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iZafe

iZafe

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Creating a safer environment

The iZafe group of today consists of two business segments: Security and Healthcare. 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. The Security segment offer personal alarms under a subscription-based model for employees working in environments where they might be exposed to unforeseen threats.

We believe that the stable recurring revenues from the Security segment, in combination with Dosell's potential market penetration, could set iZafe up for rapid growth over the coming years. Due to the scalability of the business model, this would contribute to 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 21 33
Sales growth (%) 81,1 53,3 56,8
EBITDA -14 -5 6
EBITDA margin (%) -100,1 -25,6 19
EBIT adj -19 -11 1
EBIT adj margin (%) -139,4 -50,4 3,9
Pretax profit -20 -11 1
EPS rep -0,57 -0,32 0,02
EPS growth (%) 26,5 43,7 107
EPS adj -0,57 -0,32 0,02
DPS 0 0 0
EV/EBITDA (x) -6,8 -17,3 14,2
EV/EBIT adj (x) -4,9 -8,8 70,3
P/E (x) -4,2 -7,5 106,9
P/E adj (x) -4,2 -7,5 106,9
EV/sales (x) 6,8 4,4 2,7
FCF yield (%) -31 -10,1 4,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,8 -2 1,1
SEKm 2019 2020e 2021e
Sales 14 21 33
COGS 0 0 0
Gross profit 14 21 33
Other operating items -27 -26 -27
EBITDA -14 -5 6
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -4 -4 -4
EBITA -19 -11 1
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -19 -11 1
Other financial items 0 0 0
Net financial items 0 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -11 1
Tax 0 0 0
Net profit -20 -11 1
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -11 1
EPS -0,57 -0,32 0,02
EPS Adj -0,57 -0,32 0,02
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -100,1 -25,6 19
EBITA margin (%) -139,4 -50,4 3,9
EBIT margin (%) -139,4 -50,4 3,9
Pretax margin (%) -142,3 -52,3 2,3
Net margin (%) -142,3 -52,3 2,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 81,1 53,3 56,8
EBITDA growth (%) -35,1 60,7 216,3
EBIT growth (%) -78,1 44,6 112
Net profit growth (%) -72,6 43,7 107
EPS growth (%) 26,5 43,7 107
Profitability 2019 2020 2021
ROE (%) -93,6 -36 2,6
ROE Adj (%) -93,6 -36 2,6
ROCE (%) -50,7 -20,5 2,5
ROCE Adj(%) -50,7 -20,5 2,5
ROIC (%) -59,7 -25,5 3,3
ROIC Adj (%) -59,7 -25,5 3,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj -14 -5 6
EBITDA Adj margin (%) -100,1 -25,6 19
EBITA Adj -19 -11 1
EBITA Adj margin (%) -139,4 -50,4 3,9
EBIT Adj -19 -11 1
EBIT Adj margin (%) -139,4 -50,4 3,9
Pretax profit Adj -20 -11 1
Net profit Adj -20 -11 1
Net profit to shareholders Adj -20 -11 1
Net Adj margin (%) -142,3 -52,3 2,3
SEKm 2019 2020e 2021e
EBITDA -14 -5 6
Net financial items 0 0 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -14 -6 6
Change in WC -8 -2 -1
Operating cash flow -22 -7 5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow -26 -8 4
Dividend paid 0 0 0
Share issues and buybacks 41 9 0
Other non cash items -15 0 0
Decrease in net IB debt 0 0 4
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 20 20 20
Indefinite intangible assets 0 0 0
Definite intangible assets 29 26 23
Tangible fixed assets 3 2 1
Other fixed assets 0 0 0
Fixed assets 52 48 44
Inventories 0 0 0
Receivables 1 4 7
Other current assets 0 0 0
Cash and liquid assets 10 10 14
Total assets 63 62 64
Shareholders equity 32 29 30
Minority 0 0 0
Total equity 32 29 30
Long-term debt 4 4 4
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 16 16 16
Accounts payable 10 12 13
Other current liabilities 0 0 0
Total liabilities and equity 14 44 63
Net IB debt 11 11 7
Net IB debt excl. pension debt 11 11 7
Capital invested 43 40 37
Working capital -9 -7 -7
EV breakdown 2019 2020 2021
Market cap. diluted (m) 82 82 82
Net IB debt Adj 11 11 7
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 94 93 89
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 25,8 33,6 52,1
Capital invested turnover (%) 42,8 50,7 85,3
Capital employed turnover (%) 36,4 40,8 64,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 113,3 52 37,5
Working capital / sales (%) -93,3 -38,7 -21,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 35,4 36,8 22,9
Net debt / market cap (%) 8 13,1 8,4
Equity ratio (%) 50,2 47,4 46,8
Net IB debt adj. / equity (%) 35,4 36,8 22,9
Current ratio (%) 40,4 49,8 68
EBITDA / net interest (%) -3451,5 -1348,1 1254,3
Net IB debt / EBITDA (%) -81,4 -200,7 110,3
Interest cover (%) -4806,3 -2648,1 254,3
SEKm 2019 2020e 2021e
EV/EBITA Adj -4,9 -8,8 70,3
Shares outstanding adj. 32 34 34
Fully diluted shares Adj 34 34 34
EPS -0,57 -0,32 0,02
Dividend per share Adj 0 0 0
EPS Adj -0,57 -0,32 0,02
BVPS 0,99 0,86 0,88
BVPS Adj -0,52 -0,47 -0,36
Net IB debt / share 0,3 0,3 0,2
Share price 4,37 2,4 2,4
Market cap. (m) 140 82 82
Valuation 2019 2020 2021
P/E -4,2 -7,5 106,9
EV/sales 6,82 4,43 2,71
EV/EBITDA -6,8 -17,3 14,2
EV/EBITA -4,9 -8,8 70,3
EV/EBIT -4,9 -8,8 70,3
Dividend yield (%) 0 0 0
FCF yield (%) -31 -10,1 4,9
P/BVPS 2,44 2,8 2,73
P/BVPS Adj -4,58 -5,16 -6,75
P/E Adj -4,2 -7,5 106,9
EV/EBITDA Adj -6,8 -17,3 14,2
EV/EBIT Adj -4,9 -8,8 70,3
EV/cap. employed 1,8 1,8 1,7
Investment ratios 2019 2020 2021
Capex / sales 26,5 4,8 3
Capex / depreciation 75 19,6 20,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 12,7 3,9 4,4
Depreciation on intangibles / definite intangibles 14,2 15,6 17,7
Depreciation on tangibles / tangibles 26,4 57,9 90

Equity research

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Media

iZafe - Company presentation with CEO Anders Segerström

Main shareholders - iZafe

Main shareholders Share capital % Voting shares % Verified
Göran Sjönell 7.1 % 16.1 % 31 Dec 2019
Carl Johan Merner och familj 10.2 % 14.6 % 13 Nov 2019
Avanza Pension 9.7 % 7.8 % 31 Dec 2019
Sten Röing 7.5 % 6.1 % 31 Dec 2019
Svensk Konstruktionstjänst AB 6.1 % 5.0 % 31 Dec 2019
Björn Rosengren 5.0 % 4.0 % 31 Dec 2019
Anders Säfwenberg 3.5 % 3.7 % 31 Dec 2019
Peter Norman Eggers 2.7 % 2.2 % 31 Dec 2019
Göran Hermansson 1.9 % 1.5 % 31 Dec 2019
Nordnet Pensionsförsäkring 1.3 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - iZafe

Name Quantity Code Date
Ludvig Arbin + 2 500 BUY 18 Dec 2019
Thomas Lars Fredrik Ahlerup + 1 380 BUY 17 Dec 2019
Thomas Lars Fredrik Ahlerup + 1 896 BUY 17 Dec 2019
Thomas Lars Fredrik Ahlerup + 6 724 BUY 17 Dec 2019
Thomas Ahlerup + 30 000 BUY 13 Dec 2019
Ludvig Arbin + 10 000 BUY 12 Dec 2019
Thomas Lars Fredrik Ahlerup + 10 000 BUY 11 Dec 2019
Göran Hermansson + 1 250 BUY 11 Dec 2019
Thomas Lars Fredrik Ahlerup + 1 263 BUY 10 Dec 2019
Thomas Lars Fredrik Ahlerup + 421 BUY 10 Dec 2019

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