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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 22 35
Sales growth (%) 89,2 53,5 58,8
EBITDA -17 -7 5
EBITDA margin (%) -117,3 -33 15,5
EBIT adj -23 -13 0
EBIT adj margin (%) -157,3 -57,8 1,2
Pretax profit -23 -13 0
EPS rep -0,74 -0,43 0
EPS growth (%) 4,2 42,3 99,3
EPS adj -0,74 -0,43 0
DPS 0 0 0
EV/EBITDA (x) -5,1 -14,7 19,5
EV/EBIT adj (x) -3,8 -8,4 255,4
P/E (x) -3,1 -7 -1071,4
P/E adj (x) -3,1 -7 -1071,4
EV/sales (x) 6 4,8 3
FCF yield (%) -51,2 -15,5 1,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,8 -1,8 2,2
SEKm 2019 2020e 2021e
Sales 14 22 35
COGS 0 0 0
Gross profit 14 22 35
Other operating items -31 -29 -30
EBITDA -17 -7 5
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles -4 -4 -4
EBITA -23 -13 0
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -23 -13 0
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 -13 0
Tax 0 0 0
Net profit -23 -13 0
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -23 -13 0
EPS -0,74 -0,43 0
EPS Adj -0,74 -0,43 0
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,4 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -117,3 -33 15,5
EBITA margin (%) -157,3 -57,8 1,2
EBIT margin (%) -157,3 -57,8 1,2
Pretax margin (%) -161,7 -60,6 -0,2
Net margin (%) -161,1 -60,6 -0,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 89,2 53,5 58,8
EBITDA growth (%) -65,3 56,9 174,7
EBIT growth (%) -109,8 43,7 103,3
Net profit growth (%) -104,1 42,3 99,3
EPS growth (%) 4,2 42,3 99,3
Profitability 2019 2020 2021
ROE (%) -98,2 -34,9 -0,2
ROE Adj (%) -98,2 -34,9 -0,2
ROCE (%) -55,7 -21,4 0,7
ROCE Adj(%) -55,7 -21,4 0,7
ROIC (%) -62 -24,5 0,8
ROIC Adj (%) -62 -24,5 0,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj -17 -7 5
EBITDA Adj margin (%) -117,3 -33 15,5
EBITA Adj -23 -13 0
EBITA Adj margin (%) -157,3 -57,8 1,2
EBIT Adj -23 -13 0
EBIT Adj margin (%) -157,3 -57,8 1,2
Pretax profit Adj -23 -13 0
Net profit Adj -23 -13 0
Net profit to shareholders Adj -23 -13 0
Net Adj margin (%) -161,1 -60,6 -0,2
SEKm 2019 2020e 2021e
EBITDA -17 -7 5
Net financial items -1 -1 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -17 -8 5
Change in WC -15 -4 -2
Operating cash flow -33 -12 3
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -3 -2
Acquisitions and disposals 0 0 0
Free cash flow -37 -15 1
Dividend paid 0 0 0
Share issues and buybacks 32 16 0
Other non cash items 3 -1 0
Decrease in net IB debt -2 0 1
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 13 13 13
Indefinite intangible assets 0 0 0
Definite intangible assets 36 34 32
Tangible fixed assets 3 2 1
Other fixed assets 0 0 0
Fixed assets 53 50 47
Inventories 0 0 1
Receivables 12 14 17
Other current assets 0 0 0
Cash and liquid assets 7 8 9
Total assets 72 73 74
Shareholders equity 37 39 39
Minority 0 0 0
Total equity 37 39 39
Long-term debt 6 6 6
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 15 15
Accounts payable 13 12 14
Other current liabilities 0 0 0
Total liabilities and equity 71 73 74
Net IB debt 14 13 12
Net IB debt excl. pension debt 14 13 12
Capital invested 51 52 51
Working capital -1 3 4
EV breakdown 2019 2020 2021
Market cap. diluted (m) 72 93 93
Net IB debt Adj 14 13 12
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 85 107 105
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 24,8 30,4 47,5
Capital invested turnover (%) 39,5 42,5 67,4
Capital employed turnover (%) 35,4 37,1 57,7
Inventories / sales (%) 0 1 1,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 117,7 56,9 37,3
Working capital / sales (%) -63,1 2,8 9,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 36,6 33,2 30,3
Net debt / market cap (%) 10,7 14 12,7
Equity ratio (%) 51,4 54,2 52,8
Net IB debt adj. / equity (%) 36,6 33,2 30,3
Current ratio (%) 67,1 82,4 92,8
EBITDA / net interest (%) -2630,4 -1168,9 1082,5
Net IB debt / EBITDA (%) -80,3 -180,2 219,8
Interest cover (%) -3526,6 -2048,1 82,5
SEKm 2019 2020e 2021e
EV/EBITA Adj -3,8 -8,4 255,4
Shares outstanding adj. 29 31 31
Fully diluted shares Adj 31 31 31
EPS -0,74 -0,43 0
Dividend per share Adj 0 0 0
EPS Adj -0,74 -0,43 0
BVPS 1,28 1,26 1,26
BVPS Adj -0,43 -0,26 -0,21
Net IB debt / share 0,5 0,4 0,4
Share price 4,37 3 3
Market cap. (m) 126 93 93
Valuation 2019 2020 2021
P/E -3,1 -7 -1071,4
EV/sales 5,96 4,85 3,02
EV/EBITDA -5,1 -14,7 19,5
EV/EBITA -3,8 -8,4 255,4
EV/EBIT -3,8 -8,4 255,4
Dividend yield (%) 0 0 0
FCF yield (%) -51,2 -15,5 1,4
P/BVPS 1,8 2,37 2,38
P/BVPS Adj -5,42 -11,38 -14,61
P/E Adj -3,1 -7 -1071,4
EV/EBITDA Adj -5,1 -14,7 19,5
EV/EBIT Adj -3,8 -8,4 255,4
EV/cap. employed 1,5 1,8 1,7
Investment ratios 2019 2020 2021
Capex / sales 29,1 12 6
Capex / depreciation 80,5 49,3 42,8
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 11,7 7,7 6,5
Depreciation on intangibles / definite intangibles 12,2 12,2 12,4
Depreciation on tangibles / tangibles 24,5 52,5 68,9

Equity research

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Media

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 5.3 % 12.3 % 31 Mar 2020
Avanza Pension 9.4 % 8.0 % 31 Mar 2020
Sten Röing 5.6 % 4.8 % 31 Mar 2020
Svensk Konstruktionstjänst AB 4.4 % 3.7 % 31 Mar 2020
Björn Rosengren 3.6 % 3.1 % 31 Mar 2020
Anders Säfwenberg 2.9 % 3.1 % 31 Mar 2020
Peter Norman Eggers 2.6 % 2.2 % 31 Mar 2020
Göran Hermansson 2.1 % 1.8 % 31 Mar 2020
Nordnet Pensionsförsäkring 1.9 % 1.6 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - iZafe

Name Quantity Code Date
Ludvig Arbin + 10 000 BUY 9 Mar 2020
Thomas Lars Fredrik Ahlerup + 20 000 BUY 2 Mar 2020
Thomas Lars Fredrik Ahlerup + 12 000 BUY 28 Feb 2020
Ludvig Arbin + 7 606 BUY 28 Feb 2020
Ludvig Arbin + 7 394 BUY 28 Feb 2020
Ludvig Arbin + 2 500 BUY 18 Dec 2019
Thomas Lars Fredrik Ahlerup + 1 896 BUY 17 Dec 2019
Thomas Lars Fredrik Ahlerup + 6 724 BUY 17 Dec 2019
Thomas Lars Fredrik Ahlerup + 1 380 BUY 17 Dec 2019
Thomas Ahlerup + 30 000 BUY 13 Dec 2019

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