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Litium

Litium

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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.

Financials

SEKm 2024 2025e 2026e
Sales 72 80 91
Sales growth (%) 4,4 12 12,5
EBITDA 17 19 23
EBITDA margin (%) 23,4 23,9 25,4
EBIT adj. 0 2 4
EBIT adj. margin (%) 0 2 4,4
Pretax profit 0 2 4
EPS -0,01 0,2 0,49
EPS growth (%) -98,5 -2598,1 N/A
EPS adj. -0,01 0,2 0,49
DPS 0 0 0
EV/EBITDA (x) 8,3 7 5,6
EV/EBIT adj. (x) -17634,6 83,7 32,7
P/E (x) -1017,4 40,7 16,6
P/E adj. (x) -1017,4 40,7 16,6
EV/sales (x) 1,95 1,68 1,43
FCF yield (%) -1,4 3,2 3,7
Le. adj. FCF yld. (%) -1,4 3,2 3,7
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 91
COGS -23 -22 -24
Gross profit 49 59 67
Other operating items -32 -39 -44
EBITDA 17 19 23
Depreciation and amortisation -17 -18 -19
of which leasing depreciation 0 0 0
EBITA 0 2 4
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 0 2 4
Net financial items 0 0 0
Pretax profit 0 2 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 -0,01 0,2 0,49
EPS adj. -0,01 0,2 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 (%) 68,5 73 74
EBITDA margin (%) 23,4 23,9 25,4
EBITA margin (%) 0 2 4,4
EBIT margin (%) 0 2 4,4
Pre-tax margin (%) -0,1 2 4,4
Net margin (%) -0,1 1,6 3,5
Sales growth (%) 4,4 12 12,5
EBITDA growth (%) 46,1 14,6 19,5
EBITA growth (%) -99,8 -20449,8 145,5
EBIT growth (%) -99,8 -20449,8 N/A
Net profit growth (%) -98,5 -2598,1 145,5
EPS growth (%) -98,5 -2598,1 N/A
Profitability N/A N/A N/A
ROE (%) -0,1 1,5 3,6
ROE adj. (%) -0,1 1,5 3,6
ROCE (%) 0 1,9 4,5
ROCE adj. (%) 0 1,9 4,5
ROIC (%) 0 1,7 4,4
ROIC adj. (%) 0 1,7 4,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 17 19 23
EBITDA adj. margin (%) 23,4 23,9 25,4
EBITDA lease adj. 17 19 23
EBITDA lease adj. margin (%) 23,4 23,9 25,4
EBITA adj. 0 2 4
EBITA adj. margin (%) 0 2 4,4
EBIT adj. 0 2 4
EBIT adj. margin (%) 0 2 4,4
Pretax profit Adj. 0 2 4
Net profit Adj. 0 1 3
Net profit to shareholders adj. 0 1 3
Net adj. margin (%) -0,1 1,6 3,5
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 23
Other current assets 3 4 4
Capex tangible fixed assets 0 0 -1
Cash and liquid assets 9 14 19
Capex intangible fixed assets -19 -14 -16
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 7
Other non-cash items 0 0 0
Other current liabilities 11 12 14
Pension debt 0 0 N/A
Total liabilities and equity 102 105 110
Convertible debt 0 0 N/A
Net IB debt -8 -13 -19
Leasing liability 0 0 0
Net IB debt excl. pension debt -8 -13 -19
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -8 -13 -19
Capital employed 85 87 90
Capital invested 76 73 70
Working capital -3 -3 -3
Market cap. diluted (m) 148 148 148
Net IB debt adj. -8 -13 -19
Reversal of conv. debt assumed equity N/A N/A N/A
EV 140 135 130
Total assets turnover (%) 70,9 77,8 84
Working capital/sales (%) -3,7 -3,5 -3,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -9,9 -15,3 -20,9
Net debt / market cap (%) -6 -9,5 -13,4
Market value of minority 0 0 N/A
Equity ratio (%) 83,1 81,8 80,6
Reversal of shares and participations 0 0 0
Net IB debt adj. / equity (%) -9,9 -15,3 -20,9
Current ratio 1,33 1,53 1,7
EBITDA/net interest 387,8 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 0,7 N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 17 17 17
Diluted shares adj. 18 18 18
EPS -0,01 0,2 0,49
Dividend per share 0 0 0
EPS adj. -0,01 0,2 0,49
BVPS 4,61 4,68 4,85
BVPS adj. 0,33 0,56 0,86
Net IB debt/share -0,46 -0,72 -1,01
Share price 8,08 8,08 8,08
Market cap. (m) 139 139 139
P/E (x) -1017,4 40,7 16,6
EV/sales (x) 1,95 1,68 1,43
EV/EBITDA (x) 8,3 7 5,6
EV/EBITA (x) -17634,6 83,7 32,7
EV/EBIT (x) -17634,6 83,7 32,7
Dividend yield (%) 0 0 0
FCF yield (%) -1,4 3,2 3,7
Le. adj. FCF yld. (%) -1,4 3,2 3,7
P/BVPS (x) 1,75 1,73 1,66
P/BVPS adj. (x) 23,07 13,65 8,77
P/E adj. (x) -1017,4 40,7 16,6
EV/EBITDA adj. (x) 8,3 7 5,6
EV/EBITA adj. (x) -17634,6 83,7 32,7
EV/EBIT adj. (x) -17634,6 83,7 32,7
EV/CE (x) 1,6 1,6 1,4
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 4527,6 203,1
Capex intangibles / definite intangibles 23,6 18,6 21,7
Depreciation on intang / def. intang 21 23 26
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 % 23 Dec 2024
Tagehus Holding AB 5.3 % 5.3 % 23 Dec 2024
Aktia Asset Management 5.0 % 5.0 % 23 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