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Headsent

Headsent

Nordic management consultancy

Headsent consists of two subsidiaries, Capacify and Capasearch. Capacify is an interim management business that focuses on high quality in its relationships with customers and consultants and uses a data-driven approach. Capasearch is an executive search business that works in close partnership with clients in order to create a unique customer experience, which leads to long-term customer relationships.

The two businesses (Capacify and Capasearch) are still relatively young and operate in mature yet fragmented markets. The interim management market is especially fragmented and most of the direct competitors are private companies, which creates an opportunity to consolidate the market. Capasearch is still small in terms of revenues and we think it has an opportunity to grow organically, as it is becoming increasingly important to find the right leader.

Headsent is dependent on continuing demand for its services from current and new customers, and an economic downturn might affect its ability to continue to grow the business organically. Furthermore, after the divestment of the Management Consulting business, the business volume has decreased and the share of group admin costs has increased, which could be problematic if demand for the company´s services falls.

SEKm 2020 2021e 2022e
Sales 204 151 93
Sales growth (%) -21,3 -26,1 -38,5
EBITDA -8 8 6
EBITDA margin (%) -4,1 5,6 6,1
EBIT adj 13 13 5
EBIT adj margin (%) 6,5 8,8 5,7
Pretax profit -16 7 5
EPS rep -7,05 35,18 1,19
EPS growth (%) -1200,3 599 -96,6
EPS adj 3,39 4,17 1,19
DPS 3,5 26,4 0,78
EV/EBITDA (x) -9,3 3,2 17,9
EV/EBIT adj (x) 5,9 2 19,3
P/E (x) -5,1 1,3 37,1
P/E adj (x) 10,6 10,6 37,1
EV/sales (x) 0,4 0,2 1,1
FCF yield (%) 1,2 -3,2 -2,2
Dividend yield (%) 9,7 59,6 1,8
Net IB debt/EBITDA 2,3 -11,1 -3,3
Lease adj. FCF yield (%) -5,5 -4,2 -2,2
Lease adj. ND/EBITDA -1,8 -7 -3,3
SEKm 2020 2021e 2022e
Leasing payments -7 -1 0
Sales 204 151 93
COGS 0 0 0
Gross profit 204 151 93
Other operating items -213 -143 -87
EBITDA -8 8 6
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 -2 -2
EBITA -15 7 5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -15 7 5
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -16 7 5
Tax -3 -1 -1
Net profit -19 6 4
Minority interest 0 0 -1
Net profit discontinued 0 90 0
Net profit to shareholders -19 96 3
EPS -7,05 35,18 1,19
EPS Adj 3,39 4,17 1,19
Total extraordinary items after tax -28,3 -6,3 0
Tax rate (%) 20,5 -20,3 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) -4,1 5,6 6,1
EBITA margin (%) -7,4 4,7 5,7
EBIT margin (%) -7,4 4,7 5,7
Pretax margin (%) -7,8 4,6 5,5
Net margin (%) -9,4 3,7 4,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -21,3 -26,1 -38,5
EBITDA growth (%) -142,9 199,7 -32,3
EBIT growth (%) -325,7 146,8 -24,7
Net profit growth (%) -985,6 128,9 -26,7
EPS growth (%) -1200,3 599 -96,6
Profitability 2020 2021 2022
ROE (%) -20,8 81,6 2,6
ROE Adj (%) 10 9,7 2,6
ROCE (%) -12,4 5,9 4,3
ROCE Adj(%) 10,9 11,1 4,3
ROIC (%) -16,9 9,2 6,3
ROIC Adj (%) 14,9 17,3 6,3
Adj earnings numbers 2020 2021 2022
Depreciation and amortisation -7 -1 0
Of which leasing depreciation -7 -1 0
EO items -28 -6 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 13 13 6
EBITDA lease Adj margin (%) 6,5 8,9 6,1
EBITDA Adj 20 15 6
EBITDA Adj margin (%) 9,7 9,7 6,1
EBITA Adj 13 13 5
EBITA Adj margin (%) 6,5 8,8 5,7
EBIT Adj 13 13 5
EBIT Adj margin (%) 6,5 8,8 5,7
Pretax profit Adj 12 13 5
Net profit Adj 9 12 4
Net profit to shareholders Adj 9 11 3
Net Adj margin (%) 4,5 7,8 4,4
SEKm 2020 2021e 2022e
EBITDA -8 8 6
Net financial items -1 0 0
Paid tax -3 -1 -1
Non-cash items 0 0 0
Cash flow before change in WC -12 7 4
Change in WC 15 -9 -6
Operating cash flow 3 -2 -2
CAPEX tangible fixed assets -2 -2 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 1 -4 -3
Dividend paid 0 -10 -72
Share issues and buybacks 0 0 0
Other non cash items 74 89 0
Decrease in net IB debt 69 1 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 67 67 67
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 1 0 1
Other fixed assets 1 1 1
Fixed assets 75 71 72
Inventories 0 0 0
Receivables 33 16 19
Other current assets 0 0 0
Cash and liquid assets 24 93 19
Total assets 132 181 110
Shareholders equity 77 157 88
Minority 0 0 1
Total equity 78 157 89
Long-term debt 0 0 0
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 0 0 0
Accounts payable 49 24 20
Other current liabilities 0 0 0
Total liabilities and equity 132 181 110
Net IB debt -19 -93 -19
Net IB debt excl. pension debt -19 -93 -19
Capital invested 58 64 70
Working capital -17 -8 -2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 98 120 120
Net IB debt Adj -19 -93 -19
Market value of minority 0 0 1
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 79 27 102
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 117,4 96,8 64
Capital invested turnover (%) 190,6 349,6 337,7
Capital employed turnover (%) 168,2 251,2 241,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,7 22,9 21,7
Working capital / sales (%) -2,7 -8,1 -5,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -24,9 -59,5 -21,3
Net debt / market cap (%) -24,6 -77,6 -15,8
Equity ratio (%) 59,2 87 81,4
Net IB debt adj. / equity (%) -24,9 -59,5 -21,3
Current ratio (%) 110,2 464,1 184,1
EBITDA / net interest (%) -1022,8 7795,4 2850
Net IB debt / EBITDA (%) 229,8 -1109,3 -334,5
Interest cover (%) -1822,3 6518,5 2650
Lease liability amortisation -7 -1 0
Other intangible assets 3 0 0
Right-of-use asset 4 0 0
Total other fixed assets 1 4 4
Leasing liability 4 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -24 -93 -19
Net IB debt / EBITDA lease Adj (%) -179,8 -697,5 -334,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 3 3 3
Fully diluted shares Adj 3 3 3
EPS -7,05 35,18 1,19
Dividend per share Adj 3,5 26,4 0,8
EPS Adj 3,39 4,17 1,19
BVPS 28,52 57,75 32,54
BVPS Adj 2,97 33,02 7,81
Net IB debt / share -7,1 -34,4 -7
Share price 29,08 44,3 44,3
Market cap. (m) 79 120 120
Valuation 2020 2021 2022
P/E -5,1 1,3 37,1
EV/sales 0,39 0,18 1,1
EV/EBITDA -9,3 3,2 17,9
EV/EBITA -5,2 3,9 19,3
EV/EBIT -5,2 3,9 19,3
Dividend yield (%) 9,7 59,6 1,8
FCF yield (%) 1,2 -3,2 -2,2
P/BVPS 1,26 0,77 1,36
P/BVPS Adj 12,14 1,34 5,67
P/E Adj 10,6 10,6 37,1
EV/EBITDA Adj 4 1,9 17,9
EV/EBITA Adj 5,9 2 19,3
EV/EBIT Adj 5,9 2 19,3
EV/cap. employed 1 0,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,7 1,2 1,2
Capex / depreciation 0 1813,5 279
Capex tangibles / tangible fixed assets 266,1 0 155,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 26 103,9
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -5,5 -4,2 -2,2

Equity research

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Media

Capacent - Company presentation with CEO Edvard Björkenheim
Capacent - Interview with CEO Edvard Björkenheim

Main shareholders - Capacent

Main shareholders Share capital % Voting shares % Verified
Jilkén Invest AB 20.2 % 20.2 % 30 Sep 2021
Joakim Hörwing 12.7 % 12.7 % 31 Dec 2020
Edvard Björkenheim privat och genom bolag 10.6 % 10.6 % 31 Dec 2020
Avanza Pension 7.8 % 7.8 % 30 Sep 2021
Björnån Holding AB 4.0 % 4.0 % 30 Sep 2021
Erik Selin 3.7 % 3.7 % 30 Sep 2021
Thomas Lundström 3.6 % 3.6 % 30 Sep 2021
Jonas Jonsson 2.4 % 2.4 % 30 Sep 2021
Livförsäkringsbolaget Skandia 2.3 % 2.3 % 30 Sep 2021
Erik Arvidsson 1.9 % 1.9 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Capacent

Name Quantity Code Date
Edvard Björkenheim + 15 000 BUY 17 Sep 2020
Edvard Björkenheim + 15 000 BUY 17 Sep 2020
Edvard Björkenheim + 3 112 BUY 10 Sep 2020
Mattias Ek + 1 125 BUY 3 Aug 2020
Joakim Hörwing - 15 199 SELL 29 Jun 2020
Joakim Hörwing + 30 000 BUY 27 Mar 2020
Edvard Björkenheim + 10 000 BUY 27 Mar 2020
Mattias Ek - 7 500 SELL 29 Nov 2019
Mattias Ek + 551 BUY 28 Jun 2019
Bengt Edvard Björkenheim + 3 000 BUY 20 May 2019

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