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Urb-it

Urb-it

Urb-it offers green last-mile deliveries across France and the UK through its couriers, for e-commerce, retail and the on-demand market. The couriers deliver to the end-customer by bike, cargo bike, public transport, or on foot. The company was founded in 2014 in Sweden, where it also has its headquarters. It is a certified B Corporation due to its impact and continuous innovation in sustainable logistics. Its partners are divided into two segments: carriers and retailers. Carriers are defined as delivery companies, whereas retailers are defined as brick-and-mortar stores and pure play e-commerce companies.

The company is likely to benefit from the Urban Access Regulations in Europe and the implementation of LEZ (low emission zones), which could increase the demand for Urb-it’s offering. Moreover, the underlying market for last-mile deliveries is growing rapidly and is anticipated to continue doing so. If the company can increase its share of retail customers, it is likely that its margins will improve.

The company has not yet been profitable and is highly dependent on an improvement in its contribution margin and continued growth in volumes. It currently has a high cash burn rate, and it is a small player in a large and competitive market where competitors could emerge. Additionally, its partnerships with carriers and retailers generally span 1.5-2 years to begin with, so there is a risk of the partnerships not being extended after this period.

SEKm 2020 2021e 2022e
Sales 13 36 159
Sales growth (%) 183,6 188,6 337,6
EBITDA -44 -73 -68
EBITDA margin (%) -352 -200,3 -43
EBIT adj -57 -84 -77
EBIT adj margin (%) -453,5 -231,9 -48,3
Pretax profit -65 -85 -78
EPS rep -0,41 -0,4 -0,36
EPS growth (%) 18,8 4,1 8,5
EPS adj -0,41 -0,4 -0,36
DPS 0 0 0
EV/EBITDA (x) -10,6 -12,6 -14,4
EV/EBIT adj (x) -8,2 -10,9 -12,8
P/E (x) -6,7 -11,6 -12,7
P/E adj (x) -6,7 -11,6 -12,7
EV/sales (x) 37,2 25,2 6,2
FCF yield (%) -13,3 -8,6 -6,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,7 1,1 0,2
Lease adj. FCF yield (%) -13,3 -8,6 -6,8
Lease adj. ND/EBITDA -0,7 1,1 0,2
SEKm 2020 2021e 2022e
Sales 13 36 159
COGS 0 0 0
Gross profit 13 36 159
Other operating items -57 -109 -227
EBITDA -44 -73 -68
Depreciation and amortisation -13 -11 -8
Of which leasing depreciation 0 0 0
EBITA -57 -84 -77
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -57 -84 -77
Net financial items -8 -1 -1
Pretax profit -65 -85 -78
Tax 0 0 0
Net profit -65 -85 -78
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -65 -85 -78
EPS -0,41 -0,4 -0,36
EPS Adj -0,41 -0,4 -0,36
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -352 -200,3 -43
EBITA margin (%) -453,5 -231,9 -48,3
EBIT margin (%) -453,5 -231,9 -48,3
Pretax margin (%) -517,1 -235,6 -49,2
Net margin (%) -517,1 -235,6 -49,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 183,6 188,6 337,6
EBITDA growth (%) -40,6 -64,2 6
EBIT growth (%) -22,3 -47,6 8,8
Net profit growth (%) -36,2 -31,5 8,5
EPS growth (%) 18,8 4,1 8,5
Profitability 2020 2021 2022
ROE (%) -195,5 -107,6 -134,8
ROE Adj (%) -195,5 -107,6 -134,8
ROCE (%) -81,4 -76,1 -101
ROCE Adj(%) -81,4 -76,1 -101
ROIC (%) -96,3 -150,2 -629,8
ROIC Adj (%) -96,3 -150,2 -629,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj -44 -73 -68
EBITDA Adj margin (%) -352 -200,3 -43
EBITDA lease Adj -44 -73 -68
EBITDA lease Adj margin (%) -352 -200,3 -43
EBITA Adj -57 -84 -77
EBITA Adj margin (%) -453,5 -231,9 -48,3
EBIT Adj -57 -84 -77
EBIT Adj margin (%) -453,5 -231,9 -48,3
Pretax profit Adj -65 -85 -78
Net profit Adj -65 -85 -78
Net profit to shareholders Adj -65 -85 -78
Net Adj margin (%) -517,1 -235,6 -49,2
SEKm 2020 2021e 2022e
EBITDA -44 -73 -68
Net financial items -8 -1 -1
Paid tax 0 0 0
Non-cash items 2 -4 -12
Cash flow before change in WC -50 -78 -82
Change in WC -2 3 24
Operating cash flow -53 -75 -58
CAPEX tangible fixed assets 0 -5 -4
CAPEX intangible fixed assets -5 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow -58 -85 -67
Dividend paid 0 0 0
Share issues and buybacks 0 202 0
Lease liability amortisation 0 0 0
Other non cash items 44 -5 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 19 14 11
Tangible fixed assets 0 5 9
Right-of-use asset 0 0 0
Total other fixed assets 0 1 1
Fixed assets 20 19 21
Inventories 0 0 0
Receivables 5 8 16
Other current assets 76 3 15
Cash and liquid assets 11 97 29
Total assets 111 127 81
Shareholders equity 62 97 19
Minority 0 0 0
Total equity 62 97 19
Long-term debt 4 4 4
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 40 14 14
Accounts payable 3 5 15
Other current liabilities 3 7 29
Total liabilities and equity 111 127 81
Net IB debt 33 -79 -12
Net IB debt excl. pension debt 33 -79 -12
Net IB debt excl. leasing 33 -79 -12
Capital invested 94 17 7
Working capital 75 -1 -13
EV breakdown 2020 2021 2022
Market cap. diluted (m) 435 993 993
Net IB debt Adj 33 -79 -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 467 914 981
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 17,5 30,5 152,7
Working capital / sales (%) 285,5 101,9 -4,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 52,6 -82 -63,8
Net debt / market cap (%) 11,1 -8 -1,2
Equity ratio (%) 55,5 76,6 23,3
Net IB debt adj. / equity (%) 52,6 -82 -63,8
Current ratio (%) 200,4 414,5 103,3
EBITDA / net interest (%) -553 -5340,4 -4739,6
Net IB debt / EBITDA (%) -73,6 109,5 17,7
Net IB debt / EBITDA lease Adj (%) -73,6 109,5 17,7
Interest cover (%) -451,3 -5197,1 -5322,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 157 216 216
Fully diluted shares Adj 157 216 216
EPS -0,41 -0,4 -0,36
Dividend per share Adj 0 0 0
EPS Adj -0,41 -0,4 -0,36
BVPS 0,39 0,45 0,09
BVPS Adj 0,39 0,45 0,09
Net IB debt / share 0,2 -0,4 -0,1
Share price 1,87 4,6 4,6
Market cap. (m) 294 993 993
Valuation 2020 2021 2022
P/E -6,7 -11,6 -12,7
EV/sales 37,19 25,22 6,19
EV/EBITDA -10,6 -12,6 -14,4
EV/EBITA -8,2 -10,9 -12,8
EV/EBIT -8,2 -10,9 -12,8
Dividend yield (%) 0 0 0
FCF yield (%) -13,3 -8,6 -6,8
Lease adj. FCF yield (%) -13,3 -8,6 -6,8
P/BVPS 7,04 10,24 52,59
P/BVPS Adj 7,09 10,3 53,99
P/E Adj -6,7 -11,6 -12,7
EV/EBITDA Adj -10,6 -12,6 -14,4
EV/EBITA Adj -8,2 -10,9 -12,8
EV/EBIT Adj -8,2 -10,9 -12,8
EV/cap. employed 4,4 8 26,7
Investment ratios 2020 2021 2022
Capex / sales 40,7 29,7 6,2
Capex / depreciation 40,1 94,1 117,2
Capex tangibles / tangible fixed assets 82,2 98,5 48,4
Capex intangibles / definite intangibles 1005 1238,7 1155
Depreciation on intangibles / definite intangibles 0 2295,5 1652,9
Depreciation on tangibles / tangibles 5447 4,8 3,7

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Lage Jonason 39.9 % 39.9 % 28 Jul 2021
Astrid Jonason 9.1 % 9.1 % 30 Jun 2021
Erik Mitteregger 7.0 % 7.0 % 30 Jun 2021
Fjärde AP-fonden 6.8 % 6.8 % 30 Jun 2021
Handelsbanken Fonder 5.1 % 5.1 % 31 Aug 2021
Consensus Asset Management 5.1 % 5.1 % 31 Aug 2021
Gerald Engström 3.9 % 3.9 % 30 Jun 2021
Adrigo Asset Management 3.9 % 3.9 % 30 Jun 2021
Swedbank Robur Fonder 2.0 % 2.0 % 31 Jul 2021
Joachim Odqvist 1.7 % 1.7 % 30 Jun 2021
Source: Holdings by Modular Finance AB