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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 2020 2021e 2022e
Sales 697 760 815
Sales growth (%) 6,6 9 7,3
EBITDA 70 84 97
EBITDA margin (%) 10 11 11,9
EBIT adj 41 55 68
EBIT adj margin (%) 6 7,2 8,3
Pretax profit 37 50 63
EPS rep 3,56 5,43 6,88
EPS growth (%) 204,4 52,8 26,7
EPS adj 3,56 5,43 6,88
DPS 0 0 0
EV/EBITDA (x) 12,1 9,7 7,9
EV/EBIT adj (x) 20,3 14,8 11,3
P/E (x) 27,1 17,7 14
P/E adj (x) 27,1 17,7 14
EV/sales (x) 1,2 1,1 0,9
FCF yield (%) 3,7 4,3 5,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 0,2 -0,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 697 760 815
COGS -506 -509 -546
Gross profit 191 251 269
Other operating items -121 -167 -172
EBITDA 70 84 97
Depreciation on tangibles -28 -29 -29
Depreciation on intangibles 0 0 0
EBITA 41 55 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 41 55 68
Other financial items 0 0 0
Net financial items -4 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 37 50 63
Tax -8 -5 -6
Net profit 29 45 57
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 45 57
EPS 3,56 5,43 6,88
EPS Adj 3,56 5,43 6,88
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,9 -10 -10
Gross margin (%) 27,4 33 33
EBITDA margin (%) 10 11 11,9
EBITA margin (%) 6 7,2 8,3
EBIT margin (%) 6 7,2 8,3
Pretax margin (%) 5,4 6,5 7,7
Net margin (%) 4,2 5,9 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 9 7,3
EBITDA growth (%) 867 19,8 15,9
EBIT growth (%) 499 31,6 24,3
Net profit growth (%) 204,4 52,8 26,7
EPS growth (%) 204,4 52,8 26,7
Profitability 2020 2021 2022
ROE (%) 9,2 12,6 14
ROE Adj (%) 9,2 12,6 14
ROCE (%) 9,4 11,4 12,9
ROCE Adj(%) 9,4 11,4 12,9
ROIC (%) 6 9 10,9
ROIC Adj (%) 6 9 10,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 70 84 97
EBITDA Adj margin (%) 10 11 11,9
EBITA Adj 41 55 68
EBITA Adj margin (%) 6 7,2 8,3
EBIT Adj 41 55 68
EBIT Adj margin (%) 6 7,2 8,3
Pretax profit Adj 37 50 63
Net profit Adj 29 45 57
Net profit to shareholders Adj 29 45 57
Net Adj margin (%) 4,2 5,9 6,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 70 84 97
Net financial items -4 -5 -5
Paid tax -8 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC 58 74 86
Change in WC -3 -9 -10
Operating cash flow 54 64 75
CAPEX tangible fixed assets -25 -30 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 29 34 40
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 29 34 40
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 193 193 193
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 144 145 151
Other fixed assets 184 184 184
Fixed assets 521 522 528
Inventories 0 0 0
Receivables 230 258 285
Other current assets 0 0 0
Cash and liquid assets 69 104 144
Total assets 820 884 957
Shareholders equity 332 377 433
Minority 0 0 0
Total equity 332 377 433
Long-term debt 123 123 123
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 156 156 156
Short-term debt 0 0 0
Accounts payable 209 228 245
Other current liabilities 0 0 0
Total liabilities and equity 820 884 957
Net IB debt 54 20 -21
Net IB debt excl. pension debt 54 20 -21
Capital invested 542 552 568
Working capital 21 30 41
EV breakdown 2020 2021 2022
Market cap. diluted (m) 791 791 791
Net IB debt Adj 54 20 -21
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 844 810 770
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 85,6 89,2 88,6
Capital invested turnover (%) 128,7 139 145,5
Capital employed turnover (%) 158,3 159,2 154,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 31,2 28,8 29
Working capital / sales (%) 2,8 3,4 4,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 16,2 5,2 -4,8
Net debt / market cap (%) 14,3 2,5 -2,6
Equity ratio (%) 40,5 42,6 45,3
Net IB debt adj. / equity (%) 16,2 5,2 -4,8
Current ratio (%) 143,2 158,8 175,5
EBITDA / net interest (%) 1702,4 1672,1 1937,3
Net IB debt / EBITDA (%) 76,9 23,4 -21,4
Interest cover (%) 1012,2 1092,1 1357,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 3,56 5,43 6,88
Dividend per share Adj 0 0 0
EPS Adj 3,56 5,43 6,88
BVPS 40,4 45,83 52,71
BVPS Adj 16,9 22,34 29,22
Net IB debt / share 6,5 2,4 -2,5
Share price 45,53 96,2 96,2
Market cap. (m) 374 791 791
Valuation 2020 2021 2022
P/E 27,1 17,7 14
EV/sales 1,21 1,07 0,94
EV/EBITDA 12,1 9,7 7,9
EV/EBITA 20,3 14,8 11,3
EV/EBIT 20,3 14,8 11,3
Dividend yield (%) 0 0 0
FCF yield (%) 3,7 4,3 5,1
P/BVPS 2,38 2,1 1,82
P/BVPS Adj 5,69 4,31 3,29
P/E Adj 27,1 17,7 14
EV/EBITDA Adj 12,1 9,7 7,9
EV/EBITA Adj 20,3 14,8 11,3
EV/EBIT Adj 20,3 14,8 11,3
EV/cap. employed 1,9 1,6 1,4
Investment ratios 2020 2021 2022
Capex / sales 3,6 3,9 4,3
Capex / depreciation 88,3 103,4 120,7
Capex tangibles / tangible fixed assets 17,3 20,7 23,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,6 20 19,2
N/A N/A N/A

Equity research

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Media

Studsvik - Company presentation with CEO Camilla Hoflund
Studsvik - Presentation från Remiums kapitalmarknadsdag 28/3

Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 16.3 % 16.3 % 31 Dec 2020
Anna Karinen 15.6 % 15.6 % 31 Dec 2020
Peter Gyllenhammar 12.5 % 12.5 % 30 Sep 2020
Avanza Pension 6.3 % 6.3 % 31 Dec 2020
Familjen Girell 4.5 % 4.5 % 31 Dec 2020
Lena Karinen 3.2 % 3.2 % 31 Dec 2020
Malte Edenius 3.0 % 3.0 % 30 Sep 2020
Leif Lundin 2.5 % 2.5 % 31 Dec 2020
Nordnet Pensionsförsäkring 2.2 % 2.2 % 31 Dec 2020
Helge Karinen 1.3 % 1.3 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Studsvik

Name Quantity Code Date
Jan Thomas Michael Samuelsson + 3 000 BUY 14 Sep 2020
Jan Thomas Michael Samuelsson + 13 000 BUY 4 Sep 2020
Jan Barchan + 57 870 BUY 17 Jun 2020
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

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