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Briox

SEKm 2018 2019e 2020e
Sales 3 5 8
Sales growth (%) 94,3 47,6 70,2
EBITDA -6 -9 -9
EBITDA margin (%) -207,8 -203,6 -116,9
EBIT adj -14 -17 -17
EBIT adj margin (%) -466,1 -378,6 -219,8
Pretax profit -15 -17 -17
EPS rep -0,59 -0,5 -0,44
EPS growth (%) 36,7 15,3 11,8
EPS adj -0,59 -0,5 -0,44
DPS 0 0 0
EV/EBITDA (x) -24,9 -28,7 -31,3
EV/EBIT adj (x) -11,1 -15,4 -16,6
P/E (x) -10 -15,9 -18,1
P/E adj (x) -10 -15,9 -18,1
EV/sales (x) 51,7 58,5 36,5
FCF yield (%) -9,9 -6,5 -5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 2,7 2,7
SEKm 2018 2019e 2020e
Sales 3 5 8
COGS 0 0 0
Gross profit 3 5 8
Other operating items -10 -14 -17
EBITDA -6 -9 -9
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -14 -17 -17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -17 -17
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -15 -17 -17
Tax 0 0 0
Net profit -15 -17 -17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -17 -17
EPS -0,59 -0,5 -0,44
EPS Adj -0,59 -0,5 -0,44
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -207,8 -203,6 -116,9
EBITA margin (%) -466,1 -378,6 -219,8
EBIT margin (%) -466,1 -378,6 -219,8
Pretax margin (%) -478,6 -379,6 -219,8
Net margin (%) -478,6 -379,6 -219,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 94,3 47,6 70,2
EBITDA growth (%) 19,1 -44,6 2,3
EBIT growth (%) 18,6 -19,9 1,2
Net profit growth (%) 20,5 -17,1 1,4
EPS growth (%) 36,7 15,3 11,8
Profitability 2018 2019 2020
ROE (%) -66,9 -53,4 -43,7
ROE Adj (%) -66,9 -53,4 -43,7
ROCE (%) -65,2 -53,2 -43,7
ROCE Adj(%) -65,2 -53,2 -43,7
ROIC (%) -89,6 -109,8 -118,3
ROIC Adj (%) -89,6 -109,8 -118,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj -6 -9 -9
EBITDA Adj margin (%) -207,8 -203,6 -116,9
EBITA Adj -14 -17 -17
EBITA Adj margin (%) -466,1 -378,6 -219,8
EBIT Adj -14 -17 -17
EBIT Adj margin (%) -466,1 -378,6 -219,8
Pretax profit Adj -15 -17 -17
Net profit Adj -15 -17 -17
Net profit to shareholders Adj -15 -17 -17
Net Adj margin (%) -478,6 -379,6 -219,8
SEKm 2018 2019e 2020e
EBITDA -6 -9 -9
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -9 -9
Change in WC 0 2 3
Operating cash flow -6 -9 -7
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -9 -9
Acquisitions and disposals 0 0 0
Free cash flow -15 -18 -15
Dividend paid 0 0 0
Share issues and buybacks 20 34 15
Other non cash items 0 0 0
Decrease in net IB debt 5 16 0
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 18 19 20
Tangible fixed assets 0 0 1
Other fixed assets 0 0 0
Fixed assets 19 20 20
Inventories 0 0 0
Receivables 2 2 4
Other current assets 0 0 0
Cash and liquid assets 9 25 24
Total assets 29 47 49
Shareholders equity 25 40 38
Minority 0 0 0
Total equity 25 40 38
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 4 7 10
Other current liabilities 0 0 0
Total liabilities and equity 22 23 29
Net IB debt -9 -25 -24
Net IB debt excl. pension debt -9 -25 -24
Capital invested 16 15 14
Working capital -3 -4 -7
EV breakdown 2018 2019 2020
Market cap. diluted (m) 169 292 309
Net IB debt Adj -9 -25 -24
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 160 267 284
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 11,8 12 16,3
Capital invested turnover (%) 19,2 29 53,8
Capital employed turnover (%) 14 14,1 19,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 130,6 119,1 110,3
Working capital / sales (%) -82 -74,3 -71,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -62 -64,2
Net debt / market cap (%) -5,1 -8,5 -7,9
Equity ratio (%) 85,5 85,8 78,4
Net IB debt adj. / equity (%) -34,5 -62 -64,2
Current ratio (%) 242,5 410,3 268,3
EBITDA / net interest (%) -1661,8 -22147,9 0
Net IB debt / EBITDA (%) 132,9 268 269,2
Interest cover (%) -3727,6 -41190,7 N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 37 39
Fully diluted shares Adj 29 37 39
EPS -0,59 -0,5 -0,44
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,5 -0,44
BVPS 0,87 1,1 0,99
BVPS Adj 0,22 0,58 0,47
Net IB debt / share -0,3 -0,7 -0,6
Share price 5,81 8 8
Market cap. (m) 166 292 309
Valuation 2018 2019 2020
P/E -10 -15,9 -18,1
EV/sales 51,73 58,5 36,55
EV/EBITDA -24,9 -28,7 -31,3
EV/EBITA -11,1 -15,4 -16,6
EV/EBIT -11,1 -15,4 -16,6
Dividend yield (%) 0 0 0
FCF yield (%) -9,9 -6,5 -5
P/BVPS 6,8 7,27 8,1
P/BVPS Adj 26,63 13,83 16,86
P/E Adj -10 -15,9 -18,1
EV/EBITDA Adj -24,9 -28,7 -31,3
EV/EBITA Adj -11,1 -15,4 -16,6
EV/EBIT Adj -11,1 -15,4 -16,6
EV/cap. employed 6,5 6,6 7,5
Investment ratios 2018 2019 2020
Capex / sales 268 191,3 114,6
Capex / depreciation 103,8 109,3 111,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,9 45,8 45
Depreciation on intangibles / definite intangibles 43,3 41,9 40,4
Depreciation on tangibles / tangibles 0 0 0