Press the button and be introduced to a new random company!

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

Hoylu

Digital tools for all teams

Hoylu offers software, entry tools and screens for creative coordination regardless of the physical position of the companions. The solutions connect analog and digital working methods and aim to ease collaboration. Hence, the products can include several different people with various competencies in the creativity process. Hoylu’s primary markets are Europe and the US, but the company also has some presence in Asia through retailers.

Hoylu operates in the rapidly growing market of digitalization within enterprises. By improving processes for how people present and create ideas, and coordinate, it is targeting a global market. Data shows there are 640,000+ companies with 50+ employees in Hoylu’s biggest markets. Hence, there is huge growth potential if Hoylu can gain share in this market. There is also potential for increased margins due to improved product mix, i.e. higher share of software. This could result in scalability for the company.

We see three risks for Hoylu: 1) Large customers with long sales cycles. Hence, it is usually an extensive process to commercialize to new customers. It could also be challenging for a small player targeting bigger companies. 2) Risk of competition. There is a risk that larger players, with more financial resources, will try to establish themselves in Hoylu’s niche. 3) Financial position until break-even. Hoylu may require additional capital injections in order to become cash flow positive.

SEKm 2018 2019e 2020e
Sales 33 39 46
Sales growth (%) 22,5 17,8 17,5
EBITDA -19 -15 -12
EBITDA margin (%) -56,3 -38,2 -25,3
EBIT adj -26 -21 -17
EBIT adj margin (%) -78,5 -52,1 -37,4
Pretax profit -28 -24 -21
EPS rep -1,98 -1,31 -0,95
EPS growth (%) 10,9 33,9 27,3
EPS adj -1,98 -1,31 -0,95
DPS 0 0 0
EV/EBITDA (x) -5,3 -9,3 -14,4
EV/EBIT adj (x) -3,8 -6,8 -9,8
P/E (x) -2 -3,4 -4,7
P/E adj (x) -2 -3,4 -4,7
EV/sales (x) 3 3,5 3,6
FCF yield (%) -50,3 -34,2 -26,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -2,2 -3,3 -4,8
SEKm 2018 2019e 2020e
Sales 33 39 46
COGS -10 -12 -13
Gross profit 23 28 33
Other operating items -42 -43 -45
EBITDA -19 -15 -12
Depreciation on tangibles 0 0 0
Depreciation on intangibles -7 -6 -6
EBITA -26 -21 -17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -26 -21 -17
Other financial items 0 0 0
Net financial items -2 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -28 -24 -21
Tax 0 0 0
Net profit -28 -24 -21
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -28 -24 -21
EPS -1,98 -1,31 -0,95
EPS Adj -1,98 -1,31 -0,95
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,3 0 0
Gross margin (%) 69,3 70,5 71
EBITDA margin (%) -56,3 -38,2 -25,3
EBITA margin (%) -78,5 -52,1 -37,4
EBIT margin (%) -78,5 -52,1 -37,4
Pretax margin (%) -83,4 -61,8 -45,9
Net margin (%) -83,7 -61,8 -45,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 22,5 17,8 17,5
EBITDA growth (%) -1,3 20,1 22,1
EBIT growth (%) -22,1 21,8 15,7
Net profit growth (%) -27,2 13 12,7
EPS growth (%) 10,9 33,9 27,3
Profitability 2018 2019 2020
ROE (%) -161,3 -463,5 -873,8
ROE Adj (%) -161,3 -463,5 -873,8
ROCE (%) -58,5 -40,7 -31,1
ROCE Adj(%) -58,5 -40,7 -31,1
ROIC (%) -58,7 -40,7 -31,1
ROIC Adj (%) -58,7 -40,7 -31,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj -19 -15 -12
EBITDA Adj margin (%) -56,3 -38,2 -25,3
EBITA Adj -26 -21 -17
EBITA Adj margin (%) -78,5 -52,1 -37,4
EBIT Adj -26 -21 -17
EBIT Adj margin (%) -78,5 -52,1 -37,4
Pretax profit Adj -28 -24 -21
Net profit Adj -28 -24 -21
Net profit to shareholders Adj -28 -24 -21
Net Adj margin (%) -83,7 -61,8 -45,9
SEKm 2018 2019e 2020e
EBITDA -19 -15 -12
Net financial items -2 -4 -4
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -21 -19 -16
Change in WC -1 1 -1
Operating cash flow -18 -18 -17
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -10 -11 -10
Acquisitions and disposals 0 0 0
Free cash flow -28 -29 -27
Dividend paid 0 0 0
Share issues and buybacks 0 20 20
Other non cash items 2 0 0
Decrease in net IB debt -27 -9 -7
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 6 6 6
Indefinite intangible assets 0 0 0
Definite intangible assets 27 32 37
Tangible fixed assets 9 9 9
Other fixed assets 0 0 0
Fixed assets 42 47 52
Inventories 0 0 0
Receivables 16 16 18
Other current assets 0 0 0
Cash and liquid assets 0 7 5
Total assets 58 69 74
Shareholders equity 7 3 2
Minority 0 0 0
Total equity 7 3 2
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 0
Short-term debt 41 56 61
Accounts payable 9 10 11
Other current liabilities 0 0 0
Total liabilities and equity N/A 55 58
Net IB debt 41 50 57
Net IB debt excl. pension debt 41 50 57
Capital invested 48 53 59
Working capital 7 6 7
EV breakdown 2018 2019 2020
Market cap. diluted (m) 59 90 112
Net IB debt Adj 41 50 57
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 100 139 169
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 59,1 62,2 64,7
Capital invested turnover (%) 74,5 78 83,2
Capital employed turnover (%) 74,5 78 83,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,6 23,6 22,4
Working capital / sales (%) 18,2 15,9 13,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 549,6 1617,3 3161,2
Net debt / market cap (%) 52,2 55,4 50,6
Equity ratio (%) 12,9 4,4 2,4
Net IB debt adj. / equity (%) 549,6 1617,3 3161,2
Current ratio (%) 32 33,7 31,2
EBITDA / net interest (%) -1144,7 -395,2 -297,1
Net IB debt / EBITDA (%) -217 -329,8 -484,6
Interest cover (%) -1596,2 -539,5 -439
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 20 25
Fully diluted shares Adj 15 20 25
EPS -1,98 -1,31 -0,95
Dividend per share Adj 0 0 0
EPS Adj -1,98 -1,31 -0,95
BVPS 0,5 0,15 0,07
BVPS Adj -1,71 -1,76 -1,65
Net IB debt / share 2,8 2,5 2,3
Share price 5,27 4,51 4,51
Market cap. (m) 78 90 112
Valuation 2018 2019 2020
P/E -2 -3,4 -4,7
EV/sales 3 3,53 3,65
EV/EBITDA -5,3 -9,3 -14,4
EV/EBITA -3,8 -6,8 -9,8
EV/EBIT -3,8 -6,8 -9,8
Dividend yield (%) 0 0 0
FCF yield (%) -50,3 -34,2 -26,9
P/BVPS 7,98 29,2 62,45
P/BVPS Adj -2,34 -2,57 -2,74
P/E Adj -2 -3,4 -4,7
EV/EBITDA Adj -5,3 -9,3 -14,4
EV/EBITA Adj -3,8 -6,8 -9,8
EV/EBIT Adj -3,8 -6,8 -9,8
EV/cap. employed 2,1 2,6 2,9
Investment ratios 2018 2019 2020
Capex / sales 31,1 26,9 22,5
Capex / depreciation 140,1 192,7 186,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 39,3 33,2 28,1
Depreciation on intangibles / definite intangibles 28 17,2 15,1
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

View more media

Main shareholders

Hoylu

Main shareholders Share capital % Voting shares % Verified
Fougner Invest AS 19.8 % 19.8 % 31 Mar 2019
Edvin Austbø 6.5 % 6.5 % 31 Mar 2019
AS Forvaltning Standard 3.5 % 3.5 % 22 May 2018
Recall Capital Nordic AB 2.7 % 2.7 % 31 Mar 2019
Trellevika Invest AS 2.5 % 2.5 % 31 Mar 2019
Jørgen Evjen 2.4 % 2.4 % 31 Mar 2019
Markus Johansson 2.4 % 2.4 % 31 Mar 2019
Erik Just Johnsen 2.0 % 2.0 % 31 Mar 2019
Mats Lennart Andersson 1.5 % 1.5 % 31 Mar 2019
Petter Ericson 1.3 % 1.3 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Hoylu

Name Quantity Code Date
Jon August Ullmark + 380 BUY 26 Sep 2018
Jon August Ullmark + 1 500 BUY 26 Sep 2018
Jon August Ullmark + 1 983 BUY 25 Sep 2018
Jon August Ullmark + 2 000 BUY 24 Sep 2018
Jon August Ullmark + 2 000 BUY 20 Sep 2018
Jon August Ullmark + 1 500 BUY 10 Sep 2018
Jon August Ullmark + 546 BUY 7 Sep 2018
Jon August Ullmark + 4 000 BUY 30 Aug 2018
Jon August Ullmark + 2 000 BUY 17 Aug 2018
Jon August Ullmark + 2 000 BUY 10 Aug 2018

Show More