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Ferroamp

Ferroamp

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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.

Financials

SEKm 2020 2021e 2022e
Sales 88 170 344
Sales growth (%) 59,1 93,1 102
EBITDA -28 -27 30
EBITDA margin (%) -31,5 -15,9 8,6
EBIT adj -33 -32 16
EBIT adj margin (%) -37 -18,9 4,6
Pretax profit -33 -34 13
EPS rep -3,1 -2,76 0,9
EPS growth (%) 3,7 10,9 132,5
EPS adj -3,1 -2,76 0,9
DPS 0 0 0
EV/EBITDA (x) -28,2 -39,3 36,4
EV/EBIT adj (x) -24 -33,1 67,8
P/E (x) -26,3 -32,6 100,3
P/E adj (x) -26,3 -32,6 100,3
EV/sales (x) 8,9 6,2 3,1
FCF yield (%) -4,3 -4,3 -1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,2 1,4 -0,8
Lease adj. FCF yield (%) -4,3 -4,3 -1,3
Lease adj. ND/EBITDA 3,2 1,4 -0,8
SEKm 2020 2021e 2022e
Sales 88 170 344
COGS -62 -119 -215
Gross profit 26 51 129
Other operating items -54 -79 -99
EBITDA -28 -27 30
Depreciation and amortisation -5 -5 -14
Of which leasing depreciation 0 0 0
EBITA -33 -32 16
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -33 -32 16
Net financial items -1 -2 -3
Pretax profit -33 -34 13
Tax 0 0 -2
Net profit -33 -34 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -33 -34 11
EPS -3,1 -2,76 0,9
EPS Adj -3,1 -2,76 0,9
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 -12
Gross margin (%) 29,9 30,2 37,5
EBITDA margin (%) -31,5 -15,9 8,6
EBITA margin (%) -37 -18,9 4,6
EBIT margin (%) -37 -18,9 4,6
Pretax margin (%) -37,6 -19,9 3,6
Net margin (%) -37,6 -19,9 3,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 59,1 93,1 102
EBITDA growth (%) -22,7 2,6 209,7
EBIT growth (%) -35,6 1,4 149,5
Net profit growth (%) -36,9 -2,2 132,5
EPS growth (%) 3,7 10,9 132,5
Profitability 2020 2021 2022
ROE (%) -44,1 -34,5 12,7
ROE Adj (%) -44,1 -34,5 12,7
ROCE (%) -41,9 -32,3 13,4
ROCE Adj(%) -41,9 -32,3 13,4
ROIC (%) -140,2 -93,4 25
ROIC Adj (%) -140,2 -93,4 25
Adj earnings numbers 2020 2021 2022
EBITDA Adj -28 -27 30
EBITDA Adj margin (%) -31,5 -15,9 8,6
EBITDA lease Adj -28 -27 30
EBITDA lease Adj margin (%) -31,5 -15,9 8,6
EBITA Adj -33 -32 16
EBITA Adj margin (%) -37 -18,9 4,6
EBIT Adj -33 -32 16
EBIT Adj margin (%) -37 -18,9 4,6
Pretax profit Adj -33 -34 13
Net profit Adj -33 -34 11
Net profit to shareholders Adj -33 -34 11
Net Adj margin (%) -37,6 -19,9 3,2
SEKm 2020 2021e 2022e
EBITDA -28 -27 30
Net financial items -1 -2 -3
Paid tax 0 0 -2
Non-cash items 2 0 0
Cash flow before change in WC -27 -29 25
Change in WC 1 -3 -16
Operating cash flow -26 -32 8
CAPEX tangible fixed assets -1 -2 -3
CAPEX intangible fixed assets -11 -14 -20
Acquisitions and disposals 0 0 0
Free cash flow -37 -48 -15
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation 0 0 0
Other non cash items 105 -2 -11
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 18 26 32
Tangible fixed assets 1 3 7
Right-of-use asset 0 2 4
Total other fixed assets 0 0 0
Fixed assets 19 31 43
Inventories 16 24 45
Receivables 14 22 38
Other current assets 0 0 0
Cash and liquid assets 95 46 29
Total assets 145 124 154
Shareholders equity 115 81 92
Minority 0 0 0
Total equity 115 81 92
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 12 24 34
Other current liabilities 11 11 21
Total liabilities and equity 145 124 154
Net IB debt -89 -39 -22
Net IB debt excl. pension debt -90 -41 -24
Net IB debt excl. leasing -89 -39 -22
Capital invested 27 42 70
Working capital 7 11 27
EV breakdown 2020 2021 2022
Market cap. diluted (m) 872 1103 1103
Net IB debt Adj -89 -39 -22
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 783 1064 1080
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 89,3 126,9 247,6
Working capital / sales (%) 8,4 5,4 5,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -76,9 -48 -24,3
Net debt / market cap (%) -13,7 -3,5 -2
Equity ratio (%) 79,5 65,8 59,8
Net IB debt adj. / equity (%) -76,9 -48 -24,3
Current ratio (%) 491,2 241,3 192,6
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 318,6 144 -75,5
Net IB debt / EBITDA lease Adj (%) 318,6 144 -75,5
Interest cover (%) 0 0 0
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 12 12
Fully diluted shares Adj 11 12 12
EPS -3,1 -2,76 0,9
Dividend per share Adj 0 0 0
EPS Adj -3,1 -2,76 0,9
BVPS 10,78 6,63 7,53
BVPS Adj 9,12 4,49 4,91
Net IB debt / share -8,3 -3,2 -1,8
Share price 60,36 90 90
Market cap. (m) 645 1103 1103
Valuation 2020 2021 2022
P/E -26,3 -32,6 100,3
EV/sales 8,88 6,25 3,14
EV/EBITDA -28,2 -39,3 36,4
EV/EBITA -24 -33,1 67,8
EV/EBIT -24 -33,1 67,8
Dividend yield (%) 0 0 0
FCF yield (%) -4,3 -4,3 -1,3
Lease adj. FCF yield (%) -4,3 -4,3 -1,3
P/BVPS 7,57 13,57 11,95
P/BVPS Adj 8,95 20,04 18,32
P/E Adj -26,3 -32,6 100,3
EV/EBITDA Adj -28,2 -39,3 36,4
EV/EBITA Adj -24 -33,1 67,8
EV/EBIT Adj -24 -33,1 67,8
EV/cap. employed 6,4 12,1 10,9
Investment ratios 2020 2021 2022
Capex / sales 12,9 9 6,7
Capex / depreciation 233,8 300 167,5
Capex tangibles / tangible fixed assets 40,5 54,8 52,5
Capex intangibles / definite intangibles 60,9 51,9 61,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 345,9 164,4 210,1

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Media

Ferroamp - Company presentation with Founder & CTO Björn Jernström

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Björn Jernström 11.2 % 11.2 % 12 Apr 2021
Första AP-fonden 9.4 % 9.4 % 31 Dec 2020
Nordea Fonder 8.7 % 8.7 % 28 Feb 2021
KIC IE AB 8.2 % 8.2 % 30 Jun 2020
Nordic Cross Asset Management 5.6 % 5.6 % 31 Mar 2021
Sustainable Energy Angels AB 5.2 % 5.2 % 21 Mar 2019
ALMI 4.1 % 4.1 % 31 Dec 2020
Åke Rehnman 4.1 % 4.1 % 31 Dec 2020
Avanza Pension 3.8 % 3.8 % 31 Dec 2020
Mats Karlström 3.3 % 3.3 % 31 Dec 2020
Source: Holdings by Modular Finance AB