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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 74 83
Sales growth (%) 6,1 7,1 12,4
EBITDA 12 16 19
EBITDA margin (%) 16,7 21,7 23
EBIT adj. -3 0 2
EBIT adj. margin (%) -4,9 0,1 2,8
Pretax profit -3 0 2
EPS -0,53 0,01 0,28
EPS growth (%) -72,5 -102,2 2313,4
EPS adj. -0,53 0,01 0,28
DPS 0 0 0
EV/EBITDA (x) 15,2 10,8 8,9
EV/EBIT adj. (x) -52 1633,2 73,6
P/E (x) -18,5 837,5 34,7
P/E adj. (x) -18,5 837,5 34,7
EV/sales (x) 2,54 2,35 2,05
FCF yield (%) -7 -0,8 2,1
Le. adj. FCF yld. (%) -7 -0,8 2,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,9 -0,5 -0,7
Le. adj. ND/EBITDA (x) -0,9 -0,5 -0,7
SEKm 2023 2024e 2025e
Sales 69 74 83
COGS -21 -22 -22
Gross profit 48 52 61
Other operating items -36 -36 -42
EBITDA 12 16 19
Depreciation and amortisation -15 -16 -17
of which leasing depreciation 0 0 0
EBITA -3 0 2
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -3 0 2
Net financial items 0 0 0
Pretax profit -3 0 2
Tax 0 0 0
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 0,01 0,28
EPS adj. -0,53 0,01 0,28
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 20,6
Gross margin (%) 69,1 70,5 73
EBITDA margin (%) 16,7 21,7 23
EBITA margin (%) -4,9 0,1 2,8
EBIT margin (%) -4,9 0,1 2,8
Pre-tax margin (%) -5 0,1 2,8
Net margin (%) -5 0,1 2,2
Sales growth (%) 6,1 7,1 12,4
EBITDA growth (%) 5209 39,4 18,7
EBITA growth (%) -73 -103,2 2068,3
EBIT growth (%) -73 -103,2 N/A
Net profit growth (%) -72,5 -102,2 2313,4
EPS growth (%) -72,5 -102,2 2313,4
Profitability N/A N/A N/A
ROE (%) -4 0,1 2,1
ROE adj. (%) -4 0,1 2,1
ROCE (%) -3,8 0,1 2,7
ROCE adj. (%) -3,8 0,1 2,7
ROIC (%) -4,8 0,1 2,4
ROIC adj. (%) -4,8 0,1 2,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 16 19
EBITDA adj. margin (%) 16,7 21,7 23
EBITDA lease adj. 12 16 19
EBITDA lease adj. margin (%) 16,7 21,7 23
EBITA adj. -3 0 2
EBITA adj. margin (%) -4,9 0,1 2,8
EBIT adj. -3 0 2
EBIT adj. margin (%) -4,9 0,1 2,8
Pretax profit Adj. -3 0 2
Net profit Adj. -3 0 2
Net profit to shareholders adj. -3 0 2
Net adj. margin (%) -5 0,1 2,2
SEKm 2023 2024e 2025e
EBITDA 12 16 19
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 77 78 77
Paid tax 0 0 0
Tangible fixed assets 0 0 0
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Fixed assets 77 79 77
Cash flow before change in WC 11 16 19
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 16 19
Other current assets 3 3 4
Capex tangible fixed assets 0 0 0
Cash and liquid assets 11 9 13
Capex intangible fixed assets -21 -17 -15
Total assets 101 102 106
Acquisitions and Disposals 0 0 0
Shareholders equity 85 85 86
Free cash flow -13 -1 4
Total equity 85 85 86
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 12
Pension debt 0 0 0
Total liabilities and equity 101 102 106
Convertible debt 0 0 0
Net IB debt -10 -9 -13
Leasing liability 0 0 0
Net IB debt excl. pension debt -10 -9 -13
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -10 -9 -13
Capital employed 85 85 87
Capital invested 74 76 74
Working capital -3 -3 -3
Market cap. diluted (m) 185 182 182
Net IB debt adj. -10 -9 -13
Reversal of conv. debt assumed equity N/A N/A N/A
EV 175 174 170
Total assets turnover (%) 66,2 72,7 79,8
Working capital/sales (%) -5,2 -3,8 -3,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -12,2 -10,3 -14,7
Net debt / market cap (%) -5,9 -5,1 -7,4
Market value of minority 0 0 0
Equity ratio (%) 83,8 83 81,7
Reversal of shares and participations 0 0 0
Net IB debt adj. / equity (%) -12,2 -10,3 -14,7
Current ratio 1,46 1,33 1,48
EBITDA/net interest 162,9 526,2 N/A
Net IB debt/EBITDA (x) -0,9 -0,5 -0,7
Net IB debt/EBITDA lease adj. (x) -0,9 -0,5 -0,7
Interest coverage 37,4 5,9 N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 18 17 17
Diluted shares adj. 19 19 19
EPS -0,53 0,01 0,28
Dividend per share 0 0 0
EPS adj. -0,53 0,01 0,28
BVPS 4,5 4,56 4,66
BVPS adj. 0,42 0,34 0,52
Net IB debt/share -0,55 -0,47 -0,69
Share price 9,84 9,84 9,84
Market cap. (m) 174 171 171
P/E (x) -18,5 837,5 34,7
EV/sales (x) 2,54 2,35 2,05
EV/EBITDA (x) 15,2 10,8 8,9
EV/EBITA (x) -52 1633,2 73,6
EV/EBIT (x) -52 1633,2 73,6
Dividend yield (%) 0 0 0
FCF yield (%) -7 -0,8 2,1
Le. adj. FCF yld. (%) -7 -0,8 2,1
P/BVPS (x) 2,19 2,16 2,11
P/BVPS adj. (x) 22,21 27,08 17,71
P/E adj. (x) -18,5 837,5 34,7
EV/EBITDA adj. (x) 15,2 10,8 8,9
EV/EBITA adj. (x) -52 1633,2 73,6
EV/EBIT adj. (x) -52 1633,2 73,6
EV/CE (x) 2 2 1,9
Investment ratios N/A N/A N/A
Capex/sales (%) 31,3 23,9 18,1
Capex/depreciation 1,4 1,1 0,9
Capex tangibles / tangible fixed assets 27,5 76,6 235,5
Capex intangibles / definite intangibles 28 22,2 18,9
Depreciation on intang / def. intang 19 20 22
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 % 26 Mar 2024
Avanza Pension 11.4 % 11.4 % 26 Mar 2024
Swedbank Robur Fonder 8.6 % 8.6 % 31 Mar 2024
Tagehus Holding AB 5.3 % 5.3 % 26 Mar 2024
Aktia Asset Management 5.0 % 5.0 % 31 Mar 2024
Swedbank Försäkring 4.4 % 4.4 % 26 Mar 2024
Jörgen Persson med bolag 3.9 % 3.9 % 26 Mar 2024
Jesper Lyckeus 3.6 % 3.6 % 26 Mar 2024
Håkan Kjellman 2.3 % 2.3 % 26 Mar 2024
Jens Kristian Jepsen 1.9 % 1.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB