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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 2019 2020e 2021e
Sales 30 31 38
Sales growth (%) -40,2 4,3 20
EBITDA -1 -1 -1
EBITDA margin (%) -3,9 -3,5 -2,3
EBIT adj -4 -4 -4
EBIT adj margin (%) -13,7 -12,9 -10,3
Pretax profit -4 -5 -5
EPS rep -0,42 -0,44 -0,44
EPS growth (%) -152,3 -5,3 2
EPS adj -0,42 -0,44 -0,44
DPS 0 0 0
EV/EBITDA (x) -33,6 -27,6 -41
EV/EBIT adj (x) -9,6 -7,5 -9,2
P/E (x) -8,1 -4,8 -4,9
P/E adj (x) -8,1 -4,8 -4,9
EV/sales (x) 1,3 1 0,9
FCF yield (%) 6,2 -18,2 -24,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,5 -7,4 -15,5
SEKm 2019 2020e 2021e
Sales 30 31 38
COGS -16 -17 -20
Gross profit 14 15 18
Other operating items -15 -16 -18
EBITDA -1 -1 -1
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -3 -3
EBITA -4 -4 -4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 -4 -4
Other financial items 0 0 0
Net financial items 0 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -4 -5 -5
Tax 0 0 0
Net profit -4 -5 -5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 -5 -5
EPS -0,42 -0,44 -0,44
EPS Adj -0,42 -0,44 -0,44
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 47 47 46,5
EBITDA margin (%) -3,9 -3,5 -2,3
EBITA margin (%) -13,7 -12,9 -10,3
EBIT margin (%) -13,7 -12,9 -10,3
Pretax margin (%) -14,5 -14,7 -12
Net margin (%) -14,5 -14,7 -12
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -40,2 4,3 20
EBITDA growth (%) -110,1 6,1 20,8
EBIT growth (%) -147,9 1,6 4,7
Net profit growth (%) -152,3 -5,3 2
EPS growth (%) -152,3 -5,3 2
Profitability 2019 2020 2021
ROE (%) -30,5 -46,8 -85,7
ROE Adj (%) -30,5 -46,8 -85,7
ROCE (%) -20 -21,1 -19,7
ROCE Adj(%) -20 -21,1 -19,7
ROIC (%) -21,2 -25,3 -24
ROIC Adj (%) -21,2 -25,3 -24
Adj earnings numbers 2019 2020 2021
EBITDA Adj -1 -1 -1
EBITDA Adj margin (%) -3,9 -3,5 -2,3
EBITA Adj -4 -4 -4
EBITA Adj margin (%) -13,7 -12,9 -10,3
EBIT Adj -4 -4 -4
EBIT Adj margin (%) -13,7 -12,9 -10,3
Pretax profit Adj -4 -5 -5
Net profit Adj -4 -5 -5
Net profit to shareholders Adj -4 -5 -5
Net Adj margin (%) -14,5 -14,7 -12
SEKm 2019 2020e 2021e
EBITDA -1 -1 -1
Net financial items 0 -1 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -1 -2 -2
Change in WC 7 1 -1
Operating cash flow 6 -1 -2
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -3 -3
Acquisitions and disposals 0 0 0
Free cash flow 2 -4 -5
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 -4 -5
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 9 9 9
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 10 10 10
Inventories 10 10 12
Receivables 3 4 5
Other current assets 3 2 3
Cash and liquid assets 2 4 3
Total assets 28 31 32
Shareholders equity 12 8 3
Minority 0 0 0
Total equity 12 8 3
Long-term debt 3 9 13
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 3 3 3
Accounts payable 5 6 7
Other current liabilities 4 5 6
Total liabilities and equity 28 31 32
Net IB debt 4 8 14
Net IB debt excl. pension debt 4 8 14
Capital invested 16 16 17
Working capital 6 6 7
EV breakdown 2019 2020 2021
Market cap. diluted (m) 35 22 22
Net IB debt Adj 4 8 14
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 40 30 36
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 97,3 107,1 119,6
Capital invested turnover (%) 154,6 196 233,3
Capital employed turnover (%) 145,9 163,1 191,5
Inventories / sales (%) 36,2 31,9 30
Customer advances / sales (%) 14,5 13,5 13,7
Payables / sales (%) 18,4 17,2 16,5
Working capital / sales (%) 33,6 19,5 16,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 34,3 108,8 449
Net debt / market cap (%) 6,5 36,9 60,9
Equity ratio (%) 43,5 24,5 9,3
Net IB debt adj. / equity (%) 34,3 108,9 449,3
Current ratio (%) 146,4 151,4 141,3
EBITDA / net interest (%) -466,3 -200,7 -134,4
Net IB debt / EBITDA (%) -354,4 -743,5 -1551,7
Interest cover (%) -1638,9 -738,9 -596
SEKm 2019 2020e 2021e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS -0,42 -0,44 -0,44
Dividend per share Adj 0 0 0
EPS Adj -0,42 -0,44 -0,44
BVPS 1,17 0,73 0,29
BVPS Adj 0,3 -0,15 -0,58
Net IB debt / share 0,4 0,8 1,3
Share price 6,19 2,14 2,14
Market cap. (m) 64 22 22
Valuation 2019 2020 2021
P/E -8,1 -4,8 -4,9
EV/sales 1,31 0,97 0,95
EV/EBITDA -33,6 -27,6 -41
EV/EBITA -9,6 -7,5 -9,2
EV/EBIT -9,6 -7,5 -9,2
Dividend yield (%) 0 0 0
FCF yield (%) 6,2 -18,2 -24,1
P/BVPS 2,91 2,95 7,37
P/BVPS Adj 11,38 -14,5 -3,66
P/E Adj -8,1 -4,8 -4,9
EV/EBITDA Adj -33,6 -27,6 -41
EV/EBITA Adj -9,6 -7,5 -9,2
EV/EBIT Adj -9,6 -7,5 -9,2
EV/cap. employed 2,1 1,5 1,8
Investment ratios 2019 2020 2021
Capex / sales 13,3 9,5 8
Capex / depreciation 135,8 100,9 100,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,3 32,9 33,2
Depreciation on intangibles / definite intangibles 32,6 32,6 33
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

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

Main shareholders - Motion Display

Main shareholders Share capital % Voting shares % Verified
Erik Danielsson 25.5 % 25.5 % 31 Dec 2019
Fredrik Danielsson 8.1 % 8.1 % 31 Dec 2019
Anders Lundmark 8.1 % 8.1 % 31 Dec 2019
Nordea Liv & Pension 7.2 % 7.2 % 31 Dec 2019
Magnus Lundberg 5.0 % 5.0 % 31 Dec 2019
Avanza Pension 4.3 % 4.3 % 31 Dec 2019
Kjell och Michael Pettersson Fastigheter AB 4.0 % 4.0 % 31 Dec 2019
Emje I Uppsala AB 3.4 % 3.4 % 31 Dec 2019
Artur Hedlund 2.1 % 2.1 % 31 Dec 2019
Anna Engholm 1.8 % 1.8 % 31 Dec 2019
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 + 1 600 BUY 10 May 2019
John Nylander + 1 000 BUY 10 May 2019
John Nylander + 1 940 BUY 10 May 2019
John Nylander + 60 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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