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StrongPoint

StrongPoint

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StrongPoint is a retail technology company that sells a wide variety of technology solutions that save costs, increase productivity, reduce theft or facilitate e-commerce sales for retailers. Its product portfolio includes electronic shelf labels, cash management systems, self-checkout terminals, click & collect lockers and digital e-commerce solutions. In addition, it holds strong positions in security cases for cash-in-transit and in adhesive labels. The company has strong positions in Norway, Sweden and the Baltics and is targeting to grow significantly in Spain.

Sustainability Information

StrongPoint’s earnings are to some degree dependent on large product orders. If StrongPoint is unable to win large contracts from new or existing customers, it could pose a risk to its future sales and earnings growth. The Nordic grocery retail market is highly concentrated and several of these large chains are StrongPoint customers. Losing one of these customers could result in a significant loss of repeat business for StrongPoint. As there are some competing products, StrongPoint could be exposed to price pressure from new or existing competitors. Other risk factors include FX, macroeconomy, warranty issues and regulatory risks.

Financials

NOKm 2024 2025e 2026e
Sales 1309 1507 1687
Sales growth (%) -2,5 15,1 11,9
EBITDA 3 40 77
EBITDA margin (%) 0,2 2,7 4,5
EBIT adj. -29 -2 34
EBIT adj. margin (%) -2,2 -0,1 2
Pretax profit -47 -15 25
EPS -0,71 -0,26 0,43
EPS growth (%) -6,9 -63,5 -268
EPS adj. -0,53 -0,26 0,43
DPS 0 0,25 0,3
EV/EBITDA (x) 181,2 12,4 6,5
EV/EBIT adj. (x) -17,4 -234,2 14,6
P/E (x) N/A N/A 20,6
P/E adj. (x) N/A N/A 20,6
EV/sales (x) 0,39 0,33 0,29
FCF yield (%) 7,9 -10,5 4,5
Le. adj. FCF yld. (%) 7,9 -10,5 4,5
Dividend yield (%) 0 2,8 3,3
Net IB debt/EBITDA (x) 39,8 2,5 1,3
Le. adj. ND/EBITDA (x) 1,3 0,2 0
NOKm 2024 2025e 2026e
Sales 1309 1507 1687
COGS -779 -887 -999
Gross profit 530 620 688
Other operating items -527 -580 -612
EBITDA 3 40 77
Depreciation and amortisation -42 -42 -43
of which leasing depreciation 0 0 0
EBITA -39 -2 34
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -39 -2 34
Net financial items -7 -13 -9
Pretax profit -47 -15 25
Tax 15 3 -6
Net profit -32 -12 20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 -12 20
EPS -0,71 -0,26 0,43
EPS adj. -0,53 -0,26 0,43
Total extraordinary items after tax -7 0 0
Leasing payments 0 0 0
Tax rate (%) 31,8 22 22
Gross margin (%) 40,5 41,2 40,8
EBITDA margin (%) 0,2 2,7 4,5
EBITA margin (%) -3 -0,1 2
EBIT margin (%) -3 -0,1 2
Pre-tax margin (%) -3,6 -1 1,5
Net margin (%) -2,4 -0,8 1,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -2,5 15,1 11,9
EBITDA growth (%) -23,7 1329,5 90,7
EBITA growth (%) 26,9 -94,6 -1687,4
EBIT growth (%) 0,6 -94,6 -1687,4
Net profit growth (%) -6,9 -63,5 -268
EPS growth (%) -6,9 -63,5 -268
Profitability N/A N/A N/A
ROE (%) -6,8 -2,5 4,3
ROE adj. (%) -5,3 -2,5 4,3
ROCE (%) -5,7 -0,3 5
ROCE adj. (%) -4,3 -0,3 5
ROIC (%) -4,4 -0,3 4,7
ROIC adj. (%) -3,3 -0,3 4,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 13 40 77
EBITDA adj. margin (%) 1 2,7 4,5
EBITDA lease adj. 13 40 77
EBITDA lease adj. margin (%) 1 2,7 4,5
EBITA adj. -29 -2 34
EBITA adj. margin (%) -2,2 -0,1 2
EBIT adj. -29 -2 34
EBIT adj. margin (%) -2,2 -0,1 2
Pretax profit Adj. -37 -15 25
Net profit Adj. -25 -12 20
Net profit to shareholders adj. -25 -12 20
Net adj. margin (%) -1,9 -0,8 1,2
NOKm 2024 2025e 2026e
EBITDA 3 40 77
Goodwill 180 180 180
Net financial items -7 -13 -9
Other intangible assets 152 140 127
Paid tax 15 3 -6
Tangible fixed assets 30 30 30
Non-cash items -49 -56 9
Right-of-use asset 97 97 97
Cash flow before change in WC -39 -26 71
Total other fixed assets 52 55 49
Change in working capital 110 13 -23
Fixed assets 510 501 483
Operating cash flow 70 -12 48
Inventories 173 199 213
Capex tangible fixed assets -20 -30 -30
Receivables 223 268 290
Capex intangible fixed assets -19 0 0
Other current assets 39 39 39
Acquisitions and Disposals 0 0 0
Cash and liquid assets 112 123 127
Free cash flow 32 -42 18
Total assets 1058 1131 1152
Dividend paid 0 0 -11
Shareholders equity 465 454 462
Share issues and buybacks 1 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 465 454 462
Other non-cash items 24 53 -3
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 95 95 95
Total other long-term liabilities 17 17 17
Short-term debt 128 128 128
Accounts payable 141 173 188
Other current liabilities 210 263 260
Total liabilities and equity 1058 1131 1152
Net IB debt 112 101 97
Net IB debt excl. pension debt 112 101 97
Net IB debt excl. leasing 17 6 2
Capital employed 690 678 686
Capital invested 577 554 559
Working capital 84 71 93
EV breakdown N/A N/A N/A
Market cap. diluted (m) 402 402 402
Net IB debt adj. 112 101 97
Market value of minority 0 0 0
Reversal of shares and participations -5 -5 -5
Reversal of conv. debt assumed equity N/A N/A N/A
EV 509 498 495
Total assets turnover (%) 126,4 137,7 147,8
Working capital/sales (%) 10,6 5,1 4,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24 22,2 21
Net debt / market cap (%) 27,8 25,1 24,1
Equity ratio (%) 44 40,1 40,1
Net IB debt adj. / equity (%) 24 22,2 21
Current ratio 1,14 1,12 1,16
EBITDA/net interest 0,4 3,1 8,7
Net IB debt/EBITDA (x) 39,8 2,5 1,3
Net IB debt/EBITDA lease adj. (x) 1,3 0,2 0
Interest coverage 5,4 0,2 3,9
NOKm 2024 2025e 2026e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,71 -0,26 0,43
Dividend per share 0 0,25 0,3
EPS adj. -0,53 -0,26 0,43
BVPS 10,36 10,1 10,29
BVPS adj. 2,96 2,98 3,45
Net IB debt/share 2,49 2,25 2,16
Share price 8,96 8,96 8,96
Market cap. (m) 402 402 402
Valuation N/A N/A N/A
P/E (x) N/A N/A 20,6
EV/sales (x) 0,39 0,33 0,29
EV/EBITDA (x) 181,2 12,4 6,5
EV/EBITA (x) -12,9 -234,2 14,6
EV/EBIT (x) -12,9 -234,2 14,6
Dividend yield (%) 0 2,8 3,3
FCF yield (%) 7,9 -10,5 4,5
Le. adj. FCF yld. (%) 7,9 -10,5 4,5
P/BVPS (x) 0,86 0,89 0,87
P/BVPS adj. (x) 3,02 3 2,6
P/E adj. (x) N/A N/A 20,6
EV/EBITDA adj. (x) 39,8 12,4 6,5
EV/EBITA adj. (x) -17,4 -234,2 14,6
EV/EBIT adj. (x) -17,4 -234,2 14,6
EV/CE (x) 0,7 0,7 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 3 2 1,8
Capex/depreciation 0,9 0,7 0,7
Capex tangibles / tangible fixed assets 66,4 100,2 101,4
Capex intangibles / definite intangibles 12,6 0 0
Depreciation on intang / def. intang 8 9 10
Depreciation on tangibles / tangibles 101,06 100,24 101,45

Equity research

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Media

StrongPoint - Company presentation with CFO Marius Drefvelin
StrongPoint - Fireside chat with CFO Marius Drefvelin

Main Shareholders - StrongPoint

Main shareholders Share capital % Voting shares % Verified
Strømstangen AS 8.8 % 8.8 % 8 Apr 2025
Nordnet Bank AB 6.3 % 6.3 % 8 Apr 2025
Tommy Hatteland 5.0 % 5.0 % 8 Apr 2025
Sole Active AS 4.9 % 4.9 % 8 Apr 2025
Quaero Capital S.A. 4.7 % 4.7 % 30 Sep 2024
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Avanza Bank AB 2.9 % 2.9 % 8 Apr 2025
Jan Ring 2.8 % 2.8 % 8 Apr 2025
Canaccord Genuity Wealth Management 2.6 % 2.6 % 31 Oct 2024
Muen Invest AS 2.6 % 2.6 % 8 Apr 2025
Source: Holdings by Modular Finance AB