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Ferroamp

Ferroamp

Ferroamp Elektronik AB, founded in 2010 by current CTO Björn Jernström, is a fast-growing cleantech company that offers advanced energy and power optimisation solutions for homes, real estate and industry. The brain of the system – the EnergyHub – collects data from other components to optimise the energy flow between solar PVs, energy storage units and the utility grid, using advanced algorithms.

Competitors may launch similar or even superior technologies and gain market shares. It is still uncertain whether the company will manage to become profitable as it may fail to scale up production. Current government subsidies and tax-deductions for many of the company’s products could be reduced or removed entirely. Further expansion into Europe may not be successful.

SEKm 2021 2022e 2023e
Sales 148 307 536
Sales growth (%) 68,1 107,4 74,3
EBITDA -33 14 65
EBITDA margin (%) -22,5 4,6 12
EBIT adj -38 3 46
EBIT adj margin (%) -25,9 1,1 8,5
Pretax profit -39 1 42
EPS rep -3,19 0,09 2,83
EPS growth (%) -2,7 102,7 3214,2
EPS adj -3,19 0,09 2,83
DPS 0 0 0
EV/EBITDA (x) -24,4 59,2 12,8
EV/EBIT adj (x) -21,2 249,7 18
P/E (x) -21,7 808,7 24,4
P/E adj (x) -21,7 808,7 24,4
EV/sales (x) 5,5 2,7 1,5
FCF yield (%) -6,9 -2,1 1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,9 -0,8 -0,3
Lease adj. FCF yield (%) -6,9 -2,1 1,3
Lease adj. ND/EBITDA 0,9 -0,8 -0,3
SEKm 2021 2022e 2023e
Sales 148 307 536
COGS -104 -197 -322
Gross profit 45 111 214
Other operating items -78 -97 -150
EBITDA -33 14 65
Depreciation and amortisation -5 -11 -19
Of which leasing depreciation 0 0 0
EBITA -38 3 46
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -38 3 46
Net financial items -1 -2 -4
Pretax profit -39 1 42
Tax 0 0 -7
Net profit -39 1 35
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -39 1 35
EPS -3,19 0,09 2,83
EPS Adj -3,19 0,09 2,83
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 -12 -17,5
Gross margin (%) 30,1 36 40
EBITDA margin (%) -22,5 4,6 12
EBITA margin (%) -25,9 1,1 8,5
EBIT margin (%) -25,9 1,1 8,5
Pretax margin (%) -26,3 0,4 7,8
Net margin (%) -26,3 0,3 6,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 68,1 107,4 74,3
EBITDA growth (%) -20,3 142,2 357,5
EBIT growth (%) -17,7 108,7 1269,8
Net profit growth (%) -17,9 102,7 3214,2
EPS growth (%) -2,7 102,7 3214,2
Profitability 2021 2022 2023
ROE (%) -40,9 1,4 36,7
ROE Adj (%) -40,9 1,4 36,7
ROCE (%) -38,6 1,4 41,5
ROCE Adj(%) -38,6 1,4 41,5
ROIC (%) -110,5 5,3 48
ROIC Adj (%) -110,5 5,3 48
Adj earnings numbers 2021 2022 2023
EBITDA Adj -33 14 65
EBITDA Adj margin (%) -22,5 4,6 12
EBITDA lease Adj -33 14 65
EBITDA lease Adj margin (%) -22,5 4,6 12
EBITA Adj -38 3 46
EBITA Adj margin (%) -25,9 1,1 8,5
EBIT Adj -38 3 46
EBIT Adj margin (%) -25,9 1,1 8,5
Pretax profit Adj -39 1 42
Net profit Adj -39 1 35
Net profit to shareholders Adj -39 1 35
Net Adj margin (%) -26,3 0,3 6,5
SEKm 2021 2022e 2023e
EBITDA -33 14 65
Net financial items -1 -2 -4
Paid tax 0 0 -7
Non-cash items 0 0 0
Cash flow before change in WC -34 12 53
Change in WC -11 -9 -11
Operating cash flow -45 3 43
CAPEX tangible fixed assets -1 -3 -5
CAPEX intangible fixed assets -12 -18 -27
Acquisitions and disposals 0 0 0
Free cash flow -58 -17 11
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation 0 0 0
Other non cash items -1 -10 -7
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 25 31 39
Tangible fixed assets 3 6 11
Right-of-use asset 2 4 6
Total other fixed assets 0 0 0
Fixed assets 30 41 57
Inventories 20 40 51
Receivables 27 34 46
Other current assets 0 0 0
Cash and liquid assets 38 18 27
Total assets 114 133 181
Shareholders equity 76 77 112
Minority 0 0 0
Total equity 76 77 112
Long-term debt 2 2 2
Pension debt 2 2 2
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 3 3 3
Accounts payable 21 31 38
Other current liabilities 10 19 25
Total liabilities and equity 114 133 181
Net IB debt -31 -11 -20
Net IB debt excl. pension debt -33 -13 -22
Net IB debt excl. leasing -31 -11 -20
Capital invested 45 66 92
Working capital 16 24 35
EV breakdown 2021 2022 2023
Market cap. diluted (m) 846 846 846
Net IB debt Adj -31 -11 -20
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 815 834 825
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 114,7 248,8 341,4
Working capital / sales (%) 7 6,5 5,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -40,6 -14,9 -18,1
Net debt / market cap (%) -3,2 -1,4 -2,4
Equity ratio (%) 66,9 57,8 61,9
Net IB debt adj. / equity (%) -40,6 -14,9 -18,1
Current ratio (%) 250,9 176,5 191,3
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 92,4 -81,5 -31,3
Net IB debt / EBITDA lease Adj (%) 92,4 -81,5 -31,3
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS -3,19 0,09 2,83
Dividend per share Adj 0 0 0
EPS Adj -3,19 0,09 2,83
BVPS 6,2 6,29 9,12
BVPS Adj 4,2 3,74 5,91
Net IB debt / share -2,5 -0,9 -1,6
Share price 78,98 69 69
Market cap. (m) 968 846 846
Valuation 2021 2022 2023
P/E -21,7 808,7 24,4
EV/sales 5,5 2,71 1,54
EV/EBITDA -24,4 59,2 12,8
EV/EBITA -21,2 249,7 18
EV/EBIT -21,2 249,7 18
Dividend yield (%) 0 0 0
FCF yield (%) -6,9 -2,1 1,3
Lease adj. FCF yield (%) -6,9 -2,1 1,3
P/BVPS 11,12 10,96 7,56
P/BVPS Adj 16,43 18,47 11,68
P/E Adj -21,7 808,7 24,4
EV/EBITDA Adj -24,4 59,2 12,8
EV/EBITA Adj -21,2 249,7 18
EV/EBIT Adj -21,2 249,7 18
EV/cap. employed 9,8 9,9 7
Investment ratios 2021 2022 2023
Capex / sales 9 6,7 6
Capex / depreciation 266,8 191,4 171,4
Capex tangibles / tangible fixed assets 51,3 51,6 47,3
Capex intangibles / definite intangibles 48,3 55,9 68,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 173,2 180,5 165,7

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Ferroamp - Company presentation with Founder & CTO Björn Jernström

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Björn Jernström 10.1 % 10.1 % 31 Dec 2021
Första AP-fonden 9.4 % 9.4 % 31 Dec 2021
Nordea Fonder 8.7 % 8.7 % 31 Dec 2021
Wallenstam AB 7.4 % 7.4 % 31 Dec 2021
Nordic Cross Asset Management 6.4 % 6.4 % 31 Dec 2021
Sustainable Energy Angels AB 5.2 % 5.2 % 21 Mar 2019
KIC IE AB 4.8 % 4.8 % 31 Mar 2021
Åke Rehnman 3.7 % 3.7 % 31 Dec 2021
Avanza Pension 3.5 % 3.5 % 31 Dec 2021
Andra AP-fonden 3.0 % 3.0 % 31 Dec 2021
Source: Holdings by Modular Finance AB