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Capacent

Capacent

Nordic management consultancy

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.

SEKm 2019 2020e 2021e
Sales 260 283 293
Sales growth (%) -1,6 9,1 3,3
EBITDA 20 30 34
EBITDA margin (%) 7,6 10,5 11,7
EBIT adj 10 14 18
EBIT adj margin (%) 3,9 4,8 6,2
Pretax profit 3 10 14
EPS rep 0,64 2,52 3,7
EPS growth (%) -84,6 293,6 46,6
EPS adj 1,93 2,52 3,7
DPS 1 1,89 2,77
EV/EBITDA (x) 8,3 3,3 2,6
EV/EBIT adj (x) 16 7,1 4,9
P/E (x) 64,9 8,3 5,7
P/E adj (x) 21,6 8,3 5,7
EV/sales (x) 0,6 0,3 0,3
FCF yield (%) -2,6 41,8 42,6
Dividend yield (%) 2,4 9,1 13,3
Net IB debt/EBITDA 2,5 1,3 0,8
SEKm 2019 2020e 2021e
Sales 260 283 293
COGS 0 0 0
Gross profit 260 283 293
Other operating items -240 -254 -258
EBITDA 20 30 34
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 -6 -6
EBITA 7 14 18
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 7 14 18
Other financial items 0 0 0
Net financial items -4 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 10 14
Tax -1 -2 -3
Net profit 2 8 11
Minority interest 0 -1 -1
Net profit discontinued 0 0 0
Net profit to shareholders 2 7 10
EPS 0,64 2,52 3,7
EPS Adj 1,93 2,52 3,7
Total extraordinary items after tax -3,5 0 0
Tax rate (%) -29,9 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 7,6 10,5 11,7
EBITA margin (%) 2,6 4,8 6,2
EBIT margin (%) 2,6 4,8 6,2
Pretax margin (%) 1,2 3,5 4,9
Net margin (%) 0,8 2,7 3,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -1,6 9,1 3,3
EBITDA growth (%) -6,1 50,9 15
EBIT growth (%) -62,7 105,2 32,6
Net profit growth (%) -82 256,9 44,1
EPS growth (%) -84,6 293,6 46,6
Profitability 2019 2020 2021
ROE (%) 1,6 6,3 8,9
ROE Adj (%) 4,8 6,3 8,9
ROCE (%) 4,7 8,4 10,8
ROCE Adj(%) 7,2 8,4 10,8
ROIC (%) 3,6 7 9,5
ROIC Adj (%) 5,4 7 9,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 23 30 34
EBITDA Adj margin (%) 8,9 10,5 11,7
EBITA Adj 10 14 18
EBITA Adj margin (%) 3,9 4,8 6,2
EBIT Adj 10 14 18
EBIT Adj margin (%) 3,9 4,8 6,2
Pretax profit Adj 7 10 14
Net profit Adj 6 8 11
Net profit to shareholders Adj 5 7 10
Net Adj margin (%) 2,2 2,7 3,8
SEKm 2019 2020e 2021e
EBITDA 20 30 34
Net financial items -4 -4 -4
Paid tax -3 -2 -3
Non-cash items 0 0 0
Cash flow before change in WC 13 24 27
Change in WC -11 6 3
Operating cash flow 3 29 30
CAPEX tangible fixed assets -6 -6 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -3 24 24
Dividend paid -8 -3 -5
Share issues and buybacks 0 0 0
Other non cash items -33 0 0
Decrease in net IB debt -58 11 9
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 102 102 102
Indefinite intangible assets 0 0 0
Definite intangible assets 8 8 8
Tangible fixed assets 4 4 3
Other fixed assets 2 2 2
Fixed assets 150 150 150
Inventories 0 0 0
Receivables 62 68 70
Other current assets 0 0 0
Cash and liquid assets 5 16 25
Total assets 217 234 245
Shareholders equity 106 110 115
Minority 1 1 3
Total equity 107 112 118
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 17 17 17
Accounts payable 56 68 73
Other current liabilities 0 0 0
Total liabilities and equity 217 234 245
Net IB debt 49 38 29
Net IB debt excl. pension debt 49 38 29
Capital invested 156 150 147
Working capital 6 0 -3
EV breakdown 2019 2020 2021
Market cap. diluted (m) 113 57 57
Net IB debt Adj 49 38 29
Market value of minority 1 1 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 163 97 88
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 128,5 125,8 122,2
Capital invested turnover (%) 197,7 185 197,1
Capital employed turnover (%) 184,7 173,5 173,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,5 21,9 24,1
Working capital / sales (%) 0,1 1 -0,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 46,2 34,3 24,6
Net debt / market cap (%) 37,7 67,5 51
Equity ratio (%) 49,3 47,8 48,1
Net IB debt adj. / equity (%) 46,2 34,3 24,6
Current ratio (%) 79,3 87,5 94,5
EBITDA / net interest (%) 548,2 781,3 875,7
Net IB debt / EBITDA (%) 250,6 129 84,8
Interest cover (%) 185,8 360,2 465,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS 0,64 2,52 3,7
Dividend per share Adj 1 1,9 2,8
EPS Adj 1,93 2,52 3,7
BVPS 39,11 40,63 42,44
BVPS Adj -1,1 0,43 2,23
Net IB debt / share 18,2 14,1 10,7
Share price 48,19 20,9 20,9
Market cap. (m) 131 57 57
Valuation 2019 2020 2021
P/E 64,9 8,3 5,7
EV/sales 0,63 0,34 0,3
EV/EBITDA 8,3 3,3 2,6
EV/EBITA 24,4 7,1 4,9
EV/EBIT 24,4 7,1 4,9
Dividend yield (%) 2,4 9,1 13,3
FCF yield (%) -2,6 41,8 42,6
P/BVPS 1,06 0,51 0,49
P/BVPS Adj -37,95 49,09 9,36
P/E Adj 21,6 8,3 5,7
EV/EBITDA Adj 7 3,3 2,6
EV/EBITA Adj 16 7,1 4,9
EV/EBIT Adj 16 7,1 4,9
EV/cap. employed 1 0,6 0,5
Investment ratios 2019 2020 2021
Capex / sales 2,2 2 2
Capex / depreciation N/A 94,4 92,9
Capex tangibles / tangible fixed assets 135,8 147,7 172,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 78,3 82,2
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Capacent - Interview with CEO Edvard Björkenheim
Capacent - Company presentation with CEO Edvard Björkenheim

Main shareholders - Capacent

Main shareholders Share capital % Voting shares % Verified
Nordnet Pensionsförsäkring 24.4 % 24.4 % 31 Dec 2019
Avanza Pension 12.5 % 12.5 % 31 Dec 2019
Joakim Hörwing 12.0 % 12.0 % 27 Mar 2020
Per Granath 10.8 % 10.8 % 31 Dec 2019
Edvard Björkenheim privat och genom bolag 9.4 % 9.4 % 27 Mar 2020
Thomas Lundström 4.3 % 4.3 % 31 Dec 2019
Björnån Holding AB 4.0 % 4.0 % 31 Dec 2019
Jonas Jonsson 3.3 % 3.3 % 31 Dec 2019
Livförsäkringsbolaget Skandia 3.1 % 3.1 % 31 Dec 2019
Futur Pension 1.6 % 1.6 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Capacent

Name Quantity Code Date
Edvard Björkenheim + 10 000 BUY 27 Mar 2020
Joakim Hörwing + 30 000 BUY 27 Mar 2020
Mattias Ek - 7 500 SELL 29 Nov 2019
Mattias Ek + 551 BUY 28 Jun 2019
Bengt Edvard Björkenheim + 3 000 BUY 20 May 2019
Mattias Ek + 2 000 BUY 8 May 2019
Mattias Ek + 7 500 BUY 12 Oct 2018
Hörsmölla Förvaltning AB + 2 800 BUY 10 Sep 2018
Hörsmölla Förvaltning AB + 5 000 BUY 10 Sep 2018
Anedjo Ab + 5 000 BUY 10 Sep 2018

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