Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Cedergrenska

Cedergrenska

Cedergrenska is a Swedish independent educational provider founded in 2007. It offers a broad range of education, from preschools to higher vocational education. The majority of revenues stem from compulsory and upper secondary schools located in the northeast Stockholm region. The company runs its schools under a framework called “The Cedergrenska model”, which is based on geographical clusters where schools within cooperate to enhance education, create attractive workplaces and reach economies of scale.

Ever since the Swedish school market was de-regulated in 1992, independent schools have grown in popularity. A positive demographic outlook in conjunction with an ongoing urbanisation creates a need for new schools to be built, which independent actors like Cedergrenska can benefit from. In addition, the independent school market still contains many small players that may be of interest to the company to acquire.

The two key operational risks the company faces are sufficient funding from the school vouchers and political reforms. Swedish municipalities are facing economic constraints from an ageing population and there is concern about how this will translate to school vouchers. Furthermore, the political landscape is far from predictable, and we cannot rule out reforms that will be negative for independent school actors in the future.

SEKm 2020 2021e 2022e
Sales 505 601 720
Sales growth (%) 58,9 19 19,8
EBITDA 53 64 69
EBITDA margin (%) 10,5 10,7 9,5
EBIT adj 29 41 33
EBIT adj margin (%) 5,8 6,9 4,5
Pretax profit 27 34 30
EPS rep 1,55 1,83 1,6
EPS growth (%) 37,5 18,4 -12,9
EPS adj 1,55 2,27 1,6
DPS 0 0 0
EV/EBITDA (x) N/A 8,1 6,9
EV/EBIT adj (x) N/A 12,6 14,6
P/E (x) N/A 24,3 27,9
P/E adj (x) N/A 19,7 27,9
EV/sales (x) N/A 0,9 0,7
FCF yield (%) N/A 4,3 9,1
Dividend yield (%) N/A 0 0
Net IB debt/EBITDA 1,2 0,1 -0,6
Lease adj. FCF yield (%) N/A 4,3 9,1
Lease adj. ND/EBITDA 1,2 0,1 -0,6
SEKm 2020 2021e 2022e
EPS 1,55 1,83 1,6
EPS Adj 1,55 2,27 1,6
Total extraordinary items after tax 0 -5 0
Leasing payments 0 0 0
Tax rate (%) -36,1 -31 -38,4
Gross margin (%) 100 100 100
EBITDA margin (%) 10,5 10,7 9,5
EBITA margin (%) 9 9,2 8,1
EBIT margin (%) 5,8 6,1 4,5
Pretax margin (%) 5,3 5,6 4,2
Net margin (%) 3,4 3,9 2,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 58,9 19 19,8
EBITDA growth (%) 41,2 22 6,3
EBIT growth (%) 46,2 24,7 -10,6
Net profit growth (%) 40,5 37,4 -21
EPS growth (%) 37,5 18,4 -12,9
Profitability 2020 2021 2022
ROE (%) 38,2 26 12,5
ROE Adj (%) 71,5 50,4 30
ROCE (%) 21,8 19,4 14,9
ROCE Adj(%) 33,9 32 26,8
ROIC (%) 15,8 16,9 13,6
ROIC Adj (%) 15,8 19,3 13,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 53 70 69
EBITDA Adj margin (%) 10,5 11,6 9,5
EBITDA lease Adj 53 70 69
EBITDA lease Adj margin (%) 10,5 11,6 9,5
EBITA Adj 45 60 59
EBITA Adj margin (%) 9 10,1 8,1
EBIT Adj 29 41 33
EBIT Adj margin (%) 5,8 6,9 4,5
Pretax profit Adj 43 58 56
Net profit Adj 33 48 45
Net profit to shareholders Adj 35 50 45
Net Adj margin (%) 6,6 7,9 6,2
Sales 505 601 720
COGS 0 0 0
Gross profit 505 601 720
Other operating items -452 -537 -652
EBITDA 53 64 69
Depreciation and amortisation -7 -9 -10
Of which leasing depreciation 0 0 0
EBITA 45 55 59
EO items 0 -5 0
Impairment and PPA amortisation -16 -19 -26
EBIT 29 36 33
Net financial items -2 -3 -2
Pretax profit 27 34 30
Tax -10 -11 -12
Net profit 17 23 19
Minority interest 2 2 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 26 19
SEKm 2020 2021e 2022e
EBITDA 53 64 69
Net financial items -2 -3 -2
Paid tax 0 0 0
Non-cash items -2 -1 -12
Cash flow before change in WC 48 61 55
Change in WC 12 -5 7
Operating cash flow 60 56 62
CAPEX tangible fixed assets -13 -17 -14
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -57 -17 0
Free cash flow -10 22 47
Dividend paid 0 -17 0
Share issues and buybacks 4 80 0
Lease liability amortisation 0 0 0
Other non cash items -26 -54 -17
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 144 165 139
Other intangible assets 0 0 0
Tangible fixed assets 42 50 55
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 186 215 194
Inventories 0 0 0
Receivables 24 48 58
Other current assets 0 0 0
Cash and liquid assets 22 75 82
Total assets 232 339 334
Shareholders equity 58 139 158
Minority 6 9 9
Total equity 64 149 167
Long-term debt 58 44 26
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 7 7 7
Short-term debt 28 37 15
Accounts payable 0 0 0
Other current liabilities 75 102 119
Total liabilities and equity 232 339 334
Net IB debt 64 6 -42
Net IB debt excl. pension debt 64 6 -42
Net IB debt excl. leasing 64 6 -42
Capital invested 135 162 133
Working capital -51 -54 -61
EV breakdown 2020 2021 2022
Market cap. diluted (m) N/A 517 517
Net IB debt Adj 64 6 -42
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 N/A 523 476
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 249,8 210,5 214,1
Working capital / sales (%) -9 -8,8 -8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 100,3 3,8 -24,9
Net debt / market cap (%) N/A 1,1 -8
Equity ratio (%) 27,4 43,8 50
Net IB debt adj. / equity (%) 100,3 3,8 -24,9
Current ratio (%) 44,6 88,7 104,8
EBITDA / net interest (%) 2168,1 2417,7 2828,2
Net IB debt / EBITDA (%) 120,9 8,9 -60,7
Net IB debt / EBITDA lease Adj (%) 120,9 8,2 -60,7
Interest cover (%) 1865,1 2076,7 2414,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 10 12 12
Fully diluted shares Adj 10 12 12
EPS 1,55 1,83 1,6
Dividend per share Adj 0 0 0
EPS Adj 1,55 2,27 1,6
BVPS 5,82 11,99 13,59
BVPS Adj -8,61 -2,23 1,61
Net IB debt / share 6,4 0,5 -3,6
Share price N/A 44,6 44,6
Market cap. (m) N/A 517 517
Valuation 2020 2021 2022
P/E N/A 24,3 27,9
EV/sales N/A 0,87 0,66
EV/EBITDA N/A 8,1 6,9
EV/EBITA N/A 9,4 8,1
EV/EBIT N/A 14,4 14,6
Dividend yield (%) N/A 0 0
FCF yield (%) N/A 4,3 9,1
Lease adj. FCF yield (%) N/A 4,3 9,1
P/BVPS N/A 3,72 3,28
P/BVPS Adj N/A -19,98 27,73
P/E Adj N/A 19,7 27,9
EV/EBITDA Adj N/A 7,5 6,9
EV/EBITA Adj N/A 8,7 8,1
EV/EBIT Adj N/A 12,6 14,6
EV/cap. employed N/A 2,3 2,3
Investment ratios 2020 2021 2022
Capex / sales 2,6 2,7 2
Capex / depreciation 176,2 181,4 143,5
Capex tangibles / tangible fixed assets 30,9 32,8 26,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17,5 18,1 18,3

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Niklas Pålsson 17.6 % 17.6 % 24 May 2021
Håkan Söderström 15.6 % 15.6 % 24 May 2021
Daniel Andersson 10.9 % 10.9 % 24 May 2021
Christian Drougge 10.8 % 10.8 % 24 May 2021
David Sandgren 9.9 % 9.9 % 24 May 2021
Enter Fonder 7.2 % 7.2 % 30 Jun 2021
FE Fonder 4.3 % 4.3 % 30 Jun 2021
Endel Viitberg 2.5 % 2.5 % 30 Jun 2021
PriorNilsson Fonder 2.5 % 2.5 % 31 May 2021
Avanza Pension 1.7 % 1.7 % 30 Jun 2021
Source: Holdings by Modular Finance AB