Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Briox

Briox

SEKm 2019 2020e 2021e
Sales 4 6 10
Sales growth (%) 31 39,8 85
EBITDA -12 -14 -11
EBITDA margin (%) -301,1 -244,4 -104
EBIT adj -20 -22 -19
EBIT adj margin (%) -496,3 -384,7 -182,2
Pretax profit -20 -22 -19
EPS rep -0,59 -0,6 -0,49
EPS growth (%) 1,3 -2 18
EPS adj -0,59 -0,6 -0,49
DPS 0 0 0
EV/EBITDA (x) -22,2 -21,1 -27,7
EV/EBIT adj (x) -13,5 -13,4 -15,8
P/E (x) -13,7 -13,4 -16,3
P/E adj (x) -13,7 -13,4 -16,3
EV/sales (x) 66,9 51,6 28,8
FCF yield (%) -7,3 -7,3 -5,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,7 0 1
SEKm 2019 2020e 2021e
Sales 4 6 10
COGS 0 0 0
Gross profit 4 6 10
Other operating items -16 -20 -21
EBITDA -12 -14 -11
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -20 -22 -19
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -20 -22 -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 -20 -22 -19
Tax 0 0 0
Net profit -20 -22 -19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -22 -19
EPS -0,59 -0,6 -0,49
EPS Adj -0,59 -0,6 -0,49
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -301,1 -244,4 -104
EBITA margin (%) -496,3 -384,7 -182,2
EBIT margin (%) -496,3 -384,7 -182,2
Pretax margin (%) -498,6 -384,7 -182,2
Net margin (%) -498,6 -384,7 -182,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 31 39,8 85
EBITDA growth (%) -89,8 -13,4 21,3
EBIT growth (%) -39,5 -8,3 12,4
Net profit growth (%) -36,4 -7,8 12,4
EPS growth (%) 1,3 -2 18
Profitability 2019 2020 2021
ROE (%) -65,6 -84 -99,2
ROE Adj (%) -65,6 -84 -99,2
ROCE (%) -65,3 -84 -99,2
ROCE Adj(%) -65,3 -84 -99,2
ROIC (%) -126 -140,7 -135,6
ROIC Adj (%) -126 -140,7 -135,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj -12 -14 -11
EBITDA Adj margin (%) -301,1 -244,4 -104
EBITA Adj -20 -22 -19
EBITA Adj margin (%) -496,3 -384,7 -182,2
EBIT Adj -20 -22 -19
EBIT Adj margin (%) -496,3 -384,7 -182,2
Pretax profit Adj -20 -22 -19
Net profit Adj -20 -22 -19
Net profit to shareholders Adj -20 -22 -19
Net Adj margin (%) -498,6 -384,7 -182,2
SEKm 2019 2020e 2021e
EBITDA -12 -14 -11
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -13 -14 -11
Change in WC 1 1 4
Operating cash flow -12 -13 -7
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -9 -10
Acquisitions and disposals 0 0 0
Free cash flow -20 -21 -17
Dividend paid 0 0 0
Share issues and buybacks 33 0 28
Other non cash items 0 0 0
Decrease in net IB debt 13 -21 11
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 20
Tangible fixed assets 0 0 1
Other fixed assets 0 0 0
Fixed assets 19 20 21
Inventories 0 0 0
Receivables 2 3 4
Other current assets 0 0 0
Cash and liquid assets 21 0 11
Total assets 42 22 36
Shareholders equity 37 15 23
Minority 0 0 0
Total equity 37 15 23
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 5 7 13
Other current liabilities 0 0 0
Total liabilities and equity 42 22 36
Net IB debt -21 0 -11
Net IB debt excl. pension debt -21 0 -11
Capital invested 16 15 13
Working capital -3 -4 -8
EV breakdown 2019 2020 2021
Market cap. diluted (m) 292 292 312
Net IB debt Adj -21 0 -11
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 271 292 301
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 11,4 17,7 36,1
Capital invested turnover (%) 25,4 36,6 74,4
Capital employed turnover (%) 13,2 21,8 54,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 115,3 107,1 93,7
Working capital / sales (%) -69,1 -66 -59,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -57,4 1,6 -45,1
Net debt / market cap (%) -8,5 0,1 -3,4
Equity ratio (%) 87,8 68,2 65
Net IB debt adj. / equity (%) -57,4 1,6 -45,1
Current ratio (%) 452,4 33,6 119,2
EBITDA / net interest (%) -13415,4 0 0
Net IB debt / EBITDA (%) 173,3 -1,8 97,1
Interest cover (%) -22111 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 37 37 39
Fully diluted shares Adj 37 37 39
EPS -0,59 -0,6 -0,49
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,6 -0,49
BVPS 1,01 0,41 0,6
BVPS Adj 0,5 -0,12 0,08
Net IB debt / share -0,6 0 -0,3
Share price 6,85 8 8
Market cap. (m) 250 292 312
Valuation 2019 2020 2021
P/E -13,7 -13,4 -16,3
EV/sales 66,86 51,62 28,77
EV/EBITDA -22,2 -21,1 -27,7
EV/EBITA -13,5 -13,4 -15,8
EV/EBIT -13,5 -13,4 -15,8
Dividend yield (%) 0 0 0
FCF yield (%) -7,3 -7,3 -5,3
P/BVPS 7,93 19,43 13,31
P/BVPS Adj 15,96 -68,9 100,45
P/E Adj -13,7 -13,4 -16,3
EV/EBITDA Adj -22,2 -21,1 -27,7
EV/EBITA Adj -13,5 -13,4 -15,8
EV/EBIT Adj -13,5 -13,4 -15,8
EV/cap. employed 7,4 19,4 12,9
Investment ratios 2019 2020 2021
Capex / sales 194,6 156,8 90,9
Capex / depreciation 99,7 111,7 116,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 42,6 46,1 46,8
Depreciation on intangibles / definite intangibles 42,7 41,2 40,3
Depreciation on tangibles / tangibles 0 0 0