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Litium

Litium

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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 profitability in 2021. 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 2022 2023e 2024e
Sales 65 78 100
Sales growth (%) 12 20,2 28
EBITDA 0 9 23
EBITDA margin (%) 0,3 11 23,5
EBIT adj. -12 -4 10
EBIT adj. margin (%) -19,2 -5,4 9,6
Pretax profit -12 -4 10
EPS -0,7 -0,24 0,42
EPS growth (%) -32,3 -66,3 -278,9
EPS adj. -0,7 -0,24 0,42
DPS 0 0 0
EV/EBITDA (x) 812,6 21,3 7,7
EV/EBIT adj. (x) -14,2 -43,7 18,8
P/E (x) -15,9 -47,3 26,4
P/E adj. (x) -15,9 -47,3 26,4
EV/sales (x) 2,72 2,35 1,81
FCF yield (%) -11 -3,4 1,3
Le. adj. FCF yld. (%) -11 -3,4 1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -102,3 -1,8 -0,7
Le. adj. ND/EBITDA (x) 102,3 1,8 0,7
SEKm 2022 2023e 2024e
Sales 65 78 100
COGS -21 -22 -26
Gross profit 44 56 74
Other operating items -44 -47 -50
EBITDA 0 9 23
Depreciation and amortisation -13 -13 -14
of which leasing depreciation 0 0 0
EBITA -12 -4 10
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -12 -4 10
Net financial items 0 0 0
Pretax profit -12 -4 10
Tax 0 0 -2
Net profit -12 -4 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 -4 8
EPS -0,7 -0,24 0,42
EPS adj. -0,7 -0,24 0,42
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 22
Gross margin (%) 68,1 71,5 74
EBITDA margin (%) 0,3 11 23,5
EBITA margin (%) -19,2 -5,4 9,6
EBIT margin (%) -19,2 -5,4 9,6
Pre-tax margin (%) -19,2 -5,4 9,6
Net margin (%) -19,2 -5,4 7,5
Sales growth (%) 12 20,2 28
EBITDA growth (%) -108,7 3869,5 172,4
EBITA growth (%) -2,8 -66,3 -329,4
EBIT growth (%) -2,8 -66,3 -329,4
Net profit growth (%) -3,1 -66,3 -278,9
EPS growth (%) -32,3 -66,3 -278,9
Profitability N/A N/A N/A
ROE (%) -16,2 -4,9 8,6
ROE adj. (%) -16,2 -4,9 8,6
ROCE (%) -15,9 -4,8 10,9
ROCE adj. (%) -15,9 -4,8 10,9
ROIC (%) -20,4 -6,2 10,5
ROIC adj. (%) -20,4 -6,2 10,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 9 23
EBITDA adj. margin (%) 0,3 11 23,5
EBITDA lease adj. 0 9 23
EBITDA lease adj. margin (%) 0,3 11 23,5
EBITA adj. -12 -4 10
EBITA adj. margin (%) -19,2 -5,4 9,6
EBIT adj. -12 -4 10
EBIT adj. margin (%) -19,2 -5,4 9,6
Pretax profit Adj. -12 -4 10
Net profit Adj. -12 -4 8
Net profit to shareholders adj. -12 -4 8
Net adj. margin (%) -19,2 -5,4 7,5
SEKm 2022 2023e 2024e
EBITDA 0 9 23
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 70 73 80
Paid tax 0 0 -2
Tangible fixed assets 1 1 1
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 0 9 21
Total other fixed assets 0 0 0
Change in working capital 0 1 2
Fixed assets 70 74 81
Operating cash flow 0 10 23
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 10 12 16
Capex intangible fixed assets -21 -16 -20
Other current assets 3 4 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 16 18
Free cash flow -22 -7 3
Total assets 107 107 120
Dividend paid 0 0 0
Shareholders equity 88 84 91
Share issues and buybacks 35 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 88 84 91
Other non-cash items -1 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 1 1 1
Accounts payable 9 11 14
Other current liabilities 9 11 14
Total liabilities and equity 107 107 120
Net IB debt -22 -15 -18
Net IB debt excl. pension debt -22 -15 -18
Net IB debt excl. leasing -22 -15 -18
Capital employed 89 85 92
Capital invested 66 69 74
Working capital -4 -5 -7
Market cap. diluted (m) 198 198 198
Net IB debt adj. -22 -15 -18
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 176 183 181
Total assets turnover (%) 67,4 73 88
Working capital/sales (%) -7,5 -6,3 -6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -25,2 -18,2 -19,2
Net debt / market cap (%) -11,9 -8,2 -9,4
Equity ratio (%) 82,1 78,6 76
Net IB debt adj. / equity (%) -25,2 -18,2 -19,2
Current ratio 1,92 1,43 1,37
EBITDA/net interest 9,4 N/A N/A
Net IB debt/EBITDA (x) -102,3 -1,8 -0,7
Net IB debt/EBITDA lease adj. (x) -102,3 -1,8 -0,7
Interest coverage 812,3 N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 17 17 17
Diluted shares adj. 18 18 18
EPS -0,7 -0,24 0,42
Dividend per share 0 0 0
EPS adj. -0,7 -0,24 0,42
BVPS 4,97 4,73 5,16
BVPS adj. 1,04 0,61 0,64
Net IB debt/share -1,25 -0,86 -0,99
Share price 11,2 11,2 11,2
Market cap. (m) 186 186 186
P/E (x) -15,9 -47,3 26,4
EV/sales (x) 2,72 2,35 1,81
EV/EBITDA (x) 812,6 21,3 7,7
EV/EBITA (x) -14,2 -43,7 18,8
EV/EBIT (x) -14,2 -43,7 18,8
Dividend yield (%) 0 0 0
FCF yield (%) -11 -3,4 1,3
Le. adj. FCF yld. (%) -11 -3,4 1,3
P/BVPS (x) 2,25 2,37 2,17
P/BVPS adj. (x) 10,13 17,32 16,31
P/E adj. (x) -15,9 -47,3 26,4
EV/EBITDA adj. (x) 812,6 21,3 7,7
EV/EBITA adj. (x) -14,2 -43,7 18,8
EV/EBIT adj. (x) -14,2 -43,7 18,8
EV/CE (x) 2 2,2 2
Investment ratios N/A N/A N/A
Capex/sales (%) 33,4 21 20,5
Capex/depreciation 1,7 1,3 1,5
Capex tangibles / tangible fixed assets 32,7 50,5 84,5
Capex intangibles / definite intangibles 30,8 21,9 25
Depreciation on intang / def. intang 18 18 17
Depreciation on tangibles / tangibles 0 0 0

Equity research

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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 % 28 Dec 2022
Swedbank Robur Fonder 8.6 % 8.6 % 31 Jan 2023
Avanza Pension 7.5 % 7.5 % 28 Dec 2022
Swedbank Försäkring 5.7 % 5.7 % 28 Dec 2022
Tagehus Holding AB 5.5 % 5.5 % 28 Dec 2022
Aktia Asset Management 5.0 % 5.0 % 31 Dec 2022
Mikael Lindblom 4.9 % 4.9 % 25 Mar 2022
Jesper Lyckeus 3.6 % 3.6 % 28 Dec 2022
TIN Fonder 3.1 % 3.1 % 31 Jan 2023
Jörgen Persson med bolag 2.8 % 2.8 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Litium

Name Quantity Code Date
Patrik Settlin + 10 000 BUY 27 May 2021
Christopher Johansson +1 200 000 Received loan 15 Mar 2021
Sven Marcus Christopher Johansson +1 200 000 Received loan 15 Mar 2021
Fastpartner AB +1 200 000 Received loan 15 Mar 2021
Christopher Johansson -1 200 000 Received loan 19 Feb 2021
Fastpartner AB Fastpartner AB -1 200 000 Received loan 19 Feb 2021
Mikael Lindblom + 45 520 BUY 19 Nov 2020
Marie Holmqvist + 350 BUY 27 Aug 2020
Mikael Lindblom + 30 000 BUY 21 Nov 2019
Johan Rutgersson + 10 000 BUY 13 Nov 2019

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