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Copperstone Resources

Copperstone Resources

Copperstone Resources AB (“Copperstone”) is a Swedish mineral exploration company with a focus on base and precious metals. The company has made a copper discovery in Arvidsjaur and acquired the Viscaria copper project in the recognised mining district of Kiruna in northern Sweden, and now targets becoming a metal production company, with the ambition to achieve first production by H2'23. The stock has been listed on the Nasdaq First North Growth Market since 2011, with c. 8,900 shareholders.

Strong growth in end markets and increased demand for Cu in electrical vehicles (EVs) and Li-ion batteries. Lower than expected investment needs. Higher than expected levels of metal head-grades.

Weaker demand for Cu in the global market. Protracted process of obtaining acceptance from the land- and environmental permit. Higher than expected costs.

SEKm 2019 2020e 2021e
Sales growth (%) N/A N/A N/A
EBITDA -11 -8 -7
EBITDA margin (%) 0 0 0
EBIT adj -12 -8 -7
EBIT adj margin (%) 0 0 0
Pretax profit -15 -20 -32
EPS rep -0,03 -0,03 -0,05
EPS growth (%) -1343,2 -13,4 -63,7
EPS adj -0,03 -0,03 -0,05
DPS 0 0 0
EV/EBITDA (x) 0,7 -9,1 -16,5
EV/EBIT adj (x) 0,6 -8,8 -16,5
P/E (x) -15,6 -22,2 -13,6
P/E adj (x) -15,6 -22,2 -13,6
EV/sales (x) 0 0 0
FCF yield (%) -9,2 -10,1 -11,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,7 -9,1 -16,5
N/A N/A N/A
Sales 0 0 0
SEKm 2019 2020e 2021e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -11 -8 -7
EBITDA -11 -8 -7
Depreciation on tangibles -1 0 0
Depreciation on intangibles 0 0 0
EBITA -12 -8 -7
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -12 -8 -7
Other financial items 0 0 0
Net financial items -3 -12 -25
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -15 -20 -32
Tax 0 0 0
Net profit -15 -20 -32
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -20 -32
EPS -0,03 -0,03 -0,05
EPS Adj -0,03 -0,03 -0,05
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 0 0 0
EBITDA margin (%) 0 0 0
EBITA margin (%) 0 0 0
EBIT margin (%) 0 0 0
Pretax margin (%) 0 0 0
Net margin (%) 0 0 0
Growth rates Y/Y 2019 2020 2021
Sales growth (%) N/A N/A N/A
EBITDA growth (%) -97,1 29,4 9,5
EBIT growth (%) -119,9 35,3 12,2
Net profit growth (%) -3081,3 -34,1 -63,7
EPS growth (%) -1343,2 -13,4 -63,7
Profitability 2019 2020 2021
ROE (%) -8,9 -7,3 -12,6
ROE Adj (%) -8,9 -7,3 -12,6
ROCE (%) -6,4 -3,1 -6,6
ROCE Adj(%) -6,4 -3,1 -6,6
ROIC (%) -6,6 -2,4 -2
ROIC Adj (%) -6,6 -2,4 -2
Adj earnings numbers 2019 2020 2021
EBITDA Adj -11 -8 -7
EBITDA Adj margin (%) 0 0 0
EBITA Adj -12 -8 -7
EBITA Adj margin (%) 0 0 0
EBIT Adj -12 -8 -7
EBIT Adj margin (%) 0 0 0
Pretax profit Adj -15 -20 -32
Net profit Adj -15 -20 -32
Net profit to shareholders Adj -15 -20 -32
Net Adj margin (%) 0 0 0
N/A N/A N/A
SEKm 2019 2020e 2021e
N/A N/A N/A
EBITDA -11 -8 -7
Net financial items -3 -12 -25
Paid tax -1 -8 -25
Non-cash items 0 0 0
Cash flow before change in WC -14 -28 -57
Change in WC -1 11 26
Operating cash flow -15 -17 -31
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -6 -27 -20
Acquisitions and disposals 0 0 0
Free cash flow -21 -44 -51
Dividend paid 0 0 0
Share issues and buybacks 45 25 0
Other non cash items -61 -9 7
Decrease in net IB debt 13 -76 -44
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 303 333 354
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 305 334 355
Inventories 0 0 0
Receivables 9 2 2
Other current assets 0 0 0
Cash and liquid assets 19 48 70
Total assets 333 385 428
Shareholders equity 264 270 238
Minority 0 0 0
Total equity 264 270 238
Long-term debt 5 108 183
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 48 0 0
Short-term debt 0 0 0
Accounts payable 5 3 4
Other current liabilities 3 3 3
Total liabilities and equity 333 394 428
Net IB debt -7 69 112
Net IB debt excl. pension debt -7 69 112
Capital invested 305 330 350
Working capital 1 -4 -4
EV breakdown 2019 2020 2021
Market cap. diluted (m) 0 0 0
Net IB debt Adj -7 69 112
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 -7 69 112
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 0 0 0
Capital invested turnover (%) 0 0 0
Capital employed turnover (%) 0 0 0
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 0 0 0
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,8 25,4 47,2
Net debt / market cap (%) 0 0 0
Equity ratio (%) 79,3 70,2 55,6
Net IB debt adj. / equity (%) -2,8 25,4 47,2
Current ratio (%) 184,7 323,3 1051,6
EBITDA / net interest (%) -406,5 -63,5 -26,9
Net IB debt / EBITDA (%) 68,8 -911,6 -1652,5
Interest cover (%) -323,1 -111,7 -510,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 0 0 0
Fully diluted shares Adj 0 0 0
EPS -0,03 -0,03 -0,05
Dividend per share Adj 0 0 0
EPS Adj -0,03 -0,03 -0,05
BVPS 0,48 0,42 0,37
BVPS Adj -0,07 -0,1 -0,18
Net IB debt / share 0 0,1 0,2
Share price 0,55 0,68 0,68
Market cap. (m) 0 0 0
Valuation 2019 2020 2021
P/E -15,6 -22,2 -13,6
EV/sales 0 0 0
EV/EBITDA 0,7 -9,1 -16,5
EV/EBITA 0,6 -8,8 -16,5
EV/EBIT 0,6 -8,8 -16,5
Dividend yield (%) 0 0 0
FCF yield (%) -9,2 -10,1 -11,7
P/BVPS 0,88 1,61 1,83
P/BVPS Adj -5,96 -6,92 -3,75
P/E Adj -15,6 -22,2 -13,6
EV/EBITDA Adj 0,7 -9,1 -16,5
EV/EBITA Adj 0,6 -8,8 -16,5
EV/EBIT Adj 0,6 -8,8 -16,5
EV/cap. employed 0 0,2 0,3
Investment ratios 2019 2020 2021
Capex / sales 0 0 0
Capex / depreciation 462,3 11806 0
Capex tangibles / tangible fixed assets 0 21 0
Capex intangibles / definite intangibles 2 8,2 5,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 257,4 41,7 0
N/A N/A N/A

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Main shareholders - Copperstone Resources

Main shareholders Share capital % Voting shares % Verified
Sunstone Metals Ltd 24.0 % 24.0 % 20 Oct 2020
Avanza Pension 4.8 % 4.8 % 30 Sep 2020
Michael Mattsson 3.1 % 3.1 % 30 Sep 2020
Joheco AB 2.9 % 2.9 % 30 Sep 2020
Kenneth Nielsen 2004 Holding ApS 2.3 % 2.3 % 30 Sep 2020
Björn Israelsson 2.1 % 2.1 % 30 Sep 2020
Nordnet Pensionsförsäkring 1.9 % 1.9 % 30 Sep 2020
Ozoneair AB 1.8 % 1.8 % 30 Sep 2020
Henrik Raalskov Petersen 1.6 % 1.6 % 30 Sep 2020
Per-Olof Bucht 1.6 % 1.6 % 30 Sep 2020
Source: Holdings by Modular Finance AB