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Precise Biometrics

Precise Biometrics

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Leading developer of biometric software algorithms

Precise Biometrics is a developer of biometric software algorithms used for verifying identities using new digital technologies. The company offers software for fingerprint scanners in mobile devices, smart payment cards as well as biometric identity systems. The company has a long history of research and development in segments that are just starting to disrupt our digital world, and we believe that the company’s business model can achieve scalability as volumes increase.

R&D is crucial for Precise if it is to keep up with the ever-changing landscape of biometrics. As such, a failure to innovate could hurt the competitiveness of the company’s products. Currently, the Precise’s revenues mainly stem from the mobile device segment. Meanwhile, the market for the company’s two growth segments – biometric smart cards and digital identity – remain immature and predictions about growth and penetration remain uncertain. Lastly, apart from in 2016, the company has not been able to generate positive net cash flow without share issues.

Financials

SEKm 2022 2023e 2024e
Sales 91 99 120
Sales growth (%) 9,2 8,7 20,7
EBITDA 1 8 16
EBITDA margin (%) 1,2 7,6 13,1
EBIT adj. -22 -14 -5
EBIT adj. margin (%) -23,6 -14,6 -4,5
Pretax profit -23 -17 -7
EPS -0,53 -0,22 -0,1
EPS growth (%) 472,7 -58,8 -56,1
EPS adj. -0,51 -0,22 -0,1
DPS 0 0 0
EV/EBITDA (x) 88,2 18,9 9,3
EV/EBIT adj. (x) -4,4 -9,8 -26,9
P/E (x) -4,4 -10,6 -24,1
P/E adj. (x) -4,5 -10,6 -24,1
EV/sales (x) 1,05 1,44 1,21
FCF yield (%) -52,5 -9,1 -1,3
Le. adj. FCF yld. (%) -54,3 -9,5 -1,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -10,4 -4,7 -2,1
Le. adj. ND/EBITDA (x) 47,6 6,4 2,7
SEKm 2022 2023e 2024e
Sales 91 99 120
COGS -26 -32 -36
Gross profit 65 67 84
Other operating items -64 -60 -68
EBITDA 1 8 16
Depreciation and amortisation -21 -22 -21
of which leasing depreciation 0 -1 -1
EBITA -20 -14 -5
EO Items 2 0 0
Impairment and PPA amortisation 0 0 0
EBIT -20 -14 -5
Net financial items -3 -2 -2
Pretax profit -23 -17 -7
Tax 1 0 0
Net profit -22 -17 -7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -22 -17 -7
EPS -0,53 -0,22 -0,1
EPS adj. -0,51 -0,22 -0,1
Total extraordinary items after tax 1 0 0
Leasing payments 0 -1 -1
Tax rate (%) 5,3 0,5 0
Gross margin (%) 71,5 68 70
EBITDA margin (%) 1,2 7,6 13,1
EBITA margin (%) -22 -14,6 -4,5
EBIT margin (%) -22 -14,6 -4,5
Pre-tax margin (%) -25,8 -17,1 -6,2
Net margin (%) -24,4 -17 -6,2
Sales growth (%) 9,2 8,7 20,7
EBITDA growth (%) -40,2 593,8 107,7
EBITA growth (%) 42,2 -27,7 -62,8
EBIT growth (%) 42,2 -27,7 -62,8
Net profit growth (%) 65,4 -24,4 -56,1
EPS growth (%) 472,7 -58,8 -56,1
Profitability N/A N/A N/A
ROE (%) -16,2 -10,6 -4,4
ROE adj. (%) -17,2 -10,6 -4,4
ROCE (%) -11,4 -7,7 -2,9
ROCE adj. (%) -12,3 -7,7 -2,9
ROIC (%) -15,8 -10,7 -4,1
ROIC adj. (%) -17 -10,7 -4,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 8 16
EBITDA adj. margin (%) -0,5 7,6 13,1
EBITDA lease adj. 0 7 15
EBITDA lease adj. margin (%) -0,5 6,8 12,2
EBITA adj. -22 -14 -5
EBITA adj. margin (%) -23,6 -14,6 -4,5
EBIT adj. -22 -14 -5
EBIT adj. margin (%) -23,6 -14,6 -4,5
Pretax profit Adj. -25 -17 -7
Net profit Adj. -24 -17 -7
Net profit to shareholders adj. -24 -17 -7
Net adj. margin (%) -26 -17 -6,2
SEKm 2022 2023e 2024e
EBITDA 1 8 16
Goodwill 0 0 0
Net financial items -3 -2 -2
Other intangible assets 139 135 132
Paid tax 0 0 0
Tangible fixed assets 9 9 9
Non-cash items 3 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 1 5 14
Total other fixed assets 0 0 0
Change in working capital 3 -3 2
Fixed assets 148 144 141
Operating cash flow 4 2 16
Inventories 0 1 1
Capex tangible fixed assets 0 0 0
Receivables 11 12 14
Capex intangible fixed assets -21 -18 -18
Other current assets 5 5 6
Acquisitions and Disposals -38 0 0
Cash and liquid assets 46 60 52
Free cash flow -56 -16 -2
Total assets 211 222 215
Dividend paid 0 0 0
Shareholders equity 146 170 163
Share issues and buybacks 40 41 0
Minority 0 0 0
Leasing liability amortisation -2 -1 -1
Total equity 146 170 163
Other non-cash items 6 1 1
Long-term debt 17 17 12
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 9 8 7
Total other long-term liabilities 0 0 0
Short-term debt 10 0 0
Accounts payable 0 2 2
Other current liabilities 30 26 31
Total liabilities and equity 211 222 215
Net IB debt -11 -36 -33
Net IB debt excl. pension debt -11 -36 -33
Net IB debt excl. leasing -20 -43 -40
Capital employed 181 194 181
Capital invested 135 134 129
Working capital -13 -10 -12
Market cap. diluted (m) 107 178 178
Net IB debt adj. -11 -36 -33
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 96 142 145
Total assets turnover (%) 40,2 45,7 54,7
Working capital/sales (%) -30,5 -11,5 -9,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7,7 -20,9 -20,5
Net debt / market cap (%) -10,5 -20 -18,7
Equity ratio (%) 69,2 76,5 75,8
Net IB debt adj. / equity (%) -7,7 -20,9 -20,5
Current ratio 1,6 2,81 2,19
EBITDA/net interest 0,3 3,1 7,8
Net IB debt/EBITDA (x) -10,4 -4,7 -2,1
Net IB debt/EBITDA lease adj. (x) 47,6 -6,4 -2,7
Interest coverage 5,8 6 2,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 46 77 77
Diluted shares adj. 46 77 77
EPS -0,53 -0,22 -0,1
Dividend per share 0 0 0
EPS adj. -0,51 -0,22 -0,1
BVPS 3,15 2,2 2,1
BVPS adj. 0,16 0,45 0,39
Net IB debt/share -0,24 -0,46 -0,43
Share price 2,3 2,3 2,3
Market cap. (m) 107 178 178
P/E (x) -4,4 -10,6 -24,1
EV/sales (x) 1,05 1,44 1,21
EV/EBITDA (x) 88,2 18,9 9,3
EV/EBITA (x) -4,8 -9,8 -26,9
EV/EBIT (x) -4,8 -9,8 -26,9
Dividend yield (%) 0 0 0
FCF yield (%) -52,5 -9,1 -1,3
Le. adj. FCF yld. (%) -54,3 -9,5 -1,8
P/BVPS (x) 0,73 1,05 1,09
P/BVPS adj. (x) 14,42 5,12 5,84
P/E adj. (x) -4,5 -10,6 -24,1
EV/EBITDA adj. (x) -229,7 18,9 9,3
EV/EBITA adj. (x) -4,4 -9,8 -26,9
EV/EBIT adj. (x) -4,4 -9,8 -26,9
EV/CE (x) 0,5 0,7 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 23,9 18,5 15
Capex/depreciation 1 0,9 0,9
Capex tangibles / tangible fixed assets 3,1 0 0
Capex intangibles / definite intangibles 15,4 13,5 13,6
Depreciation on intang / def. intang 15 16 15
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Interview with CEO & CFO of Precise Biometrics after Q1'23
Precise Biometrics - Company presentation with CEO Patrick Höijer

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Main shareholders - Precise Biometrics

Main shareholders Share capital % Voting shares % Verified
Egis Technology Inc 11.8 % 12.1 % 26 Apr 2023
Avanza Pension 5.3 % 5.4 % 26 Apr 2023
Nordnet Pensionsförsäkring 1.7 % 1.8 % 26 Apr 2023
RM International AB 1.7 % 1.8 % 26 Apr 2023
Maida Vale Capital AB 1.5 % 1.6 % 26 Apr 2023
Lars Ingvarsson 1.4 % 1.5 % 26 Apr 2023
Henrik Svensson Fastigheter AB 1.0 % 1.0 % 26 Apr 2023
Swedbank Försäkring 0.8 % 0.8 % 26 Apr 2023
Douglas Storckenfeldt 0.7 % 0.8 % 26 Apr 2023
Precise Biometrics AB 2.3 % 0.2 % 26 Apr 2023
Source: Holdings by Modular Finance AB

Insider list - Precise Biometrics

Name Quantity Code Date
Ulrik Nilsson - 300 000 SELL 6 Apr 2021
Stefan Persson + 49 959 BUY 18 Dec 2020
Ulrik Nilsson + 50 000 BUY 14 Dec 2020
Ulrik Nilsson + 50 000 BUY 10 Dec 2020
Ulrik Nilsson + 50 000 BUY 1 Dec 2020
Stefan Persson + 50 000 BUY 1 Dec 2020
Stefan Persson + 60 000 BUY 17 Nov 2020
Ulrik Nilsson + 50 000 BUY 17 Nov 2020
Åsa Helena Elisabeth Schwarz Ahlin + 9 538 BUY 17 Dec 2019
Åsa Helena Elisabeth Schwarz Ahlin + 65 000 BUY 16 Dec 2019

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