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Swedish Stirling

Swedish Stirling

Creating electricity out of flared gas

Founded in 2008 by current CEO Gunnar Larsson, the firm's main technology is the PWR BLOK, based on the Stirling engine technology. The PWR BLOK creates electricity using heat as fuel, while not depending on internal combustion. This has enabled the company to develop a product that uses the heat produced by the flaring of residual gases as fuel. From that, electricity is produced, lowering operating costs. The customer also doesn’t need to purchase as much electricity, which in emerging markets often means less dependence on coal-fueled power.

Swedish Stirling, through its PWR BLOK equipment, has the opportunity to help the metal processing industry lower its electricity costs, while at the same time contributing to lower C02 emissions. Should this be successful, we think there are a wider range of industries that would be interested in the technology, given that it offers a lower cost compared with other clean-tech solutions.

The main risks are related to the product delivery, where delays could affect how customers view the technology. In addition, the metal processing industry is conservative, and sales cycles might be longer than expected. Competing technologies are also a risk.

SEKm 2019 2020e 2021e
Sales 45 59 26
Sales growth (%) -22,6 30,1 -56,3
EBITDA -99 -18 -38
EBITDA margin (%) -219,4 -31,3 -147,6
EBIT adj -101 -21 -40
EBIT adj margin (%) -223,5 -35,2 -156,7
Pretax profit -126 -46 -60
EPS rep -1,56 -0,51 -0,65
EPS growth (%) -563,6 67,5 -28,5
EPS adj -1,56 -0,51 -0,65
DPS 0 0 0
EV/EBITDA (x) -9,6 -51,3 -25,7
EV/EBIT adj (x) -9,4 -45,6 -24,2
P/E (x) -6,8 -17,4 -13,5
P/E adj (x) -6,8 -17,4 -13,5
EV/sales (x) 21,1 16 37,9
FCF yield (%) -15,5 -11,5 -6,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,9 -7,3 -4,4
SEKm 2019 2020e 2021e
Sales 45 59 26
COGS -20 -25 -21
Gross profit 26 33 5
Other operating items -125 -52 -43
EBITDA -99 -18 -38
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA -101 -21 -40
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -101 -21 -40
Other financial items 0 0 0
Net financial items -25 -26 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -126 -46 -60
Tax -1 0 0
Net profit -127 -46 -60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -127 -46 -60
EPS -1,56 -0,51 -0,65
EPS Adj -1,56 -0,51 -0,65
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,5 0,3 0
Gross margin (%) 56,7 56,9 18,6
EBITDA margin (%) -219,4 -31,3 -147,6
EBITA margin (%) -223,5 -35,2 -156,7
EBIT margin (%) -223,5 -35,2 -156,7
Pretax margin (%) -279,9 -78,9 -232,6
Net margin (%) -281,2 -79,1 -232,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -22,6 30,1 -56,3
EBITDA growth (%) -583,2 81,5 -106,3
EBIT growth (%) -576,3 79,5 -94,6
Net profit growth (%) -563,6 63,4 -28,5
EPS growth (%) -563,6 67,5 -28,5
Profitability 2019 2020 2021
ROE (%) -51,7 -21,5 -32,1
ROE Adj (%) -51,7 -21,5 -32,1
ROCE (%) -30,6 -5,2 -8,7
ROCE Adj(%) -30,6 -5,2 -8,7
ROIC (%) -34,2 -6,3 -12
ROIC Adj (%) -34,2 -6,3 -12
Adj earnings numbers 2019 2020 2021
EBITDA Adj -99 -18 -38
EBITDA Adj margin (%) -219,4 -31,3 -147,6
EBITA Adj -101 -21 -40
EBITA Adj margin (%) -223,5 -35,2 -156,7
EBIT Adj -101 -21 -40
EBIT Adj margin (%) -223,5 -35,2 -156,7
Pretax profit Adj -126 -46 -60
Net profit Adj -127 -46 -60
Net profit to shareholders Adj -127 -46 -60
Net Adj margin (%) -281,2 -79,1 -232,6
SEKm 2019 2020e 2021e
EBITDA -99 -18 -38
Net financial items -25 -26 -20
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -125 -44 -57
Change in WC -41 12 27
Operating cash flow -87 -33 -50
CAPEX tangible fixed assets -47 -60 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -134 -93 -51
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 79 48 20
Decrease in net IB debt -76 -45 -31
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 245 304 304
Tangible fixed assets 8 8 6
Other fixed assets 0 0 0
Fixed assets 253 311 310
Inventories 52 38 14
Receivables 3 6 3
Other current assets 1 0 0
Cash and liquid assets 37 97 158
Total assets 346 452 484
Shareholders equity 216 216 156
Minority 0 0 0
Total equity 216 216 156
Long-term debt 119 219 319
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 7 12 4
Accounts payable 0 0 0
Other current liabilities 5 5 5
Total liabilities and equity 346 452 484
Net IB debt 89 134 165
Net IB debt excl. pension debt 89 134 165
Capital invested 305 350 322
Working capital 51 39 12
EV breakdown 2019 2020 2021
Market cap. diluted (m) 865 808 808
Net IB debt Adj 89 134 165
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 954 942 973
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 13,1 14,7 5,5
Capital invested turnover (%) 15,2 17,9 7,6
Capital employed turnover (%) 13,7 14,9 5,5
Inventories / sales (%) 93,4 77 101,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 67,8 77 99,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 41,3 62,2 105,7
Net debt / market cap (%) 9,3 16,6 20,5
Equity ratio (%) 62,2 47,8 32,3
Net IB debt adj. / equity (%) 41,3 62,2 105,7
Current ratio (%) 807,5 847,2 2005,1
EBITDA / net interest (%) -389 -71,6 -194,4
Net IB debt / EBITDA (%) -89,8 -731,6 -435,8
Interest cover (%) -396,2 -80,5 -206,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 82 92 92
Fully diluted shares Adj 82 92 92
EPS -1,56 -0,51 -0,65
Dividend per share Adj 0 0 0
EPS Adj -1,56 -0,51 -0,65
BVPS 2,64 2,35 1,7
BVPS Adj -0,36 -0,95 -1,6
Net IB debt / share 1,1 1,5 1,8
Share price 11,79 8,8 8,8
Market cap. (m) 962 808 808
Valuation 2019 2020 2021
P/E -6,8 -17,4 -13,5
EV/sales 21,11 16,03 37,88
EV/EBITDA -9,6 -51,3 -25,7
EV/EBITA -9,4 -45,6 -24,2
EV/EBIT -9,4 -45,6 -24,2
Dividend yield (%) 0 0 0
FCF yield (%) -15,5 -11,5 -6,3
P/BVPS 4,01 3,74 5,16
P/BVPS Adj -29,32 -9,23 -5,49
P/E Adj -6,8 -17,4 -13,5
EV/EBITDA Adj -9,6 -51,3 -25,7
EV/EBITA Adj -9,4 -45,6 -24,2
EV/EBIT Adj -9,4 -45,6 -24,2
EV/cap. employed 2,8 2,1 2
Investment ratios 2019 2020 2021
Capex / sales 104,4 102,6 3
Capex / depreciation 2582 2620,1 33,2
Capex tangibles / tangible fixed assets 572 782,2 12,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,2 29,9 37,7

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Main shareholders - Swedish Stirling

Main shareholders Share capital % Voting shares % Verified
Sven Sahle 35.8 % 35.8 % 26 Nov 2019
East Guardian Asset Management AG 12.8 % 12.8 % 31 Dec 2018
AC Cleantech Growth Fund I Holding AB 8.7 % 8.7 % 31 Mar 2020
Miura Holding LTD 8.4 % 8.4 % 31 Dec 2018
Gunnar Inge Larsson 2.2 % 2.2 % 31 Mar 2020
Oy H. Kuningas & Co Ab 2.1 % 2.1 % 27 Nov 2016
Graphite Energy Pty LTD 1.8 % 1.8 % 27 Nov 2016
Avanza Pension 1.7 % 1.7 % 31 Mar 2020
Nordic Cross Asset Management 1.6 % 1.6 % 30 Jun 2020
Nordnet Pensionsförsäkring 1.4 % 1.4 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Swedish Stirling

Name Quantity Code Date
Heléne Öqvist - 3 500 SELL 18 May 2020
Heléne Öqvist + 3 500 BUY 21 Feb 2020
Heléne Öqvist + 1 000 BUY 17 Dec 2019
Ulf Gundemark via GUMACO AB - 1 SELL 2 Dec 2019
Ulf Gundemark via GUMACO AB SELL 2 Dec 2019
Ulf Gundemark via GUMACO AB 36 341 KONV 26 Nov 2019
Sven Sahle 158 675 KONV 26 Nov 2019
Ulf Gundemark via GUMACO AB 159 900 KONV 26 Nov 2019
Erik Wigertz + 100 000 BUY 10 Oct 2019
Sven Sahle + 100 000 BUY 10 Oct 2019

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