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Capacent

Capacent

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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.

Financials

SEKm 2020 2021e 2022e
Sales 204 217 233
Sales growth (%) -21,3 5,9 7,6
EBITDA -8 24 32
EBITDA margin (%) -4,1 11,2 13,8
EBIT adj 13 22 30
EBIT adj margin (%) 6,5 10,1 12,7
Pretax profit -16 22 29
EPS rep -7,05 5,82 7,87
EPS growth (%) -1200,3 182,6 35,2
EPS adj 3,39 5,82 7,87
DPS 3,5 3,78 5,11
EV/EBITDA (x) -9,3 4,5 3,3
EV/EBIT adj (x) 5,9 5 3,5
P/E (x) -5,1 8,1 6
P/E adj (x) 10,6 8,1 6
EV/sales (x) 0,4 0,5 0,5
FCF yield (%) 1,2 8,7 13,3
Dividend yield (%) 9,7 8,1 10,9
Net IB debt/EBITDA 2,3 -0,8 -0,8
Lease adj. FCF yield (%) -5,5 8 12,6
Lease adj. ND/EBITDA -1,8 -1,1 -1
SEKm 2020 2021e 2022e
Leasing payments -7 -1 -1
Sales 204 217 233
COGS 0 0 0
Gross profit 204 217 233
Other operating items -213 -192 -201
EBITDA -8 24 32
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 -2 -2
EBITA -15 22 30
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -15 22 30
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -16 22 29
Tax -3 -4 -6
Net profit -19 17 23
Minority interest 0 -1 -2
Net profit discontinued 0 0 0
Net profit to shareholders -19 16 21
EPS -7,05 5,82 7,87
EPS Adj 3,39 5,82 7,87
Total extraordinary items after tax -28,3 0 0
Tax rate (%) 20,5 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) -4,1 11,2 13,8
EBITA margin (%) -7,4 10,1 12,7
EBIT margin (%) -7,4 10,1 12,7
Pretax margin (%) -7,8 10 12,6
Net margin (%) -9,4 7,9 10
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,3 5,9 7,6
EBITDA growth (%) -142,9 386,2 33,2
EBIT growth (%) -325,7 244,7 36,4
Net profit growth (%) -985,6 189,5 36,2
EPS growth (%) -1200,3 182,6 35,2
Profitability 2020 2021 2022
ROE (%) -20,8 19,6 23,9
ROE Adj (%) 10 19,6 23,9
ROCE (%) -12,4 25,3 30,8
ROCE Adj(%) 10,9 25,3 30,8
ROIC (%) -16,9 27,9 34,2
ROIC Adj (%) 14,9 27,9 34,2
Adj earnings numbers 2020 2021 2022
Depreciation and amortisation -7 -2 -3
Of which leasing depreciation -7 -1 -1
EO items -28 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 13 23 31
EBITDA lease Adj margin (%) 6,5 10,8 13,5
EBITDA Adj 20 24 32
EBITDA Adj margin (%) 9,7 11,2 13,8
EBITA Adj 13 22 30
EBITA Adj margin (%) 6,5 10,1 12,7
EBIT Adj 13 22 30
EBIT Adj margin (%) 6,5 10,1 12,7
Pretax profit Adj 12 22 29
Net profit Adj 9 17 23
Net profit to shareholders Adj 9 16 21
Net Adj margin (%) 4,5 7,9 10
SEKm 2020 2021e 2022e
EBITDA -8 24 32
Net financial items -1 0 0
Paid tax -3 -4 -6
Non-cash items 0 0 0
Cash flow before change in WC -12 20 26
Change in WC 15 -6 -6
Operating cash flow 3 14 20
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 1 11 17
Dividend paid 0 -10 -10
Share issues and buybacks 0 0 0
Other non cash items 74 0 0
Decrease in net IB debt 69 1 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 67 67 67
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 1 2 3
Other fixed assets 1 1 1
Fixed assets 75 76 77
Inventories 0 0 0
Receivables 33 39 47
Other current assets 0 0 0
Cash and liquid assets 24 25 30
Total assets 132 140 154
Shareholders equity 77 84 95
Minority 0 2 4
Total equity 78 86 99
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 49 50 51
Other current liabilities 0 0 0
Total liabilities and equity 132 140 154
Net IB debt -19 -20 -26
Net IB debt excl. pension debt -19 -20 -26
Capital invested 58 65 73
Working capital -17 -11 -5
EV breakdown 2020 2021 2022
Market cap. diluted (m) 98 127 127
Net IB debt Adj -19 -20 -26
Market value of minority 0 2 4
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 79 109 105
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 117,4 159,5 158,5
Capital invested turnover (%) 190,6 349,6 337,7
Capital employed turnover (%) 168,2 251,2 241,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,7 22,9 21,7
Working capital / sales (%) -2,7 -6,4 -3,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -24,9 -23,5 -26,3
Net debt / market cap (%) -24,6 -15,8 -20,3
Equity ratio (%) 59,2 61,2 63,9
Net IB debt adj. / equity (%) -24,9 -23,5 -26,3
Current ratio (%) 110,2 122,9 144,7
EBITDA / net interest (%) -1022,8 12088,1 10731,2
Net IB debt / EBITDA (%) 229,8 -83,2 -80,5
Interest cover (%) -1822,3 10888,1 9897,9
Lease liability amortisation -7 -1 -1
Other intangible assets 3 3 3
Right-of-use asset 4 4 4
Total other fixed assets 1 1 1
Leasing liability 4 4 4
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -24 -25 -30
Net IB debt / EBITDA lease Adj (%) -179,8 -105,3 -96,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS -7,05 5,82 7,87
Dividend per share Adj 3,5 3,8 5,1
EPS Adj 3,39 5,82 7,87
BVPS 28,52 30,85 34,93
BVPS Adj 2,97 5,29 9,37
Net IB debt / share -7,1 -7,4 -9,5
Share price 29,08 46,9 46,9
Market cap. (m) 79 127 127
Valuation 2020 2021 2022
P/E -5,1 8,1 6
EV/sales 0,39 0,5 0,45
EV/EBITDA -9,3 4,5 3,3
EV/EBITA -5,2 5 3,5
EV/EBIT -5,2 5 3,5
Dividend yield (%) 9,7 8,1 10,9
FCF yield (%) 1,2 8,7 13,3
P/BVPS 1,26 1,52 1,34
P/BVPS Adj 12,14 8,87 5,01
P/E Adj 10,6 8,1 6
EV/EBITDA Adj 4 4,5 3,3
EV/EBITA Adj 5,9 5 3,5
EV/EBIT Adj 5,9 5 3,5
EV/cap. employed 1 1,2 1
Investment ratios 2020 2021 2022
Capex / sales 0,7 1,2 1,2
Capex / depreciation 0 162,4 166,5
Capex tangibles / tangible fixed assets 266,1 165,5 104,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 60,4 63,5
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -5,5 8 12,6

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Media

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

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Main shareholders - Capacent

Main shareholders Share capital % Voting shares % Verified
Jilkén Invest AB 19.2 % 19.2 % 31 Mar 2021
Joakim Hörwing 12.7 % 12.7 % 31 Dec 2020
Edvard Björkenheim privat och genom bolag 10.6 % 10.6 % 31 Dec 2020
Avanza Pension 8.7 % 8.7 % 31 Mar 2021
Björnån Holding AB 4.0 % 4.0 % 31 Mar 2021
Thomas Lundström 3.8 % 3.8 % 31 Mar 2021
Erik Selin 3.4 % 3.4 % 31 Mar 2021
Jonas Jonsson 2.5 % 2.5 % 31 Mar 2021
Livförsäkringsbolaget Skandia 2.2 % 2.2 % 31 Mar 2021
Claes Mellgren 2.1 % 2.1 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Capacent

Name Quantity Code Date
Edvard Björkenheim + 15 000 BUY 17 Sep 2020
Edvard Björkenheim + 15 000 BUY 17 Sep 2020
Edvard Björkenheim + 3 112 BUY 10 Sep 2020
Mattias Ek + 1 125 BUY 3 Aug 2020
Joakim Hörwing - 15 199 SELL 29 Jun 2020
Joakim Hörwing + 30 000 BUY 27 Mar 2020
Edvard Björkenheim + 10 000 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

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