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Awardit

Awardit

Awardit is a market leader in loyalty, incentive and gift card programmes. Its clients are enterprises that want to increase customer and employee loyalty, drive engagement and sales growth. The company derives most of its sales from running loyalty programmes where the clients customers can redeem earned points for goods and services. In recent years, it has grown rapidly, both organically and through acquisitions.

Through multiple acquisitions in recent years, Awardit has built itself a dominating ecosystem in the loyalty, incentive and gift card programme market. Hence, it is well positioned to capitalise on a growing market with its often superior offering to prospective clients. In addition, we see potential for Awardit to continue to consolidate the market in both the Nordics and parts of Europe.

Awardit has a solid market position in terms of competition, but new competition could come from large CRM providers that have the resources to enter this market. There is also an execution risk associated with Awardit´s acquisitive growth strategy. Another potential risk factor is more stringent tax regulation that could discourage clients from offering benefits to customers and employees.

SEKm 2020 2021e 2022e
Sales 274 500 831
Sales growth (%) -10 82,6 66,3
EBITDA 37 73 115
EBITDA margin (%) 13,7 14,6 13,8
EBIT adj 30 55 91
EBIT adj margin (%) 10,9 11 11
Pretax profit 28 44 82
EPS rep 3,28 4,82 8,34
EPS growth (%) -10,6 47,1 72,9
EPS adj 3,28 4,82 8,34
DPS 0,56 2,03 1,92
EV/EBITDA (x) 16,8 25,5 15,9
EV/EBIT adj (x) 21 33,7 19,9
P/E (x) 28,3 45,6 26,4
P/E adj (x) 28,3 45,6 26,4
EV/sales (x) 2,3 3,7 2,2
FCF yield (%) 1,3 0,6 4,3
Dividend yield (%) 0,6 0,9 0,9
Net IB debt/EBITDA 0,1 1,6 0,7
Lease adj. FCF yield (%) 1,7 2,4 4,5
Lease adj. ND/EBITDA 0 1,5 0,6
SEKm 2020 2021e 2022e
Sales 274 500 831
COGS -196 -349 -590
Gross profit 77 151 241
Other operating items -40 -78 -126
EBITDA 37 73 115
Depreciation and amortisation -8 -18 -23
Of which leasing depreciation -2 -2 -2
EBITA 36 71 113
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 30 55 91
Net financial items -2 -11 -9
Pretax profit 28 44 82
Tax -6 -9 -16
Net profit 22 36 66
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 22 36 66
EPS 3,28 4,82 8,34
EPS Adj 3,28 4,82 8,34
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -21 -19,8 -20
Gross margin (%) 28,3 30,2 29
EBITDA margin (%) 13,7 14,6 13,8
EBITA margin (%) 13,1 14,3 13,6
EBIT margin (%) 10,9 11 11
Pretax margin (%) 10,1 8,9 9,9
Net margin (%) 8 7,1 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -10 82,6 66,3
EBITDA growth (%) -4,6 94,8 57,5
EBIT growth (%) -9,1 84,7 65,6
Net profit growth (%) -10,6 62,2 85,5
EPS growth (%) -10,6 47,1 72,9
Profitability 2020 2021 2022
ROE (%) 15 13,8 16,9
ROE Adj (%) 15 13,8 16,9
ROCE (%) 16,3 15,7 16,8
ROCE Adj(%) 16,3 15,7 16,8
ROIC (%) 13,5 10,9 11,4
ROIC Adj (%) 13,5 10,9 11,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 37 73 115
EBITDA Adj margin (%) 13,7 14,6 13,8
EBITDA lease Adj 37 73 115
EBITDA lease Adj margin (%) 13,7 14,6 13,8
EBITA Adj 36 71 113
EBITA Adj margin (%) 13,1 14,3 13,6
EBIT Adj 30 55 91
EBIT Adj margin (%) 10,9 11 11
Pretax profit Adj 28 44 82
Net profit Adj 22 36 66
Net profit to shareholders Adj 22 36 66
Net Adj margin (%) 8 7,1 7,9
SEKm 2020 2021e 2022e
EBITDA 37 73 115
Net financial items -2 -11 -9
Paid tax -7 -9 -16
Non-cash items 0 0 0
Cash flow before change in WC 28 53 89
Change in WC -11 -7 -3
Operating cash flow 17 46 87
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -6 -7 -12
Acquisitions and disposals 0 0 0
Free cash flow 11 39 75
Dividend paid -4 -15 -15
Share issues and buybacks 0 86 0
Lease liability amortisation 0 -1 -2
Other non cash items -1 -304 -20
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 138 472 472
Other intangible assets 40 151 161
Tangible fixed assets 0 0 0
Right-of-use asset 2 8 8
Total other fixed assets 0 0 0
Fixed assets 179 631 641
Inventories 16 32 62
Receivables 72 148 210
Other current assets 9 30 32
Cash and liquid assets 28 35 73
Total assets 305 877 1019
Shareholders equity 152 365 416
Minority 0 0 0
Total equity 152 365 416
Long-term debt 16 136 136
Pension debt 2 2 2
Convertible debt 0 0 0
Leasing liability 1 6 6
Total other long-term liabilities 22 152 152
Short-term debt 12 10 10
Accounts payable 46 145 216
Other current liabilities 53 61 81
Total liabilities and equity 305 877 1019
Net IB debt 3 119 80
Net IB debt excl. pension debt 1 116 78
Net IB debt excl. leasing 2 113 75
Capital invested 177 636 648
Working capital -2 5 7
EV breakdown 2020 2021 2022
Market cap. diluted (m) 624 1740 1740
Net IB debt Adj 3 119 80
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 627 1858 1820
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 88,7 84,6 87,7
Working capital / sales (%) -1 0,3 0,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 2,1 32,4 19,3
Net debt / market cap (%) 0,6 6,8 4,6
Equity ratio (%) 49,7 41,7 40,8
Net IB debt adj. / equity (%) 2,1 32,4 19,3
Current ratio (%) 111,1 112,6 122,1
EBITDA / net interest (%) 1730 668,2 1274,9
Net IB debt / EBITDA (%) 8,3 162,6 69,9
Net IB debt / EBITDA lease Adj (%) 4,9 155 65
Interest cover (%) 1639,5 653,5 1257,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 7 8 8
Fully diluted shares Adj 7 8 8
EPS 3,28 4,82 8,34
Dividend per share Adj 0,6 2 1,9
EPS Adj 3,28 4,82 8,34
BVPS 22,54 46,22 52,64
BVPS Adj -3,86 -32,58 -27,39
Net IB debt / share 0,5 15 10,1
Share price 80,45 220 220
Market cap. (m) 541 1740 1740
Valuation 2020 2021 2022
P/E 28,3 45,6 26,4
EV/sales 2,29 3,72 2,19
EV/EBITDA 16,8 25,5 15,9
EV/EBITA 17,5 26 16,1
EV/EBIT 21 33,7 19,9
Dividend yield (%) 0,6 0,9 0,9
FCF yield (%) 1,3 0,6 4,3
Lease adj. FCF yield (%) 1,7 2,4 4,5
P/BVPS 4,12 4,76 4,18
P/BVPS Adj -24,02 -6,75 -8,03
P/E Adj 28,3 45,6 26,4
EV/EBITDA Adj 16,8 25,5 15,9
EV/EBITA Adj 17,5 26 16,1
EV/EBIT Adj 21 33,7 19,9
EV/cap. employed 3,4 3,6 3,2
Investment ratios 2020 2021 2022
Capex / sales 2,2 1,4 1,4
Capex / depreciation 99,7 43,4 55,2
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 15 4,6 7,5
Depreciation on intangibles / definite intangibles 14,8 10,7 13,5
Depreciation on tangibles / tangibles 73,3 0 0

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Visionalis AB 27.6 % 27.6 % 30 Sep 2021
Niklas Lundqvist 16.5 % 16.5 % 31 Mar 2021
Consensus Asset Management 4.6 % 4.6 % 30 Sep 2021
Johan Hagman 4.6 % 4.6 % 21 Jun 2021
Samir Taha 4.4 % 4.4 % 13 Jul 2021
Nordnet Pensionsförsäkring 4.3 % 4.3 % 30 Sep 2021
Avanza Pension 3.3 % 3.3 % 30 Sep 2021
S. Thorberg Inspiration Investme 2.6 % 2.6 % 30 Sep 2021
Henrik Olander 1.9 % 1.9 % 31 Mar 2021
Claudio Simantovic 1.7 % 1.7 % 30 Sep 2021
Source: Holdings by Modular Finance AB