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Clavister

Clavister

Clavister develops and sells cybersecurity solutions for physical and virtual environments. Its product portfolio is designed to meet the specific needs of customers in three main categories: public administrations, service providers and defence contractors. Sales are primarily made under the company’s own brand, but also through OEMs, i.e. the software being added to the customers’ own brands. Clavister has a long list of clients including Nokia, IWG, Telco Systems and BAE Systems.

Clavister has signed partnerships with major international service providers such as Nokia, Tata Communications and Telco Systems, as well as Europe’s largest defense OEM, BAE Systems. Clavister’s ambition is to scale with these partners as they roll out new networking systems and products. For instance, Nokia sells Clavister’s 5G security solution under its own brand, NetGuard. Through its partners, Clavister currently licenses its software to ~5% of all mobile operators. With 5G adoption still in the low-single digit percentage range, there are significant opportunities for Clavister’s 5G business, as its revenue will scale with traffic volumes.

Clavister is dependent on the trust of its customers. If the company’s technology does not keep up with current attack methods or meet its customers’ expectations, it could lose significant parts of its business. Clavister competes with large multinational corporations, which entails an inherent risk that customers may chose a more well-known vendor over Clavister.

SEKm 2020 2021e 2022e
Sales 129 138 167
Sales growth (%) 4,6 7,1 21
EBITDA -19 -16 6
EBITDA margin (%) -15,1 -11,5 3,3
EBIT adj -56 -50 -25
EBIT adj margin (%) -43,8 -36,1 -15,3
Pretax profit -81 -73 -47
EPS rep -2,08 -1,33 -0,87
EPS growth (%) 72,6 36,1 35
EPS adj -2,08 -1,33 -0,87
DPS 0 0 0
EV/EBITDA (x) -18,4 -36,2 112,8
EV/EBIT adj (x) -6,4 -11,5 -24,5
P/E (x) -3,3 -5,3 -8,2
P/E adj (x) -3,3 -5,3 -8,2
EV/sales (x) 2,8 4,2 3,7
FCF yield (%) -11,1 -22,3 -9,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -4,5 -11,8 42,8
Lease adj. FCF yield (%) -13,5 -24,2 -11,6
Lease adj. ND/EBITDA -2,7 -7,4 -148,8
SEKm 2020 2021e 2022e
Sales 129 138 167
COGS -18 -18 -22
Gross profit 111 120 145
Other operating items -130 -136 -139
EBITDA -19 -16 6
Depreciation and amortisation -9 -8 -9
Of which leasing depreciation -7 -7 -7
EBITA -28 -26 -3
EO items 0 0 0
Impairment and PPA amortisation -28 -24 -22
EBIT -56 -50 -25
Net financial items -24 -23 -22
Pretax profit -81 -73 -47
Tax 0 0 0
Net profit -81 -73 -47
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -81 -73 -47
EPS -2,08 -1,33 -0,87
EPS Adj -2,08 -1,33 -0,87
Total extraordinary items after tax 0 0 0
Leasing payments -7 -7 -7
Tax rate (%) 0,5 -0,1 0
Gross margin (%) 86,2 87,2 87
EBITDA margin (%) -15,1 -11,5 3,3
EBITA margin (%) -21,9 -18,9 -2,1
EBIT margin (%) -43,8 -36,1 -15,3
Pretax margin (%) -62,9 -53,1 -28,5
Net margin (%) -63,1 -53 -28,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 4,6 7,1 21
EBITDA growth (%) 50,2 18,5 134,9
EBIT growth (%) 35,3 11,7 48,8
Net profit growth (%) 58,3 10,1 35
EPS growth (%) 72,6 36,1 35
Profitability 2020 2021 2022
ROE (%) 210,4 298,8 56,1
ROE Adj (%) 137,2 201,8 30,1
ROCE (%) -24,6 -24,1 -15,8
ROCE Adj(%) -12,3 -12,6 -2,2
ROIC (%) -46,2 -43,8 -20
ROIC Adj (%) -46,2 -43,8 -20
Adj earnings numbers 2020 2021 2022
EBITDA Adj -19 -16 6
EBITDA Adj margin (%) -15,1 -11,5 3,3
EBITDA lease Adj -26 -23 -1
EBITDA lease Adj margin (%) -20,2 -16,7 -0,9
EBITA Adj -28 -26 -3
EBITA Adj margin (%) -21,9 -18,9 -2,1
EBIT Adj -56 -50 -25
EBIT Adj margin (%) -43,8 -36,1 -15,3
Pretax profit Adj -53 -49 -25
Net profit Adj -53 -49 -25
Net profit to shareholders Adj -53 -49 -25
Net Adj margin (%) -41,2 -35,8 -15,3
SEKm 2020 2021e 2022e
EBITDA -19 -16 6
Net financial items -24 -23 -22
Paid tax 0 0 0
Non-cash items 27 5 5
Cash flow before change in WC -16 -34 -11
Change in WC 40 -17 7
Operating cash flow 24 -51 -4
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -54 -36 -34
Acquisitions and disposals 0 0 0
Free cash flow -30 -86 -38
Dividend paid 0 0 0
Share issues and buybacks 185 0 0
Lease liability amortisation -6 -7 -7
Other non cash items -27 -5 -5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 52 52 52
Other intangible assets 120 129 139
Tangible fixed assets 0 0 0
Right-of-use asset 16 16 16
Total other fixed assets 0 0 0
Fixed assets 187 196 206
Inventories 7 8 8
Receivables 45 45 53
Other current assets 0 0 0
Cash and liquid assets 143 45 25
Total assets 383 294 292
Shareholders equity 12 -61 -108
Minority 0 0 0
Total equity 12 -61 -108
Long-term debt 205 205 235
Pension debt 0 0 0
Convertible debt 9 9 9
Leasing liability 17 17 17
Total other long-term liabilities 1 1 1
Short-term debt 0 0 0
Accounts payable 18 10 12
Other current liabilities 121 113 127
Total liabilities and equity 383 294 292
Net IB debt 88 186 237
Net IB debt excl. pension debt 88 186 237
Net IB debt excl. leasing 70 169 219
Capital invested 101 126 129
Working capital -87 -70 -77
EV breakdown 2020 2021 2022
Market cap. diluted (m) 271 387 387
Net IB debt Adj 88 186 237
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 358 574 624
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 37,5 40,7 56,9
Working capital / sales (%) -42,5 -56,9 -44,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 728,6 -306 -218,2
Net debt / market cap (%) 20 48,2 61,1
Equity ratio (%) 3,2 -20,7 -37,1
Net IB debt adj. / equity (%) 728,6 -306 -218,2
Current ratio (%) 134,7 75,7 59,4
EBITDA / net interest (%) -79,5 -68 25,1
Net IB debt / EBITDA (%) -452,5 -1176,8 4278,7
Net IB debt / EBITDA lease Adj (%) -270,8 -736,5 -14882,1
Interest cover (%) -115,1 -112 -15,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 39 55 55
Fully diluted shares Adj 39 55 55
EPS -2,08 -1,33 -0,87
Dividend per share Adj 0 0 0
EPS Adj -2,08 -1,33 -0,87
BVPS 0,31 -1,11 -1,98
BVPS Adj -4,1 -4,41 -5,45
Net IB debt / share 2,3 3,4 4,3
Share price 11,26 7,06 7,06
Market cap. (m) 439 387 387
Valuation 2020 2021 2022
P/E -3,3 -5,3 -8,2
EV/sales 2,79 4,16 3,74
EV/EBITDA -18,4 -36,2 112,8
EV/EBITA -12,7 -22 -179,6
EV/EBIT -6,4 -11,5 -24,5
Dividend yield (%) 0 0 0
FCF yield (%) -11,1 -22,3 -9,8
Lease adj. FCF yield (%) -13,5 -24,2 -11,6
P/BVPS 22,42 -6,35 -3,57
P/BVPS Adj -1,69 -1,6 -1,29
P/E Adj -3,3 -5,3 -8,2
EV/EBITDA Adj -18,4 -36,2 112,8
EV/EBITA Adj -12,7 -22 -179,6
EV/EBIT Adj -6,4 -11,5 -24,5
EV/cap. employed 1,5 3,4 4,1
Investment ratios 2020 2021 2022
Capex / sales 42,2 25,9 20,4
Capex / depreciation 2551,8 3567,2 1700
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 45,3 27,7 24,5
Depreciation on intangibles / definite intangibles 1,8 0,8 1,4
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Clavister - Company presentation with President & CEO John Vestberg

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 8.3 % 8.3 % 31 Aug 2021
SPSW Capital 7.3 % 7.3 % 30 Jun 2021
ÖstVäst Capital Management 6.2 % 6.2 % 30 Jun 2021
Nordnet Pensionsförsäkring 4.3 % 4.3 % 31 Aug 2021
Per Anders Bendt 3.4 % 3.4 % 31 Aug 2021
Stena 3.2 % 3.2 % 31 Aug 2021
Swedbank Försäkring 3.1 % 3.1 % 31 Aug 2021
Lupus alpha 2.7 % 2.7 % 31 Jan 2021
Formue Nord A/S 2.7 % 2.7 % 31 Mar 2021
Lloyd Fonds AG 2.6 % 2.6 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Staffan Dahlström + 16 000 BUY 27 Aug 2021
Nils Undén + 5 000 BUY 22 Jun 2021
Przemek Sienkiewicz + 50 000 BUY 21 Jun 2021
David Nordström + 50 000 BUY 21 Jun 2021
Nils Undén + 5 000 BUY 10 Jun 2021
Adrianne Kristensen Edblad + 200 000 BUY 9 Jun 2021
John Vestberg + 500 000 BUY 8 Jun 2021
Johan Edlund + 200 000 BUY 3 Jun 2021
Przemek Sienkiewicz + 200 000 BUY 2 Jun 2021
David Nordström + 200 000 BUY 2 Jun 2021

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