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iZafe

iZafe

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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.

Financials

SEKm 2019 2020e 2021e
Sales 14 11 10
Sales growth (%) 89,2 -24,6 -9,3
EBITDA -17 -4 -12
EBITDA margin (%) -117,3 -41,5 -125,2
EBIT adj -23 -10 -17
EBIT adj margin (%) -157,3 -93,5 -176,2
Pretax profit -23 -11 -18
EPS rep -0,74 -0,28 -0,45
EPS growth (%) 4,2 62 -61
EPS adj -0,74 -0,28 -0,45
DPS 0 0 0
EV/EBITDA (x) -5,1 -23 -8,6
EV/EBIT adj (x) -3,8 -10,2 -6,1
P/E (x) -3,1 -9,9 -6,2
P/E adj (x) -3,1 -9,9 -6,2
EV/sales (x) 6 9,5 10,8
FCF yield (%) -51,2 23,5 -9,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,8 1,2 0,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 14 11 10
COGS 0 -2 -1
Gross profit 14 9 8
Other operating items -31 -14 -21
EBITDA -17 -4 -12
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -4 -4 -4
EBITA -23 -10 -17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -23 -10 -17
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -23 -11 -18
Tax 0 0 0
Net profit -23 -11 -18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -23 -11 -18
EPS -0,74 -0,28 -0,45
EPS Adj -0,74 -0,28 -0,45
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,4 -0,4 0
Gross margin (%) 100 86,1 85
EBITDA margin (%) -117,3 -41,5 -125,2
EBITA margin (%) -157,3 -93,5 -176,2
EBIT margin (%) -157,3 -93,5 -176,2
Pretax margin (%) -161,7 -101,2 -181,3
Net margin (%) -161,1 -100,7 -181,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 89,2 -24,6 -9,3
EBITDA growth (%) -65,3 73,3 -173,4
EBIT growth (%) -109,8 55,2 -71
Net profit growth (%) -104,1 52,9 -63,3
EPS growth (%) 4,2 62 -61
Profitability 2019 2020 2021
ROE (%) -98,2 -30,6 -58,4
ROE Adj (%) -98,2 -30,6 -58,4
ROCE (%) -55,7 -21,9 -56,7
ROCE Adj(%) -55,7 -21,9 -56,7
ROIC (%) -62 -25,1 -67,1
ROIC Adj (%) -62 -25,1 -67,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj -17 -4 -12
EBITDA Adj margin (%) -117,3 -41,5 -125,2
EBITA Adj -23 -10 -17
EBITA Adj margin (%) -157,3 -93,5 -176,2
EBIT Adj -23 -10 -17
EBIT Adj margin (%) -157,3 -93,5 -176,2
Pretax profit Adj -23 -11 -18
Net profit Adj -23 -11 -18
Net profit to shareholders Adj -23 -11 -18
Net Adj margin (%) -161,1 -100,7 -181,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA -17 -4 -12
Net financial items -1 -1 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -17 -5 -13
Change in WC -15 -5 3
Operating cash flow -33 -11 -10
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -4 -1
Acquisitions and disposals 0 40 0
Free cash flow -37 25 -11
Dividend paid 0 0 0
Share issues and buybacks 32 28 10
Other non cash items 3 -37 0
Decrease in net IB debt -2 19 -1
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 13 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 36 25 22
Tangible fixed assets 3 2 1
Other fixed assets 0 0 0
Fixed assets 53 27 23
Inventories 0 3 2
Receivables 12 3 2
Other current assets 0 0 0
Cash and liquid assets 7 5 4
Total assets 72 38 32
Shareholders equity 37 34 27
Minority 0 0 0
Total equity 37 34 27
Long-term debt 6 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 15 0 0
Accounts payable 13 2 3
Other current liabilities 0 2 2
Total liabilities and equity 71 38 32
Net IB debt 14 -5 -4
Net IB debt excl. pension debt 14 -5 -4
Capital invested 51 29 22
Working capital -1 2 -1
EV breakdown 2019 2020 2021
Market cap. diluted (m) 72 108 110
Net IB debt Adj 14 -5 -4
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 85 103 105
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 24,8 19,6 28
Capital invested turnover (%) 39,5 26,9 38,1
Capital employed turnover (%) 35,4 23,4 32,2
Inventories / sales (%) 0 12,5 26,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 117,7 69,1 25,5
Working capital / sales (%) -63,1 2,5 6,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 36,6 -15,1 -16
Net debt / market cap (%) 10,7 -5,1 -3,9
Equity ratio (%) 51,4 89,6 84,2
Net IB debt adj. / equity (%) 36,6 -15,1 -16
Current ratio (%) 67,1 272,4 168,7
EBITDA / net interest (%) -2630,4 -540 -2453,9
Net IB debt / EBITDA (%) -80,3 115,4 34,7
Interest cover (%) -3526,6 -1215,4 -3453,9
N/A N/A N/A
SEKm 2019 2020e 2021e
EV/EBITA Adj -3,8 -10,2 -6,1
Shares outstanding adj. 29 36 39
Fully diluted shares Adj 31 39 39
EPS -0,74 -0,28 -0,45
Dividend per share Adj 0 0 0
EPS Adj -0,74 -0,28 -0,45
BVPS 1,28 0,94 0,68
BVPS Adj -0,43 0,26 0,13
Net IB debt / share 0,5 -0,1 -0,1
Share price 4,37 2,8 2,8
Market cap. (m) 126 102 110
Valuation 2019 2020 2021
P/E -3,1 -9,9 -6,2
EV/sales 5,96 9,54 10,76
EV/EBITDA -5,1 -23 -8,6
EV/EBITA -3,8 -10,2 -6,1
EV/EBIT -3,8 -10,2 -6,1
Dividend yield (%) 0 0 0
FCF yield (%) -51,2 23,5 -9,9
P/BVPS 1,8 2,96 4,13
P/BVPS Adj -5,42 10,91 22,09
P/E Adj -3,1 -9,9 -6,2
EV/EBITDA Adj -5,1 -23 -8,6
EV/EBIT Adj -3,8 -10,2 -6,1
EV/cap. employed 1,5 3 4
Investment ratios 2019 2020 2021
Capex / sales 29,1 37 6
Capex / depreciation 80,5 72,6 12
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 11,7 16 2,7
Depreciation on intangibles / definite intangibles 12,2 17,4 18,5
Depreciation on tangibles / tangibles 24,5 52,5 68,9
N/A N/A N/A

Equity research

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Media

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

Main shareholders - iZafe

Main shareholders Share capital % Voting shares % Verified
Carl Johan Merner och familj 10.2 % 14.6 % 13 Nov 2019
Göran Sjönell 5.0 % 12.0 % 30 Sep 2020
Sten Röing 5.2 % 8.0 % 30 Sep 2020
Avanza Pension 9.3 % 8.0 % 30 Sep 2020
Svensk Konstruktionstjänst AB 3.8 % 3.2 % 30 Sep 2020
Björn Rosengren 3.6 % 3.1 % 30 Sep 2020
Anders Säfwenberg 2.8 % 3.0 % 30 Sep 2020
Peter Norman Eggers 2.5 % 2.2 % 30 Sep 2020
Göran Hermansson 2.1 % 1.8 % 23 Nov 2020
Nordnet Pensionsförsäkring 1.9 % 1.7 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - iZafe

Name Quantity Code Date
Göran Hermansson + 10 000 BUY 23 Nov 2020
Thomas Lars Fredrik Ahlerup + 29 000 BUY 23 Nov 2020
Rebecca Odberger - 4 868 SELL 24 Sep 2020
Rebecca Odberger - 2 132 SELL 24 Sep 2020
Rebecca Odberger - 1 618 SELL 22 Sep 2020
Rebecca Odberger - 1 599 SELL 22 Sep 2020
Rebecca Odberger - 246 SELL 22 Sep 2020
Rebecca Odberger - 2 146 SELL 22 Sep 2020
Rebecca Odberger - 4 888 SELL 22 Sep 2020
Rebecca Odberger - 50 SELL 22 Sep 2020

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