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Avensia

Avensia

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Avensia is an IT company, operating in the e-commerce niche. The primary focus is to help its customers increase sales within all channels available, i.e. Omni channels. Avensia mainly generates income through consultancy, but in addition the company commercializes products. The main product is the self-developed e-commerce system Storefront, which is a link between the ERP system Microsoft Dynamics and e-commerce platform Episerver. Avensia’s customer base comprises both B2B and B2C customers (approx. 50% each) in the Nordics as well as globally.

We see three risks for Avensia: 1) The high market growth within e-commerce might draw competition, which will put pressure on prices. Hence, both margins and revenue growth could decrease. 2) Avensia generates a big portion of its revenues through a high customer concentration, with the two biggest customers accounting for 27% of 2017 revenues. 3) Lately Avensia has invested significantly in new personnel. There is a risk that these new recruitments may not perform as well as anticipated.

Financials

SEKm 2025
Sales 654
Sales growth (%) 16,2
EBITDA 50
EBITDA margin (%) 7,6
EBIT adj. 35
EBIT adj. margin (%) 5,3
Pretax profit 33
EPS 0,7
EPS growth (%) 68,3
EPS adj. 0,7
DPS 0,5
EV/EBITDA (x) 7,6
EV/EBIT adj. (x) 10,9
P/E (x) 13,6
P/E adj. (x) 13,6
EV/sales (x) 0,58
FCF yield (%) 8,4
Le. adj. FCF yld. (%) 6,4
Dividend yield (%) 5,3
Net IB debt/EBITDA (x) 0,5
Le. adj. ND/EBITDA (x) 0,6
SEKm 2025
Sales 654
COGS 0
Gross profit 654
Other operating items -604
EBITDA 50
Depreciation and amortisation -15
of which leasing depreciation -7
EBITA 35
EO Items 0
Impairment and PPA amortisation 0
EBIT 35
Net financial items -2
Pretax profit 33
Tax -7
Net profit 26
Minority interest 0
Net profit discontinued 0
Net profit to shareholders 26
EPS 0,7
EPS adj. 0,7
Total extraordinary items after tax 0
Leasing payments -7
Tax rate (%) 22
Gross margin (%) 100
EBITDA margin (%) 7,6
EBITA margin (%) 5,3
EBIT margin (%) 5,3
Pre-tax margin (%) 5,1
Net margin (%) 4
Growth Rates y-o-y N/A
Sales growth (%) 16,2
EBITDA growth (%) 37,3
EBITA growth (%) 63,5
EBIT growth (%) 63,5
Net profit growth (%) 68,3
EPS growth (%) 68,3
Profitability N/A
ROE (%) 47,3
ROE adj. (%) 47,3
ROCE (%) 29,5
ROCE adj. (%) 29,5
ROIC (%) 31,5
ROIC adj. (%) 31,5
Adj. earnings numbers N/A
EBITDA adj. 50
EBITDA adj. margin (%) 7,6
EBITDA lease adj. 42
EBITDA lease adj. margin (%) 6,5
EBITA adj. 35
EBITA adj. margin (%) 5,3
EBIT adj. 35
EBIT adj. margin (%) 5,3
Pretax profit Adj. 33
Net profit Adj. 26
Net profit to shareholders adj. 26
Net adj. margin (%) 4
SEKm 2025
EBITDA 50
Goodwill 2
Net financial items -2
Other intangible assets 0
Paid tax -7
Tangible fixed assets 1
Non-cash items 0
Right-of-use asset 52
Cash flow before change in WC 41
Total other fixed assets 5
Change in working capital -5
Fixed assets 60
Operating cash flow 36
Inventories 0
Capex tangible fixed assets -6
Receivables 170
Capex intangible fixed assets -1
Other current assets 0
Acquisitions and Disposals 0
Cash and liquid assets 32
Free cash flow 30
Total assets 262
Dividend paid -11
Shareholders equity 62
Share issues and buybacks 0
Minority 0
Leasing liability amortisation -7
Total equity 62
Other non-cash items 0
Long-term debt 11
Pension debt 0
Convertible debt 0
Leasing liability 52
Total other long-term liabilities 0
Short-term debt 0
Accounts payable 137
Other current liabilities 0
Total liabilities and equity 262
Net IB debt 26
Net IB debt excl. pension debt 26
Net IB debt excl. leasing -26
Capital employed 125
Capital invested 88
Working capital 33
EV breakdown N/A
Market cap. diluted (m) 353
Net IB debt adj. 26
Market value of minority 0
Reversal of shares and participations 0
Reversal of conv. debt assumed equity N/A
EV 378
Total assets turnover (%) 266,5
Working capital/sales (%) 4,7
Financial risk and debt service N/A
Net debt/equity (%) 41,1
Net debt / market cap (%) 7,2
Equity ratio (%) 23,7
Net IB debt adj. / equity (%) 41,1
Current ratio 1,47
EBITDA/net interest 33
Net IB debt/EBITDA (x) 0,5
Net IB debt/EBITDA lease adj. (x) -0,6
Interest coverage 23,1
SEKm 2025
Shares outstanding adj. 37
Diluted shares adj. 37
EPS 0,7
Dividend per share 0,5
EPS adj. 0,7
BVPS 1,67
BVPS adj. 1,62
Net IB debt/share 0,69
Share price 9,5
Market cap. (m) 353
Valuation N/A
P/E (x) 13,6
EV/sales (x) 0,58
EV/EBITDA (x) 7,6
EV/EBITA (x) 10,9
EV/EBIT (x) 10,9
Dividend yield (%) 5,3
FCF yield (%) 8,4
Le. adj. FCF yld. (%) 6,4
P/BVPS (x) 5,68
P/BVPS adj. (x) 5,87
P/E adj. (x) 13,6
EV/EBITDA adj. (x) 7,6
EV/EBITA adj. (x) 10,9
EV/EBIT adj. (x) 10,9
EV/CE (x) 3
Investment ratios N/A
Capex/sales (%) 1
Capex/depreciation 0,8
Capex tangibles / tangible fixed assets 505,5
Capex intangibles / definite intangibles 407,8
Depreciation on intang / def. intang 808
Depreciation on tangibles / tangibles 530,49

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Media

Avensia - Company presentation with CFO Anders Wehtje
Avensia - Company presentation with CFO Anders Wehtje

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Main shareholders - Avensia

Main shareholders Share capital % Voting shares % Verified
A5 Invest AB 26.8 % 26.8 %
Valid Asset Management i Skåne AB 24.6 % 24.6 %
Anders Wehtje 10.0 % 10.0 %
Avanza Pension 3.0 % 3.0 %
Jörgen Bertilsson 2.7 % 2.7 %
AB Axel Granlund 2.3 % 2.3 %
Carl-Fredrik Herslow Invest AB 2.2 % 2.2 %
John Löfström 1.8 % 1.8 %
Johan Liljeros 1.6 % 1.6 %
Jan Karlander 1.2 % 1.2 %