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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 2018 2019e 2020e
Sales 726 753 792
Sales growth (%) 3 3,7 5,2
EBITDA 45 55 69
EBITDA margin (%) 6,2 7,4 8,7
EBIT adj 29 37 49
EBIT adj margin (%) 4 5 6,2
Pretax profit 18 32 45
EPS rep 1,01 3,46 4,92
EPS growth (%) 116,3 242,5 42,2
EPS adj 0,44 3,46 4,92
DPS 0 0 0
EV/EBITDA (x) 7,9 6,2 4,5
EV/EBIT adj (x) 12,4 9,2 6,3
P/E (x) 37,9 11,3 7,9
P/E adj (x) 87,4 11,3 7,9
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) 17,2 7 10,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1 0,4 -0,2
SEKm 2018 2019e 2020e
Sales 726 753 792
COGS -530 -539 -554
Gross profit 197 213 238
Other operating items -151 -158 -169
EBITDA 45 55 69
Depreciation on tangibles -12 -18 -20
Depreciation on intangibles 0 0 0
EBITA 34 37 49
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 34 37 49
Other financial items 0 0 0
Net financial items -15 -6 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 32 45
Tax -10 -3 -4
Net profit 8 28 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 28 40
EPS 1,01 3,46 4,92
EPS Adj 0,44 3,46 4,92
Total extraordinary items after tax 4,7 0 0
Tax rate (%) -54,6 -10 -10
Gross margin (%) 27,1 28,3 30
EBITDA margin (%) 6,2 7,4 8,7
EBITA margin (%) 4,6 5 6,2
EBIT margin (%) 4,6 5 6,2
Pretax margin (%) 2,5 4,2 5,7
Net margin (%) 1,1 3,8 5,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 3 3,7 5,2
EBITDA growth (%) 269,7 22,2 24,5
EBIT growth (%) 181 11,1 31
Net profit growth (%) 116,3 242,5 42,2
EPS growth (%) 116,3 242,5 42,2
Profitability 2018 2019 2020
ROE (%) 2,7 8,6 11,1
ROE Adj (%) 1,2 8,6 11,1
ROCE (%) 9 10,3 13,2
ROCE Adj(%) 7,7 10,3 13,2
ROIC (%) 4,1 9,3 12
ROIC Adj (%) 3,5 9,3 12
Adj earnings numbers 2018 2019 2020
EBITDA Adj 41 55 69
EBITDA Adj margin (%) 5,6 7,4 8,7
EBITA Adj 29 37 49
EBITA Adj margin (%) 4 5 6,2
EBIT Adj 29 37 49
EBIT Adj margin (%) 4 5 6,2
Pretax profit Adj 14 32 45
Net profit Adj 4 28 40
Net profit to shareholders Adj 4 28 40
Net Adj margin (%) 0,5 3,8 5,1
SEKm 2018 2019e 2020e
EBITDA 45 55 69
Net financial items -15 -6 -4
Paid tax -10 -3 -4
Non-cash items 0 0 0
Cash flow before change in WC 20 46 60
Change in WC 54 -5 -7
Operating cash flow 80 41 54
CAPEX tangible fixed assets -26 -19 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 54 22 34
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 3 0 0
Decrease in net IB debt 57 22 34
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 190 190 190
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 124 125 125
Other fixed assets 169 169 169
Fixed assets 484 484 484
Inventories 0 0 0
Receivables 262 271 269
Other current assets 0 1 1
Cash and liquid assets 156 128 162
Total assets 901 884 916
Shareholders equity 316 345 385
Minority 0 0 0
Total equity 316 345 385
Long-term debt 200 150 150
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 0 0 0
Accounts payable 218 222 214
Other current liabilities 0 1 1
Total liabilities and equity 901 825 901
Net IB debt 44 22 -12
Net IB debt excl. pension debt 44 22 -12
Capital invested 358 364 371
Working capital 44 49 55
EV breakdown 2018 2019 2020
Market cap. diluted (m) 315 321 321
Net IB debt Adj 44 22 -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 359 343 308
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 84,2 84,4 88
Capital invested turnover (%) 193,7 208,4 215,6
Capital employed turnover (%) 193,6 207 214,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 26,8 29,2 27,5
Working capital / sales (%) 9,7 6,2 6,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 14 6,4 -3,1
Net debt / market cap (%) 12,9 6,9 -3,8
Equity ratio (%) 35,1 39 42
Net IB debt adj. / equity (%) 14 6,4 -3,1
Current ratio (%) 191,4 179,3 201,2
EBITDA / net interest (%) 296,1 962,4 1723
Net IB debt / EBITDA (%) 98 39,8 -17,5
Interest cover (%) 219,6 649,3 1223
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 1,01 3,46 4,92
Dividend per share Adj 0 0 0
EPS Adj 0,44 3,46 4,92
BVPS 38,47 41,93 46,85
BVPS Adj 15,33 18,79 23,71
Net IB debt / share 5,4 2,7 -1,5
Share price 41,93 39 39
Market cap. (m) 345 321 321
Valuation 2018 2019 2020
P/E 37,9 11,3 7,9
EV/sales 0,49 0,46 0,39
EV/EBITDA 7,9 6,2 4,5
EV/EBITA 10,7 9,2 6,3
EV/EBIT 10,7 9,2 6,3
Dividend yield (%) 0 0 0
FCF yield (%) 17,2 7 10,6
P/BVPS 1 0,93 0,83
P/BVPS Adj 2,5 2,08 1,64
P/E Adj 87,4 11,3 7,9
EV/EBITDA Adj 8,8 6,2 4,5
EV/EBITA Adj 12,4 9,2 6,3
EV/EBIT Adj 12,4 9,2 6,3
EV/cap. employed 1 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 3,6 2,5 2,5
Capex / depreciation 223,1 104,6 99
Capex tangibles / tangible fixed assets 21 15 15,9
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 9,4 14,4 16

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Main shareholders

Studsvik

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 15.6 % 15.6 % 31 Dec 2018
Anna Karinen 15.6 % 15.6 % 31 Dec 2018
Peter Gyllenhammar 11.8 % 11.8 % 31 Dec 2018
Familjen Girell 4.3 % 4.3 % 31 Dec 2018
Avanza Pension 3.5 % 3.5 % 31 Dec 2018
Lena Karinen 3.2 % 3.2 % 31 Dec 2018
Nordnet Pensionsförsäkring 3.2 % 3.2 % 31 Dec 2018
Malte Edenius 3.0 % 3.0 % 31 Dec 2018
Henric Wiman 2.6 % 2.6 % 31 Dec 2018
Leif Lundin 2.4 % 2.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Studsvik

Name Quantity Code Date
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
ANDERS ULLBERG - 1 * 22 Nov 2016
Thomas Samuelsson + 3 824 BUY 4 Nov 2016
Thomas Samuelsson - 5 000 SELL 21 Oct 2016
GUSTAV PETTERSSON - 500 SELL 29 Jul 2016
Pettersson, Ann-Sofi + 500 * 21 Sep 2015

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