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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 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 2020 2021e 2022e
Sales 38 99 110
Sales growth (%) 6,5 161,9 11,5
EBITDA -26 -35 -61
EBITDA margin (%) -67,8 -35,7 -55,9
EBIT adj -40 -47 -72
EBIT adj margin (%) -105,3 -48,2 -65,2
Pretax profit -44 -56 -80
EPS rep -15,08 -18,93 -23,67
EPS growth (%) -18 -25,5 -25
EPS adj -14,94 -18,93 -23,67
DPS 0 0 0
EV/EBITDA (x) -22,3 -17,6 -11,8
EV/EBIT adj (x) -14,4 -13 -10,1
P/E (x) -13,1 -10,4 -8,3
P/E adj (x) -13,2 -10,4 -8,3
EV/sales (x) 15,1 6,3 6,6
FCF yield (%) -4,8 -8,4 -10,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,5 -1,1 -0,9
N/A N/A N/A
DKKm 2020 2021e 2022e
Sales 38 99 110
COGS -39 -107 -143
Gross profit -2 -9 -33
Other operating items -24 -26 -28
EBITDA -26 -35 -61
Depreciation on tangibles -14 -12 -10
Depreciation on intangibles 0 0 0
EBITA -40 -47 -72
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -40 -47 -72
Other financial items 0 0 0
Net financial items -4 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -44 -56 -80
Tax 0 0 0
Net profit -44 -56 -80
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -44 -56 -80
EPS -15,08 -18,93 -23,67
EPS Adj -14,94 -18,93 -23,67
Total extraordinary items after tax -0,4 0 0
Tax rate (%) 0 0 0
Gross margin (%) -4,3 -9 -30,5
EBITDA margin (%) -67,8 -35,7 -55,9
EBITA margin (%) -106,3 -48,2 -65,2
EBIT margin (%) -106,3 -48,2 -65,2
Pretax margin (%) -116,3 -56,7 -72,4
Net margin (%) -116,3 -56,7 -72,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,5 161,9 11,5
EBITDA growth (%) -24,7 -38 -74,4
EBIT growth (%) -39,9 -18,6 -50,9
Net profit growth (%) -46,4 -27,5 -42,5
EPS growth (%) -18 -25,5 -25
Profitability 2020 2021 2022
ROE (%) -101,6 -197,9 659,5
ROE Adj (%) -100,6 -197,9 659,5
ROCE (%) -38,7 -53,6 -148,6
ROCE Adj(%) -38,3 -53,6 -148,6
ROIC (%) -76,3 -116 -211,5
ROIC Adj (%) -75,6 -116 -211,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -25 -35 -61
EBITDA Adj margin (%) -66,7 -35,7 -55,9
EBITA Adj -40 -47 -72
EBITA Adj margin (%) -105,3 -48,2 -65,2
EBIT Adj -40 -47 -72
EBIT Adj margin (%) -105,3 -48,2 -65,2
Pretax profit Adj -43 -56 -80
Net profit Adj -43 -56 -80
Net profit to shareholders Adj -43 -56 -80
Net Adj margin (%) -115,3 -56,7 -72,4
N/A N/A N/A
DKKm 2020 2021e 2022e
EBITDA -26 -35 -61
Net financial items -4 -8 -8
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -29 -44 -69
Change in WC 2 -4 -1
Operating cash flow -27 -47 -70
CAPEX tangible fixed assets -1 -3 -4
CAPEX intangible fixed assets 1 2 2
Acquisitions and disposals 0 0 0
Free cash flow -28 -49 -72
Dividend paid 0 0 0
Share issues and buybacks 70 0 55
Other non cash items 0 0 0
Decrease in net IB debt 42 -49 -17
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 -2 -3
Tangible fixed assets 47 38 31
Other fixed assets 1 1 1
Fixed assets 48 38 30
Inventories 0 0 0
Receivables 7 18 20
Other current assets 0 0 0
Cash and liquid assets 71 22 4
Total assets 126 78 54
Shareholders equity 56 0 -24
Minority 0 0 0
Total equity 56 0 -24
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 5 12 14
Other current liabilities 5 5 5
Total liabilities and equity 126 78 54
Net IB debt -12 37 55
Net IB debt excl. pension debt -12 37 55
Capital invested 44 38 30
Working capital -2 1 2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 581 581 669
Net IB debt Adj -12 37 55
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 569 618 724
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 33,5 96,9 166,5
Capital invested turnover (%) 71,8 240,8 324,6
Capital employed turnover (%) 36,4 111,4 228
Inventories / sales (%) 0,4 0,2 0,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,8 8,6 11,9
Working capital / sales (%) -3,4 -0,6 1,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -21,1 12550,2 -223,5
Net debt / market cap (%) -4,5 6,4 8,2
Equity ratio (%) 44,6 0,4 -44,9
Net IB debt adj. / equity (%) -21,1 12550,2 -223,5
Current ratio (%) 216,9 91,9 55
EBITDA / net interest (%) -678 -420,2 -773,3
Net IB debt / EBITDA (%) 46,3 -105,8 -88,9
Interest cover (%) -1063,4 -566,6 -902,1
N/A N/A N/A
DKKm 2020 2021e 2022e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS -15,08 -18,93 -23,67
Dividend per share Adj 0 0 0
EPS Adj -14,94 -18,93 -23,67
BVPS 19,03 0,1 -7,19
BVPS Adj 19,06 0,63 -6,35
Net IB debt / share -4 12,6 16,1
Share price 89,88 197 197
Market cap. (m) 265 581 669
Valuation 2020 2021 2022
P/E -13,1 -10,4 -8,3
EV/sales 15,13 6,27 6,59
EV/EBITDA -22,3 -17,6 -11,8
EV/EBITA -14,2 -13 -10,1
EV/EBIT -14,2 -13 -10,1
Dividend yield (%) 0 0 0
FCF yield (%) -4,8 -8,4 -10,9
P/BVPS 10,35 1958,27 -27,41
P/BVPS Adj 10,34 313,08 -31,04
P/E Adj -13,2 -10,4 -8,3
EV/EBITDA Adj -22,7 -17,6 -11,8
EV/EBITA Adj -14,4 -13 -10,1
EV/EBIT Adj -14,4 -13 -10,1
EV/cap. employed 4,9 10,2 20,2
Investment ratios 2020 2021 2022
Capex / sales 1,8 1,8 2
Capex / depreciation 4,7 14,4 21,1
Capex tangibles / tangible fixed assets 2,7 8,8 12
Capex intangibles / definite intangibles 733,4 101,2 55,3
Depreciation on intangibles / definite intangibles -94,4 6,5 9,8
Depreciation on tangibles / tangibles 30,8 32,7 33,8
N/A N/A N/A

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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 % 16 Dec 2020
A/S Arbejdernes Landsbank 12.0 % 12.0 % 16 Dec 2020
AkademikerPension 9.2 % 9.2 % 31 Dec 2020
Torben Andersen 9.0 % 9.0 % 16 Dec 2020
Kapitalforeningen LD 2.5 % 2.5 % 30 Nov 2020
Tue Østergaard 0.4 % 0.4 % 16 Dec 2020
BI Asset Mgmt Fondsmaeglerselskab A/S 0.3 % 0.3 % 30 Nov 2020
Claus Juhl 0.1 % 0.1 % 16 Dec 2020
Anders Wall 0.1 % 0.1 % 16 Dec 2020
Thomas Heltborg Juul 0.1 % 0.1 % 16 Dec 2020
Source: Holdings by Modular Finance AB