Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Arise

Arise

Market-leader with focus on cash flow

Arise is an integrated wind power company managing all stages of the value chain, from project development to the sale of green electricity generated by its own onshore wind turbines. Arise manages ~1,300 MW, of which 139MW is own-production. Additionally, the company has an extensive project portfolio of 850 MW in Sweden and 70MW in Scotland. The shares are listed on Nasdaq OMX Small Cap.

Political ambition of 100% renewable is an obvious driver for realization of Arise’s project portfolio. Lower cost per KWh and increased attractiveness of the Scandinavian wind market are also favorable for the company.

Direct and indirect exposure to electricity price fluctuations, potential shifts in political action, impairment and building risks.

SEKm 2020 2021e 2022e
Sales 130 355 1041
Sales growth (%) -71,4 173,3 192,9
EBITDA 33 247 798
EBITDA margin (%) 25,7 69,6 76,7
EBIT adj -5 178 733
EBIT adj margin (%) -3,5 50,1 70,4
Pretax profit -108 136 712
EPS rep -3,08 3,06 15,37
EPS growth (%) 56,2 199,4 402,1
EPS adj -3,08 3,06 15,37
DPS 0 0 0
EV/EBITDA (x) 60,1 9,1 2,2
EV/EBIT adj (x) -437,9 12,7 2,4
P/E (x) -13,1 15,5 3,1
P/E adj (x) -13,1 15,5 3,1
EV/sales (x) 15,4 6,3 1,7
FCF yield (%) -3,2 6,8 29,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 17,7 2 0
Lease adj. FCF yield (%) -3,5 6,5 29,2
Lease adj. ND/EBITDA 9,3 1,9 -0,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 130 355 1041
COGS 0 0 0
Gross profit 130 355 1041
Other operating items -97 -108 -242
EBITDA 33 247 798
Depreciation on tangibles -62 -60 -54
Depreciation on intangibles 0 0 0
EBITA -37 178 733
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -37 178 733
Other financial items 0 0 0
Net financial items -72 -42 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -108 136 712
Tax 0 -22 -142
Net profit -108 114 570
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -108 114 570
EPS -3,08 3,06 15,37
EPS Adj -3,08 3,06 15,37
Total extraordinary items after tax -32 0 0
Tax rate (%) 0 -16,3 -20
Gross margin (%) 100 100 100
EBITDA margin (%) 25,7 69,6 76,7
EBITA margin (%) -28,1 50,1 70,4
EBIT margin (%) -28,1 50,1 70,4
Pretax margin (%) -83,5 38,2 68,4
Net margin (%) -83,5 31,9 54,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -71,4 173,3 192,9
EBITDA growth (%) 159,1 640,6 222,6
EBIT growth (%) 72,2 586,3 311,8
Net profit growth (%) 53,7 204,6 402,1
EPS growth (%) 56,2 199,4 402,1
Profitability 2020 2021 2022
ROE (%) -15,5 14,9 51,7
ROE Adj (%) -10,9 14,9 51,7
ROCE (%) -2,4 12,3 40,7
ROCE Adj(%) -0,3 12,3 40,7
ROIC (%) -2,8 11,4 43,6
ROIC Adj (%) -0,4 11,4 43,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 65 247 798
EBITDA Adj margin (%) 50,3 69,6 76,7
EBITA Adj -5 178 733
EBITA Adj margin (%) -3,5 50,1 70,4
EBIT Adj -5 178 733
EBIT Adj margin (%) -3,5 50,1 70,4
Pretax profit Adj -76 136 712
Net profit Adj -76 114 570
Net profit to shareholders Adj -76 114 570
Net Adj margin (%) -58,8 31,9 54,8
Depreciation and amortisation -70 -70 -66
Of which leasing depreciation -8 -10 -12
EO items -32 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 57 237 787
EBITDA lease Adj margin (%) 44,2 66,8 75,6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 33 247 798
Net financial items -72 -42 -20
Paid tax -9 -22 -142
Non-cash items 3 0 0
Cash flow before change in WC -45 183 636
Change in WC 35 -10 -14
Operating cash flow -10 173 622
CAPEX tangible fixed assets -34 -53 -104
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -45 120 518
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 153 -31 -28
Decrease in net IB debt 24 92 513
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1200 1194 1244
Other fixed assets 17 40 40
Fixed assets 1276 1288 1331
Inventories 1 7 12
Receivables 10 18 42
Other current assets 46 50 73
Cash and liquid assets 86 200 713
Total assets 1418 1563 2171
Shareholders equity 703 817 1386
Minority 0 0 0
Total equity 703 817 1386
Long-term debt 555 579 579
Pension debt 46 46 46
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 17 17 17
Accounts payable 10 11 21
Other current liabilities 28 36 63
Total liabilities and equity 1418 1563 2171
Net IB debt 592 500 -13
Net IB debt excl. pension debt 547 454 -59
Capital invested 1295 1317 1374
Working capital 19 29 43
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1416 1755 1755
Net IB debt Adj 592 500 -13
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 2008 2255 1742
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 8,1 23,8 55,8
Capital invested turnover (%) 10 27,2 77,4
Capital employed turnover (%) 8,5 24,5 57,8
Inventories / sales (%) 3,5 1,1 0,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7,4 2,8 1,5
Working capital / sales (%) 4,1 6,8 3,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 84,2 61,3 -0,9
Net debt / market cap (%) 45,4 28,5 -0,7
Equity ratio (%) 49,6 52,2 63,9
Net IB debt adj. / equity (%) 84,2 61,3 -0,9
Current ratio (%) 240,7 415,4 805
EBITDA / net interest (%) 46,5 585,9 3945
Net IB debt / EBITDA (%) 1771,7 202,2 -1,6
Interest cover (%) -49,8 421,2 3620,1
Lease liability amortisation -5 -5 -5
Other intangible assets 0 0 0
Right-of-use asset 59 54 48
Total other fixed assets 17 40 40
Leasing liability 60 58 58
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 532 442 -71
Net IB debt / EBITDA lease Adj (%) 926,6 186,3 -9
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 37 37
Fully diluted shares Adj 35 37 37
EPS -3,08 3,06 15,37
Dividend per share Adj 0 0 0
EPS Adj -3,08 3,06 15,37
BVPS 20,1 22,01 37,38
BVPS Adj 20,1 22,01 37,38
Net IB debt / share 16,9 13,5 -0,3
Share price 37,32 47,3 47,3
Market cap. (m) 1305 1755 1755
Valuation 2020 2021 2022
P/E -13,1 15,5 3,1
EV/sales 15,45 6,35 1,67
EV/EBITDA 60,1 9,1 2,2
EV/EBITA -54,9 12,7 2,4
EV/EBIT -54,9 12,7 2,4
Dividend yield (%) 0 0 0
FCF yield (%) -3,2 6,8 29,5
P/BVPS 2,01 2,15 1,27
P/BVPS Adj 2,01 2,15 1,27
P/E Adj -13,1 15,5 3,1
EV/EBITDA Adj 30,7 9,1 2,2
EV/EBITA Adj -437,9 12,7 2,4
EV/EBIT Adj -437,9 12,7 2,4
EV/cap. employed 1,5 1,5 0,8
Investment ratios 2020 2021 2022
Capex / sales 26,5 15 10
Capex / depreciation 55,5 89,5 191,8
Capex tangibles / tangible fixed assets 2,9 4,5 8,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 5,2 5 4,4
Lease adj. FCF yield (%) -3,5 6,5 29,2
N/A N/A N/A

Equity research

Read earlier research

Media

Arise - Company presentation with CFO & IR Manager Linus Hägg
Arise - Interview with CEO Daniel Johansson

Main shareholders - Arise

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 20.0 % 20.0 % 29 Jan 2021
Axel Johnson Gruppen 10.6 % 10.6 % 6 Oct 2020
Tredje AP-fonden 8.9 % 8.9 % 31 Dec 2020
Länsförsäkringar Fonder 6.6 % 6.6 % 31 Jan 2021
Johan Claesson 6.2 % 6.2 % 29 Jan 2021
Peter Gyllenhammar 4.5 % 4.5 % 31 Dec 2018
DNB Fonder 3.9 % 3.9 % 31 Jan 2021
Andra AP-fonden 2.5 % 2.5 % 31 Dec 2020
Cliens Fonder 2.2 % 2.2 % 31 Dec 2020
Skandia Fonder 1.9 % 1.9 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Arise

Name Quantity Code Date
Johan Damne + 30 000 BUY 4 Sep 2020
Leif Jansson - 615 000 SELL 17 Feb 2020
Linus Hägg - 125 000 Redemp 15 Mar 2019
Per Daniel Johansson - 300 000 Redemp 15 Mar 2019
Linus Hägg + 10 000 Redemp 15 Mar 2019
Per Daniel Johansson + 100 000 Redemp 15 Mar 2019
Joachim Gahm - 2 574 SELL 14 Jan 2019
Joachim Gahm - 1 825 SELL 10 Jan 2019
Joachim Gahm - 5 581 SELL 8 Jan 2019
Linus Hägg + 2 143 BUY 28 May 2018

Show More