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Briox

SEKm 2018 2019e 2020e
Sales 3 4 7
Sales growth (%) 94,3 28,9 66,9
EBITDA -6 -8 -8
EBITDA margin (%) -207,8 -200,5 -115,5
EBIT adj -14 -16 -16
EBIT adj margin (%) -466,1 -401,3 -241,6
Pretax profit -15 -16 -16
EPS rep -0,59 -0,5 -0,48
EPS growth (%) 36,7 15 5,1
EPS adj -0,59 -0,5 -0,48
DPS 0 0 0
EV/EBITDA (x) -24,9 -27,2 -30,2
EV/EBIT adj (x) -11,1 -13,6 -14,4
P/E (x) -10 -14,7 -15,5
P/E adj (x) -10 -14,7 -15,5
EV/sales (x) 51,7 54,5 34,9
FCF yield (%) -9,9 -6,9 -6,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 2,3 2,2
SEKm 2018 2019e 2020e
Sales 3 4 7
COGS 0 0 0
Gross profit 3 4 7
Other operating items -10 -12 -14
EBITDA -6 -8 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -14 -16 -16
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -16 -16
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 -16 -16
Tax 0 0 0
Net profit -15 -16 -16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -16 -16
EPS -0,59 -0,5 -0,48
EPS Adj -0,59 -0,5 -0,48
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -207,8 -200,5 -115,5
EBITA margin (%) -466,1 -401,3 -241,6
EBIT margin (%) -466,1 -401,3 -241,6
Pretax margin (%) -478,6 -401,3 -241,6
Net margin (%) -478,6 -401,3 -241,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 94,3 28,9 66,9
EBITDA growth (%) 19,1 -24,4 3,8
EBIT growth (%) 18,6 -11 -0,5
Net profit growth (%) 20,5 -8,1 -0,5
EPS growth (%) 36,7 15 5,1
Profitability 2018 2019 2020
ROE (%) -66,9 -54,1 -47,5
ROE Adj (%) -66,9 -54,1 -47,5
ROCE (%) -65,2 -54,1 -47,5
ROCE Adj(%) -65,2 -54,1 -47,5
ROIC (%) -89,6 -98 -98,1
ROIC Adj (%) -89,6 -98 -98,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj -6 -8 -8
EBITDA Adj margin (%) -207,8 -200,5 -115,5
EBITA Adj -14 -16 -16
EBITA Adj margin (%) -466,1 -401,3 -241,6
EBIT Adj -14 -16 -16
EBIT Adj margin (%) -466,1 -401,3 -241,6
Pretax profit Adj -15 -16 -16
Net profit Adj -15 -16 -16
Net profit to shareholders Adj -15 -16 -16
Net Adj margin (%) -478,6 -401,3 -241,6
SEKm 2018 2019e 2020e
EBITDA -6 -8 -8
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -8 -8
Change in WC 0 1 0
Operating cash flow -6 -8 -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 -16 -16
Dividend paid 0 0 0
Share issues and buybacks 20 26 15
Other non cash items 0 0 0
Decrease in net IB debt 5 9 -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 1
Other fixed assets 0 0 0
Fixed assets 19 19 20
Inventories 0 0 0
Receivables 2 2 3
Other current assets 0 0 0
Cash and liquid assets 9 18 17
Total assets 29 39 40
Shareholders equity 25 34 33
Minority 0 0 0
Total equity 25 34 33
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 -18 -17
Net IB debt excl. pension debt -9 -18 -17
Capital invested 16 16 16
Working capital -3 -3 -4
EV breakdown 2018 2019 2020
Market cap. diluted (m) 169 235 249
Net IB debt Adj -9 -18 -17
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 160 217 232
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 11,8 11,7 16,7
Capital invested turnover (%) 19,2 24,4 40,6
Capital employed turnover (%) 14 13,5 19,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 130,6 115,8 90,2
Working capital / sales (%) -82 -70 -49,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -52,3 -50,8
Net debt / market cap (%) -5,1 -7,7 -6,8
Equity ratio (%) 85,5 87,3 82,7
Net IB debt adj. / equity (%) -34,5 -52,3 -50,8
Current ratio (%) 242,5 397,6 291,9
EBITDA / net interest (%) -1661,8 0 0
Net IB debt / EBITDA (%) 132,9 225,1 220,3
Interest cover (%) -3727,6 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 32 34
Fully diluted shares Adj 29 32 34
EPS -0,59 -0,5 -0,48
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,5 -0,48
BVPS 0,87 1,08 0,99
BVPS Adj 0,22 0,48 0,41
Net IB debt / share -0,3 -0,6 -0,5
Share price 5,81 7,4 7,4
Market cap. (m) 166 235 249
Valuation 2018 2019 2020
P/E -10 -14,7 -15,5
EV/sales 51,73 54,46 34,86
EV/EBITDA -24,9 -27,2 -30,2
EV/EBITA -11,1 -13,6 -14,4
EV/EBIT -11,1 -13,6 -14,4
Dividend yield (%) 0 0 0
FCF yield (%) -9,9 -6,9 -6,4
P/BVPS 6,8 6,83 7,47
P/BVPS Adj 26,63 15,27 17,83
P/E Adj -10 -14,7 -15,5
EV/EBITDA Adj -24,9 -27,2 -30,2
EV/EBITA Adj -11,1 -13,6 -14,4
EV/EBIT Adj -11,1 -13,6 -14,4
EV/cap. employed 6,5 6,3 7
Investment ratios 2018 2019 2020
Capex / sales 268 218,5 132,6
Capex / depreciation 103,8 108,8 105,2
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,9 45,8 45,6
Depreciation on intangibles / definite intangibles 43,3 42,1 43,4
Depreciation on tangibles / tangibles 0 0 0