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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 274 488 819
Sales growth (%) -10 78,3 67,8
EBITDA 37 71 113
EBITDA margin (%) 13,7 14,5 13,8
EBIT adj 30 54 90
EBIT adj margin (%) 10,9 11 11
Pretax profit 28 43 81
EPS rep 3,28 4,64 8,2
EPS growth (%) -10,6 41,5 76,8
EPS adj 3,28 4,64 8,2
DPS 0,56 2,03 1,92
EV/EBITDA (x) 16,8 24,4 15
EV/EBIT adj (x) 21 32,3 18,8
P/E (x) 28,3 44,2 25
P/E adj (x) 28,3 44,2 25
EV/sales (x) 2,3 3,5 2,1
FCF yield (%) 1,3 1,4 4,4
Dividend yield (%) 0,6 1 0,9
Net IB debt/EBITDA 0,1 1,5 0,6
Lease adj. FCF yield (%) 1,7 3,4 4,6
Lease adj. ND/EBITDA 0 1,4 0,6
SEKm 2020 2021e 2022e
Sales 274 488 819
COGS -196 -340 -581
Gross profit 77 148 237
Other operating items -40 -77 -124
EBITDA 37 71 113
Depreciation and amortisation -8 -17 -23
Of which leasing depreciation -2 -2 -2
EBITA 36 69 111
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 30 54 90
Net financial items -2 -11 -9
Pretax profit 28 43 81
Tax -6 -8 -16
Net profit 22 34 65
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 22 34 65
EPS 3,28 4,64 8,2
EPS Adj 3,28 4,64 8,2
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -21 -19,7 -20
Gross margin (%) 28,3 30,2 29
EBITDA margin (%) 13,7 14,5 13,8
EBITA margin (%) 13,1 14,2 13,6
EBIT margin (%) 10,9 11 11
Pretax margin (%) 10,1 8,7 9,9
Net margin (%) 8 7 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -10 78,3 67,8
EBITDA growth (%) -4,6 89,4 59,5
EBIT growth (%) -9,1 79 68,3
Net profit growth (%) -10,6 56,1 89,6
EPS growth (%) -10,6 41,5 76,8
Profitability 2020 2021 2022
ROE (%) 15 13,3 16,7
ROE Adj (%) 15 13,3 16,7
ROCE (%) 16,3 15,3 16,6
ROCE Adj(%) 16,3 15,3 16,6
ROIC (%) 13,5 10,8 11,5
ROIC Adj (%) 13,5 10,8 11,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 37 71 113
EBITDA Adj margin (%) 13,7 14,5 13,8
EBITDA lease Adj 37 71 113
EBITDA lease Adj margin (%) 13,7 14,5 13,8
EBITA Adj 36 69 111
EBITA Adj margin (%) 13,1 14,2 13,6
EBIT Adj 30 54 90
EBIT Adj margin (%) 10,9 11 11
Pretax profit Adj 28 43 81
Net profit Adj 22 34 65
Net profit to shareholders Adj 22 34 65
Net Adj margin (%) 8 7 7,9
SEKm 2020 2021e 2022e
EBITDA 37 71 113
Net financial items -2 -11 -9
Paid tax -7 -8 -16
Non-cash items 0 0 0
Cash flow before change in WC 28 52 88
Change in WC -11 7 -5
Operating cash flow 17 59 83
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -6 -7 -12
Acquisitions and disposals 0 0 0
Free cash flow 11 52 71
Dividend paid -4 -15 -15
Share issues and buybacks 0 86 0
Lease liability amortisation 0 -1 -2
Other non cash items -1 -303 -19
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 138 472 472
Other intangible assets 40 151 160
Tangible fixed assets 0 0 0
Right-of-use asset 2 8 8
Total other fixed assets 0 0 0
Fixed assets 179 631 640
Inventories 16 32 61
Receivables 72 155 207
Other current assets 9 15 16
Cash and liquid assets 28 48 83
Total assets 305 881 1008
Shareholders equity 152 364 414
Minority 0 0 0
Total equity 152 364 414
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 46 151 209
Other current liabilities 53 60 80
Total liabilities and equity 305 881 1008
Net IB debt 3 106 70
Net IB debt excl. pension debt 1 103 68
Net IB debt excl. leasing 2 100 64
Capital invested 177 622 636
Working capital -2 -9 -5
EV breakdown 2020 2021 2022
Market cap. diluted (m) 624 1621 1621
Net IB debt Adj 3 106 70
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 1727 1691
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 88,7 82,3 86,7
Working capital / sales (%) -1 -1,2 -0,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 2,1 29 16,9
Net debt / market cap (%) 0,6 6,5 4,3
Equity ratio (%) 49,7 41,3 41
Net IB debt adj. / equity (%) 2,1 29 16,9
Current ratio (%) 111,1 111,8 122,2
EBITDA / net interest (%) 1730 649,8 1255,7
Net IB debt / EBITDA (%) 8,3 148,9 62
Net IB debt / EBITDA lease Adj (%) 4,9 141 57,1
Interest cover (%) 1639,5 635,1 1238,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 7 8 8
Fully diluted shares Adj 7 8 8
EPS 3,28 4,64 8,2
Dividend per share Adj 0,6 2 1,9
EPS Adj 3,28 4,64 8,2
BVPS 22,54 46,05 52,33
BVPS Adj -3,86 -32,71 -27,62
Net IB debt / share 0,5 13,3 8,9
Share price 80,45 205 205
Market cap. (m) 541 1621 1621
Valuation 2020 2021 2022
P/E 28,3 44,2 25
EV/sales 2,29 3,54 2,07
EV/EBITDA 16,8 24,4 15
EV/EBITA 17,5 24,9 15,2
EV/EBIT 21 32,3 18,8
Dividend yield (%) 0,6 1 0,9
FCF yield (%) 1,3 1,4 4,4
Lease adj. FCF yield (%) 1,7 3,4 4,6
P/BVPS 4,12 4,45 3,92
P/BVPS Adj -24,02 -6,27 -7,42
P/E Adj 28,3 44,2 25
EV/EBITDA Adj 16,8 24,4 15
EV/EBITA Adj 17,5 24,9 15,2
EV/EBIT Adj 21 32,3 18,8
EV/cap. employed 3,4 3,3 3
Investment ratios 2020 2021 2022
Capex / sales 2,2 1,4 1,5
Capex / depreciation 99,7 44,3 56,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 15 4,6 7,5
Depreciation on intangibles / definite intangibles 14,8 10,5 13,4
Depreciation on tangibles / tangibles 73,3 0 0

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Visionalis AB 28.5 % 28.5 % 30 Jun 2021
Niklas Lundqvist 16.5 % 16.5 % 31 Mar 2021
Johan Hagman 4.6 % 4.6 % 21 Jun 2021
Samir Taha 4.4 % 4.4 % 13 Jul 2021
Consensus Asset Management 4.4 % 4.4 % 31 Aug 2021
Nordnet Pensionsförsäkring 4.3 % 4.3 % 30 Jun 2021
Avanza Pension 4.1 % 4.1 % 30 Jun 2021
Henrik Olander 1.9 % 1.9 % 31 Mar 2021
Claudio Simantovic 1.8 % 1.8 % 30 Jun 2021
Filip Engelbert 1.7 % 1.7 % 30 Jun 2021
Source: Holdings by Modular Finance AB