Motion Display
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Zutec
Menu
Motion Display
- Addtech
- Alcadon
- Arise
- Avensia
- Bergs Timber
- BioGaia
- Biovica
- Boule Diagnostics
- Bredband2
- Brighter
- Briox
- Capacent
- Catella
- Catena
- Catena Media
- Cavotec
- Christian Berner Tech Trade
- Concordia Maritime
- CTT Systems
- Dedicare
- DistIT
- Diös
- Doro
- Elanders
- Electra Gruppen
- Elos Medtech
- Empir Group
- Enzymatica
- Eolus Vind
- Eurocon
- eWork
- FastPartner
- Ferronordic
- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- HMS Networks
- Hoylu
- Intervacc
- INVISIO Communications
- Invuo Technologies
- ITAB Shop Concept
- JLT Mobile Computers
- Lagercrantz
- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- Malmbergs Elektriska
- MedicaNatumin
- Midsona
- Moberg Pharma
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Leisure
- Nordic Waterproofing
- Opus Group
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Railcare
- Rottneros
- Seafire
- Sectra
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- TagMaster
- Tethys Oil
- THQ Nordic
- VBG Group
- Vitec
- Vitrolife
-
Zutec
Motion Display
+FollowInnovative in-store marketing
Motion Display
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.
Financials
MOTION DISPLAY
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 52 | 6 | 6 | 7 | 7 | 11 | 11 | 31 | 31 | 29 | 29 | 52 | 52 | 65 | 65 | 73 | 73 | ||
| Sales growth (%) | 76,7 | -21,2 | -21,2 | 17,5 | 17,5 | 54 | 54 | 174,4 | 174,4 | -5,9 | -5,9 | 76,7 | 76,7 | 24 | 24 | 13 | 13 | ||
| EBITDA | 12 | -11 | -11 | -10 | -10 | -7 | -7 | 3 | 3 | 0 | 0 | 12 | 12 | 15 | 15 | 15 | 15 | ||
| EBITDA margin (%) | 22,2 | -167,6 | -167,6 | -140,5 | -140,5 | -60,9 | -60,9 | 10,1 | 10,1 | 1,2 | 1,2 | 22,2 | 22,2 | 22,7 | 22,7 | 21,2 | 21,2 | ||
| EBIT adj | 9 | -12 | -12 | -12 | -12 | -10 | -10 | 0 | 0 | -2 | -2 | 9 | 9 | 12 | 12 | 13 | 13 | ||
| EBIT adj margin (%) | 16,6 | -193,7 | -193,7 | -168,1 | -168,1 | -84,8 | -84,8 | 1,1 | 1,1 | -8,4 | -8,4 | 16,6 | 16,6 | 18,2 | 18,2 | 17,7 | 17,7 | ||
| Pretax profit | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| EPS rep | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| EPS growth (%) | 408,7 | 11,7 | 11,7 | 35 | 35 | 27,9 | 27,9 | 100,9 | 100,9 | -2757,8 | -2757,8 | 408,7 | 408,7 | 37,5 | 37,5 | 10 | 10 | ||
| EPS adj | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| DPS | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV/EBITDA (x) | 12,1 | N/A | N/A | -4 | -4 | -6,2 | -6,2 | 22,5 | 22,5 | 244,6 | 244,6 | 12,1 | 12,1 | 8,7 | 8,7 | 7,6 | 7,6 | ||
| EV/EBIT adj (x) | 16,2 | N/A | N/A | -3,3 | -3,3 | -4,5 | -4,5 | 208,9 | 208,9 | -35,9 | -35,9 | 16,2 | 16,2 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| P/E (x) | 16,4 | N/A | N/A | -3,3 | -3,3 | -3,8 | -3,8 | 703,2 | 703,2 | -31,3 | -31,3 | 16,4 | 16,4 | 11,9 | 11,9 | 10,8 | 10,8 | ||
| P/E adj (x) | 16,4 | N/A | N/A | -3,3 | -3,3 | -3,8 | -3,8 | 703,2 | 703,2 | -31,3 | -31,3 | 16,4 | 16,4 | 11,9 | 11,9 | 10,8 | 10,8 | ||
| EV/sales (x) | 2,7 | N/A | N/A | 5,6 | 5,6 | 3,8 | 3,8 | 2,3 | 2,3 | 3 | 3 | 2,7 | 2,7 | 2 | 2 | 1,6 | 1,6 | ||
| FCF yield (%) | 1 | N/A | N/A | -48,3 | -48,3 | -21,3 | -21,3 | -0,1 | -0,1 | -3,2 | -3,2 | 1 | 1 | 8,7 | 8,7 | 7,4 | 7,4 | ||
| Dividend yield (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt/EBITDA | 0,2 | -0,2 | -0,2 | 0,1 | 0,1 | -0,2 | -0,2 | -0,2 | -0,2 | 11,9 | 11,9 | 0,2 | 0,2 | -0,7 | -0,7 | -1,3 | -1,3 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 52 | 6 | 6 | 7 | 7 | 11 | 11 | 31 | 31 | 29 | 29 | 52 | 52 | 65 | 65 | 73 | 73 | ||
| COGS | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 52 | 6 | 6 | 7 | 7 | 11 | 11 | 31 | 31 | 29 | 29 | 52 | 52 | 65 | 65 | 73 | 73 | ||
| Other operating items | -40 | -17 | -17 | -18 | -18 | -18 | -18 | -28 | -28 | -29 | -29 | -40 | -40 | -50 | -50 | -57 | -57 | ||
| EBITDA | 12 | -11 | -11 | -10 | -10 | -7 | -7 | 3 | 3 | 0 | 0 | 12 | 12 | 15 | 15 | 15 | 15 | ||
| Depreciation on tangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -3 | -2 | -2 | -2 | -2 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | ||
| EBITA | 9 | -12 | -12 | -12 | -12 | -10 | -10 | 0 | 0 | -2 | -2 | 9 | 9 | 12 | 12 | 13 | 13 | ||
| Goodwill impairment charges | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 9 | -12 | -12 | -12 | -12 | -10 | -10 | 0 | 0 | -2 | -2 | 9 | 9 | 12 | 12 | 13 | 13 | ||
| Other financial items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| Tax | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| Minority interest | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| EPS | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| EPS Adj | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| Total extraordinary items after tax | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 22,2 | -167,6 | -167,6 | -140,5 | -140,5 | -60,9 | -60,9 | 10,1 | 10,1 | 1,2 | 1,2 | 22,2 | 22,2 | 22,7 | 22,7 | 21,2 | 21,2 | ||
| EBITA margin (%) | 16,6 | -193,7 | -193,7 | -168,1 | -168,1 | -84,8 | -84,8 | 1,1 | 1,1 | -8,4 | -8,4 | 16,6 | 16,6 | 18,2 | 18,2 | 17,7 | 17,7 | ||
| EBIT margin (%) | 16,6 | -193,7 | -193,7 | -168,1 | -168,1 | -84,8 | -84,8 | 1,1 | 1,1 | -8,4 | -8,4 | 16,6 | 16,6 | 18,2 | 18,2 | 17,7 | 17,7 | ||
| Pretax margin (%) | 16,1 | -200,4 | -200,4 | -170,6 | -170,6 | -86,7 | -86,7 | 0,3 | 0,3 | -9,2 | -9,2 | 16,1 | 16,1 | 17,8 | 17,8 | 17,4 | 17,4 | ||
| Net margin (%) | 16,1 | -200,4 | -200,4 | -170,6 | -170,6 | -86,7 | -86,7 | 0,3 | 0,3 | -9,2 | -9,2 | 16,1 | 16,1 | 17,8 | 17,8 | 17,4 | 17,4 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 76,7 | -21,2 | -21,2 | 17,5 | 17,5 | 54 | 54 | 174,4 | 174,4 | -5,9 | -5,9 | 76,7 | 76,7 | 24 | 24 | 13 | 13 | ||
| EBITDA growth (%) | 0 | 16,1 | 16,1 | 1,5 | 1,5 | 33,3 | 33,3 | 145,6 | 145,6 | -88,5 | -88,5 | 0 | 0 | 26,5 | 26,5 | 5,6 | 5,6 | ||
| EBIT growth (%) | 446,7 | 10,6 | 10,6 | -2 | -2 | 22,3 | 22,3 | 103,5 | 103,5 | -828,4 | -828,4 | 446,7 | 446,7 | 36,3 | 36,3 | 9,8 | 9,8 | ||
| Net profit growth (%) | 408,7 | 11,7 | 11,7 | 0 | 0 | 21,7 | 21,7 | 101 | 101 | 0 | 0 | 408,7 | 408,7 | 37,5 | 37,5 | 10 | 10 | ||
| EPS growth (%) | 408,7 | 11,7 | 11,7 | 35 | 35 | 27,9 | 27,9 | 100,9 | 100,9 | 0 | 0 | 408,7 | 408,7 | 37,5 | 37,5 | 10 | 10 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 67,8 | -394,1 | -394,1 | -159,3 | -159,3 | -74,8 | -74,8 | 0,9 | 0,9 | -28,5 | -28,5 | 67,8 | 67,8 | 51,6 | 51,6 | 36,8 | 36,8 | ||
| ROE Adj (%) | 67,8 | -394,1 | -394,1 | -159,3 | -159,3 | -74,8 | -74,8 | 0,9 | 0,9 | -28,5 | -28,5 | 67,8 | 67,8 | 51,6 | 51,6 | 36,8 | 36,8 | ||
| ROCE (%) | 55 | -385,5 | -385,5 | -154,2 | -154,2 | -73,2 | -73,2 | 3 | 3 | -21,8 | -21,8 | 55 | 55 | 63,2 | 63,2 | 65,8 | 65,8 | ||
| ROCE Adj(%) | 55 | -385,5 | -385,5 | -154,2 | -154,2 | -73,2 | -73,2 | 3 | 3 | -21,8 | -21,8 | 55 | 55 | 63,2 | 63,2 | 65,8 | 65,8 | ||
| ROIC (%) | 55 | -385,4 | -385,4 | -154,2 | -154,2 | -73,2 | -73,2 | 3 | 3 | -21,8 | -21,8 | 55 | 55 | 63,2 | 63,2 | 65,8 | 65,8 | ||
| ROIC Adj (%) | 55 | -385,4 | -385,4 | -154,2 | -154,2 | -73,2 | -73,2 | 3 | 3 | -21,8 | -21,8 | 55 | 55 | 63,2 | 63,2 | 65,8 | 65,8 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 12 | -11 | -11 | -10 | -10 | -7 | -7 | 3 | 3 | 0 | 0 | 12 | 12 | 15 | 15 | 15 | 15 | ||
| EBITDA Adj margin (%) | 22,2 | -167,6 | -167,6 | -140,5 | -140,5 | -60,9 | -60,9 | 10,1 | 10,1 | 1,2 | 1,2 | 22,2 | 22,2 | 22,7 | 22,7 | 21,2 | 21,2 | ||
| EBITA Adj | 9 | -12 | -12 | -12 | -12 | -10 | -10 | 0 | 0 | -2 | -2 | 9 | 9 | 12 | 12 | 13 | 13 | ||
| EBITA Adj margin (%) | 16,6 | -193,7 | -193,7 | -168,1 | -168,1 | -84,8 | -84,8 | 1,1 | 1,1 | -8,4 | -8,4 | 16,6 | 16,6 | 18,2 | 18,2 | 17,7 | 17,7 | ||
| EBIT Adj | 9 | -12 | -12 | -12 | -12 | -10 | -10 | 0 | 0 | -2 | -2 | 9 | 9 | 12 | 12 | 13 | 13 | ||
| EBIT Adj margin (%) | 16,6 | -193,7 | -193,7 | -168,1 | -168,1 | -84,8 | -84,8 | 1,1 | 1,1 | -8,4 | -8,4 | 16,6 | 16,6 | 18,2 | 18,2 | 17,7 | 17,7 | ||
| Pretax profit Adj | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| Net profit Adj | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| Net profit to shareholders Adj | 8 | -13 | -13 | -13 | -13 | -10 | -10 | 0 | 0 | -3 | -3 | 8 | 8 | 12 | 12 | 13 | 13 | ||
| Net Adj margin (%) | 16,1 | -200,4 | -200,4 | -170,6 | -170,6 | -86,7 | -86,7 | 0,3 | 0,3 | -9,2 | -9,2 | 16,1 | 16,1 | 17,8 | 17,8 | 17,4 | 17,4 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12 | -11 | -11 | -10 | -10 | -7 | -7 | 3 | 3 | 0 | 0 | 12 | 12 | 15 | 15 | 15 | 15 | ||
| Net financial items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Non-cash items | 0 | N/A | N/A | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 11 | -11 | -11 | -6 | -6 | -7 | -7 | 3 | 3 | 0 | 0 | 11 | 11 | 14 | 14 | 15 | 15 | ||
| Change in WC | -6 | 4 | 4 | -11 | -11 | 2 | 2 | 1 | 1 | -2 | -2 | -6 | -6 | 1 | 1 | -2 | -2 | ||
| Operating cash flow | 4 | -7 | -7 | -16 | -16 | -5 | -5 | 2 | 2 | 0 | 0 | 4 | 4 | 15 | 15 | 13 | 13 | ||
| CAPEX tangible fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CAPEX intangible fixed assets | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -2 | -2 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | -3 | ||
| Acquisitions and disposals | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 1 | -10 | -10 | -20 | -20 | -8 | -8 | 0 | 0 | -3 | -3 | 1 | 1 | 12 | 12 | 10 | 10 | ||
| Dividend paid | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Share issues and buybacks | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 1 | 7 | 7 | 23 | 23 | 5 | 5 | 2 | 2 | -2 | -2 | 1 | 1 | 0 | 0 | 0 | 0 | ||
| Decrease in net IB debt | 2 | -4 | -4 | 3 | 3 | -3 | -3 | 2 | 2 | -5 | -5 | 2 | 2 | 12 | 12 | 10 | 10 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Indefinite intangible assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 8 | 7 | 7 | 8 | 8 | 9 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | ||
| Tangible fixed assets | 1 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||
| Other fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 8 | 7 | 7 | 9 | 9 | 9 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 | 9 | ||
| Inventories | 9 | 3 | 3 | 7 | 7 | 6 | 6 | 4 | 4 | 8 | 8 | 9 | 9 | 13 | 13 | 15 | 15 | ||
| Receivables | 12 | 1 | 1 | 2 | 2 | 4 | 4 | 10 | 10 | 8 | 8 | 12 | 12 | 13 | 13 | 15 | 15 | ||
| Other current assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 4 | N/A | N/A | 2 | 2 | 2 | 2 | 3 | 3 | 1 | 1 | 4 | 4 | 16 | 16 | 26 | 26 | ||
| Total assets | 33 | 11 | 11 | 21 | 21 | 20 | 20 | 25 | 25 | 26 | 26 | 33 | 33 | 50 | 50 | 65 | 65 | ||
| Shareholders equity | 17 | N/A | N/A | 16 | 16 | 11 | 11 | 11 | 11 | 8 | 8 | 17 | 17 | 28 | 28 | 41 | 41 | ||
| Minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 17 | N/A | N/A | 16 | 16 | 11 | 11 | 11 | 11 | 8 | 8 | 17 | 17 | 28 | 28 | 41 | 41 | ||
| Long-term debt | 6 | 2 | 2 | 1 | 1 | 3 | 3 | 3 | 3 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | ||
| Pension debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 10 | 9 | 9 | 4 | 4 | 6 | 6 | 11 | 11 | 12 | 12 | 10 | 10 | 16 | 16 | 18 | 18 | ||
| Other current liabilities | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 25 | N/A | N/A | 14 | 14 | 11 | 11 | 21 | 21 | 20 | 20 | 25 | 25 | 26 | 26 | 33 | 33 | ||
| Net IB debt | 2 | 2 | 2 | -1 | -1 | 1 | 1 | -1 | -1 | 4 | 4 | 2 | 2 | -10 | -10 | -20 | -20 | ||
| Net IB debt excl. pension debt | 2 | 2 | 2 | -1 | -1 | 1 | 1 | -1 | -1 | 4 | 4 | 2 | 2 | -10 | -10 | -20 | -20 | ||
| Capital invested | 19 | 2 | 2 | 14 | 14 | 12 | 12 | 10 | 10 | 12 | 12 | 19 | 19 | 18 | 18 | 21 | 21 | ||
| Working capital | 10 | -5 | -5 | 6 | 6 | 3 | 3 | 2 | 2 | 4 | 4 | 10 | 10 | 10 | 10 | 12 | 12 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 137 | N/A | N/A | 43 | 43 | 42 | 42 | 72 | 72 | 85 | 85 | 137 | 137 | 137 | 137 | 137 | 137 | ||
| Net IB debt Adj | 2 | 2 | 2 | -1 | -1 | 1 | 1 | -1 | -1 | 4 | 4 | 2 | 2 | -10 | -10 | -20 | -20 | ||
| Market value of minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 140 | N/A | N/A | 42 | 42 | 43 | 43 | 71 | 71 | 89 | 89 | 140 | 140 | 128 | 128 | 117 | 117 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 178,1 | 49,1 | 49,1 | 46,3 | 46,3 | 56,1 | 56,1 | 139,7 | 139,7 | 116,9 | 116,9 | 178,1 | 178,1 | 155,9 | 155,9 | 127 | 127 | ||
| Capital invested turnover (%) | 332,6 | 199 | 199 | 91,7 | 91,7 | 86,3 | 86,3 | 276,7 | 276,7 | 257,9 | 257,9 | 332,6 | 332,6 | 347,5 | 347,5 | 372,4 | 372,4 | ||
| Capital employed turnover (%) | 332,5 | 199 | 199 | 91,7 | 91,7 | 86,3 | 86,3 | 276,7 | 276,7 | 257,9 | 257,9 | 332,5 | 332,5 | 347,5 | 347,5 | 372,4 | 372,4 | ||
| Inventories / sales (%) | 16,3 | 38,5 | 38,5 | 69,4 | 69,4 | 56,7 | 56,7 | 14,7 | 14,7 | 20,2 | 20,2 | 16,3 | 16,3 | 16,8 | 16,8 | 19,3 | 19,3 | ||
| Customer advances / sales (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 21,5 | 119,3 | 119,3 | 91,1 | 91,1 | 44 | 44 | 27,3 | 27,3 | 39,2 | 39,2 | 21,5 | 21,5 | 20,5 | 20,5 | 23,6 | 23,6 | ||
| Working capital / sales (%) | 13,9 | -49,6 | -49,6 | 4 | 4 | 39 | 39 | 8,5 | 8,5 | 10,5 | 10,5 | 13,9 | 13,9 | 15,5 | 15,5 | 14,6 | 14,6 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | 13,9 | 862,4 | 862,4 | -9,6 | -9,6 | 13,8 | 13,8 | -4,7 | -4,7 | 53 | 53 | 13,9 | 13,9 | -34,7 | -34,7 | -48,8 | -48,8 | ||
| Net debt / market cap (%) | 1,7 | N/A | N/A | -2,5 | -2,5 | 3,9 | 3,9 | -0,9 | -0,9 | 3,8 | 3,8 | 1,7 | 1,7 | -7,1 | -7,1 | -14,5 | -14,5 | ||
| Equity ratio (%) | 50,5 | 1,8 | 1,8 | 76,2 | 76,2 | 53,5 | 53,5 | 44 | 44 | 31,7 | 31,7 | 50,5 | 50,5 | 56 | 56 | 62,8 | 62,8 | ||
| Net IB debt adj. / equity (%) | 13,9 | 862,7 | 862,7 | -9,6 | -9,6 | 13,8 | 13,8 | -4,6 | -4,6 | 53,1 | 53,1 | 13,9 | 13,9 | -34,6 | -34,6 | -48,8 | -48,8 | ||
| Current ratio (%) | 234,5 | 46,5 | 46,5 | 298,7 | 298,7 | 184,9 | 184,9 | 148 | 148 | 144,4 | 144,4 | 234,5 | 234,5 | 256,5 | 256,5 | 305 | 305 | ||
| EBITDA / net interest (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 160,4 | 160,4 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt / EBITDA (%) | 19,8 | -16,9 | -16,9 | 14,4 | 14,4 | -21,4 | -21,4 | -16,2 | -16,2 | 0 | 0 | 19,8 | 19,8 | -66,4 | -66,4 | -128,4 | -128,4 | ||
| Interest cover (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 142,7 | 142,7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 10 | 6 | 6 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||
| Fully diluted shares Adj | 10 | 6 | 6 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||
| EPS | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| Dividend per share Adj | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | 0,81 | -2,25 | -2,25 | -1,46 | -1,46 | -1,05 | -1,05 | 0,01 | 0,01 | -0,26 | -0,26 | 0,81 | 0,81 | 1,11 | 1,11 | 1,22 | 1,22 | ||
| BVPS | 1,59 | 0,04 | 0,04 | 1,73 | 1,73 | 1,04 | 1,04 | 1,05 | 1,05 | 0,78 | 0,78 | 1,59 | 1,59 | 2,7 | 2,7 | 3,91 | 3,91 | ||
| BVPS Adj | 0,84 | -1,16 | -1,16 | 0,85 | 0,85 | 0,22 | 0,22 | 0,29 | 0,29 | 0,03 | 0,03 | 0,84 | 0,84 | 1,94 | 1,94 | 3,1 | 3,1 | ||
| Net IB debt / share | 0,2 | 0,3 | 0,3 | -0,2 | -0,2 | 0,1 | 0,1 | 0 | 0 | 0,4 | 0,4 | 0,2 | 0,2 | -0,9 | -0,9 | -1,9 | -1,9 | ||
| Share price | 13,2 | N/A | N/A | 6,72 | 6,72 | 3,63 | 3,63 | 5,79 | 5,79 | 10,84 | 10,84 | 13,2 | 13,2 | 13,2 | 13,2 | 13,2 | 13,2 | ||
| Market cap. (m) | 137 | N/A | N/A | 61 | 61 | 38 | 38 | 60 | 60 | 113 | 113 | 137 | 137 | 137 | 137 | 137 | 137 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 16,4 | N/A | N/A | -3,3 | -3,3 | -3,8 | -3,8 | 703,2 | 703,2 | -31,3 | -31,3 | 16,4 | 16,4 | 11,9 | 11,9 | 10,8 | 10,8 | ||
| EV/sales | 2,68 | N/A | N/A | 5,63 | 5,63 | 3,78 | 3,78 | 2,28 | 2,28 | 3,02 | 3,02 | 2,68 | 2,68 | 1,98 | 1,98 | 1,61 | 1,61 | ||
| EV/EBITDA | 12,1 | N/A | N/A | -4 | -4 | -6,2 | -6,2 | 22,5 | 22,5 | 244,6 | 244,6 | 12,1 | 12,1 | 8,7 | 8,7 | 7,6 | 7,6 | ||
| EV/EBITA | 16,2 | N/A | N/A | -3,3 | -3,3 | -4,5 | -4,5 | 208,9 | 208,9 | -35,9 | -35,9 | 16,2 | 16,2 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| EV/EBIT | 16,2 | N/A | N/A | -3,3 | -3,3 | -4,5 | -4,5 | 208,9 | 208,9 | -35,9 | -35,9 | 16,2 | 16,2 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| Dividend yield (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| FCF yield (%) | 1 | N/A | N/A | -48,3 | -48,3 | -21,3 | -21,3 | -0,1 | -0,1 | -3,2 | -3,2 | 1 | 1 | 8,7 | 8,7 | 7,4 | 7,4 | ||
| P/BVPS | 8,3 | N/A | N/A | 2,76 | 2,76 | 3,86 | 3,86 | 6,6 | 6,6 | 10,39 | 10,39 | 8,3 | 8,3 | 4,9 | 4,9 | 3,37 | 3,37 | ||
| P/BVPS Adj | 15,63 | N/A | N/A | 5,65 | 5,65 | 18,6 | 18,6 | 23,76 | 23,76 | 236 | 236 | 15,63 | 15,63 | 6,82 | 6,82 | 4,26 | 4,26 | ||
| P/E Adj | 16,4 | N/A | N/A | -3,3 | -3,3 | -3,8 | -3,8 | 703,2 | 703,2 | -31,3 | -31,3 | 16,4 | 16,4 | 11,9 | 11,9 | 10,8 | 10,8 | ||
| EV/EBITDA Adj | 12,1 | N/A | N/A | -4 | -4 | -6,2 | -6,2 | 22,5 | 22,5 | 244,6 | 244,6 | 12,1 | 12,1 | 8,7 | 8,7 | 7,6 | 7,6 | ||
| EV/EBITA Adj | 16,2 | N/A | N/A | -3,3 | -3,3 | -4,5 | -4,5 | 208,9 | 208,9 | -35,9 | -35,9 | 16,2 | 16,2 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| EV/EBIT Adj | 16,2 | N/A | N/A | -3,3 | -3,3 | -4,5 | -4,5 | 208,9 | 208,9 | -35,9 | -35,9 | 16,2 | 16,2 | 10,9 | 10,9 | 9,1 | 9,1 | ||
| EV/cap. employed | 7,4 | N/A | N/A | 2,9 | 2,9 | 3,5 | 3,5 | 6,9 | 6,9 | 7,1 | 7,1 | 7,4 | 7,4 | 7 | 7 | 5,6 | 5,6 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 5,9 | 50,6 | 50,6 | 47,1 | 47,1 | 28,5 | 28,5 | 6,7 | 6,7 | 9,9 | 9,9 | 5,9 | 5,9 | 4,7 | 4,7 | 4,2 | 4,2 | ||
| Capex / depreciation | 103,4 | 193,7 | 193,7 | 170,2 | 170,2 | 118,9 | 118,9 | 74,5 | 74,5 | 102,8 | 102,8 | 103,4 | 103,4 | 105,7 | 105,7 | 121 | 121 | ||
| Capex tangibles / tangible fixed assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex intangibles / definite intangibles | 39,5 | 47,4 | 47,4 | 43,5 | 43,5 | 38,1 | 38,1 | 26,8 | 26,8 | 37,5 | 37,5 | 39,5 | 39,5 | 38,7 | 38,7 | 36,7 | 36,7 | ||
| Depreciation on intangibles / definite intangibles | 38,2 | 24,5 | 24,5 | 25,6 | 25,6 | 32 | 32 | 35,9 | 35,9 | 36,5 | 36,5 | 38,2 | 38,2 | 36,6 | 36,6 | 30,3 | 30,3 | ||
| Depreciation on tangibles / tangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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