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Briox

SEKm 2018 2019e 2020e
Sales 3 5 7
Sales growth (%) 94,3 46,3 60,1
EBITDA -6 -11 -10
EBITDA margin (%) -207,8 -232,8 -143,2
EBIT adj -14 -18 -18
EBIT adj margin (%) -466,1 -407,3 -252,9
Pretax profit -15 -19 -18
EPS rep -0,59 -0,54 -0,5
EPS growth (%) 36,7 9,4 6,5
EPS adj -0,59 -0,54 -0,5
DPS 0 0 0
EV/EBITDA (x) -24,9 -25,5 -27,6
EV/EBIT adj (x) -11,1 -14,6 -15,7
P/E (x) -10 -14,9 -15,9
P/E adj (x) -10 -14,9 -15,9
EV/sales (x) 51,7 59,5 39,6
FCF yield (%) -10 -6,6 -6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 2,2 0,5
SEKm 2018 2019e 2020e
Sales 3 5 7
COGS 0 0 0
Gross profit 3 5 7
Other operating items -10 -15 -18
EBITDA -6 -11 -10
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -14 -18 -18
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -18 -18
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 -19 -18
Tax 0 0 0
Net profit -15 -19 -18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -19 -18
EPS -0,59 -0,54 -0,5
EPS Adj -0,59 -0,54 -0,5
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -207,8 -232,8 -143,2
EBITA margin (%) -466,1 -407,3 -252,9
EBIT margin (%) -466,1 -407,3 -252,9
Pretax margin (%) -478,6 -409,4 -252,9
Net margin (%) -478,6 -409,4 -252,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 94,3 46,3 60,1
EBITDA growth (%) 19,1 -63,9 1,5
EBIT growth (%) 18,6 -27,9 0,6
Net profit growth (%) 20,5 -25,2 1,1
EPS growth (%) 36,7 9,4 6,5
Profitability 2018 2019 2020
ROE (%) -66,9 -58,3 -62
ROE Adj (%) -66,9 -58,3 -62
ROCE (%) -65,2 -58 -53
ROCE Adj(%) -65,2 -58 -53
ROIC (%) -89,6 -114,8 -118
ROIC Adj (%) -89,6 -114,8 -118
Adj earnings numbers 2018 2019 2020
EBITDA Adj -6 -11 -10
EBITDA Adj margin (%) -207,8 -232,8 -143,2
EBITA Adj -14 -18 -18
EBITA Adj margin (%) -466,1 -407,3 -252,9
EBIT Adj -14 -18 -18
EBIT Adj margin (%) -466,1 -407,3 -252,9
Pretax profit Adj -15 -19 -18
Net profit Adj -15 -19 -18
Net profit to shareholders Adj -15 -19 -18
Net Adj margin (%) -478,6 -409,4 -252,9
SEKm 2018 2019e 2020e
EBITDA -6 -11 -10
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -11 -10
Change in WC 0 1 2
Operating cash flow -6 -10 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -8 -9
Acquisitions and disposals 0 0 0
Free cash flow -15 -18 -18
Dividend paid 0 0 0
Share issues and buybacks 20 33 10
Other non cash items 0 0 -10
Decrease in net IB debt 5 14 -18
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 19 20
Inventories 0 0 0
Receivables 2 2 3
Other current assets 0 0 0
Cash and liquid assets 9 23 15
Total assets 29 44 39
Shareholders equity 25 39 20
Minority 0 0 0
Total equity 25 39 20
Long-term debt 0 0 10
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 8
Other current liabilities 0 0 0
Total liabilities and equity 22 23 29
Net IB debt -9 -23 -5
Net IB debt excl. pension debt -9 -23 -5
Capital invested 16 16 15
Working capital -3 -3 -5
EV breakdown 2018 2019 2020
Market cap. diluted (m) 169 292 292
Net IB debt Adj -9 -23 -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 160 269 287
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 11,8 12,4 17,4
Capital invested turnover (%) 19,2 28,2 46,6
Capital employed turnover (%) 14 14,2 21
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 130,6 106,6 96
Working capital / sales (%) -82 -63,1 -58,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -59 -25,6
Net debt / market cap (%) -5,1 -7,8 -1,8
Equity ratio (%) 85,5 87,7 52,5
Net IB debt adj. / equity (%) -34,5 -59 -25,6
Current ratio (%) 242,5 462,3 217,6
EBITDA / net interest (%) -1661,8 -11459,2 0
Net IB debt / EBITDA (%) 132,9 217 50,3
Interest cover (%) -3727,6 -20050,5 N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 37 37
Fully diluted shares Adj 29 37 37
EPS -0,59 -0,54 -0,5
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,54 -0,5
BVPS 0,87 1,06 0,56
BVPS Adj 0,22 0,55 0,02
Net IB debt / share -0,3 -0,6 -0,1
Share price 5,81 8 8
Market cap. (m) 166 292 292
Valuation 2018 2019 2020
P/E -10 -14,9 -15,9
EV/sales 51,73 59,48 39,58
EV/EBITDA -24,9 -25,5 -27,6
EV/EBITA -11,1 -14,6 -15,7
EV/EBIT -11,1 -14,6 -15,7
Dividend yield (%) 0 0 0
FCF yield (%) -10 -6,6 -6
P/BVPS 6,8 7,54 14,3
P/BVPS Adj 26,63 14,57 466,09
P/E Adj -10 -14,9 -15,9
EV/EBITDA Adj -24,9 -25,5 -27,6
EV/EBITA Adj -11,1 -14,6 -15,7
EV/EBIT Adj -11,1 -14,6 -15,7
EV/cap. employed 6,5 6,9 9,4
Investment ratios 2018 2019 2020
Capex / sales 268 180,9 128,6
Capex / depreciation 103,8 103,7 117,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,9 43,8 47,1
Depreciation on intangibles / definite intangibles 43,3 42,3 40,1
Depreciation on tangibles / tangibles 0 0 0