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Bublar Group

Bublar Group

Consolidating the XR & AR space

The Bublar Group of today is a conglomerate of four companies that leverage its proprietary technology within extended realty (XR), augmented reality (AR), motion capture and visual effects (VFX) with the aim of becoming the global leader within the space. The group has an M&A-driven growth strategy and it recently added ~SEK 200m in sales by acquiring the award winning VFX studio Goodbye Kansas Studios.

We anticipate that Bublar Group will enjoy accelerated growth in our forecast period. Key drivers are: the commercialization and appropriate packaging of its platforms via Vobling and Sayduck, the imminent release of Otherworld Heroes and Hello Kitty AR: Kawaii World from Virtual Brains, and Goodbye Kansas Studios opting to enter more extensive framework agreements with its key customers and leveraging its proprietary software through a licensing model.

We see financial risk given if Bublar’s internally developed games, Otherworld Heroes and Hello Kitty AR: Kawaii World, are unsuccessful, Bublar will likely have to raise additional funds. Furthermore, there is a competitive risk where larger companies with greater funding could develop their own platforms to compete with, for example, Vobling and Sayduck.

SEKm 2020 2021e 2022e
Sales 158 284 323
Sales growth (%) 823,4 80,1 13,8
EBITDA -30 9 19
EBITDA margin (%) -19,1 3,2 6
EBIT adj -69 -21 -11
EBIT adj margin (%) -43,8 -7,4 -3,3
Pretax profit -74 -21 -11
EPS rep -0,71 -0,2 -0,1
EPS growth (%) 8,7 71,7 48,9
EPS adj -0,71 -0,2 -0,1
DPS 0 0 0
EV/EBITDA (x) -9,8 33,4 15,7
EV/EBIT adj (x) -4,3 -14,6 -28,5
P/E (x) -4,2 -14,8 -29,1
P/E adj (x) -4,2 -14,8 -29,1
EV/sales (x) 1,9 1,1 0,9
FCF yield (%) -62,3 -2,6 0
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,5 -0,6 -0,3
N/A N/A N/A
SEKm 2020 2021e 2022e
N/A N/A N/A
Sales 158 284 323
COGS -43 -66 -72
Gross profit 115 218 251
Other operating items -145 -208 -232
EBITDA -30 9 19
Depreciation on tangibles 0 0 0
Depreciation on intangibles -39 -30 -30
EBITA -69 -21 -11
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -69 -21 -11
Other financial items 0 0 0
Net financial items -5 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -74 -21 -11
Tax 0 0 0
Net profit -74 -21 -11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -74 -21 -11
EPS -0,71 -0,2 -0,1
EPS Adj -0,71 -0,2 -0,1
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 72,7 76,6 77,7
EBITDA margin (%) -19,1 3,2 6
EBITA margin (%) -43,8 -7,4 -3,3
EBIT margin (%) -43,8 -7,4 -3,3
Pretax margin (%) -46,8 -7,4 -3,3
Net margin (%) -46,8 -7,4 -3,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 823,4 80,1 13,8
EBITDA growth (%) 3 130,2 111,9
EBIT growth (%) -50,9 69,8 48,9
Net profit growth (%) -61,5 71,7 48,9
EPS growth (%) 8,7 71,7 48,9
Profitability 2020 2021 2022
ROE (%) -65,4 -17,7 -10,8
ROE Adj (%) -65,4 -17,7 -10,8
ROCE (%) -60,6 -17,5 -10,6
ROCE Adj(%) -60,6 -17,5 -10,6
ROIC (%) -78,6 -19,3 -11,4
ROIC Adj (%) -78,6 -19,3 -11,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj -30 9 19
EBITDA Adj margin (%) -19,1 3,2 6
EBITA Adj -69 -21 -11
EBITA Adj margin (%) -43,8 -7,4 -3,3
EBIT Adj -69 -21 -11
EBIT Adj margin (%) -43,8 -7,4 -3,3
Pretax profit Adj -74 -21 -11
Net profit Adj -74 -21 -11
Net profit to shareholders Adj -74 -21 -11
Net Adj margin (%) -46,8 -7,4 -3,3
SEKm 2020 2021e 2022e
EBITDA -30 9 19
Net financial items -5 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -35 9 19
Change in WC 0 0 0
Operating cash flow -35 9 19
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -16 -14 -16
Acquisitions and disposals -141 0 0
Free cash flow -193 -8 0
Dividend paid 0 0 0
Share issues and buybacks 191 0 0
Other non cash items -20 0 0
Decrease in net IB debt -23 -8 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 96 69 42
Indefinite intangible assets 0 0 0
Definite intangible assets 22 33 46
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 119 103 89
Inventories 0 0 0
Receivables 5 5 5
Other current assets 2 2 2
Cash and liquid assets 15 7 7
Total assets 140 117 103
Shareholders equity 130 106 92
Minority 0 0 0
Total equity 130 106 92
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
N/A N/A N/A
Short-term debt 0 0 0
Accounts payable 2 2 2
Other current liabilities 7 7 7
Total liabilities and equity 141 117 103
Net IB debt -14 -6 -6
Net IB debt excl. pension debt -14 -6 -6
Capital invested 116 100 87
Working capital -3 -3 -3
EV breakdown 2020 2021 2022
Market cap. diluted (m) 310 310 310
Net IB debt Adj -14 -6 -6
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 296 304 304
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 127,9 220,9 294,5
Capital invested turnover (%) 179,6 262 345,5
Capital employed turnover (%) 138,2 237,9 321,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 2,2 1,2 1,1
Payables / sales (%) 1,3 0,7 0,7
Working capital / sales (%) -1,7 -0,9 -0,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -10,5 -5,3 -6,1
Net debt / market cap (%) -3,5 -1,9 -1,9
Equity ratio (%) 92,5 91 89,7
Net IB debt adj. / equity (%) -10,5 -5,3 -6,1
Current ratio (%) 233,9 147,7 147
EBITDA / net interest (%) -650,4 0 0
Net IB debt / EBITDA (%) 45 -62,1 -29
Interest cover (%) -1488,2 0 0
SEKm 2020 2021e 2022e
N/A N/A N/A
Shares outstanding adj. 100 100 100
Fully diluted shares Adj 104 104 104
EPS -0,71 -0,2 -0,1
Dividend per share Adj 0 0 0
EPS Adj -0,71 -0,2 -0,1
BVPS 1,3 1,06 0,92
BVPS Adj 0,12 0,04 0,04
Net IB debt / share -0,1 -0,1 -0,1
Share price 3,84 2,98 2,98
Market cap. (m) 385 298 298
Valuation 2020 2021 2022
P/E -4,2 -14,8 -29,1
EV/sales 1,88 1,07 0,94
EV/EBITDA -9,8 33,4 15,7
EV/EBITA -4,3 -14,6 -28,5
EV/EBIT -4,3 -14,6 -28,5
Dividend yield (%) 0 0 0
FCF yield (%) -62,3 -2,6 0
P/BVPS 2,29 2,81 3,23
P/BVPS Adj 24,91 74,11 76,07
P/E Adj -4,2 -14,8 -29,1
EV/EBITDA Adj -9,8 33,4 15,7
EV/EBITA Adj -4,3 -14,6 -28,5
EV/EBIT Adj -4,3 -14,6 -28,5
EV/cap. employed 2,3 2,8 3,3
Investment ratios 2020 2021 2022
Capex / sales 11 6 6
Capex / depreciation 44,6 56,8 64,6
Capex tangibles / tangible fixed assets 157,7 284 323,2
Capex intangibles / definite intangibles 71,8 42,8 34,9
Depreciation on intangibles / definite intangibles 176,9 90,4 64,7
Depreciation on tangibles / tangibles 0 0 0

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Media

Bublar Group - Company presentation with Co-founder Magnus Granqvist
Bublar Group - Company presentation with CEO Maria Grimaldi & Founder Magnus Granqvist (in Swedish)

Main shareholders - Bublar Group

Main shareholders Share capital % Voting shares % Verified
Lars Johan Karlsson 10.3 % 10.3 % 31 Dec 2020
Connecting Capital Venture AB 3.6 % 3.6 % 31 Dec 2020
Peter Levin 3.4 % 3.4 % 31 Dec 2020
Avanza Pension 3.2 % 3.2 % 31 Dec 2020
Anders Björkedal 2.6 % 2.6 % 31 Dec 2020
Magnus Granqvist 2.5 % 2.5 % 31 Dec 2020
Kenneth Häggmark 2.5 % 2.5 % 31 Dec 2020
Åhlén-stiftelsen 2.2 % 2.2 % 31 Dec 2020
Per-Anders Wärn 2.2 % 2.2 % 31 Dec 2020
Noah Clason Diop 1.9 % 1.9 % 31 Dec 2020
Source: Holdings by Modular Finance AB