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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 2018 2019e 2020e
Sales 50 45 52
Sales growth (%) 71,1 -10,3 15
EBITDA 12 5 7
EBITDA margin (%) 23 11,7 12,8
EBIT adj 9 2 4
EBIT adj margin (%) 17,1 4,9 6,8
Pretax profit 8 2 3
EPS rep 0,81 0,2 0,32
EPS growth (%) 409,1 -75,3 59,1
EPS adj 0,81 0,2 0,32
DPS 0 0 0
EV/EBITDA (x) 9 15,6 11,5
EV/EBIT adj (x) 12,1 37,2 21,5
P/E (x) 12 37,1 23,3
P/E adj (x) 12 37,1 23,3
EV/sales (x) 2,1 1,8 1,5
FCF yield (%) -1,8 1 7,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,3 1 -0,1
SEKm 2018 2019e 2020e
Sales 50 45 52
COGS 0 0 0
Gross profit 50 45 52
Other operating items -39 -40 -45
EBITDA 12 5 7
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -3 -3
EBITA 9 2 4
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 9 2 4
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 8 2 3
Tax 0 0 0
Net profit 8 2 3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 2 3
EPS 0,81 0,2 0,32
EPS Adj 0,81 0,2 0,32
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) 23 11,7 12,8
EBITA margin (%) 17,1 4,9 6,8
EBIT margin (%) 17,1 4,9 6,8
Pretax margin (%) 16,6 4,6 6,3
Net margin (%) 16,6 4,6 6,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 71,1 -10,3 15
EBITDA growth (%) 3084,6 -54,5 26,1
EBIT growth (%) 447,1 -74,3 60,2
Net profit growth (%) 409,1 -75,3 59,1
EPS growth (%) 409,1 -75,3 59,1
Profitability 2018 2019 2020
ROE (%) 67,9 11,8 16,3
ROE Adj (%) 67,9 11,8 16,3
ROCE (%) 59,2 10,1 15,7
ROCE Adj(%) 59,2 10,1 15,7
ROIC (%) 59,2 10,1 15,7
ROIC Adj (%) 59,2 10,1 15,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 12 5 7
EBITDA Adj margin (%) 23 11,7 12,8
EBITA Adj 9 2 4
EBITA Adj margin (%) 17,1 4,9 6,8
EBIT Adj 9 2 4
EBIT Adj margin (%) 17,1 4,9 6,8
Pretax profit Adj 8 2 3
Net profit Adj 8 2 3
Net profit to shareholders Adj 8 2 3
Net Adj margin (%) 16,6 4,6 6,3
SEKm 2018 2019e 2020e
EBITDA 12 5 7
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 11 5 6
Change in WC -10 -3 3
Operating cash flow 2 4 9
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -3 -4 -3
Acquisitions and disposals 0 0 0
Free cash flow -2 1 6
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -1 -3 0
Decrease in net IB debt -2 -2 6
Balance Sheet (SEKm) 2018 2019 2020
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 9 9
Inventories 12 13 8
Receivables 13 14 16
Other current assets 0 0 0
Cash and liquid assets 0 1 7
Total assets 34 37 41
Shareholders equity 17 19 22
Minority 0 0 0
Total equity 17 19 22
Long-term debt 4 6 6
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 0 0 0
Accounts payable 14 12 12
Other current liabilities 0 0 0
Total liabilities and equity 25 26 34
Net IB debt 3 5 -1
Net IB debt excl. pension debt 3 5 -1
Capital invested 20 24 21
Working capital 11 15 12
EV breakdown 2018 2019 2020
Market cap. diluted (m) 101 77 77
Net IB debt Adj 3 5 -1
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 104 82 76
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 168,9 126,9 133,5
Capital invested turnover (%) 345,9 206,1 229,8
Capital employed turnover (%) 345,9 206,1 229,8
Inventories / sales (%) 20,4 27,8 20,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29 29,2 24
Working capital / sales (%) 11,8 28,4 25,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 20,7 28,5 -2,6
Net debt / market cap (%) 2,9 6,9 -0,7
Equity ratio (%) 48,7 49,9 54
Net IB debt adj. / equity (%) 20,7 28,5 -2,6
Current ratio (%) 180,3 223,5 249,9
EBITDA / net interest (%) 4830 3764,6 2686,2
Net IB debt / EBITDA (%) 29,5 100,5 -8,5
Interest cover (%) 3592,1 1580,7 1433,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 0,81 0,2 0,32
Dividend per share Adj 0 0 0
EPS Adj 0,81 0,2 0,32
BVPS 1,59 1,79 2,11
BVPS Adj 0,83 0,98 1,3
Net IB debt / share 0,3 0,5 -0,1
Share price 11,18 7,4 7,4
Market cap. (m) 116 77 77
Valuation 2018 2019 2020
P/E 12 37,1 23,3
EV/sales 2,06 1,82 1,47
EV/EBITDA 9 15,6 11,5
EV/EBITA 12,1 37,2 21,5
EV/EBIT 12,1 37,2 21,5
Dividend yield (%) 0 0 0
FCF yield (%) -1,8 1 7,6
P/BVPS 6,08 4,13 3,51
P/BVPS Adj 11,6 7,54 5,71
P/E Adj 12 37,1 23,3
EV/EBITDA Adj 9 15,6 11,5
EV/EBITA Adj 12,1 37,2 21,5
EV/EBIT Adj 12,1 37,2 21,5
EV/cap. employed 5,2 3,4 3,6
Investment ratios 2018 2019 2020
Capex / sales 6,8 8 6
Capex / depreciation 115,3 117,7 100,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 43,6 42,8 37
Depreciation on intangibles / definite intangibles 37,8 36,4 36,8
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

Motion Display

Main shareholders Share capital % Voting shares % Verified
Erik Danielsson 16.8 % 16.8 % 31 Dec 2018
Nordea Liv & Pension 15.9 % 15.9 % 31 Dec 2018
Fredrik Danielsson 8.1 % 8.1 % 31 Dec 2018
Anders Lundmark 8.1 % 8.1 % 31 Dec 2018
Magnus Lundberg 5.3 % 5.3 % 31 Dec 2018
Avanza Pension 4.4 % 4.4 % 31 Dec 2018
Kjell och Michael Pettersson Fastigheter AB 4.0 % 4.0 % 31 Dec 2018
Emje I Uppsala AB 3.4 % 3.4 % 31 Dec 2018
Nordnet Pensionsförsäkring 1.8 % 1.8 % 31 Dec 2018
Anna Engholm 1.8 % 1.8 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Motion Display

Name Quantity Code Date
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 AKLÅN 2 Jan 2018
Erik Danielsson Förvaltning AB + 1 356 BUY 4 May 2017
Erik Danielsson Förvaltning AB + 2 239 BUY 4 May 2017
Erik Danielsson Förvaltning AB + 2 271 BUY 4 May 2017
Erik Danielsson Förvaltning AB + 647 BUY 4 May 2017
Erik Danielsson Förvaltning AB + 2 382 BUY 4 May 2017

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