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Studsvik

Studsvik

Service provider to the nuclear industry

Studsvik delivers services within the international nuclear power industry, with most clients being nuclear power plants and suppliers to the industry. The company offers services over the entire life cycle of nuclear power plants including consultancy services, decommissioning of nuclear power plants, waste management as well as fuel testing and optimization. With a long experience in nuclear technology, the company aims to create value by improving reactor performance and hence reducing fuel costs and risks by offering innovative technological solutions.

We believe that the key opportunities for Studsvik are mainly driven by an increase in demand for Studsvik's offerings in the Asian and Middle East regions. Further construction of nuclear power plants increases the chance for new FSBS-licenses, which in turn increases demand for consultancy services and leads to higher utilization. Furthermore, as nuclear power plants are mostly under decommissioning in Europe and the US, a further expansion and offerings to the oil and gas markets will be an opportunity for Studsvik.

A key risk for Studsvik is the net effect of decommissioned nuclear power plants versus newly constructed ones. The net effect in the long run makes it essential for Studsvik to enter new markets. Short-term cost savings among Studsvik's customers, mostly in Europe and the US, lead to prolonged decision processes and hence lower sales, utilization and cash flows. Additionally, internal inefficiencies leading to capital tie-ups in receivables, also leading to weaker cash flows.

SEKm 2019 2020e 2021e
Sales 636 704 744
Sales growth (%) -12,5 10,8 5,6
EBITDA -24 42 61
EBITDA margin (%) -3,7 6 8,2
EBIT adj -48 14 32
EBIT adj margin (%) -7,6 2 4,3
Pretax profit -59 10 28
EPS rep -7,54 1,1 3,03
EPS growth (%) -847 114,5 176,1
EPS adj -7,08 1,1 3,03
DPS 0 0 0
EV/EBITDA (x) -14,7 8,3 5,5
EV/EBIT adj (x) -7,2 24,9 10,6
P/E (x) -3,9 27 9,8
P/E adj (x) -4,2 27 9,8
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) -22,9 0,1 5,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -4,5 2,5 1,5
SEKm 2019 2020e 2021e
Sales 636 704 744
COGS -478 -479 -498
Gross profit 158 225 245
Other operating items -181 -183 -185
EBITDA -24 42 61
Depreciation on tangibles -28 -28 -29
Depreciation on intangibles 0 0 0
EBITA -52 14 32
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -52 14 32
Other financial items 0 0 0
Net financial items -7 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -59 10 28
Tax -3 -1 -3
Net profit -62 9 25
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -62 9 25
EPS -7,54 1,1 3,03
EPS Adj -7,08 1,1 3,03
Total extraordinary items after tax -3,8 0 0
Tax rate (%) 5,1 -10 -10
Gross margin (%) 24,8 32 33
EBITDA margin (%) -3,7 6 8,2
EBITA margin (%) -8,2 2 4,3
EBIT margin (%) -8,2 2 4,3
Pretax margin (%) -9,3 1,4 3,7
Net margin (%) -9,8 1,3 3,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -12,5 10,8 5,6
EBITDA growth (%) -147 277,3 44,4
EBIT growth (%) -254,8 127 125,8
Net profit growth (%) -847 114,5 176,1
EPS growth (%) -847 114,5 176,1
Profitability 2019 2020 2021
ROE (%) -21,7 3,5 9
ROE Adj (%) -20,4 3,5 9
ROCE (%) -11,7 3,7 8
ROCE Adj(%) -10,8 3,7 8
ROIC (%) -10,4 2,4 5,3
ROIC Adj (%) -9,6 2,4 5,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj -20 42 61
EBITDA Adj margin (%) -3,1 6 8,2
EBITA Adj -48 14 32
EBITA Adj margin (%) -7,6 2 4,3
EBIT Adj -48 14 32
EBIT Adj margin (%) -7,6 2 4,3
Pretax profit Adj -55 10 28
Net profit Adj -58 9 25
Net profit to shareholders Adj -58 9 25
Net Adj margin (%) -9,2 1,3 3,3
SEKm 2019 2020e 2021e
EBITDA -24 42 61
Net financial items -7 -4 -4
Paid tax -3 -1 -3
Non-cash items 0 0 0
Cash flow before change in WC -34 37 54
Change in WC -2 -12 -11
Operating cash flow -36 25 43
CAPEX tangible fixed assets -20 -25 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -56 0 13
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -6 0 0
Decrease in net IB debt -61 0 13
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 190 190 190
Indefinite intangible assets 6 6 6
Definite intangible assets 0 0 0
Tangible fixed assets 116 113 114
Other fixed assets 169 169 169
Fixed assets 481 478 479
Inventories 1 1 1
Receivables 222 246 260
Other current assets 0 0 0
Cash and liquid assets 16 16 30
Total assets 721 742 770
Shareholders equity 254 263 288
Minority 0 0 0
Total equity 254 263 288
Long-term debt 50 50 50
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 167 167 167
Short-term debt 72 72 72
Accounts payable 178 190 193
Other current liabilities 0 0 0
Total liabilities and equity 825 901 721
Net IB debt 106 106 92
Net IB debt excl. pension debt 106 106 92
Capital invested 527 535 547
Working capital 46 57 68
EV breakdown 2019 2020 2021
Market cap. diluted (m) 243 243 243
Net IB debt Adj 106 106 92
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 349 349 336
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 78,4 96,3 98,4
Capital invested turnover (%) 120,6 132,6 137,4
Capital employed turnover (%) 142,5 185 187
Inventories / sales (%) 0,1 0,2 0,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,1 26,1 25,8
Working capital / sales (%) 7 7,3 8,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 41,6 40,1 32
Net debt / market cap (%) 40,4 43,4 37,9
Equity ratio (%) 35,3 35,5 37,4
Net IB debt adj. / equity (%) 41,6 40,1 32
Current ratio (%) 95,9 100,7 109,7
EBITDA / net interest (%) -338,6 1050,5 1516,6
Net IB debt / EBITDA (%) -446,3 251,3 152,2
Interest cover (%) -742,9 350,5 791,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS -7,54 1,1 3,03
Dividend per share Adj 0 0 0
EPS Adj -7,08 1,1 3,03
BVPS 30,93 32,03 35,06
BVPS Adj 7,79 8,88 11,91
Net IB debt / share 12,9 12,9 11,2
Share price 31,84 29,6 29,6
Market cap. (m) 262 243 243
Valuation 2019 2020 2021
P/E -3,9 27 9,8
EV/sales 0,55 0,5 0,45
EV/EBITDA -14,7 8,3 5,5
EV/EBITA -6,7 24,9 10,6
EV/EBIT -6,7 24,9 10,6
Dividend yield (%) 0 0 0
FCF yield (%) -22,9 0,1 5,5
P/BVPS 0,96 0,92 0,84
P/BVPS Adj 3,8 3,33 2,48
P/E Adj -4,2 27 9,8
EV/EBITDA Adj -17,5 8,3 5,5
EV/EBITA Adj -7,2 24,9 10,6
EV/EBIT Adj -7,2 24,9 10,6
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 3,1 3,6 4
Capex / depreciation 70,7 89,3 103,4
Capex tangibles / tangible fixed assets 17,2 22,1 26,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 24,4 24,8 25,4

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Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 15.6 % 15.6 % 31 Dec 2019
Anna Karinen 15.6 % 15.6 % 31 Dec 2019
Peter Gyllenhammar 12.0 % 12.0 % 30 Sep 2019
Avanza Pension 7.1 % 7.1 % 31 Dec 2019
Familjen Girell 4.5 % 4.5 % 31 Dec 2019
Lena Karinen 3.2 % 3.2 % 31 Dec 2019
Malte Edenius 3.0 % 3.0 % 30 Sep 2019
Nordnet Pensionsförsäkring 2.7 % 2.7 % 31 Dec 2019
Leif Lundin 2.4 % 2.4 % 31 Dec 2019
Helge Karinen 1.3 % 1.3 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Studsvik

Name Quantity Code Date
Mikael Karlsson + 1 001 BUY 14 Aug 2019
Mikael Karlsson + 1 902 BUY 6 Aug 2019
Mikael Karlsson + 199 BUY 5 Aug 2019
Claes Engvall + 1 600 BUY 1 Aug 2019
Camilla Hoflund + 8 200 BUY 30 Jul 2019
Jan Thomas Michael Samuelsson + 2 905 BUY 17 Dec 2018
Pål Jarness + 2 000 BUY 31 Oct 2018
Pål Jarness + 13 500 BUY 14 Aug 2018
Jan Thomas Michael Samuelsson + 14 598 BUY 18 Jun 2018
Jan Barchan -2 997 000 SELL 23 Nov 2016

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