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GreenMobility

GreenMobility

Flexible city-car rental

GreenMobility is a flexible (“free float”) city-car rental company. Its business model is to lease Renault Zoe cars, which are fitted with tailored software that allows users to open and rent cars using their mobile phones. GreenMobility operates in Denmark and Norway and is expanding its product offering to Belgium, Sweden and the UK with a combination of its own operations and franchises. So far, it has enjoyed impressive user traction and wants to expand its franchise model to 15 cities by 2021. GreenMobility has operated since 2016 and is listed on Nasdaq First North.

The underlying market is healthy and projected to remain strong. Environmentally-friendly flexible car rental is enjoying impressive growth, and users have already began to replace their personal vehicles. The success of GreenMobility is dependent on scaling its product offering to new geographical destinations. The company has high ambitions to reach ~450,000 customers with a full potential of 1.4m and increase its presence to ~15 cities in total by 2021. In the long-run, GreenMobility wants to explore options to connect its car batteries to the power grid, which looks attractive.

The established car companies Daimler, BMW and Fiat own the three largest competitors. In addition, VW recently announced plans to enter the market. The underlying market is growing, but if GreenMobility’s franchise model does not create the traction desired, the company will not be able to expand organically without large capital injections.

DKKm 2019 2020e 2021e
Sales 35 39 106
Sales growth (%) 37,2 10,4 173,1
EBITDA -20 -27 8
EBITDA margin (%) -57,9 -68,8 7,1
EBIT adj -29 -39 -7
EBIT adj margin (%) -80,9 -98,8 -6,2
Pretax profit -30 -41 -8
EPS rep -15,92 -11,99 -2,48
EPS growth (%) 25,8 24,7 79,3
EPS adj -15,92 -11,99 -2,48
DPS 0 0 0
EV/EBITDA (x) -11,5 -8,7 30,8
EV/EBIT adj (x) -8,2 -6,1 -35,2
P/E (x) -5,4 -5,4 -26,2
P/E adj (x) -5,4 -5,4 -26,2
EV/sales (x) 6,6 6 2,2
FCF yield (%) -17,8 -12,4 -0,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,5 -0,5 1,7
DKKm 2019 2020e 2021e
Sales 35 39 106
COGS -35 -48 -76
Gross profit 1 -9 31
Other operating items -21 -18 -23
EBITDA -20 -27 8
Depreciation on tangibles -8 -12 -14
Depreciation on intangibles 0 0 0
EBITA -29 -39 -7
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -29 -39 -7
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -30 -41 -8
Tax 0 0 0
Net profit -30 -41 -8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -41 -8
EPS -15,92 -11,99 -2,48
EPS Adj -15,92 -11,99 -2,48
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 1,9 -21,9 28,7
EBITDA margin (%) -57,9 -68,8 7,1
EBITA margin (%) -80,9 -98,8 -6,2
EBIT margin (%) -80,9 -98,8 -6,2
Pretax margin (%) -84,6 -104,2 -7,9
Net margin (%) -84,6 -104,2 -7,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 37,2 10,4 173,1
EBITDA growth (%) 17,3 -31,3 128,2
EBIT growth (%) 10,1 -34,8 82,8
Net profit growth (%) 16,5 -35,9 79,3
EPS growth (%) 25,8 24,7 79,3
Profitability 2019 2020 2021
ROE (%) -217,7 -126,3 -27,9
ROE Adj (%) -217,7 -126,3 -27,9
ROCE (%) -45,7 -41,7 -7,4
ROCE Adj(%) -45,7 -41,7 -7,4
ROIC (%) -61,1 -71,5 -15,4
ROIC Adj (%) -61,1 -71,5 -15,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj -20 -27 8
EBITDA Adj margin (%) -57,9 -68,8 7,1
EBITA Adj -29 -39 -7
EBITA Adj margin (%) -80,9 -98,8 -6,2
EBIT Adj -29 -39 -7
EBIT Adj margin (%) -80,9 -98,8 -6,2
Pretax profit Adj -30 -41 -8
Net profit Adj -30 -41 -8
Net profit to shareholders Adj -30 -41 -8
Net Adj margin (%) -84,6 -104,2 -7,9
DKKm 2019 2020e 2021e
EBITDA -20 -27 8
Net financial items -1 -2 -2
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -22 -29 6
Change in WC -3 2 -4
Operating cash flow -27 -27 2
CAPEX tangible fixed assets -1 -1 -4
CAPEX intangible fixed assets -1 1 2
Acquisitions and disposals 0 0 0
Free cash flow -29 -27 0
Dividend paid 0 0 0
Share issues and buybacks 62 45 0
Other non cash items -31 0 0
Decrease in net IB debt 5 17 0
Balance Sheet (DKKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 1 0 -2
Tangible fixed assets 60 50 39
Other fixed assets 1 1 1
Fixed assets 62 51 39
Inventories 0 0 0
Receivables 8 7 19
Other current assets 0 0 0
Cash and liquid assets 28 46 46
Total assets 98 104 104
Shareholders equity 30 34 26
Minority 0 0 0
Total equity 30 34 26
Long-term debt 34 34 34
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 26 26 26
Accounts payable 3 5 13
Other current liabilities 5 5 5
Total liabilities and equity 98 104 104
Net IB debt 30 13 13
Net IB debt excl. pension debt 30 13 13
Capital invested 61 47 39
Working capital 0 -2 2
EV breakdown 2019 2020 2021
Market cap. diluted (m) 204 220 220
Net IB debt Adj 30 13 13
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 235 233 233
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 50 38,5 102,2
Capital invested turnover (%) 75,5 72,4 246,9
Capital employed turnover (%) 56,4 42,2 117,9
Inventories / sales (%) 0,3 0,4 0,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,5 10,6 8,5
Working capital / sales (%) -4,2 -3,1 -0,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 101,3 37,8 51
Net debt / market cap (%) 13,8 5,9 6
Equity ratio (%) 30,5 32,9 24,8
Net IB debt adj. / equity (%) 101,3 37,8 51
Current ratio (%) 105,7 147,7 147,4
EBITDA / net interest (%) -1570,5 -1288,6 431,2
Net IB debt / EBITDA (%) -149 -48,3 174,1
Interest cover (%) -2195,5 -1849,9 -378,4
DKKm 2019 2020e 2021e
Shares outstanding adj. 2 3 3
Fully diluted shares Adj 2 3 3
EPS -15,92 -11,99 -2,48
Dividend per share Adj 0 0 0
EPS Adj -15,92 -11,99 -2,48
BVPS 12,59 10,11 7,63
BVPS Adj 12,34 10,14 8,13
Net IB debt / share 12,8 3,8 3,9
Share price 92,55 65 65
Market cap. (m) 221 220 220
Valuation 2019 2020 2021
P/E -5,4 -5,4 -26,2
EV/sales 6,64 5,98 2,19
EV/EBITDA -11,5 -8,7 30,8
EV/EBITA -8,2 -6,1 -35,2
EV/EBIT -8,2 -6,1 -35,2
Dividend yield (%) 0 0 0
FCF yield (%) -17,8 -12,4 -0,1
P/BVPS 6,79 6,43 8,52
P/BVPS Adj 6,93 6,41 8
P/E Adj -5,4 -5,4 -26,2
EV/EBITDA Adj -11,5 -8,7 30,8
EV/EBITA Adj -8,2 -6,1 -35,2
EV/EBIT Adj -8,2 -6,1 -35,2
EV/cap. employed 2,6 2,5 2,7
Investment ratios 2019 2020 2021
Capex / sales 5 1,8 1,8
Capex / depreciation 21,5 6 13,5
Capex tangibles / tangible fixed assets 2 2,7 9,3
Capex intangibles / definite intangibles 93,8 614,1 101
Depreciation on intangibles / definite intangibles 38,8 -73,8 7
Depreciation on tangibles / tangibles 13,2 23,4 36,7

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Main shareholders - GreenMobility

Main shareholders Share capital % Voting shares % Verified
Henrik Keller Isaksen 55.3 % 55.3 % 19 Aug 2019
MP Pension 8.5 % 8.5 % 29 Feb 2020
Jørn P. Jensen 3.8 % 3.8 % 16 Jun 2017
BI Asset Mgmt Fondsmaeglerselskab A/S 1.5 % 1.5 % 31 Mar 2020
Søren Kovsted 1.5 % 1.5 % 16 Jun 2017
Torben Andersen 1.5 % 1.5 % 16 Jun 2017
Arve Nilsson 0.5 % 0.5 % 19 Aug 2019
Kasper Suhr-Larsen 0.4 % 0.4 % 16 Jun 2017
Christina Carpens 0.4 % 0.4 % 16 Jun 2017
Mikal Hallstrup 0.3 % 0.3 % 28 Aug 2019
Source: Holdings by Modular Finance AB