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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 2018 2019e 2020e
Sales 264 291 312
Sales growth (%) 31,7 10,4 7
EBITDA 21 33 39
EBITDA margin (%) 7,9 11,3 12,6
EBIT adj 21 21 28
EBIT adj margin (%) 8 7,3 8,9
Pretax profit 17 17 24
EPS rep 3,85 4,56 5,92
EPS growth (%) 212,7 18,2 30,1
EPS adj 4,96 4,56 5,92
DPS 3 3,42 4,44
EV/EBITDA (x) 6,5 5 4
EV/EBIT adj (x) 6,4 7,7 5,7
P/E (x) 12,5 10,3 7,9
P/E adj (x) 9,7 10,3 7,9
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 12,8 9,7 13
Dividend yield (%) 6,2 7,3 9,5
Net IB debt/EBITDA -0,4 0,7 0,4
SEKm 2018 2019e 2020e
Sales 264 291 312
COGS 0 0 0
Gross profit 264 291 312
Other operating items -243 -258 -272
EBITDA 21 33 39
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -11 -12
EBITA 18 21 28
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 18 21 28
Other financial items 0 0 0
Net financial items -1 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 17 17 24
Tax -5 -4 -5
Net profit 12 14 19
Minority interest 0 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders 12 14 18
EPS 3,85 4,56 5,92
EPS Adj 4,96 4,56 5,92
Total extraordinary items after tax -3,3 0 0
Tax rate (%) -28,2 -21,8 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 7,9 11,3 12,6
EBITA margin (%) 6,8 7,3 8,9
EBIT margin (%) 6,8 7,3 8,9
Pretax margin (%) 6,3 6 7,8
Net margin (%) 4,5 4,7 6,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 31,7 10,4 7
EBITDA growth (%) 61,9 56,5 19,7
EBIT growth (%) 204,5 19,1 29,8
Net profit growth (%) 297,7 14,1 38,6
EPS growth (%) 212,7 18,2 30,1
Profitability 2018 2019 2020
ROE (%) 10,6 11,8 14,6
ROE Adj (%) 13,6 11,8 14,6
ROCE (%) 15 15,1 17
ROCE Adj(%) 17,7 15,1 17
ROIC (%) 11,2 13,3 14,9
ROIC Adj (%) 13,3 13,3 14,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 24 33 39
EBITDA Adj margin (%) 9,2 11,3 12,6
EBITA Adj 21 21 28
EBITA Adj margin (%) 8 7,3 8,9
EBIT Adj 21 21 28
EBIT Adj margin (%) 8 7,3 8,9
Pretax profit Adj 20 17 24
Net profit Adj 15 14 19
Net profit to shareholders Adj 15 14 18
Net Adj margin (%) 5,8 4,7 6,1
SEKm 2018 2019e 2020e
EBITDA 21 33 39
Net financial items -1 -4 -3
Paid tax -5 -4 -5
Non-cash items 0 0 0
Cash flow before change in WC 15 25 31
Change in WC 6 -2 0
Operating cash flow 21 16 21
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 18 14 18
Dividend paid -3 -8 -10
Share issues and buybacks 0 0 0
Other non cash items 1 -38 0
Decrease in net IB debt 17 -33 8
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 102 102 102
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 4 5 6
Other fixed assets 2 37 37
Fixed assets 112 147 148
Inventories 0 0 0
Receivables 61 70 75
Other current assets 0 0 0
Cash and liquid assets 15 18 20
Total assets 187 235 243
Shareholders equity 113 118 125
Minority 1 1 2
Total equity 114 119 128
Long-term debt 0 28 28
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 1 1 1
Short-term debt 6 14 9
Accounts payable 66 73 78
Other current liabilities 0 0 0
Total liabilities and equity 139 184 187
Net IB debt -9 24 16
Net IB debt excl. pension debt -9 24 16
Capital invested 107 144 145
Working capital -5 -3 -3
EV breakdown 2018 2019 2020
Market cap. diluted (m) 144 140 140
Net IB debt Adj -9 24 16
Market value of minority 1 1 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 136 165 158
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 142,3 137,9 130,3
Capital invested turnover (%) 230,1 232,2 215,4
Capital employed turnover (%) 220,5 206,8 191,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23 23,8 24,2
Working capital / sales (%) -0,8 -1,4 -1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -7,6 20,5 12,9
Net debt / market cap (%) -7 17,5 11,8
Equity ratio (%) 61 50,6 52,4
Net IB debt adj. / equity (%) -7,6 20,5 12,9
Current ratio (%) 104,9 101,1 110
EBITDA / net interest (%) 1732,3 850,6 1155,1
Net IB debt / EBITDA (%) -41,2 74,3 41,8
Interest cover (%) 1479,2 552,9 813,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS 3,85 4,56 5,92
Dividend per share Adj 3 3,4 4,4
EPS Adj 4,96 4,56 5,92
BVPS 41,61 39,39 41,89
BVPS Adj 2,7 4,01 6,52
Net IB debt / share -3,2 8,2 5,5
Share price 45,36 46,7 46,7
Market cap. (m) 123 140 140
Valuation 2018 2019 2020
P/E 12,5 10,3 7,9
EV/sales 0,52 0,57 0,51
EV/EBITDA 6,5 5 4
EV/EBITA 7,6 7,7 5,7
EV/EBIT 7,6 7,7 5,7
Dividend yield (%) 6,2 7,3 9,5
FCF yield (%) 12,8 9,7 13
P/BVPS 1,16 1,19 1,11
P/BVPS Adj 17,8 11,64 7,16
P/E Adj 9,7 10,3 7,9
EV/EBITDA Adj 5,6 5 4
EV/EBITA Adj 6,4 7,7 5,7
EV/EBIT Adj 6,4 7,7 5,7
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 1 1 1
Capex / depreciation 84,9 25,4 26,9
Capex tangibles / tangible fixed assets 66,3 60,3 53,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 73,9 277 279,9
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

Capacent

Main shareholders Share capital % Voting shares % Verified
Nordnet Pensionsförsäkring 23.5 % 23.5 % 31 Mar 2019
Avanza Pension 13.3 % 13.3 % 31 Mar 2019
Joakim Hörwing 10.9 % 10.9 % 10 Sep 2018
Per Granath 10.8 % 10.8 % 31 Mar 2019
Edvard Björkenheim privat och genom bolag 8.9 % 8.9 % 10 Sep 2018
Thomas Lundström 6.9 % 6.9 % 31 Mar 2019
Björnån Holding AB 4.0 % 4.0 % 31 Mar 2019
Hendrik Trepp 4.0 % 4.0 % 31 Mar 2019
Jonas Jonsson 3.3 % 3.3 % 31 Mar 2019
Livförsäkringsbolaget Skandia 3.3 % 3.3 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Capacent

Name Quantity Code Date
Mattias Ek + 2 000 BUY 8 May 2019
Mattias Ek + 7 500 BUY 12 Oct 2018
Anedjo Ab + 5 000 BUY 10 Sep 2018
Hörsmölla Förvaltning AB + 2 800 BUY 10 Sep 2018
Hörsmölla Förvaltning AB + 5 000 BUY 10 Sep 2018
Robin Paulsson + 7 500 BUY 4 Oct 2017
Bengt Edvard Björkenheim + 25 000 BUY 4 Oct 2017
Robin Paulsson + 7 500 TILLD 4 Oct 2017
HÅKAN ERIXON + 5 000 BUY 15 Sep 2017
Anedjo Ab + 147 451 BUY 22 Aug 2017

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