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Litium

Litium

Litium is primarily a software provider, which has claimed a top-three spot in the Nordic market for digital commerce platforms. The company offers its Litium On Demand solution through a cloud-based model. The market for digital commerce is growing strongly, driven by the digitalisation of business models, and a shift from physical to digital storefronts that is forcing B2B and B2C corporations to adapt to the new landscape.

Long-term risks include financial risk, key partner dependency and strong competition. Litium is not generating positive cash flows so additional capital will likely need to be raised. There is a risk that Litium will not be able to hit its target of cash flow on a monthly basis in 2023. Litium is dependent on its implementation partners, which are responsible for driving sales of Litium on Demand and are a key part of its business model. The software business is competitive, which might require Litium to increase R&D investments to keep the digital commerce platform viable.

SEKm 2024 2025e 2026e
Sales 72 80 88
Sales growth (%) 4,4 11 10
EBITDA 17 19 23
EBITDA margin (%) 24,1 23,9 25,7
EBIT adj. 0 1 4
EBIT adj. margin (%) 0,7 1,7 4,5
Pretax profit 0 1 4
EPS 0,07 0,17 0,49
EPS growth (%) -112,8 N/A N/A
EPS adj. 0,07 0,17 0,49
DPS 0 0 0
EV/EBITDA (x) 9,1 8 6,6
EV/EBIT adj. (x) 327,2 110,5 37,1
P/E (x) N/A 53,3 18,6
P/E adj. (x) N/A 53,3 18,6
EV/sales (x) 2,19 1,92 1,68
FCF yield (%) -0,9 2,8 3,2
Le. adj. FCF yld. (%) -0,9 2,8 3,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Le. adj. ND/EBITDA (x) -0,5 -0,7 -0,8
SEKm 2024 2025e 2026e
Sales 72 80 88
COGS -23 -22 -23
Gross profit 49 58 65
Other operating items -32 -39 -42
EBITDA 17 19 23
Depreciation and amortisation -17 -18 -19
of which leasing depreciation 0 0 0
EBITA 0 1 4
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 0 1 4
Net financial items 0 0 0
Pretax profit 0 1 4
Tax 0 0 -1
Net profit 0 1 3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 0 1 3
EPS 0,07 0,17 0,49
EPS adj. 0,07 0,17 0,49
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 N/A
Tax rate (%) 0 20,6 20,6
Gross margin (%) 68,7 73 74
EBITDA margin (%) 24,1 23,9 25,7
EBITA margin (%) 0,7 1,7 4,5
EBIT margin (%) 0,7 1,7 4,5
Pre-tax margin (%) 0,6 1,7 4,5
Net margin (%) 0,6 1,4 3,6
Sales growth (%) 4,4 11 10
EBITDA growth (%) 50,3 10,1 18,3
EBITA growth (%) -114,4 187,4 187,3
EBIT growth (%) -114,4 N/A N/A
Net profit growth (%) -112,8 150,7 187,3
EPS growth (%) -112,8 N/A N/A
Profitability N/A N/A N/A
ROE (%) 0,5 1,3 3,6
ROE adj. (%) 0,5 1,3 3,6
ROCE (%) 0,5 1,6 4,5
ROCE adj. (%) 0,5 1,6 4,5
ROIC (%) 0,6 1,5 4,4
ROIC adj. (%) 0,6 1,5 4,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 17 19 23
EBITDA adj. margin (%) 24,1 23,9 25,7
EBITDA lease adj. 17 19 23
EBITDA lease adj. margin (%) 24,1 23,9 25,7
EBITA adj. 0 1 4
EBITA adj. margin (%) 0,7 1,7 4,5
EBIT adj. 0 1 4
EBIT adj. margin (%) 0,7 1,7 4,5
Pretax profit Adj. 0 1 4
Net profit Adj. 0 1 3
Net profit to shareholders adj. 0 1 3
Net adj. margin (%) 0,6 1,4 3,6
SEKm 2024 2025e 2026e
EBITDA 17 19 23
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 79 76 73
Paid tax 0 0 -1
Tangible fixed assets 0 0 1
Non-cash items 0 0 0
Right-of-use asset 0 0 N/A
Fixed assets 79 76 74
Cash flow before change in WC 17 19 22
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 0 0
Inventories 0 0 0
Change in working capital 0 0 0
Receivables 11 12 13
Operating cash flow 17 19 22
Other current assets 3 3 4
Capex tangible fixed assets 0 0 -1
Cash and liquid assets 10 14 20
Capex intangible fixed assets -19 -14 -15
Total assets 102 105 110
Acquisitions and Disposals 0 0 0
Shareholders equity 85 86 89
Free cash flow -2 5 5
Total equity 85 86 89
Dividend paid 0 0 0
Long-term debt 0 0 0
Share issues and buybacks 0 0 0
Minority 0 0 N/A
Short-term debt 1 1 1
Leasing liability amortisation 0 0 0
Accounts payable 5 6 6
Other non-cash items 0 0 0
Other current liabilities 11 12 13
Pension debt 0 0 N/A
Total liabilities and equity 102 105 110
Convertible debt 0 0 N/A
Net IB debt -9 -14 -19
Leasing liability 0 0 0
Net IB debt excl. pension debt -9 -14 -19
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -9 -14 -19
Capital employed 86 87 90
Capital invested 76 73 70
Working capital -3 -3 -3
Market cap. diluted (m) 167 167 167
Net IB debt adj. -9 -14 -19
Reversal of conv. debt assumed equity N/A N/A N/A
EV 158 153 148
Total assets turnover (%) 70,7 76,9 81,5
Working capital/sales (%) -3,7 -3,5 -3,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,4 -15,7 -21,2
Net debt / market cap (%) -5,7 -8,7 -12,1
Market value of minority 0 0 N/A
Equity ratio (%) 83,2 82 81,1
Reversal of shares and participations 0 0 0
Net IB debt adj. / equity (%) -10,4 -15,7 -21,2
Current ratio 1,36 1,55 1,75
EBITDA/net interest 399,1 N/A N/A
Net IB debt/EBITDA (x) -0,5 -0,7 -0,8
Net IB debt/EBITDA lease adj. (x) -0,5 -0,7 -0,8
Interest coverage 15,5 N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 17 17 17
Diluted shares adj. 18 18 18
EPS 0,07 0,17 0,49
Dividend per share 0 0 0
EPS adj. 0,07 0,17 0,49
BVPS 4,64 4,7 4,87
BVPS adj. 0,36 0,58 0,89
Net IB debt/share -0,48 -0,74 -1,03
Share price 9,08 9,08 9,08
Market cap. (m) 156 156 156
P/E (x) N/A 53,3 18,6
EV/sales (x) 2,19 1,92 1,68
EV/EBITDA (x) 9,1 8 6,6
EV/EBITA (x) 327,2 110,5 37,1
EV/EBIT (x) 327,2 110,5 37,1
Dividend yield (%) 0 0 0
FCF yield (%) -0,9 2,8 3,2
Le. adj. FCF yld. (%) -0,9 2,8 3,2
P/BVPS (x) 1,96 1,93 1,86
P/BVPS adj. (x) 23,98 14,72 9,61
P/E adj. (x) N/A 53,3 18,6
EV/EBITDA adj. (x) 9,1 8 6,6
EV/EBITA adj. (x) 327,2 110,5 37,1
EV/EBIT adj. (x) 327,2 110,5 37,1
EV/CE (x) 1,8 1,8 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 26 18,1 19
Capex/depreciation 1,1 0,8 0,9
Capex tangibles / tangible fixed assets 70,8 7532 211,4
Capex intangibles / definite intangibles 23,6 18,5 21
Depreciation on intang / def. intang 21 23 25
Depreciation on tangibles / tangibles 0 0 0

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Media

Litium - Company presentation with CEO Patrik Settlin
Litium - Company presentation with CEO Patrik Settlin

Main shareholders - Litium

Main shareholders Share capital % Voting shares % Verified
FastPartner AB 19.5 % 19.5 % 23 Dec 2024
Avanza Pension 8.8 % 8.8 % 23 Dec 2024
Swedbank Robur Fonder 8.6 % 8.6 % 31 Dec 2024
Tagehus Holding AB 5.3 % 5.3 % 23 Dec 2024
Aktia Asset Management 5.0 % 5.0 % 31 Dec 2024
Jens Kristian Jepsen 4.8 % 4.8 % 23 Dec 2024
Jörgen Persson med bolag 4.0 % 4.0 % 23 Dec 2024
Swedbank Försäkring 3.7 % 3.7 % 23 Dec 2024
Nordnet Pensionsförsäkring 3.3 % 3.3 % 23 Dec 2024
Göran Nordlund (Fore C Investments) 2.5 % 2.5 % 31 Dec 2024
Source: Holdings by Modular Finance AB