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Biovica

Biovica

SEKm 2019 2020e 2021e
Sales 4 5 36
Sales growth (%) 37,4 22 612,5
EBITDA -14 -30 2
EBITDA margin (%) -329,8 -590 4,8
EBIT adj -18 -36 -5
EBIT adj margin (%) -439,5 -718 -14,9
Pretax profit -18 -36 -5
EPS rep -0,76 -1,54 -0,22
EPS growth (%) 42,2 -100,9 85,4
EPS adj -0,76 -1,54 -0,22
DPS 0 0 0
EV/EBITDA (x) -26,8 -13,7 236,9
EV/EBIT adj (x) -20,1 -11,2 -76
P/E (x) -23,1 -11,5 -78,5
P/E adj (x) -23,1 -11,5 -78,5
EV/sales (x) 88,3 80,7 11,3
FCF yield (%) -4,7 -9,2 -2,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4 0,4 -7,9
SEKm 2019 2020e 2021e
Sales 4 5 36
COGS 0 0 0
Gross profit 4 5 36
Other operating items -18 -35 -34
EBITDA -14 -30 2
Depreciation on tangibles 0 0 0
Depreciation on intangibles -5 -6 -7
EBITA -18 -36 -5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -18 -36 -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 -18 -36 -5
Tax 0 0 0
Net profit -18 -36 -5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 -36 -5
EPS -0,76 -1,54 -0,22
EPS Adj -0,76 -1,54 -0,22
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -329,8 -590 4,8
EBITA margin (%) -439,5 -718 -14,9
EBIT margin (%) -439,5 -718 -14,9
Pretax margin (%) -439,5 -724 -14,9
Net margin (%) -439,5 -724 -14,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 37,4 22 612,5
EBITDA growth (%) 34,7 -118,2 105,8
EBIT growth (%) 24,6 -99,2 85,2
Net profit growth (%) 25,7 -100,9 85,4
EPS growth (%) 42,2 -100,9 85,4
Profitability 2019 2020 2021
ROE (%) -25,2 -49,8 -10,2
ROE Adj (%) -25,2 -49,8 -10,2
ROCE (%) -25,2 -49,4 -10,2
ROCE Adj(%) -25,2 -49,4 -10,2
ROIC (%) -49,5 -91,3 -13,4
ROIC Adj (%) -49,5 -91,3 -13,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj -14 -30 2
EBITDA Adj margin (%) -329,8 -590 4,8
EBITA Adj -18 -36 -5
EBITA Adj margin (%) -439,5 -718 -14,9
EBIT Adj -18 -36 -5
EBIT Adj margin (%) -439,5 -718 -14,9
Pretax profit Adj -18 -36 -5
Net profit Adj -18 -36 -5
Net profit to shareholders Adj -18 -36 -5
Net Adj margin (%) -439,5 -724 -14,9
SEKm 2019 2020e 2021e
EBITDA -14 -30 2
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -14 -30 2
Change in WC 5 0 -3
Operating cash flow -11 -30 -1
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -9 -8 -9
Acquisitions and disposals 0 0 0
Free cash flow -20 -38 -10
Dividend paid 0 0 0
Share issues and buybacks 57 0 0
Other non cash items 0 -4 10
Decrease in net IB debt 37 -42 1
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 44 48 40
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2 3 3
Other fixed assets 0 0 0
Fixed assets 46 51 43
Inventories 1 1 5
Receivables 3 3 23
Other current assets 0 0 0
Cash and liquid assets 54 12 13
Total assets 103 68 85
Shareholders equity 91 55 49
Minority 0 0 0
Total equity 91 55 49
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 1 1 7
Other current liabilities 12 12 27
Total liabilities and equity 81 61 103
Net IB debt -54 -12 -13
Net IB debt excl. pension debt -54 -12 -13
Capital invested 37 42 37
Working capital -9 -9 -6
EV breakdown 2019 2020 2021
Market cap. diluted (m) 416 416 416
Net IB debt Adj -54 -12 -13
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 362 404 403
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 5 5,9 46,7
Capital invested turnover (%) 11,3 12,7 90,2
Capital employed turnover (%) 5,7 6,9 68,6
Inventories / sales (%) 12,4 12,7 8
Customer advances / sales (%) 25 45,5 28,5
Payables / sales (%) 10 18,2 11,4
Working capital / sales (%) -168,6 -183,3 -21,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -59,7 -22,8 -27,2
Net debt / market cap (%) -20,9 -3 -3,2
Equity ratio (%) 87,9 80,7 58,1
Net IB debt adj. / equity (%) -59,7 -22,8 -27,2
Current ratio (%) 460,5 124,3 119,9
EBITDA / net interest (%) 0 -9833,6 0
Net IB debt / EBITDA (%) 401,1 42,2 -788,7
Interest cover (%) N/A -11966,7 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS -0,76 -1,54 -0,22
Dividend per share Adj 0 0 0
EPS Adj -0,76 -1,54 -0,22
BVPS 3,85 2,32 2,09
BVPS Adj 2 0,28 0,39
Net IB debt / share -2,3 -0,5 -0,6
Share price 11,03 17,65 17,65
Market cap. (m) 260 416 416
Valuation 2019 2020 2021
P/E -23,1 -11,5 -78,5
EV/sales 88,25 80,72 11,3
EV/EBITDA -26,8 -13,7 236,9
EV/EBITA -20,1 -11,2 -76
EV/EBIT -20,1 -11,2 -76
Dividend yield (%) 0 0 0
FCF yield (%) -4,7 -9,2 -2,5
P/BVPS 4,58 7,62 8,44
P/BVPS Adj 8,8 63,26 44,85
P/E Adj -23,1 -11,5 -78,5
EV/EBITDA Adj -26,8 -13,7 236,9
EV/EBITA Adj -20,1 -11,2 -76
EV/EBIT Adj -20,1 -11,2 -76
EV/cap. employed 4 7,4 8,2
Investment ratios 2019 2020 2021
Capex / sales 207,3 166 26,1
Capex / depreciation 188,9 129,7 132,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0