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Briox

SEKm 2018 2019e 2020e
Sales 3 4 6
Sales growth (%) 94,3 22,2 69,4
EBITDA -6 -6 -6
EBITDA margin (%) -207,8 -171,1 -87,4
EBIT adj -14 -15 -14
EBIT adj margin (%) -466,1 -397,1 -223,1
Pretax profit -15 -15 -14
EPS rep -0,59 -0,49 -0,43
EPS growth (%) 36,7 16,6 12,7
EPS adj -0,59 -0,49 -0,43
DPS 0 0 0
EV/EBITDA (x) -24,9 -27,2 -34,1
EV/EBIT adj (x) -11,1 -11,7 -13,3
P/E (x) -10 -11,9 -13,7
P/E adj (x) -10 -11,9 -13,7
EV/sales (x) 51,7 46,5 29,8
FCF yield (%) -9,9 -8,4 -7,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 0,5 0,8
SEKm 2018 2019e 2020e
Sales 3 4 6
COGS 0 0 0
Gross profit 3 4 6
Other operating items -10 -10 -12
EBITDA -6 -6 -6
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -9 -9
EBITA -14 -15 -14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -15 -14
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 -15 -14
Tax 0 0 0
Net profit -15 -15 -14
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -15 -14
EPS -0,59 -0,49 -0,43
EPS Adj -0,59 -0,49 -0,43
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -207,8 -171,1 -87,4
EBITA margin (%) -466,1 -397,1 -223,1
EBIT margin (%) -466,1 -397,1 -223,1
Pretax margin (%) -478,6 -397,1 -223,1
Net margin (%) -478,6 -397,1 -223,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 94,3 22,2 69,4
EBITDA growth (%) 19,1 -0,7 13,5
EBIT growth (%) 18,6 -4,1 4,8
Net profit growth (%) 20,5 -1,4 4,8
EPS growth (%) 36,7 16,6 12,7
Profitability 2018 2019 2020
ROE (%) -66,9 -67,4 -71
ROE Adj (%) -66,9 -67,4 -71
ROCE (%) -89,6 -92,2 -88,9
ROCE Adj(%) -89,6 -92,2 -88,9
ROIC (%) -89,6 -92,2 -88,9
ROIC Adj (%) -89,6 -92,2 -88,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj -6 -6 -6
EBITDA Adj margin (%) -207,8 -171,1 -87,4
EBITA Adj -14 -15 -14
EBITA Adj margin (%) -466,1 -397,1 -223,1
EBIT Adj -14 -15 -14
EBIT Adj margin (%) -466,1 -397,1 -223,1
Pretax profit Adj -15 -15 -14
Net profit Adj -15 -15 -14
Net profit to shareholders Adj -15 -15 -14
Net Adj margin (%) -478,6 -397,1 -223,1
SEKm 2018 2019e 2020e
EBITDA -6 -6 -6
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -6 -6
Change in WC 0 0 1
Operating cash flow -6 -6 -5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -9 -9
Acquisitions and disposals 0 0 0
Free cash flow -15 -15 -14
Dividend paid 0 0 0
Share issues and buybacks 20 10 15
Other non cash items 0 0 0
Decrease in net IB debt 5 -5 1
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 18 19 19
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 19 19 19
Inventories 0 0 0
Receivables 2 2 3
Other current assets 0 0 0
Cash and liquid assets 9 3 5
Total assets 29 25 28
Shareholders equity 25 20 20
Minority 0 0 0
Total equity 25 20 20
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 5 7
Other current liabilities 0 0 0
Total liabilities and equity 22 23 29
Net IB debt -9 -3 -5
Net IB debt excl. pension debt -9 -3 -5
Capital invested 16 16 16
Working capital -3 -3 -4
EV breakdown 2018 2019 2020
Market cap. diluted (m) 169 179 195
Net IB debt Adj -9 -3 -5
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 160 176 191
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 11,8 14,1 24,5
Capital invested turnover (%) 19,2 23,2 39,8
Capital employed turnover (%) 19,2 23,2 39,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 130,6 122,4 94,3
Working capital / sales (%) -82 -73,4 -52,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -17,4 -22,7
Net debt / market cap (%) -5,1 -1,9 -2,4
Equity ratio (%) 85,5 79,7 74,4
Net IB debt adj. / equity (%) -34,5 -17,4 -22,7
Current ratio (%) 242,5 108,2 114,1
EBITDA / net interest (%) -1661,8 0 0
Net IB debt / EBITDA (%) 132,9 53,1 83
Interest cover (%) -3727,6 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 30 33
Fully diluted shares Adj 29 30 33
EPS -0,59 -0,49 -0,43
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,49 -0,43
BVPS 0,87 0,65 0,62
BVPS Adj 0,22 0,03 0,04
Net IB debt / share -0,3 -0,1 -0,1
Share price 5,81 5,9 5,9
Market cap. (m) 166 179 195
Valuation 2018 2019 2020
P/E -10 -11,9 -13,7
EV/sales 51,73 46,51 29,78
EV/EBITDA -24,9 -27,2 -34,1
EV/EBITA -11,1 -11,7 -13,3
EV/EBIT -11,1 -11,7 -13,3
Dividend yield (%) 0 0 0
FCF yield (%) -9,9 -8,4 -7,1
P/BVPS 6,8 9,07 9,54
P/BVPS Adj 26,63 212,31 134,75
P/E Adj -10 -11,9 -13,7
EV/EBITDA Adj -24,9 -27,2 -34,1
EV/EBITA Adj -11,1 -11,7 -13,3
EV/EBIT Adj -11,1 -11,7 -13,3
EV/cap. employed 9,9 10,8 12,1
Investment ratios 2018 2019 2020
Capex / sales 268 241,4 137,6
Capex / depreciation 103,8 106,8 101,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,9 48,2 46,3
Depreciation on intangibles / definite intangibles 43,3 45,2 45,7
Depreciation on tangibles / tangibles 0 0 0