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Stockwik

Stockwik

Stockwik is a Swedish serial acquirer operating 16 subsidiaries within four business segments: Healthcare, Industry, Property Services and Business Services. It has an acquisition-driven business model, with an average of two acquisitions made p.a. since its inception, in 2013, with 16 acquisitions in total. Recently, the company has increased its pace of acquisitions and has made 11 out of the 16 acquisitions in the last three years. Stockwik acquires companies with a long history of profitability and with exposure to resilient end-markets. The group structure is decentralized, enabling group management to focus on adding new companies to the group.

Acquisitions are an integral part of the business model. If prices on targets rise, this would hurt the company. If the economy weakens, this could affect the earnings stability of acquisition targets, and thus prolong negotiations. In addition, Stockwik is heavily dependent on key personnel, as group management only consists of CEO David Andreasson, CFO Andreas Säfstrand and COO Rickard Henze. If one were to leave the company, or not be able to pursue their role, the effects would be notable.

SEKm 2020 2021e 2022e
Sales 439 622 680
Sales growth (%) 26,8 41,8 9,3
EBITDA 37 76 92
EBITDA margin (%) 8,4 12,3 13,5
EBIT adj 10 39 53
EBIT adj margin (%) 2,3 6,2 7,8
Pretax profit -15 5 19
EPS rep -0,17 -0,06 2,48
EPS growth (%) -102,6 63,3 4099,5
EPS adj 1,86 2,35 4,91
DPS 0 0 0
EV/EBITDA (x) 18,1 16,4 13,4
EV/EBIT adj (x) 65,6 32,6 23,1
P/E (x) -528,4 -2844,1 71,1
P/E adj (x) 48 75 35,9
EV/sales (x) 1,5 2 1,8
FCF yield (%) -12,4 -4,6 3,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 6,7 2,2 1,5
Lease adj. FCF yield (%) -15,1 -5,5 2,6
Lease adj. ND/EBITDA 9,6 2,5 1,6
SEKm 2020 2021e 2022e
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 0 15
EPS -0,17 -0,06 2,48
EPS Adj 1,86 2,35 4,91
Total extraordinary items after tax 0 0 0
Leasing payments -13 -17 -18
Tax rate (%) -94,7 -107,6 -20,6
Gross margin (%) 46,6 53 52
EBITDA margin (%) 8,4 12,3 13,5
EBITA margin (%) 4,5 8,6 10
EBIT margin (%) 2,3 6,2 7,8
Pretax margin (%) -3,4 0,8 2,8
Net margin (%) -0,2 -0,1 2,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 26,8 41,8 9,3
EBITDA growth (%) 19,4 106,3 20,2
EBIT growth (%) -17,1 277,6 37,6
Net profit growth (%) -102,9 52,2 4099,5
EPS growth (%) -102,6 63,3 4099,5
Profitability 2020 2021 2022
ROE (%) -0,8 -0,2 5,7
ROE Adj (%) 8,3 7,7 11,4
ROCE (%) 2,9 6,9 7,8
ROCE Adj(%) 5,5 9,5 10
ROIC (%) 0,2 -0,7 10
ROIC Adj (%) 0,2 -0,7 10
Adj earnings numbers 2020 2021 2022
EBITDA Adj 37 76 92
EBITDA Adj margin (%) 8,4 12,3 13,5
EBITDA lease Adj 24 59 74
EBITDA lease Adj margin (%) 5,5 9,5 10,9
EBITA Adj 20 53 68
EBITA Adj margin (%) 4,5 8,6 10
EBIT Adj 10 39 53
EBIT Adj margin (%) 2,3 6,2 7,8
Pretax profit Adj -6 20 34
Net profit Adj 9 14 30
Net profit to shareholders Adj 9 14 30
Net Adj margin (%) 2 2,3 4,4
Sales 439 622 680
COGS -234 -292 -326
Gross profit 205 330 354
Other operating items -168 -254 -262
EBITDA 37 76 92
Depreciation and amortisation -17 -23 -24
Of which leasing depreciation -13 -17 -18
EBITA 20 53 68
EO items 0 0 0
Impairment and PPA amortisation -10 -15 -15
EBIT 10 39 53
Net financial items -25 -33 -34
Pretax profit -15 5 19
Tax 14 -5 -4
Net profit -1 0 15
SEKm 2020 2021e 2022e
EBITDA 37 76 92
Net financial items -25 -33 -34
Paid tax -2 -5 -4
Non-cash items 14 0 0
Cash flow before change in WC 23 38 54
Change in WC 2 -24 -13
Operating cash flow 25 14 41
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -76 -61 0
Free cash flow -52 -50 38
Dividend paid 0 0 0
Share issues and buybacks 13 140 0
Lease liability amortisation -12 -10 -10
Other non cash items -53 0 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 203 203 203
Other intangible assets 69 54 39
Tangible fixed assets 10 68 65
Right-of-use asset 24 17 10
Total other fixed assets 72 72 72
Fixed assets 378 414 388
Inventories 22 28 27
Receivables 70 106 116
Other current assets 14 14 14
Cash and liquid assets 87 242 270
Total assets 570 803 815
Shareholders equity 119 258 274
Minority 0 0 0
Total equity 119 258 274
Long-term debt 313 388 388
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 22 22
Total other long-term liabilities 2 2 2
Short-term debt 4 4 4
Accounts payable 50 68 65
Other current liabilities 61 61 61
Total liabilities and equity 570 803 815
Net IB debt 247 167 139
Net IB debt excl. pension debt 247 167 139
Net IB debt excl. leasing 230 150 122
Capital invested 367 427 414
Working capital -5 18 31
EV breakdown 2020 2021 2022
Market cap. diluted (m) 423 1087 1087
Net IB debt Adj 247 167 139
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 670 1254 1226
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 95,7 90,6 84,1
Working capital / sales (%) 1,2 1 3,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 208 64,7 50,7
Net debt / market cap (%) 83,1 15,4 12,8
Equity ratio (%) 20,8 32,2 33,6
Net IB debt adj. / equity (%) 208 64,7 50,7
Current ratio (%) 153 269,9 304
EBITDA / net interest (%) 146,2 227,8 272
Net IB debt / EBITDA (%) 667,3 219 151,2
Net IB debt / EBITDA lease Adj (%) 955,2 254,1 164,7
Interest cover (%) 78,8 159 201,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 5 6 6
Fully diluted shares Adj 5 6 6
EPS -0,17 -0,06 2,48
Dividend per share Adj 0 0 0
EPS Adj 1,86 2,35 4,91
BVPS 25,1 41,98 44,47
BVPS Adj -17,83 9,01 11,49
Net IB debt / share 53,3 28 23,4
Share price 62,81 176,6 176,6
Market cap. (m) 297 1087 1087
Valuation 2020 2021 2022
P/E -528,4 -2844,1 71,1
EV/sales 1,53 2,02 1,8
EV/EBITDA 18,1 16,4 13,4
EV/EBITA 33,8 23,5 18
EV/EBIT 65,6 32,6 23,1
Dividend yield (%) 0 0 0
FCF yield (%) -12,4 -4,6 3,5
Lease adj. FCF yield (%) -15,1 -5,5 2,6
P/BVPS 3,56 4,21 3,97
P/BVPS Adj -5,01 19,6 15,37
P/E Adj 48 75 35,9
EV/EBITDA Adj 18,1 16,4 13,4
EV/EBITA Adj 33,8 23,5 18
EV/EBIT Adj 65,6 32,6 23,1
EV/cap. employed 1,5 1,9 1,8
Investment ratios 2020 2021 2022
Capex / sales 0,3 0,5 0,4
Capex / depreciation 34,9 51,7 44,4
Capex tangibles / tangible fixed assets 15,5 4,4 4,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 44,3 8,5 9,4

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Media

Stockwik - Company presentation with CEO David Andreasson

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Olof Nordberg 13.1 % 13.1 % 31 May 2021
Avanza Pension 9.1 % 9.1 % 31 May 2021
Oskar Lindström 6.9 % 6.9 % 31 May 2021
Mathias Wiesel 5.7 % 5.7 % 31 May 2021
Nordnet Pensionsförsäkring 4.7 % 4.7 % 31 May 2021
Handelsbanken Fonder 3.9 % 3.9 % 31 May 2021
Thomas Stolpe 3.4 % 3.4 % 30 Jun 2020
Rune Rinnan 2.4 % 2.4 % 31 May 2021
David Andreasson 2.3 % 2.3 % 1 Jun 2021
Amnäs Holding AB 2.1 % 2.1 % 31 Mar 2021
Source: Holdings by Modular Finance AB