Capacent
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Nordic management consultancy
Capacent
Capacent is a management consulting company concentrated on corporate consulting, mainly focusing on improving customer profitability and cash flow. The company offers business-oriented consulting aiming, to deliver measurable results, from setting strategies to implementation and follow-ups. Capacent has a Nordic presence and a high level of involvement in customer operations. The customer base is broad in terms of number of customers and sectors represented.
The company has a strong overall offering with a broad service platform. The business model is also very asset-light as staff are the main asset and cost. The operational leverage should thus in the long term be able to strengthen margins as other costs than for personnel should not grow as fast as revenues. Furthermore, Capacent has further room for acquisitions.
Capacent is dependent on continuing demand for its services from current and new customers. Moreover, a tougher climate for hiring new consultants would affect Capacent’s organic growth. Furthermore, the Finnish operations are more volatile than the other divisions due to more performance-based earnings. This means that on a quarterly basis, operations can be significantly more volatile than the rest of the group.
Financials
CAPACENT
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 259 | 121 | 121 | 138 | 138 | 154 | 154 | 143 | 143 | 200 | 200 | 259 | 259 | 285 | 285 | 295 | 295 | ||
| Sales growth (%) | 29,1 | -10,6 | -10,6 | 14,7 | 14,7 | 11,3 | 11,3 | -7,2 | -7,2 | 40,2 | 40,2 | 29,1 | 29,1 | 10,2 | 10,2 | 3,6 | 3,6 | ||
| EBITDA | 19 | 1 | 1 | 14 | 14 | 17 | 17 | 11 | 11 | 13 | 13 | 19 | 19 | 25 | 25 | N/A | N/A | ||
| EBITDA margin (%) | 6,5 | 1,1 | 1,1 | 1,1 | 1,1 | 9,8 | 9,8 | 11,2 | 11,2 | 7,6 | 7,6 | 6,5 | 6,5 | 7,5 | 7,5 | 8,6 | 8,6 | ||
| EBIT adj | 8 | 1 | 1 | 1 | 1 | 13 | 13 | 18 | 18 | 10 | 10 | 8 | 8 | 19 | 19 | 23 | 23 | ||
| EBIT adj margin (%) | 4,2 | 0,5 | 0,5 | 0,5 | 0,5 | 9,4 | 9,4 | 11,9 | 11,9 | 7,2 | 7,2 | 4,2 | 4,2 | 7,5 | 7,5 | 8,2 | 8,2 | ||
| Pretax profit | 15 | -1 | -1 | 12 | 12 | 16 | 16 | 11 | 11 | 5 | 5 | 15 | 15 | 22 | 22 | 26 | 26 | ||
| EPS rep | 3,5 | -0,06 | -0,06 | 3,71 | 3,71 | 5,12 | 5,12 | 3,11 | 3,11 | 1,23 | 1,23 | 3,5 | 3,5 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| EPS growth (%) | 184,1 | 0 | 0 | 6072,5 | 6072,5 | 38,2 | 38,2 | -39,3 | -39,3 | -60,3 | -60,3 | 184,1 | 184,1 | 50,1 | 50,1 | 17,7 | 17,7 | ||
| EPS adj | 4,47 | -0,06 | -0,06 | 3,71 | 3,71 | 5,76 | 5,76 | 3,11 | 3,11 | 2,17 | 2,17 | 4,47 | 4,47 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| DPS | 2,31 | 0 | 0 | 2,27 | 2,27 | 5 | 5 | 3 | 3 | 1 | 1 | 2,31 | 2,31 | 4,2 | 4,2 | 4,95 | 4,95 | ||
| EV/EBITDA (x) | 7,9 | N/A | N/A | N/A | N/A | 5,2 | 5,2 | 10,6 | 10,6 | 7,8 | 7,8 | 7,9 | 7,9 | 6 | 6 | 5 | 5 | ||
| EV/EBIT adj (x) | 7,9 | N/A | N/A | N/A | N/A | 4,9 | 4,9 | 11,1 | 11,1 | 12 | 12 | 7,9 | 7,9 | 6,3 | 6,3 | 5,2 | 5,2 | ||
| P/E (x) | 14,2 | N/A | N/A | N/A | N/A | 7,8 | 7,8 | 14,5 | 14,5 | 27,8 | 27,8 | 14,2 | 14,2 | 9,4 | 9,4 | 8 | 8 | ||
| P/E adj (x) | 11,1 | N/A | N/A | N/A | N/A | 6,9 | 6,9 | 14,5 | 14,5 | 15,8 | 15,8 | 11,1 | 11,1 | 9,4 | 9,4 | 8 | 8 | ||
| EV/sales (x) | 0,6 | N/A | N/A | N/A | N/A | 0,6 | 0,6 | 0,8 | 0,8 | 0,5 | 0,5 | 0,6 | 0,6 | 0,5 | 0,5 | 0,5 | 0,5 | ||
| FCF yield (%) | 5,5 | N/A | N/A | N/A | N/A | 18,7 | 18,7 | 1,6 | 1,6 | -0,8 | -0,8 | 5,5 | 5,5 | 9,5 | 9,5 | 11,2 | 11,2 | ||
| Dividend yield (%) | 4,7 | N/A | N/A | N/A | N/A | 12,5 | 12,5 | 6,7 | 6,7 | 2,9 | 2,9 | 4,7 | 4,7 | 8,5 | 8,5 | 10 | 10 | ||
| Net IB debt/EBITDA | 0,2 | 12,6 | 12,6 | -0,1 | -0,1 | -0,9 | -0,9 | -0,4 | -0,4 | 0,6 | 0,6 | 0,2 | 0,2 | -0,2 | -0,2 | -0,4 | -0,4 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 259 | 121 | 121 | 138 | 138 | 154 | 154 | 143 | 143 | 200 | 200 | 259 | 259 | 285 | 285 | 295 | 295 | ||
| COGS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 259 | 121 | 121 | 138 | 138 | 154 | 154 | 143 | 143 | 200 | 200 | 259 | 259 | 285 | 285 | 295 | 295 | ||
| Other operating items | -239 | -119 | -119 | -125 | -125 | -137 | -137 | -132 | -132 | -187 | -187 | -239 | -239 | -260 | -260 | -267 | -267 | ||
| EBITDA | 19 | 1 | 1 | 14 | 14 | 17 | 17 | 11 | 11 | 13 | 13 | 19 | 19 | 25 | 25 | 28 | 28 | ||
| Depreciation on tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -3 | -1 | -1 | -1 | -1 | -1 | -1 | 0 | 0 | -2 | -2 | -3 | -3 | -1 | -1 | -1 | -1 | ||
| EBITA | 16 | 1 | 1 | 13 | 13 | 17 | 17 | 10 | 10 | 11 | 11 | 16 | 16 | 23 | 23 | 27 | 27 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | -5 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 16 | 1 | 1 | 13 | 13 | 17 | 17 | 10 | 10 | 6 | 6 | 16 | 16 | 23 | 23 | 27 | 27 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 15 | -1 | -1 | 12 | 12 | 16 | 16 | 11 | 11 | 5 | 5 | 15 | 15 | 22 | 22 | 26 | 26 | ||
| Tax | -4 | 1 | 1 | -2 | -2 | -3 | -3 | -2 | -2 | -2 | -2 | -4 | -4 | -5 | -5 | -6 | -6 | ||
| Net profit | 11 | 0 | 0 | 10 | 10 | 14 | 14 | 8 | 8 | 3 | 3 | 11 | 11 | 17 | 17 | 20 | 20 | ||
| Minority interest | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | -2 | -2 | -2 | -2 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 10 | 0 | 0 | 10 | 10 | 14 | 14 | 8 | 8 | 3 | 3 | 10 | 10 | 16 | 16 | 18 | 18 | ||
| EPS | 3,5 | -0,06 | -0,06 | 3,71 | 3,71 | 5,12 | 5,12 | 3,11 | 3,11 | 1,23 | 1,23 | 3,5 | 3,5 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| EPS Adj | 4,47 | -0,06 | -0,06 | 3,71 | 3,71 | 5,76 | 5,76 | 3,11 | 3,11 | 2,17 | 2,17 | 4,47 | 4,47 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| Total extraordinary items after tax | -2,9 | 0 | 0 | 0 | 0 | -1,7 | -1,7 | 0 | 0 | 2,8 | 2,8 | -2,9 | -2,9 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -25,4 | -76,3 | -76,3 | -17,9 | -17,9 | -17,6 | -17,6 | -22,2 | -22,2 | -39,5 | -39,5 | -25,4 | -25,4 | -22 | -22 | -22 | -22 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 7,5 | 1,1 | 1,1 | 9,8 | 9,8 | 11,2 | 11,2 | 7,6 | 7,6 | 6,5 | 6,5 | 7,5 | 7,5 | 8,6 | 8,6 | 9,6 | 9,6 | ||
| EBITA margin (%) | 6,4 | 0,5 | 0,5 | 9,4 | 9,4 | 10,8 | 10,8 | 7,2 | 7,2 | 5,6 | 5,6 | 6,4 | 6,4 | 8,2 | 8,2 | 9,2 | 9,2 | ||
| EBIT margin (%) | 6,4 | 0,5 | 0,5 | 9,4 | 9,4 | 10,8 | 10,8 | 7,2 | 7,2 | 2,9 | 2,9 | 6,4 | 6,4 | 8,2 | 8,2 | 9,2 | 9,2 | ||
| Pretax margin (%) | 5,9 | -0,6 | -0,6 | 8,6 | 8,6 | 10,7 | 10,7 | 7,4 | 7,4 | 2,5 | 2,5 | 5,9 | 5,9 | 7,8 | 7,8 | 8,9 | 8,9 | ||
| Net margin (%) | 4,4 | -0,1 | -0,1 | 7,1 | 7,1 | 8,8 | 8,8 | 5,7 | 5,7 | 1,5 | 1,5 | 4,4 | 4,4 | 6,1 | 6,1 | 6,9 | 6,9 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 29,1 | -10,6 | -10,6 | 14,7 | 14,7 | 11,3 | 11,3 | -7,2 | -7,2 | 40,2 | 40,2 | 29,1 | 29,1 | 10,2 | 10,2 | 3,6 | 3,6 | ||
| EBITDA growth (%) | 49 | -89,7 | -89,7 | 938,4 | 938,4 | 27,1 | 27,1 | -37,2 | -37,2 | 19,7 | 19,7 | 49 | 49 | 27,2 | 27,2 | 15,2 | 15,2 | ||
| EBIT growth (%) | 180,1 | -95,3 | -95,3 | 2212 | 2212 | 28,9 | 28,9 | -38,2 | -38,2 | -43 | -43 | 180,1 | 180,1 | 41,7 | 41,7 | 16,9 | 16,9 | ||
| Net profit growth (%) | 279,7 | -101,5 | -101,5 | 6072,6 | 6072,6 | 38,2 | 38,2 | -39,3 | -39,3 | -63,3 | -63,3 | 279,7 | 279,7 | 52,3 | 52,3 | 17,6 | 17,6 | ||
| EPS growth (%) | 184,1 | 0 | 0 | 6072,5 | 6072,5 | 38,2 | 38,2 | -39,3 | -39,3 | -60,3 | -60,3 | 184,1 | 184,1 | 50,1 | 50,1 | 17,7 | 17,7 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 9,7 | -0,2 | -0,2 | 10,2 | 10,2 | 12,9 | 12,9 | 7,7 | 7,7 | 3,2 | 3,2 | 9,7 | 9,7 | 13,4 | 13,4 | 14,5 | 14,5 | ||
| ROE Adj (%) | 12,4 | -0,2 | -0,2 | 10,2 | 10,2 | 14,5 | 14,5 | 7,7 | 7,7 | 5,6 | 5,6 | 12,4 | 12,4 | 13,4 | 13,4 | 14,5 | 14,5 | ||
| ROCE (%) | 14,3 | 0,6 | 0,6 | 12,6 | 12,6 | 17,4 | 17,4 | 10,7 | 10,7 | 5,5 | 5,5 | 14,3 | 14,3 | 19,7 | 19,7 | 22,2 | 22,2 | ||
| ROCE Adj(%) | 16,9 | 0,6 | 0,6 | 12,6 | 12,6 | 19,1 | 19,1 | 10,7 | 10,7 | 7,9 | 7,9 | 16,9 | 16,9 | 19,7 | 19,7 | 22,2 | 22,2 | ||
| ROIC (%) | 10 | 0,1 | 0,1 | 10,9 | 10,9 | 14,9 | 14,9 | 8,5 | 8,5 | 3,2 | 3,2 | 10 | 10 | 14,4 | 14,4 | 16,2 | 16,2 | ||
| ROIC Adj (%) | 11,8 | 0,1 | 0,1 | 10,9 | 10,9 | 16,4 | 16,4 | 8,5 | 8,5 | 4,6 | 4,6 | 11,8 | 11,8 | 14,4 | 14,4 | 16,2 | 16,2 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 22 | 1 | 1 | 14 | 14 | 19 | 19 | 11 | 11 | 10 | 10 | 22 | 22 | 25 | 25 | 28 | 28 | ||
| EBITDA Adj margin (%) | 8,6 | 1,1 | 1,1 | 9,8 | 9,8 | 12,3 | 12,3 | 7,6 | 7,6 | 5,1 | 5,1 | 8,6 | 8,6 | 8,6 | 8,6 | 9,6 | 9,6 | ||
| EBITA Adj | 19 | 1 | 1 | 13 | 13 | 18 | 18 | 10 | 10 | 8 | 8 | 19 | 19 | 23 | 23 | 27 | 27 | ||
| EBITA Adj margin (%) | 7,5 | 0,5 | 0,5 | 9,4 | 9,4 | 11,9 | 11,9 | 7,2 | 7,2 | 4,2 | 4,2 | 7,5 | 7,5 | 8,2 | 8,2 | 9,2 | 9,2 | ||
| EBIT Adj | 19 | 1 | 1 | 13 | 13 | 18 | 18 | 10 | 10 | 8 | 8 | 19 | 19 | 23 | 23 | 27 | 27 | ||
| EBIT Adj margin (%) | 7,5 | 0,5 | 0,5 | 9,4 | 9,4 | 11,9 | 11,9 | 7,2 | 7,2 | 4,2 | 4,2 | 7,5 | 7,5 | 8,2 | 8,2 | 9,2 | 9,2 | ||
| Pretax profit Adj | 18 | -1 | -1 | 12 | 12 | 18 | 18 | 11 | 11 | 8 | 8 | 18 | 18 | 22 | 22 | 26 | 26 | ||
| Net profit Adj | 14 | 0 | 0 | 10 | 10 | 15 | 15 | 8 | 8 | 6 | 6 | 14 | 14 | 17 | 17 | 20 | 20 | ||
| Net profit to shareholders Adj | 13 | 0 | 0 | 10 | 10 | 15 | 15 | 8 | 8 | 6 | 6 | 13 | 13 | 16 | 16 | 18 | 18 | ||
| Net Adj margin (%) | 5,5 | -0,1 | -0,1 | 7,1 | 7,1 | 9,9 | 9,9 | 5,7 | 5,7 | 2,8 | 2,8 | 5,5 | 5,5 | 6,1 | 6,1 | 6,9 | 6,9 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 19 | 1 | 1 | 14 | 14 | 17 | 17 | 11 | 11 | 13 | 13 | 19 | 19 | 25 | 25 | 28 | 28 | ||
| Net financial items | -1 | -1 | -1 | -1 | -1 | 0 | 0 | 0 | 0 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -1 | ||
| Paid tax | -4 | 1 | 1 | -2 | -2 | -3 | -3 | -2 | -2 | -2 | -2 | -4 | -4 | -5 | -5 | -6 | -6 | ||
| Non-cash items | 0 | -3 | -3 | 0 | 0 | 3 | 3 | 1 | 1 | -4 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 14 | -3 | -3 | 10 | 10 | 17 | 17 | 10 | 10 | 6 | 6 | 14 | 14 | 19 | 19 | 21 | 21 | ||
| Change in WC | -3 | -8 | -8 | 7 | 7 | 3 | 3 | -7 | -7 | 4 | 4 | -3 | -3 | -2 | -2 | -2 | -2 | ||
| Operating cash flow | 11 | -10 | -10 | 17 | 17 | 20 | 20 | 2 | 2 | 10 | 10 | 11 | 11 | 17 | 17 | 20 | 20 | ||
| CAPEX tangible fixed assets | -3 | -1 | -1 | 1 | 1 | 0 | 0 | -1 | -1 | -10 | -10 | -3 | -3 | -3 | -3 | -3 | -3 | ||
| CAPEX intangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 8 | -11 | -11 | 18 | 18 | 20 | 20 | 2 | 2 | -1 | -1 | 8 | 8 | 14 | 14 | 17 | 17 | ||
| Dividend paid | -3 | 0 | 0 | 0 | 0 | -6 | -6 | -13 | -13 | -8 | -8 | -3 | -3 | -6 | -6 | -13 | -13 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 0 | -7 | -7 | 0 | 0 | 0 | 0 | 0 | 0 | -4 | -4 | 0 | 0 | 0 | 0 | 3 | 3 | ||
| Decrease in net IB debt | 5 | -19 | -19 | 18 | 18 | 14 | 14 | -11 | -11 | -13 | -13 | 5 | 5 | 8 | 8 | 7 | 7 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 111 | 90 | 90 | 92 | 92 | 92 | 92 | 92 | 92 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | 111 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 4 | 4 | 6 | 6 | 9 | 9 | ||
| Tangible fixed assets | 5 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 6 | ||
| Other fixed assets | 1 | 7 | 7 | 5 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | ||
| Fixed assets | 121 | 99 | 99 | 99 | 99 | 95 | 95 | 96 | 96 | 122 | 122 | 121 | 121 | 124 | 124 | 127 | 127 | ||
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Receivables | 71 | 40 | 40 | 29 | 29 | 38 | 38 | 37 | 37 | 56 | 56 | 71 | 71 | 68 | 68 | 72 | 72 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 15 | 2 | 2 | 6 | 6 | 20 | 20 | 6 | 6 | 6 | 6 | 15 | 15 | 24 | 24 | 30 | 30 | ||
| Total assets | 208 | 140 | 140 | 134 | 134 | 152 | 152 | 139 | 139 | 184 | 184 | 208 | 208 | 216 | 216 | 230 | 230 | ||
| Shareholders equity | 112 | 90 | 90 | 102 | 102 | 108 | 108 | 105 | 105 | 104 | 104 | 112 | 112 | 122 | 122 | 132 | 132 | ||
| Minority | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 | 3 | 3 | 5 | 5 | ||
| Total equity | 113 | 90 | 90 | 102 | 102 | 108 | 108 | 105 | 105 | 105 | 105 | 113 | 113 | 126 | 126 | 137 | 137 | ||
| Long-term debt | 18 | 18 | 18 | 4 | 4 | 4 | 4 | 2 | 2 | 14 | 14 | 18 | 18 | 18 | 18 | 18 | 18 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 67 | 32 | 32 | 28 | 28 | 40 | 40 | 33 | 33 | 55 | 55 | 67 | 67 | 62 | 62 | 64 | 64 | ||
| Other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 139 | 0 | 0 | 126 | 126 | 140 | 140 | 134 | 134 | 152 | 152 | 139 | 139 | 184 | 184 | 208 | 208 | ||
| Net IB debt | 3 | 16 | 16 | -2 | -2 | -16 | -16 | -4 | -4 | 8 | 8 | 3 | 3 | -5 | -5 | -12 | -12 | ||
| Net IB debt excl. pension debt | 3 | 16 | 16 | -2 | -2 | -16 | -16 | -4 | -4 | 8 | 8 | 3 | 3 | -5 | -5 | -12 | -12 | ||
| Capital invested | 124 | 100 | 100 | 95 | 95 | 90 | 90 | 99 | 99 | 121 | 121 | 124 | 124 | 129 | 129 | 134 | 134 | ||
| Working capital | 4 | 8 | 8 | 1 | 1 | -3 | -3 | 5 | 5 | 1 | 1 | 4 | 4 | 6 | 6 | 8 | 8 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 148 | N/A | N/A | N/A | N/A | 106 | 106 | 119 | 119 | 93 | 93 | 148 | 148 | 148 | 148 | 148 | 148 | ||
| Net IB debt Adj | 3 | 16 | 16 | -2 | -2 | -16 | -16 | -4 | -4 | 8 | 8 | 3 | 3 | -5 | -5 | -12 | -12 | ||
| Market value of minority | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 3 | 3 | 5 | 5 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 153 | N/A | N/A | N/A | N/A | 90 | 90 | 115 | 115 | 102 | 102 | 153 | 153 | 146 | 146 | 141 | 141 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 132,1 | 90,6 | 90,6 | 100,9 | 100,9 | 107,5 | 107,5 | 98,1 | 98,1 | 124,1 | 124,1 | 132,1 | 132,1 | 134,5 | 134,5 | 132,6 | 132,6 | ||
| Capital invested turnover (%) | 211,1 | 130,4 | 130,4 | 142,5 | 142,5 | 166,6 | 166,6 | 151,3 | 151,3 | 182,7 | 182,7 | 211,1 | 211,1 | 225,1 | 225,1 | 225,1 | 225,1 | ||
| Capital employed turnover (%) | 225,4 | 125,1 | 125,1 | 134,3 | 134,3 | 160,2 | 160,2 | 148,2 | 148,2 | 187,6 | 187,6 | 225,4 | 225,4 | 240,8 | 240,8 | 240,2 | 240,2 | ||
| Inventories / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Customer advances / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 23,6 | 25,9 | 25,9 | 21,8 | 21,8 | 22,2 | 22,2 | 25,4 | 25,4 | 21,9 | 21,9 | 23,6 | 23,6 | 22,6 | 22,6 | 21,4 | 21,4 | ||
| Working capital / sales (%) | 1 | 3,1 | 3,1 | 3,1 | 3,1 | -0,5 | -0,5 | 0,8 | 0,8 | 1,4 | 1,4 | 1 | 1 | 1,8 | 1,8 | 2,3 | 2,3 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | 2,7 | 18,3 | 18,3 | -1,9 | -1,9 | -14,4 | -14,4 | -4,2 | -4,2 | 8 | 8 | 2,7 | 2,7 | -4,1 | -4,1 | -8,7 | -8,7 | ||
| Net debt / market cap (%) | 2,4 | N/A | N/A | N/A | N/A | -16,3 | -16,3 | -3,2 | -3,2 | 7,7 | 7,7 | 2,4 | 2,4 | -3,5 | -3,5 | -8,1 | -8,1 | ||
| Equity ratio (%) | 54,4 | 64,2 | 64,2 | 75,8 | 75,8 | 71 | 71 | 75,2 | 75,2 | 57,1 | 57,1 | 54,4 | 54,4 | 58,3 | 58,3 | 59,8 | 59,8 | ||
| Net IB debt adj. / equity (%) | 2,7 | 18,3 | 18,3 | -1,9 | -1,9 | -14,4 | -14,4 | -4,2 | -4,2 | 8 | 8 | 2,7 | 2,7 | -4,1 | -4,1 | -8,7 | -8,7 | ||
| Current ratio (%) | 129,5 | 128,7 | 128,7 | 126,5 | 126,5 | 142,6 | 142,6 | 134,1 | 134,1 | 111,6 | 111,6 | 129,5 | 129,5 | 147,8 | 147,8 | 159,5 | 159,5 | ||
| EBITDA / net interest (%) | 1685,4 | 104,2 | 104,2 | 1341,7 | 1341,7 | 7001,6 | 7001,6 | -4414,3 | -4414,3 | 1438,3 | 1438,3 | 1685,4 | 1685,4 | 2452,6 | 2452,6 | 2825,8 | 2825,8 | ||
| Net IB debt / EBITDA (%) | 15,6 | 1259,5 | 1259,5 | -14,5 | -14,5 | -90,7 | -90,7 | -40,4 | -40,4 | 64,8 | 64,8 | 15,6 | 15,6 | -21,2 | -21,2 | -42,5 | -42,5 | ||
| Interest cover (%) | 1438,6 | 44,7 | 44,7 | 1281,9 | 1281,9 | 6782,1 | 6782,1 | -4211,4 | -4211,4 | 1242 | 1242 | 1438,6 | 1438,6 | 2332,6 | 2332,6 | 2725,8 | 2725,8 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||
| Fully diluted shares Adj | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||
| EPS | 3,5 | -0,06 | -0,06 | 3,71 | 3,71 | 5,12 | 5,12 | 3,11 | 3,11 | 1,23 | 1,23 | 3,5 | 3,5 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| Dividend per share Adj | 2,3 | 0 | 0 | 2,3 | 2,3 | 5 | 5 | 3 | 3 | 1 | 1 | 2,3 | 2,3 | 4,2 | 4,2 | 4,9 | 4,9 | ||
| EPS Adj | 4,47 | -0,06 | -0,06 | 3,71 | 3,71 | 5,76 | 5,76 | 3,11 | 3,11 | 2,17 | 2,17 | 4,47 | 4,47 | 5,25 | 5,25 | 6,18 | 6,18 | ||
| BVPS | 41,12 | 34 | 34 | 38,46 | 38,46 | 40,89 | 40,89 | 39,58 | 39,58 | 38,41 | 38,41 | 41,12 | 41,12 | 40,99 | 40,99 | 44,24 | 44,24 | ||
| BVPS Adj | -1,44 | -0,14 | -0,14 | 3,42 | 3,42 | 6,27 | 6,27 | 4,49 | 4,49 | -4,39 | -4,39 | -1,44 | -1,44 | 1,61 | 1,61 | 4,08 | 4,08 | ||
| Net IB debt / share | 1,1 | 6,2 | 6,2 | -0,7 | -0,7 | -5,9 | -5,9 | -1,7 | -1,7 | 3,1 | 3,1 | 1,1 | 1,1 | -1,7 | -1,7 | -4 | -4 | ||
| Share price | 45,36 | N/A | N/A | N/A | N/A | 36,16 | 36,16 | 51,31 | 51,31 | 40 | 40 | 45,36 | 45,36 | 49,6 | 49,6 | 49,6 | 49,6 | ||
| Market cap. (m) | 123 | N/A | N/A | N/A | N/A | 96 | 96 | 136 | 136 | 109 | 109 | 123 | 123 | 148 | 148 | 148 | 148 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 14,2 | N/A | N/A | N/A | N/A | 7,8 | 7,8 | 14,5 | 14,5 | 27,8 | 27,8 | 14,2 | 14,2 | 9,4 | 9,4 | 8 | 8 | ||
| EV/sales | 0,59 | N/A | N/A | N/A | N/A | 0,59 | 0,59 | 0,8 | 0,8 | 0,51 | 0,51 | 0,59 | 0,59 | 0,51 | 0,51 | 0,48 | 0,48 | ||
| EV/EBITDA | 7,9 | N/A | N/A | N/A | N/A | 5,2 | 5,2 | 10,6 | 10,6 | 7,8 | 7,8 | 7,9 | 7,9 | 6 | 6 | 5 | 5 | ||
| EV/EBITA | 9,3 | N/A | N/A | N/A | N/A | 5,4 | 5,4 | 11,1 | 11,1 | 9,1 | 9,1 | 9,3 | 9,3 | 6,3 | 6,3 | 5,2 | 5,2 | ||
| EV/EBIT | 9,3 | N/A | N/A | N/A | N/A | 5,4 | 5,4 | 11,1 | 11,1 | 17,3 | 17,3 | 9,3 | 9,3 | 6,3 | 6,3 | 5,2 | 5,2 | ||
| Dividend yield (%) | 4,7 | N/A | N/A | N/A | N/A | 12,5 | 12,5 | 6,7 | 6,7 | 2,9 | 2,9 | 4,7 | 4,7 | 8,5 | 8,5 | 10 | 10 | ||
| FCF yield (%) | 5,5 | N/A | N/A | N/A | N/A | 18,7 | 18,7 | 1,6 | 1,6 | -0,8 | -0,8 | 5,5 | 5,5 | 9,5 | 9,5 | 11,2 | 11,2 | ||
| P/BVPS | 1,21 | N/A | N/A | N/A | N/A | 0,98 | 0,98 | 1,14 | 1,14 | 0,89 | 0,89 | 1,21 | 1,21 | 1,21 | 1,21 | 1,12 | 1,12 | ||
| P/BVPS Adj | -34,46 | N/A | N/A | N/A | N/A | 6,38 | 6,38 | 10,05 | 10,05 | -7,82 | -7,82 | -34,46 | -34,46 | 30,77 | 30,77 | 12,16 | 12,16 | ||
| P/E Adj | 11,1 | N/A | N/A | N/A | N/A | 6,9 | 6,9 | 14,5 | 14,5 | 15,8 | 15,8 | 11,1 | 11,1 | 9,4 | 9,4 | 8 | 8 | ||
| EV/EBITDA Adj | 6,9 | N/A | N/A | N/A | N/A | 4,8 | 4,8 | 10,6 | 10,6 | 10 | 10 | 6,9 | 6,9 | 6 | 6 | 5 | 5 | ||
| EV/EBITA Adj | 7,9 | N/A | N/A | N/A | N/A | 4,9 | 4,9 | 11,1 | 11,1 | 12 | 12 | 7,9 | 7,9 | 6,3 | 6,3 | 5,2 | 5,2 | ||
| EV/EBIT Adj | 7,9 | N/A | N/A | N/A | N/A | 4,9 | 4,9 | 11,1 | 11,1 | 12 | 12 | 7,9 | 7,9 | 6,3 | 6,3 | 5,2 | 5,2 | ||
| EV/cap. employed | 1,3 | N/A | N/A | N/A | N/A | 1 | 1 | 1,1 | 1,1 | 0,9 | 0,9 | 1,3 | 1,3 | 1,2 | 1,2 | 1,1 | 1,1 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 1 | 0,8 | 0,8 | -0,8 | -0,8 | 0,2 | 0,2 | 0,4 | 0,4 | 5,2 | 5,2 | 1 | 1 | 1 | 1 | 1 | 1 | ||
| Capex / depreciation | 92,1 | 136,9 | 136,9 | -189,9 | -189,9 | 58,7 | 58,7 | 105,4 | 105,4 | 585,7 | 585,7 | 92,1 | 92,1 | 241,7 | 241,7 | 300 | 300 | ||
| Capex tangibles / tangible fixed assets | 56,1 | 66,2 | 66,2 | -96,9 | -96,9 | 27,7 | 27,7 | 41,4 | 41,4 | 287,1 | 287,1 | 56,1 | 56,1 | 56,3 | 56,3 | 52,3 | 52,3 | ||
| Capex intangibles / definite intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles / definite intangibles | 65,5 | 149,9 | 149,9 | 222,9 | 222,9 | 2076,9 | 2076,9 | 136,5 | 136,5 | 34 | 34 | 65,5 | 65,5 | 18,8 | 18,8 | 11,5 | 11,5 | ||
| Depreciation on tangibles / tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity research
CAPACENT
Capacent - Q3 figures in the black for the first time
21 November 2018 Capacent Post-results comment
Capacent - Growth focus set to continue
22 August 2018 Capacent Post-results comment
Company news
CAPACENT
Main shareholders
Capacent
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Nordnet Pensionsförsäkring | 23.6 % | 23.6 % | 31 Dec 2018 | |
| Avanza Pension | 13.6 % | 13.6 % | 31 Dec 2018 | |
| Joakim Hörwing | 10.9 % | 10.9 % | 10 Sep 2018 | |
| Per Granath | 10.8 % | 10.8 % | 31 Dec 2018 | |
| Edvard Björkenheim privat och genom bolag | 8.9 % | 8.9 % | 10 Sep 2018 | |
| Thomas Lundström | 7.3 % | 7.3 % | 31 Dec 2018 | |
| Hendrik Trepp | 4.5 % | 4.5 % | 31 Dec 2018 | |
| Björnån Holding AB | 4.0 % | 4.0 % | 31 Dec 2018 | |
| Jonas Jonsson | 3.3 % | 3.3 % | 31 Dec 2018 | |
| Livförsäkringsbolaget Skandia | 3.3 % | 3.3 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Capacent
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Mattias Ek | + 7 500 | BUY | + 7 500 | 12 Oct 2018 |
| Anedjo Ab | + 5 000 | BUY | + 5 000 | 10 Sep 2018 |
| Hörsmölla Förvaltning AB | + 2 800 | BUY | + 2 800 | 10 Sep 2018 |
| Hörsmölla Förvaltning AB | + 5 000 | BUY | + 5 000 | 10 Sep 2018 |
| Robin Paulsson | + 7 500 | BUY | + 7 500 | 4 Oct 2017 |
| Bengt Edvard Björkenheim | + 25 000 | BUY | + 25 000 | 4 Oct 2017 |
| Robin Paulsson | + 7 500 | TILLD | + 7 500 | 4 Oct 2017 |
| HÅKAN ERIXON | + 5 000 | BUY | + 5 000 | 15 Sep 2017 |
| Anedjo Ab | + 147 451 | BUY | + 147 451 | 22 Aug 2017 |
| Anedjo Ab | - 147 451 | SELL | - 147 451 | 22 Aug 2017 |
QUICK FACTS
- Edvard Björkenheim
- Håkan Erixon
- Services
- www.capacent.se
- First North
- 135,0 MSEK
- CAPAC
- Q4 Report 15 Feb 2019
QUICK FACTS
- CEO
- Edvard Björkenheim
- Chairman
- Håkan Erixon
- List
- First North
- Sector
- Services
QUICK FACTS
- Market Cap
- 135,0 MSEK
- Ticker
- CAPAC
- Next Event
- 15 Feb 2019
- Website
- www.capacent.se
Latest articles
-
Capacent ingår avtal om att förvärva ytterligare 4,1 procent i dotterbolaget Capacent ehf på Island
2 Jan 2019 / Press release
-
Capacent - Interview with CEO Edvard Björkenheim (in Swedish)
6 Dec 2018 / Media
-
Capacent - Company presentation with CEO Edvard Björkenheim (in Swedish)
5 Dec 2018 / Media
-
Livesändning - Introduce Investor Day (4 Dec 2018)
4 Dec 2018 / Article
-
Programme - Introduce Investor Day 4 December
3 Dec 2018 / Article
