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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 2020 2021e 2022e
Lease adj. FCF yield (%) -2,6 -7,8 -42,5
Lease adj. ND/EBITDA -0,9 16,9 -32,7
Sales growth (%) N/A N/A N/A
EBITDA -9 -14 -8
EBITDA margin (%) 0 0 0
EBIT adj -9 -7 -8
EBIT adj margin (%) 0 0 0
Pretax profit 7 -37 -51
EPS rep 0,01 -0,04 -0,05
EPS growth (%) 141,5 -454,8 -30,9
EPS adj 0,01 -0,03 -0,05
DPS 0 0 0
EV/EBITDA (x) -59,6 -54 -147,3
EV/EBIT adj (x) -58 -109,6 -147,3
P/E (x) 74,8 -21,9 -16,7
P/E adj (x) 74,8 -27 -16,7
EV/sales (x) 0 0 0
FCF yield (%) -2,6 -7,8 -42,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,9 7,8 -33,6
Sales 0 0 0
SEKm 2020 2021e 2022e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -9 -14 -8
EBITDA -9 -14 -8
Depreciation on tangibles -1 0 0
Depreciation on intangibles 0 0 0
EBITA -9 -14 -8
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -9 -14 -8
Other financial items 0 0 0
Net financial items 16 -23 -43
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 7 -37 -51
Tax 0 0 0
Net profit 7 -37 -51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 7 -37 -51
EPS 0,01 -0,04 -0,05
EPS Adj 0,01 -0,03 -0,05
Total extraordinary items after tax 0 -7 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 2020 2021 2022
Sales growth (%) N/A N/A N/A
EBITDA growth (%) 14,3 -51,3 45,7
EBIT growth (%) 21,8 -47,2 45,7
Net profit growth (%) 147,3 -638,8 -36,9
EPS growth (%) 141,5 -454,8 -30,9
Profitability 2020 2021 2022
ROE (%) 2,5 -10,2 -12,6
ROE Adj (%) 2,5 -8,3 -12,6
ROCE (%) 4,2 -7,7 -4,1
ROCE Adj(%) 4,2 -6 -4,1
ROIC (%) -3,1 -4,4 -1,6
ROIC Adj (%) -3,1 -2,2 -1,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj -9 -7 -8
EBITDA Adj margin (%) 0 0 0
EBITA Adj -9 -7 -8
EBITA Adj margin (%) 0 0 0
EBIT Adj -9 -7 -8
EBIT Adj margin (%) 0 0 0
Pretax profit Adj 7 -30 -51
Net profit Adj 7 -30 -51
Net profit to shareholders Adj 7 -30 -51
Net Adj margin (%) 0 0 0
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EO items 0 -7 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -9 -7 -8
EBITDA lease Adj margin (%) 0 0 0
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
Lease liability amortisation 0 0 0
Other intangible assets 345 354 370
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 7 7
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 8 -115 245
Net IB debt / EBITDA lease Adj (%) -88,5 1685,3 -3266,5
EBITDA -9 -14 -8
Net financial items 16 -23 -43
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 7 -37 -51
Change in WC 21 -7 -25
Operating cash flow 28 -44 -76
CAPEX tangible fixed assets 0 0 -267
CAPEX intangible fixed assets -41 -20 -20
Acquisitions and disposals 0 0 0
Free cash flow -14 -64 -363
Dividend paid 0 0 0
Share issues and buybacks 26 170 0
Other non cash items -8 10 29
Decrease in net IB debt 13 -67 -53
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 303 333 354
Tangible fixed assets 0 0 267
Other fixed assets 0 0 0
Fixed assets 345 355 638
Inventories 0 0 0
Receivables 1 2 2
Other current assets 0 0 0
Cash and liquid assets 1 199 174
Total assets 348 556 814
Shareholders equity 297 430 379
Minority 0 0 0
Total equity 297 430 379
Long-term debt 9 84 419
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 10 4 4
Other current liabilities 31 31 6
Total liabilities and equity 348 556 814
Net IB debt 8 -108 252
Net IB debt excl. pension debt 8 -108 252
Capital invested 305 322 631
Working capital -40 -33 -7
EV breakdown 2020 2021 2022
Market cap. diluted (m) 535 853 853
Net IB debt Adj 8 -108 252
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 544 745 1105
Capital efficiency (%) 2020 2021 2022
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 2020 2021 2022
Net debt / equity (%) 2,7 -25 66,6
Net debt / market cap (%) 2 -12,6 29,5
Equity ratio (%) 85,3 77,3 46,5
Net IB debt adj. / equity (%) 2,7 -25 66,6
Current ratio (%) 6 478,2 1075
EBITDA / net interest (%) -56 -58,9 -17,3
Net IB debt / EBITDA (%) -88,5 779,7 -3359,9
Interest cover (%) 209,4 -609 -117,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 641 983 983
Fully diluted shares Adj 641 983 983
EPS 0,01 -0,04 -0,05
Dividend per share Adj 0 0 0
EPS Adj 0,01 -0,03 -0,05
BVPS 0,46 0,44 0,39
BVPS Adj 0,46 0,44 0,39
Net IB debt / share 0 -0,1 0,3
Share price 0,64 0,87 0,87
Market cap. (m) 413 853 853
Valuation 2020 2021 2022
P/E 74,8 -21,9 -16,7
EV/sales 0 0 0
EV/EBITDA -59,6 -54 -147,3
EV/EBITA -58 -54 -147,3
EV/EBIT -58 -54 -147,3
Dividend yield (%) 0 0 0
FCF yield (%) -2,6 -7,8 -42,5
P/BVPS 1,8 1,99 2,25
P/BVPS Adj 1,8 1,99 2,25
P/E Adj 74,8 -27 -16,7
EV/EBITDA Adj -59,6 -109,6 -147,3
EV/EBITA Adj -58 -109,6 -147,3
EV/EBIT Adj -58 -109,6 -147,3
EV/cap. employed 1,8 1,4 1,4
Investment ratios 2020 2021 2022
Capex / sales 0 0 0
Capex / depreciation 16506,4 0 0
Capex tangibles / tangible fixed assets 115,1 0 99,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 134,9 0 0
Lease adj. FCF yield (%) -2,6 -7,8 -42,5

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Copperstone Resources - Company presentation with CEO Michael Mattsson

Main shareholders - Copperstone Resources

Main shareholders Share capital % Voting shares % Verified
Sunstone Metals Ltd 24.0 % 24.0 % 31 Dec 2020
Joheco AB 5.6 % 5.6 % 9 Apr 2021
Avanza Pension 5.3 % 5.3 % 31 Mar 2021
Håkan Roos (RoosGruppen) 3.0 % 3.0 % 9 Apr 2021
Nordnet Pensionsförsäkring 2.8 % 2.8 % 31 Mar 2021
Michael Mattsson 2.6 % 2.6 % 28 Jan 2021
Kenneth Nielsen 2004 Holding ApS 2.2 % 2.2 % 31 Mar 2021
Björn Israelsson 2.1 % 2.1 % 31 Mar 2021
Allanova AB 2.0 % 2.0 % 31 Mar 2021
Henrik Raalskov Petersen Holding 2.0 % 2.0 % 31 Mar 2021
Source: Holdings by Modular Finance AB