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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 654 703 754
Sales growth (%) -9,9 7,4 7,4
EBITDA -9 48 64
EBITDA margin (%) -1,4 6,9 8,5
EBIT adj 4 20 35
EBIT adj margin (%) 0,7 2,9 4,6
Pretax profit -23 14 30
EPS rep -3,41 1,55 3,27
EPS growth (%) -437,3 145,4 111,3
EPS adj -1,61 1,55 3,27
DPS 0 0 0
EV/EBITDA (x) -37,8 6,6 4,6
EV/EBIT adj (x) 78,2 15,7 8,4
P/E (x) -9,3 18,2 8,6
P/E adj (x) -19,8 18,2 8,6
EV/sales (x) 0,5 0,4 0,4
FCF yield (%) -10,1 -0,8 10,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -9,1 1,8 1
SEKm 2019 2020e 2021e
Sales 654 703 754
COGS -497 -478 -505
Gross profit 157 225 249
Other operating items -166 -177 -185
EBITDA -9 48 64
Depreciation on tangibles -1 -28 -29
Depreciation on intangibles 0 0 0
EBITA -10 20 35
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -10 20 35
Other financial items 0 0 0
Net financial items -12 -6 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -23 14 30
Tax -5 -1 -3
Net profit -28 13 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -28 13 27
EPS -3,41 1,55 3,27
EPS Adj -1,61 1,55 3,27
Total extraordinary items after tax -14,8 0 0
Tax rate (%) 22,8 -10 -10
Gross margin (%) 24 32 33
EBITDA margin (%) -1,4 6,9 8,5
EBITA margin (%) -1,6 2,9 4,6
EBIT margin (%) -1,6 2,9 4,6
Pretax margin (%) -3,5 2 4
Net margin (%) -4,3 1,8 3,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -9,9 7,4 7,4
EBITDA growth (%) -118,1 629 32,7
EBIT growth (%) -131 293,6 73,2
Net profit growth (%) -437,3 145,4 111,3
EPS growth (%) -437,3 145,4 111,3
Profitability 2019 2020 2021
ROE (%) -9 4,1 8,2
ROE Adj (%) -4,3 4,1 8,2
ROCE (%) -2,2 4,7 7,7
ROCE Adj(%) 0,9 4,7 7,7
ROIC (%) -2,4 3,3 5,6
ROIC Adj (%) 1 3,3 5,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 6 48 64
EBITDA Adj margin (%) 0,9 6,9 8,5
EBITA Adj 4 20 35
EBITA Adj margin (%) 0,7 2,9 4,6
EBIT Adj 4 20 35
EBIT Adj margin (%) 0,7 2,9 4,6
Pretax profit Adj -8 14 30
Net profit Adj -13 13 27
Net profit to shareholders Adj -13 13 27
Net Adj margin (%) -2 1,8 3,6
SEKm 2019 2020e 2021e
EBITDA -9 48 64
Net financial items -12 -6 -5
Paid tax -5 -1 -3
Non-cash items 0 0 0
Cash flow before change in WC -27 41 56
Change in WC 26 -18 -3
Operating cash flow -1 23 53
CAPEX tangible fixed assets -26 -25 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -26 -2 23
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -2 0 0
Decrease in net IB debt -39 -2 23
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 193 193 193
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 147 144 145
Other fixed assets 184 184 184
Fixed assets 524 521 522
Inventories 0 0 0
Receivables 244 246 264
Other current assets 0 0 0
Cash and liquid assets 40 38 62
Total assets 808 805 848
Shareholders equity 303 316 342
Minority 0 0 0
Total equity 303 316 342
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 226 211 226
Other current liabilities 0 0 0
Total liabilities and equity 808 805 848
Net IB debt 83 85 61
Net IB debt excl. pension debt 83 85 61
Capital invested 542 556 560
Working capital 18 35 38
EV breakdown 2019 2020 2021
Market cap. diluted (m) 261 231 231
Net IB debt Adj 83 85 61
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 344 316 292
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 76,5 87,1 91,3
Capital invested turnover (%) 122,4 128 135,2
Capital employed turnover (%) 138,9 162,5 166,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 34 31,1 29
Working capital / sales (%) 4,7 3,8 4,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 27,4 26,8 17,9
Net debt / market cap (%) 31,7 36,7 26,6
Equity ratio (%) 37,5 39,2 40,4
Net IB debt adj. / equity (%) 27,4 26,8 17,9
Current ratio (%) 125,5 134,9 143,9
EBITDA / net interest (%) -73,4 802,3 1277,3
Net IB debt / EBITDA (%) -911 176 96,2
Interest cover (%) -83,9 335,6 697,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS -3,41 1,55 3,27
Dividend per share Adj 0 0 0
EPS Adj -1,61 1,55 3,27
BVPS 36,84 38,39 41,66
BVPS Adj 13,35 14,9 18,17
Net IB debt / share 10,1 10,3 7,5
Share price 31,84 28,1 28,1
Market cap. (m) 262 231 231
Valuation 2019 2020 2021
P/E -9,3 18,2 8,6
EV/sales 0,53 0,45 0,39
EV/EBITDA -37,8 6,6 4,6
EV/EBITA -33,1 15,7 8,4
EV/EBIT -33,1 15,7 8,4
Dividend yield (%) 0 0 0
FCF yield (%) -10,1 -0,8 10,1
P/BVPS 0,86 0,73 0,67
P/BVPS Adj 2,38 1,89 1,55
P/E Adj -19,8 18,2 8,6
EV/EBITDA Adj 60,4 6,6 4,6
EV/EBITA Adj 78,2 15,7 8,4
EV/EBIT Adj 78,2 15,7 8,4
EV/cap. employed 0,8 0,7 0,6
Investment ratios 2019 2020 2021
Capex / sales 3,9 3,6 4
Capex / depreciation 1976,9 89,3 103,4
Capex tangibles / tangible fixed assets 17,4 17,3 20,6
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 0,9 19,4 19,9

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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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