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Penneo

Penneo

Penneo is a SaaS provider originally established to support primarily the auditing industry with digital document signatures thereby replacing pen and paper with a digital solution. In October 2020, Penneo added onboarding and know-your-customer (KYC) & AML compliance to its product offering via the acquisition of CLA Reply thereby expanding its offering to facilitate upselling to existing clients and to cater for adjacent industries governed by AML regulation such as financial institutions. Penneo is present in Denmark, Sweden, Norway, Finland, Belgium and Germany.

Penneo will benefit from increasing adoption of IT automation technologies as well as continued digitalisation in the public and private sectors. Future regulatory initiatives concerning digitisation and data privacy are expected to strengthen Penneo’s position and improve its value proposition as the incentives for investing in solutions like Penneo’s continue to rise. Continued or increased focus on the climate impact of document-heavy industries’ paper waste will also benefit Penneo.

The market for Penneo’s solutions is highly competitive and some competitors have more financial strength and greater broader global distribution while their technical and marketing resources may put them in a better position to respond more swiftly and effectively to new opportunities and technologies. Larger players may begin to offer or further develop their solutions targeted at the auditing vertical potentially forcing Penneo into a price war. Lower levels of digitisation and national adoption rates of eIDs outside the Nordics may make expansion outside the Nordics more difficult.

DKKm 2020 2021e 2022e
Sales 36 57 88
Sales growth (%) 28,8 59,1 55,1
EBITDA -13 -20 -15
EBITDA margin (%) -37 -34,6 -16,9
EBIT adj -16 -24 -20
EBIT adj margin (%) -45,7 -42,3 -23,1
Pretax profit -17 -25 -21
EPS rep -0,43 -0,78 -0,63
EPS growth (%) -382,3 -81,4 20,1
EPS adj -0,33 -0,64 -0,45
DPS 0 0 0
EV/EBITDA (x) -101,3 -52,9 -71,4
EV/EBIT adj (x) -81,9 -43,2 -52,3
P/E (x) -104,8 -43,6 -54,6
P/E adj (x) -136,8 -53,4 -76,3
EV/sales (x) 37,5 18,3 12,1
FCF yield (%) -1,7 -3 -2,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,9 -1 -2,9
Lease adj. FCF yield (%) -1,8 -3,1 -2,2
Lease adj. ND/EBITDA 2 -0,2 -1,9
DKKm 2020 2021e 2022e
Sales 36 57 88
COGS -16 -27 -40
Gross profit 20 30 47
Other operating items -33 -50 -62
EBITDA -13 -20 -15
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EBITA -13 -20 -15
EO items 0 0 0
Impairment and PPA amortisation -3 -4 -5
EBIT -16 -24 -20
Net financial items -1 -1 -1
Pretax profit -17 -25 -21
Tax 4 2 3
Net profit -13 -23 -19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 -23 -19
EPS -0,43 -0,78 -0,63
EPS Adj -0,33 -0,64 -0,45
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -26 -6,9 -12,6
Gross margin (%) 56 53 54
EBITDA margin (%) -37 -34,6 -16,9
EBITA margin (%) -37,3 -34,8 -17
EBIT margin (%) -45,7 -42,3 -23,1
Pretax margin (%) -48,7 -44,1 -24,2
Net margin (%) -36 -41,1 -21,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 28,8 59,1 55,1
EBITDA growth (%) -5949,2 -48,8 24,3
EBIT growth (%) -652,7 -47,3 15,5
Net profit growth (%) -382,3 -81,4 20,1
EPS growth (%) -382,3 -81,4 20,1
Profitability 2020 2021 2022
ROE (%) -38,5 -50,5 -74,1
ROE Adj (%) -29,5 -41,3 -53
ROCE (%) -31,4 -35,9 -44,2
ROCE Adj(%) -25,6 -29,5 -32,7
ROIC (%) -34 -41,6 -29,4
ROIC Adj (%) -34 -41,6 -29,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj -13 -20 -15
EBITDA Adj margin (%) -37 -34,6 -16,9
EBITDA lease Adj -13 -20 -15
EBITDA lease Adj margin (%) -37 -34,6 -16,9
EBITA Adj -13 -20 -15
EBITA Adj margin (%) -37,3 -34,8 -17
EBIT Adj -16 -24 -20
EBIT Adj margin (%) -45,7 -42,3 -23,1
Pretax profit Adj -14 -21 -16
Net profit Adj -10 -19 -13
Net profit to shareholders Adj -10 -19 -13
Net Adj margin (%) -27,6 -33,6 -15,2
DKKm 2020 2021e 2022e
Pension debt 0 0 0
EBITDA -13 -20 -15
Net financial items -1 -1 -1
Paid tax 2 3 4
Non-cash items 2 3 2
Cash flow before change in WC -10 -15 -10
Change in WC 1 -3 -1
Operating cash flow -9 -19 -11
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets -9 -12 -12
Acquisitions and disposals -4 0 0
Free cash flow -22 -30 -23
Dividend paid 0 0 0
Share issues and buybacks 48 0 0
Lease liability amortisation -2 -1 0
Other non cash items -6 0 -1
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 8 8 8
Other intangible assets 27 32 35
Tangible fixed assets 1 1 1
Right-of-use asset 15 15 15
Total other fixed assets 1 1 1
Fixed assets 53 57 61
Inventories 0 0 0
Receivables 11 13 19
Other current assets 1 1 2
Cash and liquid assets 32 1 -23
Total assets 96 72 60
Shareholders equity 58 34 16
Minority 0 0 0
Total equity 58 34 16
Long-term debt 5 5 5
Convertible debt 0 0 0
Leasing liability 16 16 16
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 11 10 16
Other current liabilities 4 4 4
Total liabilities and equity 96 72 60
Net IB debt -11 20 44
Net IB debt excl. pension debt -11 20 44
Net IB debt excl. leasing -27 5 28
Capital invested 49 58 63
Working capital -3 0 1
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1342 1013 1013
Net IB debt Adj -11 20 44
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 1331 1033 1057
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 52,5 67,2 132,9
Working capital / sales (%) -11,7 -2,6 0,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -19,5 58,5 276,7
Net debt / market cap (%) -1,3 2,3 5,1
Equity ratio (%) 60 47,4 26,5
Net IB debt adj. / equity (%) -19,5 58,5 276,7
Current ratio (%) 255,2 90,1 -6,9
EBITDA / net interest (%) -1255,7 -1894,1 -1434,7
Net IB debt / EBITDA (%) 85,3 -102,9 -294,9
Net IB debt / EBITDA lease Adj (%) 203,9 -23,2 -189,7
Interest cover (%) -1155,4 -1905,7 -1446,3
DKKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 30 30 30
EPS -0,43 -0,78 -0,63
Dividend per share Adj 0 0 0
EPS Adj -0,33 -0,64 -0,45
BVPS 2,29 1,37 0,63
BVPS Adj 1,28 0,17 -0,72
Net IB debt / share -0,4 0,8 1,7
Share price 35,14 34,2 34,2
Market cap. (m) 883 859 859
Valuation 2020 2021 2022
P/E -104,8 -43,6 -54,6
EV/sales 37,46 18,28 12,06
EV/EBITDA -101,3 -52,9 -71,4
EV/EBITA -100,4 -52,6 -70,8
EV/EBIT -81,9 -43,2 -52,3
Dividend yield (%) 0 0 0
FCF yield (%) -1,7 -3 -2,2
Lease adj. FCF yield (%) -1,8 -3,1 -2,2
P/BVPS 19,77 25,02 54,48
P/BVPS Adj 35,31 201,23 -47,72
P/E Adj -136,8 -53,4 -76,3
EV/EBITDA Adj -101,3 -52,9 -71,4
EV/EBITA Adj -100,4 -52,6 -70,8
EV/EBIT Adj -81,9 -43,2 -52,3
EV/cap. employed 17 18,8 29
Investment ratios 2020 2021 2022
Capex / sales 27,3 21 13,6
Capex / depreciation 8087,1 9918 9918
Capex tangibles / tangible fixed assets 103,2 16,3 16,3
Capex intangibles / definite intangibles 52,7 54,3 46,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,3 16,3 16,3

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Michael Moesgaard Andersen 12.6 % 12.6 % 31 Dec 2020
Nicolaj Højer Nielsen 11.5 % 11.5 % 31 Dec 2020
Jan Flora 8.4 % 8.4 % 16 Sep 2021
Mikkel Clausen 8.1 % 8.1 % 31 Dec 2020
André Clement 7.4 % 7.4 % 31 Dec 2020
Jakob Neua Nørgaard 7.0 % 7.0 % 31 Dec 2020
Anders Eskholm 7.0 % 7.0 % 31 Dec 2020
Niels Henrik Rasmussen 5.4 % 5.4 % 26 May 2020
Janek Borgmann 4.9 % 4.9 % 26 May 2020
Penneo A/S 2.4 % 2.4 % 26 May 2020
Source: Holdings by Modular Finance AB