Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

GreenMobility

GreenMobility

Flexible city-car rental

GreenMobility is a sustainable car sharing company, operating with zero-emission and electric vehicles. Its business model is to offer on-demand and convenient mobility service in larger European cities, where its customers find, reserve and unlock the vehicles using an app on their smartphone. It operates in 6 cities across Denmark, Sweden and Belgium and planning further expansion to new cities and countries. So far, it has enjoyed impressive user traction and wants to expand its business to 15 cities by 2021. It has operated since 2016 and is listed on Nasdaq First North and plans to enter the OMX main market by 2021.

Sustainable car sharing is enjoying impressive growth, with city politicians looking for solutions to improve city environments with a reduction in CO2 emissions and fewer private vehicles on the streets. The success of GreenMobility is dependent on expanding its product offering to new cities and growing the market share. The company aspires to increase its presence to ~35 cities by 2025 with a fleet of more than 10,000 electric vehicles. In the long-run, GreenMobility wants to explore options to connect its car batteries to the power grid.

Some of the established competitors are owned by car companies such as Daimler, BMW and VW. GreenMobility’s success is depending on expanding into new cities and growing its fleet. Cities are welcoming car sharing services with electric vehicles, but limitations on fleet sizes could be set in the future. Therefore, critical mass in terms of cities and electric vehicles is crucial. Due to the growth and therefore limited earnings in the short-term, the company needs to continuously raise funding, which is a challenge and will likely lead to share dilution.

DKKm 2019 2020e 2021e
Sales 35 37 99
Sales growth (%) 37,2 4 170,2
EBITDA -20 -26 -35
EBITDA margin (%) -57,9 -71 -34,9
EBIT adj -29 -40 -47
EBIT adj margin (%) -80,9 -109,4 -47,3
Pretax profit -30 -44 -55
EPS rep -15,92 -13,06 -16,33
EPS growth (%) 25,8 17,9 -25
EPS adj -15,92 -12,95 -16,33
DPS 0 0 0
EV/EBITDA (x) -11,5 -16,8 -14
EV/EBIT adj (x) -8,2 -10,9 -10,4
P/E (x) -5,4 -10,7 -8,6
P/E adj (x) -5,4 -10,8 -8,6
EV/sales (x) 6,6 11,9 4,9
FCF yield (%) -17,8 -5,9 -10,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,5 1,4 -0,4
N/A N/A N/A
DKKm 2019 2020e 2021e
Sales 35 37 99
COGS -35 -39 -108
Gross profit 1 -2 -8
Other operating items -21 -24 -26
EBITDA -20 -26 -35
Depreciation on tangibles -8 -14 -12
Depreciation on intangibles 0 0 0
EBITA -29 -41 -47
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -29 -41 -47
Other financial items 0 0 0
Net financial items -1 -4 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -30 -44 -55
Tax 0 0 0
Net profit -30 -44 -55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -44 -55
EPS -15,92 -13,06 -16,33
EPS Adj -15,92 -12,95 -16,33
Total extraordinary items after tax 0 -0,4 0
Tax rate (%) 0 0 0
Gross margin (%) 1,9 -6 -8,4
EBITDA margin (%) -57,9 -71 -34,9
EBITA margin (%) -80,9 -110,5 -47,3
EBIT margin (%) -80,9 -110,5 -47,3
Pretax margin (%) -84,6 -120,5 -55,8
Net margin (%) -84,6 -120,5 -55,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 37,2 4 170,2
EBITDA growth (%) 17,3 -27,6 -32,8
EBIT growth (%) 10,1 -42 -15,5
Net profit growth (%) 16,5 -48,1 -25
EPS growth (%) 25,8 17,9 -25
Profitability 2019 2020 2021
ROE (%) -217,7 -80 -104,5
ROE Adj (%) -217,7 -79,3 -104,5
ROCE (%) -45,7 -35,1 -41,4
ROCE Adj(%) -45,7 -34,8 -41,4
ROIC (%) -61,1 -77,5 -114,7
ROIC Adj (%) -61,1 -76,8 -114,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj -20 -26 -35
EBITDA Adj margin (%) -57,9 -69,9 -34,9
EBITA Adj -29 -40 -47
EBITA Adj margin (%) -80,9 -109,4 -47,3
EBIT Adj -29 -40 -47
EBIT Adj margin (%) -80,9 -109,4 -47,3
Pretax profit Adj -30 -44 -55
Net profit Adj -30 -44 -55
Net profit to shareholders Adj -30 -44 -55
Net Adj margin (%) -84,6 -119,4 -55,8
N/A N/A N/A
DKKm 2019 2020e 2021e
EBITDA -20 -26 -35
Net financial items -1 -4 -8
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -22 -30 -43
Change in WC -5 2 -4
Operating cash flow -27 -27 -47
CAPEX tangible fixed assets -1 -1 -3
CAPEX intangible fixed assets -1 1 2
Acquisitions and disposals 0 0 0
Free cash flow -29 -28 -49
Dividend paid 0 0 0
Share issues and buybacks 62 95 0
Other non cash items -31 0 0
Decrease in net IB debt 5 67 -49
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 47 38
Other fixed assets 1 1 1
Fixed assets 62 48 38
Inventories 0 0 0
Receivables 8 7 18
Other current assets 0 0 0
Cash and liquid assets 28 95 46
Total assets 98 150 103
Shareholders equity 30 81 25
Minority 0 0 0
Total equity 30 81 25
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 12
Other current liabilities 5 5 5
Total liabilities and equity 98 150 103
Net IB debt 30 -36 12
Net IB debt excl. pension debt 30 -36 12
Capital invested 61 44 38
Working capital 0 -3 1
EV breakdown 2019 2020 2021
Market cap. diluted (m) 204 474 474
Net IB debt Adj 30 -36 12
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 235 438 487
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 50 29,5 78,5
Capital invested turnover (%) 75,5 70,1 242,7
Capital employed turnover (%) 56,4 31,8 87,7
Inventories / sales (%) 0,3 0,4 0,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,5 10,9 8,6
Working capital / sales (%) -4,2 -3,5 -0,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 101,3 -45,1 48,7
Net debt / market cap (%) 13,8 -7,7 2,6
Equity ratio (%) 30,5 53,7 24,6
Net IB debt adj. / equity (%) 101,3 -45,1 48,7
Current ratio (%) 105,7 286,1 149,4
EBITDA / net interest (%) -1570,5 -710,4 -410,8
Net IB debt / EBITDA (%) -149 139,4 -35,5
Interest cover (%) -2195,5 -1105,3 -556,1
N/A N/A N/A
DKKm 2019 2020e 2021e
Shares outstanding adj. 2 3 3
Fully diluted shares Adj 2 3 3
EPS -15,92 -13,06 -16,33
Dividend per share Adj 0 0 0
EPS Adj -15,92 -12,95 -16,33
BVPS 12,59 23,78 7,45
BVPS Adj 12,34 23,81 7,91
Net IB debt / share 12,8 -10,7 3,6
Share price 92,55 140 140
Market cap. (m) 221 474 474
Valuation 2019 2020 2021
P/E -5,4 -10,7 -8,6
EV/sales 6,64 11,93 4,9
EV/EBITDA -11,5 -16,8 -14
EV/EBITA -8,2 -10,8 -10,4
EV/EBIT -8,2 -10,8 -10,4
Dividend yield (%) 0 0 0
FCF yield (%) -17,8 -5,9 -10,3
P/BVPS 6,79 5,89 18,78
P/BVPS Adj 6,93 5,88 17,69
P/E Adj -5,4 -10,8 -8,6
EV/EBITDA Adj -11,5 -17 -14
EV/EBITA Adj -8,2 -10,9 -10,4
EV/EBIT Adj -8,2 -10,9 -10,4
EV/cap. employed 2,6 3,1 5,7
Investment ratios 2019 2020 2021
Capex / sales 5 1,8 1,8
Capex / depreciation 21,5 4,5 14,5
Capex tangibles / tangible fixed assets 2 2,7 8,9
Capex intangibles / definite intangibles 93,8 845,3 102
Depreciation on intangibles / definite intangibles 38,8 -113,8 6,5
Depreciation on tangibles / tangibles 13,2 30,8 32,7
N/A N/A N/A

Equity research

Read earlier research

Media

GreenMobility - Company presentation with VP IR Anders Wall

Main shareholders - GreenMobility

Main shareholders Share capital % Voting shares % Verified
Henrik Keller Isaksen 47.1 % 47.1 % 31 Dec 2019
MP Pension 9.2 % 9.2 % 31 Aug 2020
Jørn P. Jensen 3.8 % 3.8 % 16 Jun 2017
BI Asset Mgmt Fondsmaeglerselskab A/S 1.5 % 1.5 % 30 Jun 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
Tue Østergaard 0.4 % 0.4 % 21 Oct 2020
Source: Holdings by Modular Finance AB