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Goodbye Kansas Group

Goodbye Kansas Group

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Consolidating the XR & AR space

Goodbye Kansas Group is a leading supplier of technology-driven visual content. The company creates award-winning visual experiences for all media and offers products that combine cutting-edge technology with world-class artistry. To realize growth opportunities, the Group has three business areas: Visual Content & Brand, IP & Products and Games & Apps. Visual Content & Brand offers visual content for film, TV and games. IP & Products develops IP for film and TV, offers VR training solutions and a SaaS platform that visualizes e-retailers’ products through AR. Games & Apps develops location-based mobile games and offers an app for 3D animation.

We anticipate that Goodbye Kansas Group will enjoy accelerated growth in our forecast period. Key drivers are: the commercialization and appropriate packaging of its platforms via Vobling and Sayduck, the imminent release of Otherworld Heroes and Hello Kitty AR: Kawaii World from Virtual Brains, and Goodbye Kansas Studios opting to enter more extensive framework agreements with its key customers and leveraging its proprietary software through a licensing model.

We see financial risk given if Goodbye Kansas Group's internally developed games, Otherworld Heroes and Hello Kitty AR: Kawaii World, are unsuccessful, Goodbye Kansas Group will likely have to raise additional funds. Furthermore, there is a competitive risk where larger companies with greater funding could develop their own platforms to compete with, for example, Vobling and Sayduck.

Financials

SEKm 2021 2022e 2023e
Sales 264 351 412
Sales growth (%) 63,9 32,8 17,2
EBITDA -61 11 28
EBITDA margin (%) -23,2 3,2 6,7
EBIT adj -134 -44 -21
EBIT adj margin (%) -50,8 -12,6 -5,1
Pretax profit -151 -46 -22
EPS rep -0,38 -0,11 -0,06
EPS growth (%) 53 70,2 51,5
EPS adj -0,4 -0,12 -0,06
DPS 0 0 0
EV/EBITDA (x) -3,1 27,4 10,9
EV/EBIT adj (x) -1,4 -6,9 -14,5
P/E (x) -1,2 -6,7 -13,8
P/E adj (x) -1,2 -6,4 -13,8
EV/sales (x) 0,7 0,9 0,7
FCF yield (%) -20 2,4 1,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,2 0,7 0,1
Lease adj. FCF yield (%) -20 2,4 1,5
Lease adj. ND/EBITDA -0,2 0,7 0,1
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -73 -55 -49
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -61 11 28
EBITDA lease Adj margin (%) -23,2 3,2 6,7
Sales 264 351 412
COGS -70 -81 -95
Gross profit 194 270 317
Other operating items -255 -258 -289
EBITDA -61 11 28
Depreciation on tangibles 0 0 0
Depreciation on intangibles -37 -32 -32
EBITA -134 -44 -21
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -134 -44 -21
Other financial items -3 0 0
Net financial items -16 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -151 -46 -22
Tax 0 0 0
Net profit -150 -46 -22
Minority interest 0 0 0
Net profit discontinued 5 2 0
Net profit to shareholders -145 -45 -22
EPS -0,38 -0,11 -0,06
EPS Adj -0,4 -0,12 -0,06
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,2 0 0
Gross margin (%) 73,4 76,8 76,9
EBITDA margin (%) -23,2 3,2 6,7
EBITA margin (%) -50,8 -12,6 -5,1
EBIT margin (%) -50,8 -12,6 -5,1
Pretax margin (%) -57 -13,2 -5,3
Net margin (%) -56,9 -13,2 -5,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 63,9 32,8 17,2
EBITDA growth (%) -46 118,3 146,7
EBIT growth (%) -70 67,1 52,8
Net profit growth (%) -76,8 69,1 53,3
EPS growth (%) 53 70,2 51,5
Profitability 2021 2022 2023
ROE (%) -96,5 -45,3 -33,6
ROE Adj (%) -100 -47,1 -33,6
ROCE (%) -70,8 -28,4 -17
ROCE Adj(%) -70,8 -28,4 -17
ROIC (%) -147,3 -38,7 -15,4
ROIC Adj (%) -147,3 -38,7 -15,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj -61 11 28
EBITDA Adj margin (%) -23,2 3,2 6,7
EBITA Adj -134 -44 -21
EBITA Adj margin (%) -50,8 -12,6 -5,1
EBIT Adj -134 -44 -21
EBIT Adj margin (%) -50,8 -12,6 -5,1
Pretax profit Adj -151 -46 -22
Net profit Adj -150 -46 -22
Net profit to shareholders Adj -150 -46 -22
Net Adj margin (%) -56,9 -13,2 -5,3
SEKm 2021 2022e 2023e
EBITDA -61 11 28
Net financial items -16 -2 -1
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -78 9 27
Change in WC 77 35 21
Operating cash flow -1 44 48
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -32 -35 -41
Acquisitions and disposals -1 0 0
Free cash flow -35 7 4
Dividend paid 0 0 0
Share issues and buybacks 54 0 0
Other non cash items -12 0 0
Decrease in net IB debt -57 -52 -9
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 23 21 21
Tangible fixed assets 25 27 30
Other fixed assets 1 0 0
Fixed assets 31 33 36
Inventories 0 0 0
Receivables 77 98 115
Other current assets 0 0 0
Cash and liquid assets 38 45 50
Total assets 146 177 200
Shareholders equity 122 75 54
Minority 0 0 0
Total equity 122 75 54
Long-term debt 58 58 58
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 6 6 6
Leasing liability 0 0 0
Total other long-term liabilities 8 8 8
Net IB debt excl. leasing 15 7 3
Net IB debt / EBITDA lease Adj (%) -23,7 65,3 10,6
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 0 0 0
Total liabilities and equity 188 141 120
Net IB debt 15 7 3
Net IB debt excl. pension debt 15 7 3
Capital invested 103 126 145
Working capital 77 98 115
EV breakdown 2021 2022 2023
Market cap. diluted (m) 177 299 299
Net IB debt Adj 15 7 3
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 191 307 302
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 210 217,5 218,4
Capital invested turnover (%) 125,3 146 187,5
Capital employed turnover (%) 100,5 135,6 181
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 1,1 0 0
Payables / sales (%) 0,6 0 0
Working capital / sales (%) 23,8 25 25,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 11,9 9,7 5,4
Net debt / market cap (%) 3,1 2,4 1
Equity ratio (%) 83,3 42,7 26,8
Net IB debt adj. / equity (%) 11,9 9,7 5,4
Current ratio (%) 0 0 0
EBITDA / net interest (%) -884,3 572,8 3454,6
Net IB debt / EBITDA (%) -23,7 65,3 10,6
Interest cover (%) -1939,6 -2258,7 -2607,9
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -20 2,4 1,5
Shares outstanding adj. 378 391 391
Fully diluted shares Adj 378 391 391
EPS -0,38 -0,11 -0,06
Dividend per share Adj 0 0 0
EPS Adj -0,4 -0,12 -0,06
BVPS 0,32 0,19 0,14
BVPS Adj 0,32 0,19 0,14
Net IB debt / share 0 0 0
Share price 1,25 0,77 0,77
Market cap. (m) 475 299 299
Valuation 2021 2022 2023
P/E -1,2 -6,7 -13,8
EV/sales 0,72 0,87 0,73
EV/EBITDA -3,1 27,4 10,9
EV/EBITA -1,4 -6,9 -14,5
EV/EBIT -1,4 -6,9 -14,5
Dividend yield (%) 0 0 0
FCF yield (%) -20 2,4 1,5
P/BVPS 1,45 3,97 5,57
P/BVPS Adj 1,45 3,97 5,57
P/E Adj -1,2 -6,4 -13,8
EV/EBITDA Adj -3,1 27,4 10,9
EV/EBITA Adj -1,4 -6,9 -14,5
EV/EBIT Adj -1,4 -6,9 -14,5
EV/cap. employed 1,1 2,3 2,7
Investment ratios 2021 2022 2023
Capex / sales 12,9 10,6 10,6
Capex / depreciation 46,6 67,2 90
Capex tangibles / tangible fixed assets 6,2 7,7 8,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders - Bublar Group

Main shareholders Share capital % Voting shares % Verified
Per-Anders Wärn 15.8 % 15.8 % 30 Apr 2022
Johan Karlsson 12.1 % 12.1 % 30 Apr 2022
Avanza Pension 5.7 % 5.7 % 30 Apr 2022
Nogatolp AB 5.0 % 5.0 % 30 Apr 2022
Peter Levin 3.1 % 3.1 % 30 Apr 2022
Olov Andersen 2.0 % 2.0 % 30 Apr 2022
Henrik Hansson 1.9 % 1.9 % 30 Apr 2022
Modelio Equity AB 1.2 % 1.2 % 31 Dec 2021
Connecting Capital 1.0 % 1.0 % 30 Apr 2022
Jimmy Mattias Olsson 0.8 % 0.8 % 30 Apr 2022
Source: Holdings by Modular Finance AB