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Motion Display

Motion Display

Innovative in-store marketing

Motion Display operates in the fast-growing In-Store Marketing segment. This means marketing of a specific product inside a store, which is done either by the producer of the product, or by the store itself. The company offers its unique self-developed signs, which, through a flashing finesse, enhance the exposure of the products and thus makes them stand out. The displays are based on an extensive patent from electronic paper and the self-developed software. Motion Display’s biggest share of sales is generated from the US (85% 2017). The company has a well-known customer base, with clients such as Adidas, Bacardi and Scan.

Motion Display has recently taken the step from being a developing company to a fully commercialising company. Its unique technology has started to gain ground and sales have increased. This has resulted in several well-known reference customers, which can be used as the company attempts to take share in the enormous advertising business. The company currently generates most of its revenues from the US, but there is an opportunity to expand its offering to other markets in the future.

The main risks for Motion Display are: 1) It is a small company with limited resources, which can sometimes make it hard to gain ground at bigger enterprises. In addition, there is a risk of competition from larger players. 2) Volatile sales as the timing of individual larger orders can be irregular, which often has a big impact on sales q-o-q. 3) Due to its size, Motion Display is highly dependent on a small number of people.

SEKm 2020 2021e 2022e
Sales 32 25 33
Sales growth (%) 5,1 -22,6 35
EBITDA 2 -1 1
EBITDA margin (%) 5,2 -6,1 3,3
EBIT adj -1 -4 -2
EBIT adj margin (%) -4,4 -18 -5,8
Pretax profit -2 -5 -3
EPS rep -0,13 -0,38 -0,2
EPS growth (%) 62,6 -187,3 46,8
EPS adj -0,13 -0,38 -0,2
DPS 0 0 0
EV/EBITDA (x) 25,6 -19,5 29,9
EV/EBIT adj (x) -30,4 -6,6 -17,1
P/E (x) -24,3 -5,1 -9,6
P/E adj (x) -24,3 -5,1 -9,6
EV/sales (x) 1,3 1,2 1
FCF yield (%) 5,1 -11,2 -15,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,4 -3,3 7,9
Lease adj. FCF yield (%) 5,1 -11,2 -15,2
Lease adj. ND/EBITDA 1,4 -3,3 7,9
SEKm 2020 2021e 2022e
Sales 32 25 33
COGS -16 -12 -17
Gross profit 16 12 17
Other operating items -14 -14 -15
EBITDA 2 -1 1
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -3 -3
EBITA -1 -4 -2
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -1 -4 -2
Other financial items 0 0 0
Net financial items 0 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -2 -5 -3
Tax 0 0 0
Net profit -2 -5 -3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -2 -5 -3
EPS -0,13 -0,38 -0,2
EPS Adj -0,13 -0,38 -0,2
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 50,9 50,6 50
EBITDA margin (%) 5,2 -6,1 3,3
EBITA margin (%) -4,4 -18 -5,8
EBIT margin (%) -4,4 -18 -5,8
Pretax margin (%) -5,2 -19,2 -7,6
Net margin (%) -5,2 -19,2 -7,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 5,1 -22,6 35
EBITDA growth (%) 240,4 -190,1 173,5
EBIT growth (%) 66,4 -218,2 56,8
Net profit growth (%) 62,6 -187,3 46,8
EPS growth (%) 62,6 -187,3 46,8
Profitability 2020 2021 2022
ROE (%) -14,5 -57,7 -55,1
ROE Adj (%) -14,5 -57,7 -55,1
ROCE (%) -8,1 -25,4 -10,8
ROCE Adj(%) -8,1 -25,4 -10,8
ROIC (%) -9,5 -37,5 -16,8
ROIC Adj (%) -9,5 -37,5 -16,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 2 -1 1
EBITDA Adj margin (%) 5,2 -6,1 3,3
EBITA Adj -1 -4 -2
EBITA Adj margin (%) -4,4 -18 -5,8
EBIT Adj -1 -4 -2
EBIT Adj margin (%) -4,4 -18 -5,8
Pretax profit Adj -2 -5 -3
Net profit Adj -2 -5 -3
Net profit to shareholders Adj -2 -5 -3
Net Adj margin (%) -5,2 -19,2 -7,6
Depreciation and amortisation -3 -3 -3
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 2 -1 1
EBITDA lease Adj margin (%) 5,2 -6,1 3,3
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 2 -1 1
Net financial items 0 0 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 2 -2 0
Change in WC 2 2 -1
Operating cash flow 4 0 0
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -2 -3
Acquisitions and disposals 0 0 0
Free cash flow 2 -3 -4
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 2 -1 -2
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 8 8 8
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 9 8 8
Inventories 7 6 8
Receivables 8 3 4
Other current assets 1 2 3
Cash and liquid assets 3 8 5
Total assets 28 27 28
Shareholders equity 11 6 3
Minority 0 0 0
Total equity 11 6 3
Long-term debt 3 11 11
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 2 2 2
Accounts payable 6 4 6
Other current liabilities 6 4 5
Total liabilities and equity 28 27 28
Net IB debt 2 5 9
Net IB debt excl. pension debt 2 5 9
Capital invested 13 11 12
Working capital 4 3 3
EV breakdown 2020 2021 2022
Market cap. diluted (m) 40 24 24
Net IB debt Adj 2 5 9
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 42 29 33
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 114,1 89,2 119,9
Capital invested turnover (%) 217,5 251,3 276,8
Capital employed turnover (%) 184,7 213 241,9
Inventories / sales (%) 25,8 24,9 26,9
Customer advances / sales (%) 14,2 15,7 14,1
Payables / sales (%) 18,1 18,8 17
Working capital / sales (%) 16,6 13,5 9,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 21,5 85,3 260,8
Net debt / market cap (%) 7,6 20,6 35,8
Equity ratio (%) 38,2 21,2 11,9
Net IB debt adj. / equity (%) 21,6 85,4 261
Current ratio (%) 135,1 182,1 144,5
EBITDA / net interest (%) 649,6 -493,9 182,2
Net IB debt / EBITDA (%) 137,2 -333 787
Interest cover (%) -545,7 -1465,3 -317,9
Lease liability amortisation 0 0 0
Other intangible assets 8 8 8
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 2 5 9
Net IB debt / EBITDA lease Adj (%) 137,6 -333,5 787,6
SEKm 2020 2021e 2022e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS -0,13 -0,38 -0,2
Dividend per share Adj 0 0 0
EPS Adj -0,13 -0,38 -0,2
BVPS 0,85 0,47 0,27
BVPS Adj 0,2 -0,14 -0,36
Net IB debt / share 0,2 0,4 0,7
Share price 2,42 1,95 1,95
Market cap. (m) 30 24 24
Valuation 2020 2021 2022
P/E -24,3 -5,1 -9,6
EV/sales 1,33 1,18 0,99
EV/EBITDA 25,6 -19,5 29,9
EV/EBITA -30,4 -6,6 -17,1
EV/EBIT -30,4 -6,6 -17,1
Dividend yield (%) 0 0 0
FCF yield (%) 5,1 -11,2 -15,2
P/BVPS 3,8 4,14 7,29
P/BVPS Adj 16,17 -13,53 -5,36
P/E Adj -24,3 -5,1 -9,6
EV/EBITDA Adj 25,6 -19,5 29,9
EV/EBITA Adj -30,4 -6,6 -17,1
EV/EBIT Adj -30,4 -6,6 -17,1
EV/cap. employed 2,7 1,5 2
Investment ratios 2020 2021 2022
Capex / sales 5,8 10 9,7
Capex / depreciation 60,6 84 106,7
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 22,9 32,4 41,1
Depreciation on intangibles / definite intangibles 37,7 38,6 38,6
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 5,1 -11,2 -15,2

Equity research

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Media

Motion Display - Company presentation with CEO Anna Engholm (in Swedish)
Motion Display - Company presentation with CEO Anna Engholm

Main shareholders - Motion Display

Main shareholders Share capital % Voting shares % Verified
Erik Danielsson 25.5 % 25.5 % 31 Mar 2021
Fredrik Danielsson 8.1 % 8.1 % 30 Sep 2021
Anders Lundmark 8.1 % 8.1 % 30 Sep 2021
Nordea Liv & Pension 7.2 % 7.2 % 30 Sep 2021
Avanza Pension 6.5 % 6.5 % 30 Sep 2021
Magnus Lundberg 5.0 % 5.0 % 30 Sep 2021
Michael Pettersson 4.0 % 4.0 % 30 Sep 2021
Emje I Uppsala AB 3.4 % 3.4 % 30 Sep 2021
Artur Hedlund 2.1 % 2.1 % 30 Sep 2021
Anna Engholm 2.0 % 2.0 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Motion Display

Name Quantity Code Date
Anna Engholm + 25 000 Received loan 22 Jan 2020
John Nylander + 60 BUY 10 May 2019
John Nylander + 1 000 BUY 10 May 2019
John Nylander + 1 600 BUY 10 May 2019
John Nylander + 1 940 BUY 10 May 2019
Christian Strömlid + 2 000 BUY 11 May 2018
Per Hjortblad + 800 BUY 7 May 2018
Erik Danielsson + 10 000 BUY 4 May 2018
Christian Strömlid + 469 BUY 4 May 2018
Anna Engholm - 25 000 Received loan 2 Jan 2018

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