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Briox

Briox

SEKm 2020 2021e 2022e
Sales 4 6 10
Sales growth (%) 10 31,3 76,9
EBITDA -15 -12 -11
EBITDA margin (%) -339,6 -208,1 -108,7
EBIT adj -23 -20 -19
EBIT adj margin (%) -517,2 -345,6 -187,9
Pretax profit -23 -21 -20
EPS rep -0,64 -0,46 -0,43
EPS growth (%) -8,6 28,3 5,1
EPS adj -0,64 -0,46 -0,43
DPS 0 0 0
EV/EBITDA (x) -24 -18,4 -21,1
EV/EBIT adj (x) -15,8 -11,1 -12,2
P/E (x) -15,8 -12,4 -13
P/E adj (x) -15,8 -12,4 -13
EV/sales (x) 81,6 38,2 23
FCF yield (%) -6,2 -8,1 -5,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,1 2,7 1,6
Lease adj. FCF yield (%) -6,2 -8,1 -5,5
Lease adj. ND/EBITDA 0,1 2,7 1,6
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Sales 4 6 10
COGS 0 0 0
Gross profit 4 6 10
Other operating items -20 -18 -22
EBITDA -15 -12 -11
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -23 -20 -19
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -23 -20 -19
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 -23 -21 -20
Tax 0 0 0
Net profit -23 -21 -20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -23 -21 -20
EPS -0,64 -0,46 -0,43
EPS Adj -0,64 -0,46 -0,43
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,4 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -339,6 -208,1 -108,7
EBITA margin (%) -517,2 -345,6 -187,9
EBIT margin (%) -517,2 -345,6 -187,9
Pretax margin (%) -518,2 -353,8 -189,8
Net margin (%) -520,3 -353,8 -189,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 10 31,3 76,9
EBITDA growth (%) -24,1 19,5 7,6
EBIT growth (%) -14,7 12,3 3,8
Net profit growth (%) -14,8 10,7 5,1
EPS growth (%) -8,6 28,3 5,1
Profitability 2020 2021 2022
ROE (%) -92 -72,1 -57,7
ROE Adj (%) -92 -72,1 -57,7
ROCE (%) -91,4 -70,4 -57,1
ROCE Adj(%) -91,4 -70,4 -57,1
ROIC (%) -171,4 -177,2 -222,8
ROIC Adj (%) -171,4 -177,2 -222,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj -15 -12 -11
EBITDA Adj margin (%) -339,6 -208,1 -108,7
EBITA Adj -23 -20 -19
EBITA Adj margin (%) -517,2 -345,6 -187,9
EBIT Adj -23 -20 -19
EBIT Adj margin (%) -517,2 -345,6 -187,9
Pretax profit Adj -23 -21 -20
Net profit Adj -23 -21 -20
Net profit to shareholders Adj -23 -21 -20
Net Adj margin (%) -520,3 -353,8 -189,8
Depreciation and amortisation -8 -8 -8
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -15 -12 -11
EBITDA lease Adj margin (%) -339,6 -208,1 -108,7
SEKm 2020 2021e 2022e
EBITDA -15 -12 -11
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -15 -13 -11
Change in WC 0 2 6
Operating cash flow -15 -11 -5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -10 -9
Acquisitions and disposals 0 0 0
Free cash flow -23 -21 -14
Dividend paid 0 0 0
Share issues and buybacks 0 51 0
Other non cash items 4 0 0
Decrease in net IB debt -19 15 1
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 19
Tangible fixed assets 0 1 1
Other fixed assets 0 0 0
Fixed assets 19 21 22
Inventories 0 0 0
Receivables 2 2 4
Other current assets 0 0 0
Cash and liquid assets 2 32 18
Total assets 23 56 44
Shareholders equity 14 44 24
Minority 0 0 0
Total equity 14 44 24
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 9 12 20
Other current liabilities 0 0 0
Total liabilities and equity 23 56 44
Net IB debt -2 -32 -18
Net IB debt excl. pension debt -2 -32 -18
Capital invested 11 11 6
Working capital -7 -10 -16
EV breakdown 2020 2021 2022
Market cap. diluted (m) 366 256 256
Net IB debt Adj -2 -32 -18
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 364 224 238
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 13,8 14,9 20,7
Capital invested turnover (%) 33 62,5 196,6
Capital employed turnover (%) 17,7 25,3 39,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 160,4 174,7 153,7
Working capital / sales (%) -117,9 -145,4 -123,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -16,7 -73,8 -75,4
Net debt / market cap (%) -0,6 -12,6 -7,1
Equity ratio (%) 59,8 78,7 54,8
Net IB debt adj. / equity (%) -16,7 -73,8 -75,4
Current ratio (%) 43,6 292,1 111,6
EBITDA / net interest (%) -36946,3 -2539,7 -5631,6
Net IB debt / EBITDA (%) 15 265,8 162,1
Interest cover (%) -56265,9 -4217,2 -9731,6
Lease liability amortisation 0 0 0
Other intangible assets 19 20 21
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -2 -32 -18
Net IB debt / EBITDA lease Adj (%) 15 265,8 162,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 37 45 45
Fully diluted shares Adj 37 45 45
EPS -0,64 -0,46 -0,43
Dividend per share Adj 0 0 0
EPS Adj -0,64 -0,46 -0,43
BVPS 0,37 0,97 0,53
BVPS Adj -0,14 0,52 0,07
Net IB debt / share -0,1 -0,7 -0,4
Share price 9,95 5,64 5,64
Market cap. (m) 363 256 256
Valuation 2020 2021 2022
P/E -15,8 -12,4 -13
EV/sales 81,61 38,25 22,99
EV/EBITDA -24 -18,4 -21,1
EV/EBITA -15,8 -11,1 -12,2
EV/EBIT -15,8 -11,1 -12,2
Dividend yield (%) 0 0 0
FCF yield (%) -6,2 -8,1 -5,5
P/BVPS 26,9 5,84 10,58
P/BVPS Adj -73,25 10,94 82,29
P/E Adj -15,8 -12,4 -13
EV/EBITDA Adj -24 -18,4 -21,1
EV/EBITA Adj -15,8 -11,1 -12,2
EV/EBIT Adj -15,8 -11,1 -12,2
EV/cap. employed 26,7 5,1 9,8
Investment ratios 2020 2021 2022
Capex / sales 179 176,8 87
Capex / depreciation 100,8 128,6 110
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 42,9 50,6 42,7
Depreciation on intangibles / definite intangibles 42,5 39,4 38,8
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -6,2 -8,1 -5,5