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Zutec

Cloud-based software services in the construction and real estate sector

Zutec develops and markets cloud-based software services (“SaaS”) with a focus on companies in the construction and real estate sector. Its products help its customers to increase productivity and cost efficiency. Zutec offers solutions in project management, coordination tools for data and document administration, data-enriched 3D-models, defect management, project handovers, and operation and management of buildings. The company’s main product is its platform, which can be described as a cloud-based database. The company can also link several of its modules to this platform to increase functionality based on customer needs.

The construction sector is one of the world’s least digitalized sectors. We think Zutec has an opportunity to be a part of this digital transformation. The company has recently announced a change in its strategy and now aims to focus on smaller companies. This should result in higher revenues, as the total customer base increases, as well as greater market exposure. The new strategy could also offset Zutec’s natural churn, which occurs as it moves from project to project.

Zutec’s customers operate in the construction sector, which is a cyclical sector. Hence, cutbacks in investments could affect Zutec negatively. Although Zutec has some life-long recurring revenues in its business model, the majority of revenues end when a project is completed. Zutec therefore must continuously find new projects. Also, we believe it can sometimes be challenging for a smaller player to sell to bigger companies and projects, which historically has been its targeted group.

SEKm 2018 2019e 2020e
Sales 33 21 30
Sales growth (%) 18,9 -35,8 40
EBITDA 6 -20 -15
EBITDA margin (%) 19,1 -92,9 -50,6
EBIT adj 6 -24 -20
EBIT adj margin (%) 17,8 -115,1 -66,5
Pretax profit 2 -24 -20
EPS rep 0,3 -3,44 -2,81
EPS growth (%) -68,7 -1232,5 18,3
EPS adj 0,8 -3,44 -2,81
DPS 0 0 0
EV/EBITDA (x) 13,2 -1,1 -2,8
EV/EBIT adj (x) 14,2 -0,9 -2,1
P/E (x) 60,6 -1,6 -2
P/E adj (x) 23,1 -1,6 -2
EV/sales (x) 2,5 1 1,4
FCF yield (%) 2,3 -75,7 -49,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -7,5 0,9 -0,1
SEKm 2018 2019e 2020e
Sales 33 21 30
COGS 0 0 0
Gross profit 33 21 30
Other operating items -27 -41 -44
EBITDA 6 -20 -15
Depreciation on tangibles 0 0 0
Depreciation on intangibles -4 -5 -5
EBITA 2 -24 -20
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 2 -24 -20
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 2 -24 -20
Tax 0 0 0
Net profit 2 -24 -20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 2 -24 -20
EPS 0,3 -3,44 -2,81
EPS Adj 0,8 -3,44 -2,81
Total extraordinary items after tax -3,5 0 0
Tax rate (%) -8 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) 19,1 -92,9 -50,6
EBITA margin (%) 7,1 -115,1 -66,5
EBIT margin (%) 7,1 -115,1 -66,5
Pretax margin (%) 7,1 -115,6 -67,5
Net margin (%) 6,6 -115,6 -67,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18,9 -35,8 40
EBITDA growth (%) -36,3 -411,6 23,8
EBIT growth (%) -67,6 -1137,4 19,1
Net profit growth (%) -68,7 -1232,5 18,3
EPS growth (%) -68,7 -1232,5 18,3
Profitability 2018 2019 2020
ROE (%) 5,6 -46,8 -66,3
ROE Adj (%) 14,6 -46,8 -66,3
ROCE (%) 6 -46,8 -56,9
ROCE Adj(%) 15,1 -46,8 -56,9
ROIC (%) 18,3 -123,7 -88,7
ROIC Adj (%) 45,8 -123,7 -88,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 10 -20 -15
EBITDA Adj margin (%) 29,8 -92,9 -50,6
EBITA Adj 6 -24 -20
EBITA Adj margin (%) 17,8 -115,1 -66,5
EBIT Adj 6 -24 -20
EBIT Adj margin (%) 17,8 -115,1 -66,5
Pretax profit Adj 6 -24 -20
Net profit Adj 6 -24 -20
Net profit to shareholders Adj 6 -24 -20
Net Adj margin (%) 17,2 -115,6 -67,5
SEKm 2018 2019e 2020e
EBITDA 6 -20 -15
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 6 -20 -15
Change in WC -8 -5 0
Operating cash flow -2 -25 -15
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 5 -5 -4
Acquisitions and disposals 0 0 0
Free cash flow 3 -30 -19
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 38 0 0
Decrease in net IB debt 41 -30 -19
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 9 9 9
Definite intangible assets 0 0 0
Tangible fixed assets 1 1 1
Other fixed assets 0 0 0
Fixed assets 10 10 10
Inventories 0 0 0
Receivables 21 24 27
Other current assets 0 0 0
Cash and liquid assets 47 18 8
Total assets 78 52 45
Shareholders equity 64 40 20
Minority 0 0 0
Total equity 64 40 20
Long-term debt 0 0 10
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 0 0 0
Accounts payable 14 12 15
Other current liabilities 0 0 0
Total liabilities and equity N/A 26 78
Net IB debt -47 -18 2
Net IB debt excl. pension debt -47 -18 2
Capital invested 17 22 22
Working capital 7 12 12
EV breakdown 2018 2019 2020
Market cap. diluted (m) 130 40 40
Net IB debt Adj -47 -18 2
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 83 22 41
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 63,1 32,4 60,8
Capital invested turnover (%) 280 107,5 133,3
Capital employed turnover (%) 84,8 40,5 84,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 40,7 62,1 45,7
Working capital / sales (%) 9,2 45,3 40,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -73,8 -43,9 8,7
Net debt / market cap (%) -34,4 -44,3 4,4
Equity ratio (%) 82,1 76,5 44,9
Net IB debt adj. / equity (%) -73,8 -43,9 8,7
Current ratio (%) 489,4 341,5 235,9
EBITDA / net interest (%) 0 -18445,8 -5346,7
Net IB debt / EBITDA (%) -752,4 89,4 -11,7
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 7 7 7
Fully diluted shares Adj 7 7 7
EPS 0,3 -3,44 -2,81
Dividend per share Adj 0 0 0
EPS Adj 0,8 -3,44 -2,81
BVPS 9,06 5,63 2,84
BVPS Adj 9,06 5,63 2,84
Net IB debt / share -6,7 -2,5 0,2
Share price 19,45 5,58 5,58
Market cap. (m) 138 40 40
Valuation 2018 2019 2020
P/E 60,6 -1,6 -2
EV/sales 2,53 1,04 1,4
EV/EBITDA 13,2 -1,1 -2,8
EV/EBITA 35,5 -0,9 -2,1
EV/EBIT 35,5 -0,9 -2,1
Dividend yield (%) 0 0 0
FCF yield (%) 2,3 -75,7 -49,2
P/BVPS 2,03 0,99 1,96
P/BVPS Adj 2,03 0,99 1,96
P/E Adj 23,1 -1,6 -2
EV/EBITDA Adj 8,5 -1,1 -2,8
EV/EBITA Adj 14,2 -0,9 -2,1
EV/EBIT Adj 14,2 -0,9 -2,1
EV/cap. employed 1,3 0,6 1,4
Investment ratios 2018 2019 2020
Capex / sales -15,4 25 15
Capex / depreciation -128,1 112,8 94,2
Capex tangibles / tangible fixed assets 0 0 0
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 0 0

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Main shareholders

Zutec

Main shareholders Share capital % Voting shares % Verified
Brian McGuire 19.0 % 19.0 % 31 Dec 2018
Athanase Industrial Partners 17.2 % 17.2 % 31 Mar 2019
Thomas Boland 8.8 % 8.8 % 31 Mar 2019
Avanza Pension 7.3 % 7.3 % 31 Mar 2019
Humle Fonder 7.2 % 7.2 % 31 May 2019
Michael White 6.8 % 6.8 % 15 Mar 2018
Conor O'Brien 4.7 % 4.7 % 15 Mar 2018
Noel Matthews 4.5 % 4.5 % 15 Mar 2018
Brendan O'Riordan 4.1 % 4.1 % 15 Mar 2018
TIN Fonder 4.0 % 4.0 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Zutec

Name Quantity Code Date
Daniel Nyhrén Edeen + 605 BUY 27 Feb 2019
Daniel Nyhrén Edeen + 6 035 BUY 26 Feb 2019
Brian Mcguire -1 062 500 SELL 26 Sep 2018

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