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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
Lease adj. FCF yield (%) 4,3 6 6,8
Lease adj. ND/EBITDA 0,7 0,2 -0,2
Sales 722 772 837
Sales growth (%) 10,4 6,9 8,5
EBITDA 71 91 104
EBITDA margin (%) 9,8 11,9 12,4
EBIT adj 46 63 75
EBIT adj margin (%) 6,4 8,2 8,9
Pretax profit 41 57 70
EPS rep 4,28 6,3 7,66
EPS growth (%) 225,7 47 21,6
EPS adj 4,28 6,3 7,66
DPS 1 1,2 1,4
EV/EBITDA (x) 10,9 7,6 6,3
EV/EBIT adj (x) 16,8 10,9 8,8
P/E (x) 20,4 13 10,7
P/E adj (x) 20,4 13 10,7
EV/sales (x) 1,1 0,9 0,8
FCF yield (%) 4,3 6 6,8
Dividend yield (%) 1,1 1,5 1,7
Net IB debt/EBITDA 0,7 0,2 -0,2
SEKm 2020 2021e 2022e
Depreciation and amortisation -25 -28 -29
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 71 91 104
EBITDA lease Adj margin (%) 9,8 11,9 12,4
Sales 722 772 837
COGS -527 -525 -561
Gross profit 195 247 276
Other operating items -125 -156 -172
EBITDA 71 91 104
Depreciation on tangibles -25 -28 -29
Depreciation on intangibles 0 0 0
EBITA 46 63 75
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 46 63 75
Other financial items 0 0 0
Net financial items -5 -6 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 41 57 70
Tax -6 -6 -7
Net profit 35 52 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 52 63
EPS 4,28 6,3 7,66
EPS Adj 4,28 6,3 7,66
Total extraordinary items after tax 0 0 0
Tax rate (%) -14,8 -10 -10
Gross margin (%) 27 32 33
EBITDA margin (%) 9,8 11,9 12,4
EBITA margin (%) 6,4 8,2 8,9
EBIT margin (%) 6,4 8,2 8,9
Pretax margin (%) 5,7 7,4 8,3
Net margin (%) 4,9 6,7 7,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 10,4 6,9 8,5
EBITDA growth (%) 874,7 29,8 13,6
EBIT growth (%) 542,3 38 18
Net profit growth (%) 225,7 47 21,6
EPS growth (%) 225,7 47 21,6
Profitability 2020 2021 2022
ROE (%) 11 14,4 15,4
ROE Adj (%) 11 14,4 15,4
ROCE (%) 10,4 13,1 14,1
ROCE Adj(%) 10,4 13,1 14,1
ROIC (%) 7,2 10,4 11,9
ROIC Adj (%) 7,2 10,4 11,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 71 91 104
EBITDA Adj margin (%) 9,8 11,9 12,4
EBITA Adj 46 63 75
EBITA Adj margin (%) 6,4 8,2 8,9
EBIT Adj 46 63 75
EBIT Adj margin (%) 6,4 8,2 8,9
Pretax profit Adj 41 57 70
Net profit Adj 35 52 63
Net profit to shareholders Adj 35 52 63
Net Adj margin (%) 4,9 6,7 7,5
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 184 184 184
Leasing liability 0 0 0
Total other long-term liabilities 156 156 156
Net IB debt excl. leasing 52 20 -16
Net IB debt / EBITDA lease Adj (%) 74,1 21,8 -15,5
EBITDA 71 91 104
Net financial items -5 -6 -5
Paid tax -6 -6 -7
Non-cash items 0 0 0
Cash flow before change in WC 60 80 92
Change in WC -4 -9 -11
Operating cash flow 56 71 81
CAPEX tangible fixed assets -25 -30 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 31 41 46
Dividend paid 0 -8 -10
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 31 32 36
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 148 150 156
Other fixed assets 184 184 184
Fixed assets 525 527 533
Inventories 0 0 0
Receivables 238 262 293
Other current assets 0 0 0
Cash and liquid assets 71 103 139
Total assets 834 892 965
Shareholders equity 338 382 435
Minority 0 0 0
Total equity 338 382 435
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 217 232 251
Other current liabilities 0 0 0
Total liabilities and equity 834 892 965
Net IB debt 52 20 -16
Net IB debt excl. pension debt 52 20 -16
Capital invested 546 557 574
Working capital 22 31 42
EV breakdown 2020 2021 2022
Market cap. diluted (m) 718 672 672
Net IB debt Adj 52 20 -16
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 771 692 656
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 87,9 89,5 90,2
Capital invested turnover (%) 132,7 139,9 148
Capital employed turnover (%) 162,8 159,8 157,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,7 29 28,8
Working capital / sales (%) 2,7 3,4 4,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15,5 5,2 -3,7
Net debt / market cap (%) 14 3 -2,4
Equity ratio (%) 40,5 42,8 45
Net IB debt adj. / equity (%) 15,5 5,2 -3,7
Current ratio (%) 142,7 157,9 172,1
EBITDA / net interest (%) 1500 1524,8 2078,2
Net IB debt / EBITDA (%) 74,1 21,8 -15,5
Interest cover (%) 978,7 1058,1 1498,2
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,3 6 6,8
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,28 6,3 7,66
Dividend per share Adj 1 1,2 1,4
EPS Adj 4,28 6,3 7,66
BVPS 41,13 46,42 52,88
BVPS Adj 17,63 22,93 29,38
Net IB debt / share 6,4 2,4 -2
Share price 45,53 81,8 81,8
Market cap. (m) 374 672 672
Valuation 2020 2021 2022
P/E 20,4 13 10,7
EV/sales 1,07 0,9 0,78
EV/EBITDA 10,9 7,6 6,3
EV/EBITA 16,8 10,9 8,8
EV/EBIT 16,8 10,9 8,8
Dividend yield (%) 1,1 1,5 1,7
FCF yield (%) 4,3 6 6,8
P/BVPS 2,13 1,76 1,55
P/BVPS Adj 4,96 3,57 2,78
P/E Adj 20,4 13 10,7
EV/EBITDA Adj 10,9 7,6 6,3
EV/EBITA Adj 16,8 10,9 8,8
EV/EBIT Adj 16,8 10,9 8,8
EV/cap. employed 1,7 1,4 1,2
Investment ratios 2020 2021 2022
Capex / sales 3,5 3,9 4,2
Capex / depreciation 102 107,1 120,7
Capex tangibles / tangible fixed assets 16,9 20 22,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,6 18,7 18,6

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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 % 31 Dec 2020
Avanza Pension 6.3 % 6.3 % 31 Dec 2020
Familjen Girell 4.6 % 4.6 % 31 Dec 2020
Lena Karinen 3.2 % 3.2 % 31 Dec 2020
Malte Edenius 3.0 % 3.0 % 16 Feb 2021
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
Malte Anders Sigurd Edenius - 3 000 SELL 16 Feb 2021
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

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