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Biovica

SEKm 2018 2019e 2020e
Sales 3 4 36
Sales growth (%) 9,6 37,4 768,9
EBITDA -21 -14 1
EBITDA margin (%) -693,5 -329,8 3
EBIT adj -24 -18 -5
EBIT adj margin (%) -801,1 -439,5 -14,9
Pretax profit -24 -18 -6
EPS rep -1,32 -0,76 -0,24
EPS growth (%) -29,1 42,2 68,8
EPS adj -1,32 -0,76 -0,24
DPS 0 0 0
EV/EBITDA (x) -6,6 -17,3 230,1
EV/EBIT adj (x) -5,7 -13 -46,5
P/E (x) -6,3 -16,2 -51,8
P/E adj (x) -6,3 -16,2 -51,8
EV/sales (x) 46 57 6,9
FCF yield (%) -21,3 -6,8 -3,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 4,3 -40,5
SEKm 2018 2019e 2020e
Sales 3 4 36
COGS 0 0 0
Gross profit 3 4 36
Other operating items -24 -18 -35
EBITDA -21 -14 1
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -5 -6
EBITA -24 -18 -5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -24 -18 -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 -24 -18 -6
Tax 0 0 0
Net profit -24 -18 -6
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -24 -18 -6
EPS -1,32 -0,76 -0,24
EPS Adj -1,32 -0,76 -0,24
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 3
EBITA margin (%) -801,1 -439,5 -14,9
EBIT margin (%) -801,1 -439,5 -14,9
Pretax margin (%) -811,8 -439,5 -15,8
Net margin (%) -812,9 -439,5 -15,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 9,6 37,4 768,9
EBITDA growth (%) -36 34,7 108
EBIT growth (%) -33,2 24,6 70,5
Net profit growth (%) -34,7 25,7 68,8
EPS growth (%) -29,1 42,2 68,8
Profitability 2018 2019 2020
ROE (%) -38,6 -24,7 -6,2
ROE Adj (%) -38,6 -24,7 -6,2
ROCE (%) -38 -24,7 -5,8
ROCE Adj(%) -38 -24,7 -5,8
ROIC (%) -61,4 -40,2 -10,6
ROIC Adj (%) -61,4 -40,2 -10,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj -21 -14 1
EBITDA Adj margin (%) -693,5 -329,8 3
EBITA Adj -24 -18 -5
EBITA Adj margin (%) -801,1 -439,5 -14,9
EBIT Adj -24 -18 -5
EBIT Adj margin (%) -801,1 -439,5 -14,9
Pretax profit Adj -24 -18 -6
Net profit Adj -24 -18 -6
Net profit to shareholders Adj -24 -18 -6
Net Adj margin (%) -812,9 -439,5 -15,8
SEKm 2018 2019e 2020e
EBITDA -21 -14 1
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 1
Change in WC -4 2 -3
Operating cash flow -26 -11 -2
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 -10
Dividend paid 0 0 0
Share issues and buybacks 0 60 0
Other non cash items 8 0 -4
Decrease in net IB debt -25 41 -14
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 5
Receivables 2 3 23
Other current assets 1 0 0
Cash and liquid assets 17 57 43
Total assets 61 107 123
Shareholders equity 52 94 88
Minority 0 0 0
Total equity 52 94 88
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 7
Other current liabilities 8 12 27
Total liabilities and equity 97 81 61
Net IB debt -17 -58 -44
Net IB debt excl. pension debt -17 -58 -44
Capital invested 43 46 54
Working capital 3 0 3
EV breakdown 2018 2019 2020
Market cap. diluted (m) 154 291 291
Net IB debt Adj -17 -58 -44
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 137 234 248
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 4,2 4,9 31
Capital invested turnover (%) 7,6 9,2 70,8
Capital employed turnover (%) 4,7 5,6 39
Inventories / sales (%) 14,2 12,4 7,8
Customer advances / sales (%) 51 25 27,9
Payables / sales (%) 16,9 10 11,2
Working capital / sales (%) 14,1 36,8 5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,3 -61,2 -49,3
Net debt / market cap (%) -9,3 -19,8 -15
Equity ratio (%) 85,6 88,3 71,9
Net IB debt adj. / equity (%) -32,3 -61,2 -49,3
Current ratio (%) 256,1 487 207,4
EBITDA / net interest (%) -6530 0 358,5
Net IB debt / EBITDA (%) 81,3 425,5 -4052
Interest cover (%) -7543,8 N/A -1774,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 18 24 24
Fully diluted shares Adj 18 24 24
EPS -1,32 -0,76 -0,24
Dividend per share Adj 0 0 0
EPS Adj -1,32 -0,76 -0,24
BVPS 2,84 3,99 3,75
BVPS Adj 0,77 2,14 1,72
Net IB debt / share -0,9 -2,4 -1,8
Share price 9,88 12,35 12,35
Market cap. (m) 181 291 291
Valuation 2018 2019 2020
P/E -6,3 -16,2 -51,8
EV/sales 45,98 56,98 6,95
EV/EBITDA -6,6 -17,3 230,1
EV/EBITA -5,7 -13 -46,5
EV/EBIT -5,7 -13 -46,5
Dividend yield (%) 0 0 0
FCF yield (%) -21,3 -6,8 -3,6
P/BVPS 2,96 3,09 3,29
P/BVPS Adj 10,86 5,76 7,2
P/E Adj -6,3 -16,2 -51,8
EV/EBITDA Adj -6,6 -17,3 230,1
EV/EBITA Adj -5,7 -13 -46,5
EV/EBIT Adj -5,7 -13 -46,5
EV/cap. employed 2,6 2,5 2,8
Investment ratios 2018 2019 2020
Capex / sales 245,6 207,3 23,3
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