm 2019 2020e 2021e
Sales 2 4 36
Sales growth (%) -42,2 102,8 917,9
EBITDA -23 -40 2
EBITDA margin (%) -1324,9 -1150,6 4,8
EBIT adj -27 -47 -5
EBIT adj margin (%) -1564,4 -1333,4 -14,9
Pretax profit -27 -47 -5
EPS rep -0,48 -1,99 -0,22
EPS growth (%) 64,1 -319 88,7
EPS adj -0,48 -1,99 -0,22
DPS 0 0 0
EV/EBITDA (x) -11,4 -7,8 184
EV/EBIT adj (x) -9,7 -6,7 -59
P/E (x) -27,3 -6,5 -57,8
P/E adj (x) -27,3 -6,5 -57,8
EV/sales (x) 151,6 89,6 8,8
FCF yield (%) -4 -16 -3,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2 -0,2 3,7
SEKm 2019 2020e 2021e
Sales 2 4 36
COGS 0 0 0
Gross profit 2 4 36
Other operating items -25 -44 -34
EBITDA -23 -40 2
Depreciation on tangibles 0 0 0
Depreciation on intangibles -4 -6 -7
EBITA -27 -47 -5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -27 -47 -5
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 -27 -47 -5
Tax 0 0 0
Net profit -27 -47 -5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -27 -47 -5
EPS -0,48 -1,99 -0,22
EPS Adj -0,48 -1,99 -0,22
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -1324,9 -1150,6 4,8
EBITA margin (%) -1564,4 -1333,4 -14,9
EBIT margin (%) -1564,4 -1333,4 -14,9
Pretax margin (%) -1561,7 -1342 -14,9
Net margin (%) -1561,7 -1342 -14,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -42,2 102,8 917,9
EBITDA growth (%) -10,5 -76,1 104,2
EBIT growth (%) -12,9 -72,8 88,6
Net profit growth (%) -11,1 -74,3 88,7
EPS growth (%) 64,1 -319 88,7
Profitability 2019 2020 2021
ROE (%) -40,3 -80,5 -16,5
ROE Adj (%) -40,3 -80,5 -16,5
ROCE (%) -40,3 -80 -16,5
ROCE Adj(%) -40,3 -80 -16,5
ROIC (%) -73,7 -118 -13,4
ROIC Adj (%) -73,7 -118 -13,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj -23 -40 2
EBITDA Adj margin (%) -1324,9 -1150,6 4,8
EBITA Adj -27 -47 -5
EBITA Adj margin (%) -1564,4 -1333,4 -14,9
EBIT Adj -27 -47 -5
EBIT Adj margin (%) -1564,4 -1333,4 -14,9
Pretax profit Adj -27 -47 -5
Net profit Adj -27 -47 -5
Net profit to shareholders Adj -27 -47 -5
Net Adj margin (%) -1561,7 -1342 -14,9
SEKm 2019 2020e 2021e
EBITDA -23 -40 2
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -23 -41 2
Change in WC 5 0 -3
Operating cash flow -21 -41 -1
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -9 -8 -9
Acquisitions and disposals 0 0 0
Free cash flow -29 -49 -10
Dividend paid 0 0 0
Share issues and buybacks 57 0 0
Other non cash items 0 -3 10
Decrease in net IB debt 28 -52 1
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 44 48 40
Tangible fixed assets 3 3 3
Other fixed assets 0 0 0
Fixed assets 47 51 43
Inventories 0 0 5
Receivables 1 2 23
Other current assets 0 0 0
Cash and liquid assets 45 -7 -6
Total assets 93 47 65
Shareholders equity 82 35 30
Minority 0 0 0
Total equity 82 35 30
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 1
Short-term debt 0 0 0
Accounts payable 0 1 7
Other current liabilities 10 11 27
Total liabilities and equity 93 47 65
Net IB debt -45 7 6
Net IB debt excl. pension debt -45 7 6
Capital invested 37 42 37
Working capital -9 -9 -6
EV breakdown 2019 2020 2021
Market cap. diluted (m) 306 306 306
Net IB debt Adj -45 7 6
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 262 314 313
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 2,2 5 63,6
Capital invested turnover (%) 4,7 8,9 90,4
Capital employed turnover (%) 2,6 6 110,6
Inventories / sales (%) 19,9 10,5 7,7
Customer advances / sales (%) 25 37,3 27,5
Payables / sales (%) 10 14,9 11
Working capital / sales (%) -406,7 -266,9 -21,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -54,7 20,4 21,4
Net debt / market cap (%) -17,2 2,3 2,1
Equity ratio (%) 88,4 74,3 45,4
Net IB debt adj. / equity (%) -54,7 20,4 21,4
Current ratio (%) 426 -37,5 62,8
EBITDA / net interest (%) -48655,3 -13423,6 0
Net IB debt / EBITDA (%) 195,6 -17,7 371,5
Interest cover (%) 57451,1 -15556,7 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS -0,48 -1,99 -0,22
Dividend per share Adj 0 0 0
EPS Adj -0,48 -1,99 -0,22
BVPS 3,47 1,48 1,25
BVPS Adj 1,63 -0,56 -0,44
Net IB debt / share -1,9 0,3 0,3
Share price 11,03 13 13
Market cap. (m) 260 306 306
Valuation 2019 2020 2021
P/E -27,3 -6,5 -57,8
EV/sales 151,64 89,59 8,78
EV/EBITDA -11,4 -7,8 184
EV/EBITA -9,7 -6,7 -59
EV/EBIT -9,7 -6,7 -59
Dividend yield (%) 0 0 0
FCF yield (%) -4 -16 -3,4
P/BVPS 3,75 8,79 10,37
P/BVPS Adj 8 -23,31 -29,34
P/E Adj -27,3 -6,5 -57,8
EV/EBITDA Adj -11,4 -7,8 184
EV/EBITA Adj -9,7 -6,7 -59
EV/EBIT Adj -9,7 -6,7 -59
EV/cap. employed 3,2 9 10,6
Investment ratios 2019 2020 2021
Capex / sales 492,5 237,1 26,1
Capex / depreciation 205,6 129,7 132,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 19,5 17,3 23,3
Depreciation on intangibles / definite intangibles 9,5 13,3 17,5
Depreciation on tangibles / tangibles 0 0 0