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Oboya Horticulture

Oboya is a manufacturer and supplier of complementary products for professional growers (89% of sales) and home growers (11% of sales) within the horticultural industry. The company operates within a traditional and fragmented market, offering a one-stop shop solution for its customers, which enables more flexible and cost-efficient procurement. In 2018, 52% of Oboya’s sales came from Europe, and 47% from Asia.

The markets Oboya operates in are fragmented and under consolidation, with producers seeking more efficient and flexible procurement (especially in Asia, where underlying growth of 7% until 2030 is expected). That could help Oboya gain additional market share in its existing markets. We also see several trends working in the company's favour, such as increased consumption and waste reduction.

Demand for Oboya’s products comes from end-market consumption. If market outlooks change, that could affect Oboya negatively. We expect demand for Oboya’s one-stop shop offering to attract customers, as we believe it could improve efficiency. If that trend is not realised, however, it could also affect the company negatively. Other risks include competition, market and macro environments, legislation, and currencies.

SEKm 2018 2019e 2020e
Sales 533 561 612
Sales growth (%) 26,4 5,2 9
EBITDA 4 28 45
EBITDA margin (%) 0,8 5,1 7,3
EBIT adj 3 8 23
EBIT adj margin (%) 0,6 1,4 3,7
Pretax profit -20 -1 13
EPS rep -1,14 0,02 0,47
EPS growth (%) -14073,4 102 2007,5
EPS adj -0,62 0,02 0,47
DPS 0 0 0
EV/EBITDA (x) 93,3 12,4 7,8
EV/EBIT adj (x) 123,7 43,5 15,3
P/E (x) -8 339,2 16,1
P/E adj (x) -14,9 339,2 16,1
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) -8,5 2,7 5,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 41,8 6,3 3,9
SEKm 2018 2019e 2020e
Sales 533 561 612
COGS -394 -407 -440
Gross profit 140 154 171
Other operating items -136 -126 -127
EBITDA 4 28 45
Depreciation on tangibles -11 -12 -14
Depreciation on intangibles -2 -2 -2
EBITA -9 8 23
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -9 8 23
Other financial items 0 0 0
Net financial items -11 -9 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -1 13
Tax -6 2 -3
Net profit -26 1 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -26 1 11
EPS -1,14 0,02 0,47
EPS Adj -0,62 0,02 0,47
Total extraordinary items after tax -12 0 0
Tax rate (%) 31,2 -143,5 -19
Gross margin (%) 26,2 27,5 28
EBITDA margin (%) 0,8 5,1 7,3
EBITA margin (%) -1,7 1,4 3,7
EBIT margin (%) -1,7 1,4 3,7
Pretax margin (%) -3,7 -0,2 2,2
Net margin (%) -4,9 0,1 1,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,4 5,2 9
EBITDA growth (%) -79,8 596 57,5
EBIT growth (%) -194,3 190,7 180,4
Net profit growth (%) -17290,1 102 2007,5
EPS growth (%) -14073,4 102 2007,5
Profitability 2018 2019 2020
ROE (%) -21,6 0,5 9,4
ROE Adj (%) -11,7 0,5 9,4
ROCE (%) 0,6 6,4 11,5
ROCE Adj(%) 4,9 6,4 11,5
ROIC (%) -4,1 -1,2 5,9
ROIC Adj (%) 1,4 -1,2 5,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 16 28 45
EBITDA Adj margin (%) 3 5,1 7,3
EBITA Adj 3 8 23
EBITA Adj margin (%) 0,6 1,4 3,7
EBIT Adj 3 8 23
EBIT Adj margin (%) 0,6 1,4 3,7
Pretax profit Adj -8 -1 13
Net profit Adj -14 1 11
Net profit to shareholders Adj -14 1 11
Net Adj margin (%) -2,6 0,1 1,8
SEKm 2018 2019e 2020e
Short-term debt 111 111 111
Accounts payable 97 107 116
EBITDA 4 28 45
Net financial items -11 -9 -9
Paid tax -6 2 -3
Non-cash items 39 0 0
Cash flow before change in WC 26 21 33
Change in WC -20 -5 -11
Operating cash flow 6 16 22
CAPEX tangible fixed assets -10 -11 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -14 0 0
Free cash flow -18 5 10
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -39 -6 0
Decrease in net IB debt -57 -8 4
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 31 31 31
Indefinite intangible assets 17 17 17
Definite intangible assets 12 10 7
Tangible fixed assets 124 123 122
Other fixed assets 8 8 8
Fixed assets 192 195 191
Inventories 69 75 82
Receivables 143 152 165
Other current assets 0 0 0
Cash and liquid assets 6 5 8
Total assets 410 426 447
Shareholders equity 108 109 120
Minority 0 0 0
Total equity 108 109 120
Long-term debt 73 73 73
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 20 20 20
Other current liabilities 0 0 0
Total liabilities and equity 301 375 410
Net IB debt 170 178 174
Net IB debt excl. pension debt 170 178 174
Capital invested 299 307 314
Working capital 115 120 131
EV breakdown 2018 2019 2020
Market cap. diluted (m) 210 174 174
Net IB debt Adj 170 178 174
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 380 352 348
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 136 134,3 140,2
Capital invested turnover (%) 188,2 185,3 197
Capital employed turnover (%) 189,7 189,5 200,6
Inventories / sales (%) 12,3 12,8 12,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 18,2 18,2
Working capital / sales (%) 19,7 20,9 20,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 157 163,5 145,6
Net debt / market cap (%) 74,9 102,6 100,4
Equity ratio (%) 26,5 25,6 26,8
Net IB debt adj. / equity (%) 157 163,5 145,6
Current ratio (%) 104,8 106,2 112,4
EBITDA / net interest (%) 37,1 306 476,6
Net IB debt / EBITDA (%) 4179,9 628,2 390,5
Interest cover (%) 7,9 94,2 161,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 23 23 23
Fully diluted shares Adj 23 23 23
EPS -1,14 0,02 0,47
Dividend per share Adj 0 0 0
EPS Adj -0,62 0,02 0,47
BVPS 4,73 4,76 5,23
BVPS Adj 2,89 3 3,58
Net IB debt / share 7,4 7,8 7,6
Share price 9,92 7,58 7,58
Market cap. (m) 227 174 174
Valuation 2018 2019 2020
P/E -8 339,2 16,1
EV/sales 0,71 0,63 0,57
EV/EBITDA 93,3 12,4 7,8
EV/EBITA -42,6 43,5 15,3
EV/EBIT -42,6 43,5 15,3
Dividend yield (%) 0 0 0
FCF yield (%) -8,5 2,7 5,6
P/BVPS 1,93 1,59 1,45
P/BVPS Adj 3,17 2,53 2,12
P/E Adj -14,9 339,2 16,1
EV/EBITDA Adj 23,7 12,4 7,8
EV/EBITA Adj 123,7 43,5 15,3
EV/EBIT Adj 123,7 43,5 15,3
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 1,8 2 2
Capex / depreciation 74,7 78,7 76,6
Capex tangibles / tangible fixed assets 7,7 9,1 10
Capex intangibles / definite intangibles 1,1 0 0
Depreciation on intangibles / definite intangibles 17,8 21,8 33
Depreciation on tangibles / tangibles 8,8 9,9 11,1

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Media

Oboya Horticulture - Interview with CEO Robert Wu
Oboya - Company presentation with CEO Robert Wu

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Main shareholders

Oboya

Main shareholders Share capital % Voting shares % Verified
Robert Wu 48.3 % 48.3 % 2 Jul 2019
Tus Holdings 8.9 % 5.0 % 30 Jun 2019
Nigbo Tus Yangming Inv Center 3.3 % 1.9 % 30 Jun 2019
Håkan Ren Jie Hu 3.1 % 1.8 % 30 Jun 2019
Mikael Palm Andersson 3.0 % 1.7 % 30 Jun 2019
Luco Holding AB 2.7 % 1.5 % 30 Jun 2019
Jafu Holding AS 2.6 % 1.5 % 30 Jun 2019
Rapidinvest A/S 2.4 % 1.3 % 30 Jun 2019
Regal Prospect Investment Ltd 2.1 % 1.2 % 30 Jun 2019
Avanza Pension 1.9 % 1.1 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Oboya

Name Quantity Code Date
Joachim von Scheele + 1 809 BUY 28 Jun 2019
Joachim von Scheele + 2 000 BUY 25 Jun 2019
Joachim von Scheele + 2 000 BUY 11 Jun 2019
Joachim von Scheele + 1 715 BUY 10 Jun 2019
Mikael Palm Andersson - 2 125 SELL 7 Jun 2019
Mikael Palm Andersson - 1 317 SELL 7 Jun 2019
Mikael Palm Andersson - 915 SELL 7 Jun 2019
Mikael Palm Andersson - 840 SELL 5 Jun 2019
Joachim von Scheele + 204 BUY 4 Jun 2019
Joachim von Scheele + 204 BUY 4 Jun 2019

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