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Biovica

SEKm 2018 2019e 2020e
Sales 3 4 5
Sales growth (%) 9,6 37,4 22
EBITDA -21 -14 -30
EBITDA margin (%) -693,5 -329,8 -590
EBIT adj -24 -18 -36
EBIT adj margin (%) -801,1 -439,5 -718
Pretax profit -24 -18 -36
EPS rep -1,32 -0,76 -1,54
EPS growth (%) -29,1 42,2 -100,9
EPS adj -1,32 -0,76 -1,54
DPS 0 0 0
EV/EBITDA (x) -6,6 -16,2 -8,8
EV/EBIT adj (x) -5,7 -12,2 -7,3
P/E (x) -6,3 -15,2 -7,6
P/E adj (x) -6,3 -15,2 -7,6
EV/sales (x) 46 53,5 52,2
FCF yield (%) -21,3 -7,2 -14
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 4 0,4
SEKm 2018 2019e 2020e
Sales 3 4 5
COGS 0 0 0
Gross profit 3 4 5
Other operating items -24 -18 -35
EBITDA -21 -14 -30
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -5 -6
EBITA -24 -18 -36
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -24 -18 -36
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 -24 -18 -36
Tax 0 0 0
Net profit -24 -18 -36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -24 -18 -36
EPS -1,32 -0,76 -1,54
EPS Adj -1,32 -0,76 -1,54
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,1 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -693,5 -329,8 -590
EBITA margin (%) -801,1 -439,5 -718
EBIT margin (%) -801,1 -439,5 -718
Pretax margin (%) -811,8 -439,5 -724
Net margin (%) -812,9 -439,5 -724
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 9,6 37,4 22
EBITDA growth (%) -36 34,7 -118,2
EBIT growth (%) -33,2 24,6 -99,2
Net profit growth (%) -34,7 25,7 -100,9
EPS growth (%) -29,1 42,2 -100,9
Profitability 2018 2019 2020
ROE (%) -38,6 -25,2 -49,8
ROE Adj (%) -38,6 -25,2 -49,8
ROCE (%) -38 -25,2 -49,4
ROCE Adj(%) -38 -25,2 -49,4
ROIC (%) -61,4 -40,2 -73,4
ROIC Adj (%) -61,4 -40,2 -73,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj -21 -14 -30
EBITDA Adj margin (%) -693,5 -329,8 -590
EBITA Adj -24 -18 -36
EBITA Adj margin (%) -801,1 -439,5 -718
EBIT Adj -24 -18 -36
EBIT Adj margin (%) -801,1 -439,5 -718
Pretax profit Adj -24 -18 -36
Net profit Adj -24 -18 -36
Net profit to shareholders Adj -24 -18 -36
Net Adj margin (%) -812,9 -439,5 -724
SEKm 2018 2019e 2020e
EBITDA -21 -14 -30
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -21 -14 -30
Change in WC -4 2 0
Operating cash flow -26 -11 -30
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -7 -9 -8
Acquisitions and disposals 0 0 0
Free cash flow -33 -20 -38
Dividend paid 0 0 0
Share issues and buybacks 0 57 0
Other non cash items 2 0 -4
Decrease in net IB debt -25 37 -42
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 38 44 48
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 3 2 3
Other fixed assets 0 0 0
Fixed assets 41 46 51
Inventories 0 1 1
Receivables 2 3 3
Other current assets 1 0 0
Cash and liquid assets 17 54 12
Total assets 61 103 68
Shareholders equity 52 91 55
Minority 0 0 0
Total equity 52 91 55
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 1 0 0
Short-term debt 0 0 0
Accounts payable 0 1 1
Other current liabilities 8 12 12
Total liabilities and equity 97 81 61
Net IB debt -17 -54 -12
Net IB debt excl. pension debt -17 -54 -12
Capital invested 43 46 52
Working capital 3 0 0
EV breakdown 2018 2019 2020
Market cap. diluted (m) 154 273 273
Net IB debt Adj -17 -54 -12
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 137 219 261
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 4,2 5 5,9
Capital invested turnover (%) 7,6 9,2 10,2
Capital employed turnover (%) 4,7 5,7 6,9
Inventories / sales (%) 14,2 12,4 12,7
Customer advances / sales (%) 51 25 45,5
Payables / sales (%) 16,9 10 18,2
Working capital / sales (%) 14,1 36,8 8,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,3 -59,7 -22,8
Net debt / market cap (%) -9,3 -19,8 -4,6
Equity ratio (%) 85,6 87,9 80,7
Net IB debt adj. / equity (%) -32,3 -59,7 -22,8
Current ratio (%) 256,1 460,5 124,3
EBITDA / net interest (%) -6530 0 -9833,6
Net IB debt / EBITDA (%) 81,3 401,1 42,2
Interest cover (%) -7543,8 N/A -11966,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 18 24 24
Fully diluted shares Adj 18 24 24
EPS -1,32 -0,76 -1,54
Dividend per share Adj 0 0 0
EPS Adj -1,32 -0,76 -1,54
BVPS 2,84 3,85 2,32
BVPS Adj 0,77 2 0,28
Net IB debt / share -0,9 -2,3 -0,5
Share price 9,88 11,6 11,6
Market cap. (m) 181 273 273
Valuation 2018 2019 2020
P/E -6,3 -15,2 -7,6
EV/sales 45,98 53,47 52,2
EV/EBITDA -6,6 -16,2 -8,8
EV/EBITA -5,7 -12,2 -7,3
EV/EBIT -5,7 -12,2 -7,3
Dividend yield (%) 0 0 0
FCF yield (%) -21,3 -7,2 -14
P/BVPS 2,96 3,01 5,01
P/BVPS Adj 10,86 5,79 41,58
P/E Adj -6,3 -15,2 -7,6
EV/EBITDA Adj -6,6 -16,2 -8,8
EV/EBITA Adj -5,7 -12,2 -7,3
EV/EBIT Adj -5,7 -12,2 -7,3
EV/cap. employed 2,6 2,4 4,8
Investment ratios 2018 2019 2020
Capex / sales 245,6 207,3 166
Capex / depreciation 228,1 188,9 129,7
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