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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 across Europe, including Denmark, Sweden, Belgium, Finland and planning further expansion to new cities and countries. So far it has enjoyed impressive user traction and wants to expand its business into 35 cities operating 10,000 EVs by 2025. The company has operated since 2016 and is listed on NASDAQ main market since 2020.

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 2020 2021e 2022e
Sales 35 70 131
Sales growth (%) -1,9 101,8 87,1
EBITDA -43 -75 -117
EBITDA margin (%) -125,3 -107,8 -89,6
EBIT adj -57 -101 -149
EBIT adj margin (%) -165,5 -144,6 -114,2
Pretax profit -60 -106 -157
EPS rep -20,79 -28,57 -34,57
EPS growth (%) -62,6 -37,5 -21
EPS adj -20,79 -28,57 -34,57
DPS 0 0 0
EV/EBITDA (x) -14,9 -8 -6,1
EV/EBIT adj (x) -11,2 -6 -4,8
P/E (x) -9,8 -5,8 -4,8
P/E adj (x) -9,8 -5,8 -4,8
EV/sales (x) 18,6 8,6 5,5
FCF yield (%) -7,4 -12,9 -15,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1 0,3 0,4
Lease adj. FCF yield (%) -7,4 -12,9 -15,6
Lease adj. ND/EBITDA -1 0,3 0,4
DKKm 2020 2021e 2022e
Sales 35 70 131
COGS -45 -108 -202
Gross profit -10 -38 -71
Other operating items -33 -37 -46
EBITDA -43 -75 -117
Depreciation on tangibles -8 -15 -18
Depreciation on intangibles 0 0 -1
EBITA -57 -101 -149
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -57 -101 -149
Other financial items 0 0 0
Net financial items -3 -5 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -60 -106 -157
Tax 0 0 0
Net profit -60 -106 -157
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -60 -106 -157
EPS -20,79 -28,57 -34,57
EPS Adj -20,79 -28,57 -34,57
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) -30,3 -55 -54,5
EBITDA margin (%) -125,3 -107,8 -89,6
EBITA margin (%) -165,5 -144,6 -114,2
EBIT margin (%) -165,5 -144,6 -114,2
Pretax margin (%) -174,1 -151,9 -120,4
Net margin (%) -174,1 -151,9 -120,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,9 101,8 87,1
EBITDA growth (%) -112,4 -73,6 -55,5
EBIT growth (%) -100,7 -76,3 -47,7
Net profit growth (%) -101,8 -76 -48,3
EPS growth (%) -62,6 -37,5 -21
Profitability 2020 2021 2022
ROE (%) -148,9 -151,1 -189,1
ROE Adj (%) -148,9 -151,1 -189,1
ROCE (%) -52,5 -68,6 -93,1
ROCE Adj(%) -52,5 -68,6 -93,1
ROIC (%) -73,8 -124,5 -314,2
ROIC Adj (%) -73,8 -124,5 -314,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj -43 -75 -117
EBITDA Adj margin (%) -125,3 -107,8 -89,6
EBITA Adj -57 -101 -149
EBITA Adj margin (%) -165,5 -144,6 -114,2
EBIT Adj -57 -101 -149
EBIT Adj margin (%) -165,5 -144,6 -114,2
Pretax profit Adj -60 -106 -157
Net profit Adj -60 -106 -157
Net profit to shareholders Adj -60 -106 -157
Net Adj margin (%) -174,1 -151,9 -120,4
Depreciation and amortisation -14 -26 -32
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -43 -75 -117
EBITDA lease Adj margin (%) -125,3 -107,8 -89,6
Leasing payments 0 0 0
DKKm 2020 2021e 2022e
EBITDA -43 -75 -117
Net financial items -3 -5 -8
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -46 -80 -125
Change in WC 3 -5 -6
Operating cash flow -44 -85 -131
CAPEX tangible fixed assets 0 12 19
CAPEX intangible fixed assets 0 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow -44 -79 -117
Dividend paid 0 0 0
Share issues and buybacks 70 145 145
Other non cash items -45 0 0
Decrease in net IB debt 5 42 -48
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 1 0 6
Tangible fixed assets 101 64 14
Other fixed assets 1 1 1
Fixed assets 104 72 26
Inventories 1 1 2
Receivables 10 18 34
Other current assets 0 0 0
Cash and liquid assets 32 98 125
Total assets 147 189 187
Shareholders equity 51 90 77
Minority 0 0 0
Total equity 51 90 77
Long-term debt 57 57 57
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 20 20 20
Accounts payable 9 12 23
Other current liabilities 10 10 10
Total liabilities and equity 147 189 187
Net IB debt 44 -22 -49
Net IB debt excl. pension debt 44 -22 -49
Capital invested 95 68 28
Working capital -8 -3 2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 601 625 763
Net IB debt Adj 44 -22 -49
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 645 603 714
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 28,2 41,6 69,6
Capital invested turnover (%) 75,5 68,2 239
Capital employed turnover (%) 56,4 34,5 94,2
Inventories / sales (%) 0,3 0,4 0,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,5 11,1 9,2
Working capital / sales (%) -12 -8,4 -0,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 85,7 -24,6 -64,2
Net debt / market cap (%) 16,5 -3,5 -6,5
Equity ratio (%) 34,6 47,4 41,2
Net IB debt adj. / equity (%) 85,7 -24,6 -64,2
Current ratio (%) 110,3 275,3 303,2
EBITDA / net interest (%) -1471,3 -1489,2 -1455,6
Net IB debt / EBITDA (%) -100,5 29,2 42,1
Interest cover (%) -1943,1 -1997,4 -1855,3
Lease liability amortisation 0 0 0
Other intangible assets 2 7 11
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 44 -22 -49
Net IB debt / EBITDA lease Adj (%) -100,5 29,2 42,1
DKKm 2020 2021e 2022e
Shares outstanding adj. 3 4 5
Fully diluted shares Adj 3 4 5
EPS -20,79 -28,57 -34,57
Dividend per share Adj 0 0 0
EPS Adj -20,79 -28,57 -34,57
BVPS 17,28 23,65 16,63
BVPS Adj 16,5 21,75 14,15
Net IB debt / share 14,8 -5,8 -10,7
Share price 89,88 165 165
Market cap. (m) 265 625 763
Valuation 2020 2021 2022
P/E -9,8 -5,8 -4,8
EV/sales 18,62 8,62 5,46
EV/EBITDA -14,9 -8 -6,1
EV/EBITA -11,2 -6 -4,8
EV/EBIT -11,2 -6 -4,8
Dividend yield (%) 0 0 0
FCF yield (%) -7,4 -12,9 -15,6
P/BVPS 11,81 6,98 9,92
P/BVPS Adj 12,37 7,59 11,66
P/E Adj -9,8 -5,8 -4,8
EV/EBITDA Adj -14,9 -8 -6,1
EV/EBITA Adj -11,2 -6 -4,8
EV/EBIT Adj -11,2 -6 -4,8
EV/cap. employed 5 3,6 4,6
Investment ratios 2020 2021 2022
Capex / sales 0,2 -9,1 -10,4
Capex / depreciation 0,4 -24,8 -42,5
Capex tangibles / tangible fixed assets 0,1 -18,9 -140,9
Capex intangibles / definite intangibles -2,3 79,1 49,7
Depreciation on intangibles / definite intangibles 23,7 10,9 12,5
Depreciation on tangibles / tangibles 13,3 39,1 223,7
Lease adj. FCF yield (%) -7,4 -12,9 -15,6

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GreenMobility - Company presentation with VP IR Anders Wall
GreenMobility - Company presentation with VP IR Anders Wall

Main shareholders - GreenMobility

Main shareholders Share capital % Voting shares % Verified
Henrik Keller Isaksen 38.2 % 38.2 % 31 Dec 2020
A/S Arbejdernes Landsbank 12.4 % 12.4 % 31 Dec 2020
AkademikerPension 9.2 % 9.2 % 31 Dec 2020
Torben Andersen 9.0 % 9.0 % 16 Dec 2020
Pensiondanmark 3.0 % 3.0 % 31 Dec 2020
Kapitalforeningen LD 2.5 % 2.5 % 30 Apr 2021
Tue Østergaard 0.4 % 0.4 % 31 Dec 2020
Claus Juhl 0.1 % 0.1 % 31 Dec 2020
Anders Wall 0.1 % 0.1 % 31 Dec 2020
Thomas Heltborg Juul 0.1 % 0.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB