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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 2025 2026e 2027e
Sales 1359 1502 1638
Sales growth (%) 3,8 10,6 9
EBITDA 26 34 58
EBITDA margin (%) 1,9 2,3 3,5
EBIT adj. -10 -11 12
EBIT adj. margin (%) -0,7 -0,8 0,7
Pretax profit -15 -20 3
EPS -0,11 -0,35 0,06
EPS growth (%) -84,4 N/A N/A
EPS adj. 0,01 -0,35 0,06
DPS 0 0 0
EV/EBITDA (x) 18,4 15,4 9
EV/EBIT adj. (x) -49,8 -46 43,8
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 0,36 0,35 0,32
FCF yield (%) 8,8 -1,7 6,3
Le. adj. FCF yld. (%) 8,8 -1,7 6,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,7 2,3 1,3
Le. adj. ND/EBITDA (x) -3,6 -0,1 -0,1
NOKm 2025 2026e 2027e
Sales 1359 1502 1638
COGS -774 -871 -958
Gross profit 585 631 680
Other operating items -559 -597 -622
EBITDA 26 34 58
Depreciation and amortisation -43 -45 -46
of which leasing depreciation -23 -24 -25
EBITA -17 -11 12
EO Items -7 0 0
Impairment and PPA amortisation 0 0 0
EBIT -17 -11 12
Net financial items 1 -9 -9
Pretax profit -15 -20 3
Tax 10 4 -1
Net profit -5 -16 3
Minority interest 0 0 0
EPS -0,11 -0,35 0,06
Net profit discontinued 0 0 0
EPS adj. 0,01 -0,35 0,06
Net profit to shareholders -2 8 34
Total extraordinary items after tax -2 0 0
Leasing payments -23 -24 -25
Tax rate (%) 67,6 22 22
Gross margin (%) 43,1 42 41,5
EBITDA margin (%) 1,9 2,3 3,5
EBITA margin (%) -1,2 -0,8 0,7
EBIT margin (%) -1,2 -0,8 0,7
Pre-tax margin (%) -1,1 -1,3 0,2
Net margin (%) -0,4 -1 0,2
Sales growth (%) 3,8 10,6 9
EBITDA growth (%) 1117,1 28,5 70,3
EBITA growth (%) -57,3 -32,3 -204,4
EBIT growth (%) -57,3 -32,3 -204,4
Net profit growth (%) -84,4 212,8 -116,5
EPS growth (%) -84,4 N/A N/A
ROE (%) -1,1 -3,3 0,6
ROE adj. (%) -0,6 -3,3 0,6
Profitability N/A N/A N/A
ROCE (%) -2 -1,6 1,7
ROCE adj. (%) -1,4 -1,6 1,7
ROIC (%) -1 -1,7 1,7
ROIC adj. (%) -0,6 -1,7 1,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 33 34 58
EBITDA adj. margin (%) 2,5 2,3 3,5
EBITDA lease adj. 10 10 33
EBITDA lease adj. margin (%) 0,8 0,6 2
EBITA adj. -10 -11 12
EBITA adj. margin (%) -0,7 -0,8 0,7
EBIT adj. -10 -11 12
EBIT adj. margin (%) -0,7 -0,8 0,7
Pretax profit Adj. -8 -20 3
Net profit Adj. -3 -16 3
Net profit to shareholders adj. -3 -16 3
Net adj. margin (%) -0,2 -1 0,2
NOKm 2025 2026e 2027e
EBITDA 26 34 58
Goodwill 187 187 187
Net financial items 1 -9 -9
Other intangible assets 172 160 147
Paid tax 10 4 -1
Tangible fixed assets 27 27 27
Non-cash items -59 -1 1
Right-of-use asset 82 82 82
Cash flow before change in WC -20 28 49
Total other fixed assets 56 61 60
Change in working capital 74 -28 -13
Fixed assets 525 517 503
Operating cash flow 54 1 37
Inventories 155 171 180
Capex tangible fixed assets -9 -8 -9
Receivables 196 223 238
Capex intangible fixed assets -33 0 0
Other current assets 35 35 35
Acquisitions and Disposals 27 0 0
Cash and liquid assets 182 146 150
Free cash flow 39 -8 28
Total assets 1091 1092 1105
Dividend paid 0 0 0
Shareholders equity 478 462 465
Share issues and buybacks 1 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 478 462 465
Other non-cash items 33 -27 -25
Long-term debt 100 100 100
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 80 80 80
Total other long-term liabilities 13 13 13
Short-term debt 45 45 45
Accounts payable 124 144 154
Other current liabilities 251 248 248
Total liabilities and equity 1091 1092 1105
Net IB debt 44 79 76
Net IB debt excl. pension debt 44 79 76
Net IB debt excl. leasing -36 -1 -5
Capital employed 703 687 690
Capital invested 521 541 540
Working capital 10 38 50
Market cap. diluted (m) 444 444 444
Net IB debt adj. 44 79 76
Market value of minority 0 0 0
Reversal of shares and participations -1 -1 -1
Reversal of conv. debt assumed equity N/A N/A N/A
EV 487 522 519
Total assets turnover (%) 126,5 137,6 149,1
Working capital/sales (%) 3,5 1,6 2,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 9,2 17,1 16,3
Net debt / market cap (%) 9,9 17,8 17,1
Equity ratio (%) 43,8 42,3 42
Net IB debt adj. / equity (%) 9,2 17,1 16,3
Current ratio 1,35 1,32 1,35
EBITDA/net interest 18 4 6,8
Net IB debt/EBITDA (x) 1,7 2,3 1,3
Net IB debt/EBITDA lease adj. (x) -3,6 -0,1 -0,1
Interest coverage 11,4 1,3 1,4
NOKm 2025 2026e 2027e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,11 -0,35 0,06
Dividend per share 0 0 0
EPS adj. 0,01 -0,35 0,06
BVPS 10,64 10,29 10,35
BVPS adj. 2,64 2,57 2,91
Net IB debt/share 0,98 1,76 1,69
Share price 9,9 9,9 9,9
Market cap. (m) 444 444 444
P/E (x) N/A N/A N/A
EV/sales (x) 0,4 0,3 0,3
EV/EBITDA (x) 18,4 15,4 9
EV/EBITA (x) -29 -46 43,8
EV/EBIT (x) -29 -46 43,8
Dividend yield (%) 0 0 0
FCF yield (%) 8,8 -1,7 6,3
Le. adj. FCF yld. (%) 8,8 -1,7 6,3
P/BVPS (x) 0,93 0,96 0,96
P/BVPS adj. (x) 3,74 3,85 3,4
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) 14,6 15,4 9
EV/EBITA adj. (x) -49,8 -46 43,8
EV/EBIT adj. (x) -49,8 -46 43,8
EV/CE (x) 0,7 0,8 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 3 0,6 0,5
Capex/depreciation 2,1 0,4 0,4
Capex tangibles / tangible fixed assets 31,3 31 31,5
Capex intangibles / definite intangibles 18,9 0 0
Depreciation on intang / def. intang 7,1 7,7 8,5
Depreciation on tangibles / tangibles 28,4 31 31,5

Equity research

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Media

StrongPoint - Company presentation with CFO Marius Drefvelin
StrongPoint - Company presentation with CEO Jacob Tveraabak

Main Shareholders - StrongPoint

Main shareholders Share capital % Voting shares % Verified
Strømstangen AS 8.8 % 8.8 % 13 Feb 2026
Erik Skår Schumann 6.2 % 6.2 % 13 Feb 2026
Nordnet Bank AB 6.0 % 6.0 % 13 Feb 2026
Tommy Hatteland 5.0 % 5.0 % 13 Feb 2026
Sole Active AS 4.9 % 4.9 % 13 Feb 2026
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Jakob Hatteland 3.1 % 3.1 % 13 Feb 2026
Avanza Bank AB 2.8 % 2.8 % 13 Feb 2026
Jan Ring 2.8 % 2.8 % 13 Feb 2026
Quaero Capital S.A. 2.4 % 2.4 % 31 Jul 2025
Source: Holdings by Modular Finance AB