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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
Sales growth (%) N/A N/A N/A
EBITDA -8 -7 -8
EBITDA margin (%) 0 0 0
EBIT adj -8 -7 -8
EBIT adj margin (%) 0 0 0
Pretax profit -20 -32 -51
EPS rep -0,03 -0,05 -0,08
EPS growth (%) -13,4 -63,7 -59
EPS adj -0,03 -0,05 -0,08
DPS 0 0 0
EV/EBITDA (x) -7,9 -16,5 -59,2
EV/EBIT adj (x) -7,7 -16,5 -59,2
P/E (x) -21,8 -13,3 -8,4
P/E adj (x) -21,8 -13,3 -8,4
EV/sales (x) 0 0 0
FCF yield (%) -10,3 -12 -79
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -7,9 -16,5 -59,2
N/A N/A N/A
Sales 0 0 0
SEKm 2020 2021e 2022e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -8 -7 -8
EBITDA -8 -7 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA -8 -7 -8
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -8 -7 -8
Other financial items 0 0 0
Net financial items -12 -25 -43
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -32 -51
Tax 0 0 0
Net profit -20 -32 -51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -32 -51
EPS -0,03 -0,05 -0,08
EPS Adj -0,03 -0,05 -0,08
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 2020 2021 2022
Sales growth (%) N/A N/A N/A
EBITDA growth (%) 29,4 9,5 -10,3
EBIT growth (%) 35,3 12,2 -10,3
Net profit growth (%) -34,1 -63,7 -59
EPS growth (%) -13,4 -63,7 -59
Profitability 2020 2021 2022
ROE (%) -7,3 -12,6 -24
ROE Adj (%) -7,3 -12,6 -24
ROCE (%) -3,2 -6,7 -4,9
ROCE Adj(%) -3,2 -6,7 -4,9
ROIC (%) -2,4 -2 -1,5
ROIC Adj (%) -2,4 -2 -1,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -8 -7 -8
EBITDA Adj margin (%) 0 0 0
EBITA Adj -8 -7 -8
EBITA Adj margin (%) 0 0 0
EBIT Adj -8 -7 -8
EBIT Adj margin (%) 0 0 0
Pretax profit Adj -20 -32 -51
Net profit Adj -20 -32 -51
Net profit to shareholders Adj -20 -32 -51
Net Adj margin (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
N/A N/A N/A
EBITDA -8 -7 -8
Net financial items -12 -25 -43
Paid tax -8 -25 -43
Non-cash items 0 0 0
Cash flow before change in WC -28 -57 -94
Change in WC 11 26 44
Operating cash flow -17 -31 -50
CAPEX tangible fixed assets 0 0 -267
CAPEX intangible fixed assets -27 -20 -20
Acquisitions and disposals 0 0 0
Free cash flow -44 -51 -337
Dividend paid 0 0 0
Share issues and buybacks 25 0 0
Other non cash items 0 -2 3
Decrease in net IB debt -67 -53 -332
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 333 354 370
Tangible fixed assets 1 1 268
Other fixed assets 0 0 0
Fixed assets 334 355 638
Inventories 0 0 0
Receivables 2 2 2
Other current assets 0 0 0
Cash and liquid assets 48 70 74
Total assets 385 428 714
Shareholders equity 270 238 187
Minority 0 0 0
Total equity 270 238 187
Long-term debt 108 183 518
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 3 4 4
Other current liabilities 3 3 6
Total liabilities and equity 385 428 714
Net IB debt 60 112 444
Net IB debt excl. pension debt 60 112 444
Capital invested 330 350 631
Working capital -4 -4 -7
EV breakdown 2020 2021 2022
Market cap. diluted (m) 0 0 0
Net IB debt Adj 60 112 444
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 60 112 444
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 (%) 22 47,2 237,3
Net debt / market cap (%) 0 0 0
Equity ratio (%) 70,2 55,6 26,2
Net IB debt adj. / equity (%) 22 47,2 237,3
Current ratio (%) 757,3 1051,6 836,9
EBITDA / net interest (%) -63,5 -26,9 -17,3
Net IB debt / EBITDA (%) -791,8 -1652,5 -5922,1
Interest cover (%) -111,7 -510,5 -117,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 0 0 0
Fully diluted shares Adj 0 0 0
EPS -0,03 -0,05 -0,08
Dividend per share Adj 0 0 0
EPS Adj -0,03 -0,05 -0,08
BVPS 0,42 0,37 0,29
BVPS Adj -0,1 -0,18 -0,29
Net IB debt / share 0,1 0,2 0,7
Share price 0,64 0,67 0,67
Market cap. (m) 0 0 0
Valuation 2020 2021 2022
P/E -21,8 -13,3 -8,4
EV/sales 0 0 0
EV/EBITDA -7,9 -16,5 -59,2
EV/EBITA -7,7 -16,5 -59,2
EV/EBIT -7,7 -16,5 -59,2
Dividend yield (%) 0 0 0
FCF yield (%) -10,3 -12 -79
P/BVPS 1,58 1,79 2,28
P/BVPS Adj -6,79 -3,68 -2,33
P/E Adj -21,8 -13,3 -8,4
EV/EBITDA Adj -7,9 -16,5 -59,2
EV/EBITA Adj -7,7 -16,5 -59,2
EV/EBIT Adj -7,7 -16,5 -59,2
EV/cap. employed 0,2 0,3 0,6
Investment ratios 2020 2021 2022
Capex / sales 0 0 0
Capex / depreciation 11806 0 0
Capex tangibles / tangible fixed assets 21 0 99,8
Capex intangibles / definite intangibles 8,2 5,6 5,4
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 41,7 0 0
N/A N/A N/A

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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 % 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
Henrik Raalskov Petersen 1.6 % 1.6 % 30 Sep 2020
Per-Olof Bucht 1.6 % 1.6 % 30 Sep 2020
Allanova AB 1.5 % 1.5 % 30 Sep 2020
Source: Holdings by Modular Finance AB