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Litium

Litium

Cloud-based platform for digital commerce

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 2023 2024e 2025e
Sales 69 73 85
Sales growth (%) 6,1 6,2 16
EBITDA 12 15 19
EBITDA margin (%) 16,7 20,5 21,9
EBIT adj. -3 0 3
EBIT adj. margin (%) -4,9 0,3 3
Pretax profit -3 0 3
EPS -0,53 0,03 0,32
EPS growth (%) -72,5 -105,4 1002,2
EPS adj. -0,53 0,03 0,32
DPS 0 0 0
EV/EBITDA (x) 15 11,6 9,2
EV/EBIT adj. (x) -51,4 940,8 66,5
P/E (x) -18,3 340,3 30,9
P/E adj. (x) -18,3 340,3 30,9
EV/sales (x) 2,51 2,38 2,01
FCF yield (%) -7 -0,7 1,7
Le. adj. FCF yld. (%) -7 -0,7 1,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,9 -0,6 -0,7
Le. adj. ND/EBITDA (x) -0,9 -0,6 -0,7
SEKm 2023 2024e 2025e
Sales 69 73 85
COGS -21 -21 -23
Gross profit 48 52 62
Other operating items -36 -37 -43
EBITDA 12 15 19
Depreciation and amortisation -15 -15 -16
of which leasing depreciation 0 0 0
EBITA -3 0 3
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -3 0 3
Net financial items 0 0 0
Pretax profit -3 0 3
Tax 0 0 -1
Net profit -3 0 2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -3 0 2
EPS -0,53 0,03 0,32
EPS adj. -0,53 0,03 0,32
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 20,6
Gross margin (%) 69,1 71 73
EBITDA margin (%) 16,7 20,5 21,9
EBITA margin (%) -4,9 0,3 3
EBIT margin (%) -4,9 0,3 3
Pre-tax margin (%) -5 0,3 3
Net margin (%) -5 0,3 2,4
Sales growth (%) 6,1 6,2 16
EBITDA growth (%) 5209 30,5 23,8
EBITA growth (%) -73 -105,5 1288,1
EBIT growth (%) -73 -105,5 N/A
Net profit growth (%) -72,5 -105,4 1002,2
EPS growth (%) -72,5 -105,4 1002,2
Profitability N/A N/A N/A
ROE (%) -4 0,2 2,4
ROE adj. (%) -4 0,2 2,4
ROCE (%) -3,8 0,2 3
ROCE adj. (%) -3,8 0,2 3
ROIC (%) -4,8 0,2 2,7
ROIC adj. (%) -4,8 0,2 2,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 15 19
EBITDA adj. margin (%) 16,7 20,5 21,9
EBITDA lease adj. 12 15 19
EBITDA lease adj. margin (%) 16,7 20,5 21,9
EBITA adj. -3 0 3
EBITA adj. margin (%) -4,9 0,3 3
EBIT adj. -3 0 3
EBIT adj. margin (%) -4,9 0,3 3
Pretax profit Adj. -3 0 3
Net profit Adj. -3 0 2
Net profit to shareholders adj. -3 0 2
Net adj. margin (%) -5 0,3 2,4
SEKm 2023 2024e 2025e
EBITDA 12 15 19
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 77 78 78
Paid tax 0 0 -1
Tangible fixed assets 0 1 0
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Fixed assets 77 79 78
Cash flow before change in WC 11 15 18
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 -3 0 0
Receivables 10 10 12
Operating cash flow 9 15 18
Other current assets 3 3 4
Capex tangible fixed assets 0 0 -1
Cash and liquid assets 11 10 13
Capex intangible fixed assets -21 -16 -15
Total assets 101 102 107
Acquisitions and Disposals 0 0 0
Shareholders equity 85 85 87
Free cash flow -13 -1 3
Total equity 85 85 87
Dividend paid 0 0 0
Long-term debt 0 0 0
Share issues and buybacks 0 0 0
Minority 0 0 0
Short-term debt 1 1 1
Leasing liability amortisation 0 0 0
Accounts payable 5 6 6
Other non-cash items 1 0 0
Other current liabilities 10 11 13
Pension debt 0 0 0
Total liabilities and equity 101 102 107
Convertible debt 0 0 0
Net IB debt -10 -9 -12
Leasing liability 0 0 0
Net IB debt excl. pension debt -10 -9 -12
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -10 -9 -12
Capital employed 85 86 88
Capital invested 74 76 74
Working capital -3 -3 -3
Market cap. diluted (m) 183 183 183
Net IB debt adj. -10 -9 -12
Reversal of conv. debt assumed equity N/A N/A N/A
EV 173 174 171
Total assets turnover (%) 66,2 72 81,1
Working capital/sales (%) -5,2 -3,9 -3,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -12,2 -10,8 -14,3
Net debt / market cap (%) -6 -5,3 -7,2
Market value of minority 0 0 0
Equity ratio (%) 83,8 82,9 81,1
Reversal of shares and participations 0 0 0
Net IB debt adj. / equity (%) -12,2 -10,8 -14,3
Current ratio 1,46 1,35 1,43
EBITDA/net interest 162,9 N/A N/A
Net IB debt/EBITDA (x) -0,9 -0,6 -0,7
Net IB debt/EBITDA lease adj. (x) -0,9 -0,6 -0,7
Interest coverage 37,4 N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 18 18 18
Diluted shares adj. 19 19 19
EPS -0,53 0,03 0,32
Dividend per share 0 0 0
EPS adj. -0,53 0,03 0,32
BVPS 4,5 4,51 4,62
BVPS adj. 0,42 0,36 0,49
Net IB debt/share -0,55 -0,49 -0,66
Share price 9,74 9,74 9,74
Market cap. (m) 172 172 172
P/E (x) -18,3 340,3 30,9
EV/sales (x) 2,51 2,38 2,01
EV/EBITDA (x) 15 11,6 9,2
EV/EBITA (x) -51,4 940,8 66,5
EV/EBIT (x) -51,4 940,8 66,5
Dividend yield (%) 0 0 0
FCF yield (%) -7 -0,7 1,7
Le. adj. FCF yld. (%) -7 -0,7 1,7
P/BVPS (x) 2,16 2,16 2,11
P/BVPS adj. (x) 21,98 25,56 18,61
P/E adj. (x) -18,3 340,3 30,9
EV/EBITDA adj. (x) 15 11,6 9,2
EV/EBITA adj. (x) -51,4 940,8 66,5
EV/EBIT adj. (x) -51,4 940,8 66,5
EV/CE (x) 2 2 1,9
Investment ratios N/A N/A N/A
Capex/sales (%) 31,3 22,4 18,1
Capex/depreciation 1,4 1,1 1
Capex tangibles / tangible fixed assets 27,5 75,8 151,2
Capex intangibles / definite intangibles 28 20,5 19,2
Depreciation on intang / def. intang 19 19 21
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 % 27 Dec 2023
Avanza Pension 9.2 % 9.2 % 27 Dec 2023
Swedbank Robur Fonder 8.6 % 8.6 % 31 Dec 2023
Tagehus Holding AB 5.3 % 5.3 % 27 Dec 2023
Aktia Asset Management 5.0 % 5.0 % 31 Dec 2023
Mikael Lindblom 4.9 % 4.9 % 31 Dec 2022
Swedbank Försäkring 4.3 % 4.3 % 27 Dec 2023
Evert Capital AB 4.0 % 4.0 % 27 Dec 2023
Jörgen Persson med bolag 3.9 % 3.9 % 27 Dec 2023
Jesper Lyckeus 3.6 % 3.6 % 27 Dec 2023
Source: Holdings by Modular Finance AB