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Oboya Horticulture

One Stop Green Shop

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 533 504 525
Sales growth (%) 26,4 -5,6 4,3
EBITDA 4 44 35
EBITDA margin (%) 0,8 8,8 6,7
EBIT adj 3 7 17
EBIT adj margin (%) 0,6 1,4 3,3
Pretax profit -20 17 9
EPS rep -1,14 0,46 0,33
EPS growth (%) -14073,4 140,2 -28,3
EPS adj -0,62 -0,42 0,33
DPS 0 0 0
EV/EBITDA (x) 92,8 5,4 6,6
EV/EBIT adj (x) 123 34,8 13,5
P/E (x) -8 8,3 11,6
P/E adj (x) -14,7 -9,2 11,6
EV/sales (x) 0,7 0,5 0,4
FCF yield (%) -8,6 32,2 11,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 41,8 3,5 4,2
SEKm 2018 2019e 2020e
Sales 533 504 525
COGS -394 -374 -386
Gross profit 140 130 139
Other operating items -136 -85 -104
EBITDA 4 44 35
Depreciation on tangibles -11 -11 -11
Depreciation on intangibles -2 -2 -2
EBITA -9 27 17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -9 27 17
Other financial items 0 0 0
Net financial items -11 -10 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 17 9
Tax -6 -6 -2
Net profit -26 10 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -26 10 8
EPS -1,14 0,46 0,33
EPS Adj -0,62 -0,42 0,33
Total extraordinary items after tax -12 20,1 0
Tax rate (%) 31,2 -36,9 -19
Gross margin (%) 26,2 25,8 26,5
EBITDA margin (%) 0,8 8,8 6,7
EBITA margin (%) -1,7 5,4 3,3
EBIT margin (%) -1,7 5,4 3,3
Pretax margin (%) -3,7 3,3 1,8
Net margin (%) -4,9 2,1 1,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,4 -5,6 4,3
EBITDA growth (%) -79,8 990,5 -20,3
EBIT growth (%) -194,3 402,2 -35,5
Net profit growth (%) -17290,1 140,2 -28,3
EPS growth (%) -14073,4 140,2 -28,3
Profitability 2018 2019 2020
ROE (%) -21,6 9,1 6
ROE Adj (%) -11,7 -8,3 6
ROCE (%) 0,6 11,5 8,8
ROCE Adj(%) 4,9 4,9 8,8
ROIC (%) -4,1 5,7 4,8
ROIC Adj (%) 1,4 1,5 4,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 16 24 35
EBITDA Adj margin (%) 3 4,8 6,7
EBITA Adj 3 7 17
EBITA Adj margin (%) 0,6 1,4 3,3
EBIT Adj 3 7 17
EBIT Adj margin (%) 0,6 1,4 3,3
Pretax profit Adj -8 -3 9
Net profit Adj -14 -10 8
Net profit to shareholders Adj -14 -10 8
Net Adj margin (%) -2,6 -1,9 1,4
SEKm 2018 2019e 2020e
Short-term debt 111 111 111
Accounts payable 97 96 100
EBITDA 4 44 35
Net financial items -11 -10 -8
Paid tax -6 -6 -2
Non-cash items 39 3 0
Cash flow before change in WC 26 31 26
Change in WC -20 7 -5
Operating cash flow 6 38 21
CAPEX tangible fixed assets -10 -10 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -14 0 0
Free cash flow -18 28 10
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -37 -7 0
Decrease in net IB debt -57 17 5
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 31 31 31
Indefinite intangible assets 17 17 17
Definite intangible assets 12 10 8
Tangible fixed assets 124 124 123
Other fixed assets 8 8 8
Fixed assets 192 196 193
Inventories 69 67 70
Receivables 143 136 142
Other current assets 0 0 0
Cash and liquid assets 6 29 35
Total assets 410 428 440
Shareholders equity 108 122 129
Minority 0 0 0
Total equity 108 122 129
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 170 153 148
Net IB debt excl. pension debt 170 153 148
Capital invested 299 295 297
Working capital 115 107 112
EV breakdown 2018 2019 2020
Market cap. diluted (m) 208 88 88
Net IB debt Adj 170 153 148
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 378 241 235
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 136 120,3 121,1
Capital invested turnover (%) 188,2 169,7 177,4
Capital employed turnover (%) 189,7 166,5 166,1
Inventories / sales (%) 12,3 13,5 13,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 19,1 18,6
Working capital / sales (%) 19,7 22,1 20,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 157 125,8 114,3
Net debt / market cap (%) 75,6 175,2 169
Equity ratio (%) 26,5 28,5 29,4
Net IB debt adj. / equity (%) 157 125,8 114,3
Current ratio (%) 104,8 112,6 117,2
EBITDA / net interest (%) 37,1 430,2 436,4
Net IB debt / EBITDA (%) 4179,9 345,1 417,5
Interest cover (%) 7,9 191,4 149,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 23 23 23
Fully diluted shares Adj 23 23 23
EPS -1,14 0,46 0,33
Dividend per share Adj 0 0 0
EPS Adj -0,62 -0,42 0,33
BVPS 4,73 5,32 5,65
BVPS Adj 2,89 3,57 3,99
Net IB debt / share 7,4 6,7 6,5
Share price 9,83 3,82 3,82
Market cap. (m) 225 88 88
Valuation 2018 2019 2020
P/E -8 8,3 11,6
EV/sales 0,71 0,48 0,45
EV/EBITDA 92,8 5,4 6,6
EV/EBITA -42,4 8,9 13,5
EV/EBIT -42,4 8,9 13,5
Dividend yield (%) 0 0 0
FCF yield (%) -8,6 32,2 11,9
P/BVPS 1,92 0,72 0,68
P/BVPS Adj 3,14 1,07 0,96
P/E Adj -14,7 -9,2 11,6
EV/EBITDA Adj 23,5 9,9 6,6
EV/EBITA Adj 123 34,8 13,5
EV/EBIT Adj 123 34,8 13,5
EV/cap. employed 1,3 0,8 0,7
Investment ratios 2018 2019 2020
Capex / sales 1,8 2 2
Capex / depreciation 74,7 78,9 80,7
Capex tangibles / tangible fixed assets 7,7 8,1 8,5
Capex intangibles / definite intangibles 1,1 0 0
Depreciation on intangibles / definite intangibles 17,8 22,4 27,3
Depreciation on tangibles / tangibles 8,8 8,6 8,9

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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 48.9 % 48.9 % 11 Nov 2019
Tus Holdings 8.9 % 8.9 % 30 Sep 2019
Nigbo Tus Yangming Inv Center 3.3 % 3.3 % 30 Sep 2019
Håkan Ren Jie Hu 3.1 % 3.1 % 30 Sep 2019
Luco Holding AB 2.7 % 2.7 % 30 Sep 2019
Jafu Holding AS 2.6 % 2.6 % 30 Sep 2019
Rapidinvest AS 2.4 % 2.4 % 30 Sep 2019
Avanza Pension 2.2 % 2.2 % 30 Sep 2019
Regal Prospect Investment Ltd 2.1 % 2.1 % 30 Sep 2019
Ruizhong Investment AB 1.8 % 1.8 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Oboya

Name Quantity Code Date
Robert Wu + 10 000 BUY 11 Nov 2019
Henrik Hang + 1 614 BUY 11 Nov 2019
Henrik Hang + 4 000 BUY 11 Nov 2019
Henrik Hang + 2 000 BUY 11 Nov 2019
Joachim von Scheele + 1 550 BUY 9 Oct 2019
Robert Wu + 8 600 BUY 20 Sep 2019
Joachim von Scheele + 2 500 BUY 12 Sep 2019
Robert Wu + 23 010 BUY 11 Sep 2019
Joachim von Scheele + 2 500 BUY 10 Sep 2019
Joachim von Scheele + 2 500 BUY 10 Sep 2019

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