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iZafe

iZafe

Creating a safer environment

The iZafe group of today consists solely of the Healthcare segment, following the divestment of the Security segment in July 2020. The idea for the Healthcare segment was originally coined in 2008 as a means to ensure safe and proper dispensing of medicine to patients, which resulted in the digital medicine dispenser Dosell.

We believe that COVID-19 has created considerable tailwinds for the rollout of Dosell, as municipalities will increase the pace at which digital delivery methods for medicine are adopted. Furthermore, due to the scalability of the business model, a successful rollout of Dosell should provide strong profitability.

We see several current risks with iZafe Group. There is a financial risk, as the company is currently not profitable, and might have to rely on further external financing before it generates positive cash flows. Furthermore, the potential of Dosell is unknown and there are several competing digital medicine dispensers on the market.

SEKm 2020 2021e 2022e
Sales 10 5 15
Sales growth (%) -32,2 -50,6 214,7
EBITDA -7 -23 -9
EBITDA margin (%) -72,8 -471,5 -62,2
EBIT adj -12 -28 -14
EBIT adj margin (%) -128 -575,2 -95,3
Pretax profit -13 -30 -15
EPS rep -0,34 -0,74 -0,33
EPS growth (%) 54,1 -118,8 55,3
EPS adj -0,34 -0,74 -0,33
DPS 0 0 0
EV/EBITDA (x) -16,2 -5,4 -14,3
EV/EBIT adj (x) -9,2 -4,4 -9,3
P/E (x) -8,7 -3,8 -8,4
P/E adj (x) -8,7 -3,8 -8,4
EV/sales (x) 11,8 25,5 8,9
FCF yield (%) 40,4 -20,7 -10,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0 -0,5 -0,9
Lease adj. FCF yield (%) 40,3 -20,8 -10,2
Lease adj. ND/EBITDA 0 -0,5 -0,9
SEKm 2020 2021e 2022e
Sales 10 5 15
COGS -2 -2 -4
Gross profit 8 3 11
Other operating items -15 -26 -21
EBITDA -7 -23 -9
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -4 -4 -4
EBITA -12 -28 -14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -12 -28 -14
Other financial items 0 0 0
Net financial items -1 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -13 -30 -15
Tax 0 0 0
Net profit -13 -30 -15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 -30 -15
EPS -0,34 -0,74 -0,33
EPS Adj -0,34 -0,74 -0,33
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,4 0 0
Gross margin (%) 84,6 61,1 76
EBITDA margin (%) -72,8 -471,5 -62,2
EBITA margin (%) -128 -575,2 -95,3
EBIT margin (%) -128 -575,2 -95,3
Pretax margin (%) -135,5 -616,3 -98,6
Net margin (%) -135 -616,3 -98,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -32,2 -50,6 214,7
EBITDA growth (%) 57,9 -220,1 58,5
EBIT growth (%) 44,8 -122,1 47,9
Net profit growth (%) 43,1 -125,6 49,6
EPS growth (%) 54,1 -118,8 55,3
Profitability 2020 2021 2022
ROE (%) -39,6 -150,6 -150,6
ROE Adj (%) -39,6 -150,6 -150,6
ROCE (%) -27,6 -94,3 -54,3
ROCE Adj(%) -27,6 -94,3 -54,3
ROIC (%) -30,9 -110,5 -72,9
ROIC Adj (%) -30,9 -110,5 -72,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj -7 -23 -9
EBITDA Adj margin (%) -72,8 -471,5 -62,2
EBITA Adj -12 -28 -14
EBITA Adj margin (%) -128 -575,2 -95,3
EBIT Adj -12 -28 -14
EBIT Adj margin (%) -128 -575,2 -95,3
Pretax profit Adj -13 -30 -15
Net profit Adj -13 -30 -15
Net profit to shareholders Adj -13 -30 -15
Net Adj margin (%) -135 -616,3 -98,6
Depreciation and amortisation -5 -5 -5
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -7 -23 -10
EBITDA lease Adj margin (%) -73,8 -473,6 -62,9
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA -7 -23 -9
Net financial items -1 -2 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -8 -25 -10
Change in WC -5 2 -2
Operating cash flow -12 -23 -12
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 19 0 -1
Acquisitions and disposals 40 0 0
Free cash flow 46 -23 -13
Dividend paid 0 0 0
Share issues and buybacks 28 10 15
Other non cash items -61 2 0
Decrease in net IB debt 13 0 2
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 24 20 17
Tangible fixed assets 0 -1 -2
Other fixed assets 0 0 0
Fixed assets 24 19 15
Inventories 0 0 0
Receivables 6 4 8
Other current assets 2 0 0
Cash and liquid assets 3 6 8
Total assets 35 29 31
Shareholders equity 29 10 10
Minority 0 0 0
Total equity 29 10 10
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 3 17 17
Accounts payable 3 3 4
Other current liabilities 0 0 0
Total liabilities and equity 35 29 31
Net IB debt 0 11 9
Net IB debt excl. pension debt 0 11 9
Capital invested 29 21 19
Working capital 5 1 4
EV breakdown 2020 2021 2022
Market cap. diluted (m) 115 112 126
Net IB debt Adj 0 11 9
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 115 123 134
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 18,3 15 50,3
Capital invested turnover (%) 24,8 20,7 77,1
Capital employed turnover (%) 21,6 17,9 65
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 81,9 60,4 23,1
Working capital / sales (%) 19,5 68,3 16,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 0,3 111,3 88,1
Net debt / market cap (%) 0,1 9,8 7
Equity ratio (%) 84,8 33,4 32,5
Net IB debt adj. / equity (%) 0,3 111,3 88,1
Current ratio (%) 190,7 51,2 74,8
EBITDA / net interest (%) -968,1 -1148,7 -1881,8
Net IB debt / EBITDA (%) -1,2 -48,4 -93,1
Interest cover (%) -1702,1 -1401,3 -2881,8
Lease liability amortisation 0 0 0
Other intangible assets 24 20 17
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 0 11 9
Net IB debt / EBITDA lease Adj (%) -1,2 -48,2 -92,2
SEKm 2020 2021e 2022e
EV/EBITA Adj -9,2 -4,4 -9,3
Shares outstanding adj. 36 40 45
Fully diluted shares Adj 39 40 45
EPS -0,34 -0,74 -0,33
Dividend per share Adj 0 0 0
EPS Adj -0,34 -0,74 -0,33
BVPS 0,81 0,25 0,22
BVPS Adj 0,15 -0,26 -0,15
Net IB debt / share 0 0,3 0,2
Share price 2,89 2,8 2,8
Market cap. (m) 105 112 126
Valuation 2020 2021 2022
P/E -8,7 -3,8 -8,4
EV/sales 11,82 25,5 8,88
EV/EBITDA -16,2 -5,4 -14,3
EV/EBITA -9,2 -4,4 -9,3
EV/EBIT -9,2 -4,4 -9,3
Dividend yield (%) 0 0 0
FCF yield (%) 40,4 -20,7 -10,1
P/BVPS 3,66 11,32 12,63
P/BVPS Adj 19,9 -10,74 -18,19
P/E Adj -8,7 -3,8 -8,4
EV/EBITDA Adj -16,2 -5,4 -14,3
EV/EBIT Adj -9,2 -4,4 -9,3
EV/cap. employed 3,6 4,6 5,1
Investment ratios 2020 2021 2022
Capex / sales -192,7 6 4
Capex / depreciation -355,8 5,8 12,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles -77,9 1,4 3,6
Depreciation on intangibles / definite intangibles 18,3 20,2 23,7
Depreciation on tangibles / tangibles 0 -100 -50
Lease adj. FCF yield (%) 40,3 -20,8 -10,2

Equity research

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Media

iZafe - Company presentation with CEO Anders Segerström
iZafe - Company presentation with CEO Anders Segerström (Swedish)

Main shareholders - iZafe

Main shareholders Share capital % Voting shares % Verified
Carl Johan Merner och familj 10.2 % 14.6 % 13 Nov 2019
Göran Sjönell 4.9 % 11.6 % 31 Mar 2021
Sten Röing 5.2 % 7.9 % 31 Mar 2021
Avanza Pension 8.7 % 7.5 % 31 Mar 2021
Svensk Konstruktionstjänst AB 3.6 % 3.1 % 31 Mar 2021
Björn Rosengren 3.4 % 3.0 % 31 Mar 2021
Anders Säfwenberg 2.7 % 2.9 % 31 Mar 2021
Peter Norman Eggers 2.5 % 2.2 % 31 Mar 2021
Nordnet Pensionsförsäkring 2.4 % 2.1 % 31 Mar 2021
Göran Hermansson 2.2 % 1.9 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - iZafe

Name Quantity Code Date
Göran Hermansson + 60 000 Redemp 27 Jan 2021
Ludvig Arbin + 12 500 Redemp 26 Jan 2021
Göran Hermansson - 60 000 Redemp 18 Dec 2020
Anders Segerström - 16 156 Redemp 15 Dec 2020
Thomas Lars Fredrik Ahlerup + 2 500 BUY 25 Nov 2020
Thomas Lars Fredrik Ahlerup + 10 000 BUY 25 Nov 2020
Göran Per Erik Sjönell + 20 000 BUY 25 Nov 2020
Thomas Lars Fredrik Ahlerup + 1 000 BUY 25 Nov 2020
Thomas Lars Fredrik Ahlerup + 3 000 BUY 24 Nov 2020
Thomas Lars Fredrik Ahlerup + 3 272 BUY 24 Nov 2020

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