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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 1427 1583
Sales growth (%) -2,5 9 11
EBITDA 2 35 62
EBITDA margin (%) 0,2 2,4 3,9
EBIT adj. -29 -7 19
EBIT adj. margin (%) -2,2 -0,5 1,2
Pretax profit -47 -3 10
EPS -0,71 -0,04 0,18
EPS growth (%) -6,9 -94,9 N/A
EPS adj. -0,53 -0,04 0,18
DPS 0 0 0
EV/EBITDA (x) 266 15,1 8,6
EV/EBIT adj. (x) -19,7 -79,1 27,7
P/E (x) N/A N/A 58,2
P/E adj. (x) N/A N/A 58,2
EV/sales (x) 0,44 0,37 0,34
FCF yield (%) 11,3 4 4,7
Le. adj. FCF yld. (%) 11,3 4 4,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 51,4 1,8 1,1
Le. adj. ND/EBITDA (x) -1,7 -2 -0,5
NOKm 2024 2025e 2026e
Sales 1309 1427 1583
COGS -779 -821 -918
Gross profit 530 606 665
Other operating items -528 -571 -603
EBITDA 2 35 62
Depreciation and amortisation -41 -42 -43
of which leasing depreciation -22 -23 -23
EBITA -39 -7 19
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -39 -7 19
Net financial items -7 3 -9
Pretax profit -47 -3 10
Tax 15 2 -2
Net profit -32 -2 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 -2 8
EPS -0,71 -0,04 0,18
EPS adj. -0,53 -0,04 0,18
Total extraordinary items after tax -7 0 0
Leasing payments -22 -23 -23
Tax rate (%) 31,8 49,1 22
Gross margin (%) 40,5 42,5 42
EBITDA margin (%) 0,2 2,4 3,9
EBITA margin (%) -3 -0,5 1,2
EBIT margin (%) -3 -0,5 1,2
Pre-tax margin (%) -3,6 -0,2 0,7
Net margin (%) -2,4 -0,1 0,5
Sales growth (%) -2,5 9 11
EBITDA growth (%) -315 1505,2 78,1
EBITA growth (%) 26,9 -83 -387,5
EBIT growth (%) 0,6 -83 -387,5
Net profit growth (%) -6,9 -94,9 -598,9
EPS growth (%) -6,9 -94,9 N/A
Profitability N/A N/A N/A
ROE (%) -6,8 -0,3 1,7
ROE adj. (%) -5,3 -0,3 1,7
ROCE (%) -5,7 0 2,7
ROCE adj. (%) -4,3 -1 2,7
ROIC (%) -4,4 -0,6 2,8
ROIC adj. (%) -3,3 -0,6 2,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 35 62
EBITDA adj. margin (%) 0,9 2,4 3,9
EBITDA lease adj. -10 12 39
EBITDA lease adj. margin (%) -0,8 0,9 2,5
EBITA adj. -29 -7 19
EBITA adj. margin (%) -2,2 -0,5 1,2
EBIT adj. -29 -7 19
EBIT adj. margin (%) -2,2 -0,5 1,2
Pretax profit Adj. -37 -3 10
Net profit Adj. -25 -2 8
Net profit to shareholders adj. -25 -2 8
Net adj. margin (%) -1,9 -0,1 0,5
NOKm 2024 2025e 2026e
EBITDA 2 35 62
Goodwill 180 183 183
Net financial items -7 3 -9
Other intangible assets 152 163 150
Paid tax 15 2 -2
Tangible fixed assets 30 33 33
Non-cash items -26 -38 5
Right-of-use asset 97 86 86
Cash flow before change in WC -16 2 56
Total other fixed assets 52 53 51
Change in working capital 110 51 -27
Fixed assets 510 519 504
Operating cash flow 93 53 30
Inventories 173 146 161
Capex tangible fixed assets -15 -11 -7
Receivables 223 215 241
Capex intangible fixed assets -26 -23 0
Other current assets 39 46 46
Acquisitions and Disposals 0 0 0
Cash and liquid assets 112 169 165
Free cash flow 53 19 22
Total assets 1058 1095 1117
Dividend paid 0 0 0
Shareholders equity 465 472 480
Share issues and buybacks 2 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 465 472 480
Other non-cash items 1 31 -26
Long-term debt 1 101 101
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 95 86 86
Total other long-term liabilities 17 17 17
Short-term debt 128 43 43
Accounts payable 141 128 145
Other current liabilities 210 247 244
Total liabilities and equity 1058 1095 1117
Net IB debt 112 62 66
Net IB debt excl. pension debt 112 62 66
Net IB debt excl. leasing 17 -24 -20
Capital employed 690 703 711
Capital invested 577 534 546
Working capital 84 33 60
Market cap. diluted (m) 471 471 471
Net IB debt adj. 112 62 66
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 578 528 532
Total assets turnover (%) 126,4 132,5 143,1
Working capital/sales (%) 10,6 4,1 2,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24 13,1 13,7
Net debt / market cap (%) 23,7 13,1 14
Equity ratio (%) 44 43,1 43
Net IB debt adj. / equity (%) 24 13,1 13,7
Current ratio 1,14 1,38 1,42
EBITDA/net interest 0,3 10 7
Net IB debt/EBITDA (x) 51,4 1,8 1,1
Net IB debt/EBITDA lease adj. (x) -1,7 -2 -0,5
Interest coverage 5,4 1,9 2,2
NOKm 2024 2025e 2026e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,71 -0,04 0,18
Dividend per share 0 0 0
EPS adj. -0,53 -0,04 0,18
BVPS 10,36 10,52 10,7
BVPS adj. 2,96 2,82 3,27
Net IB debt/share 2,49 1,38 1,47
Share price 10,5 10,5 10,5
Market cap. (m) 471 471 471
P/E (x) N/A N/A 58,2
EV/sales (x) 0,4 0,4 0,3
EV/EBITDA (x) 266 15,1 8,6
EV/EBITA (x) -14,7 -79,1 27,7
EV/EBIT (x) -14,7 -79,1 27,7
Dividend yield (%) 0 0 0
FCF yield (%) 11,3 4 4,7
Le. adj. FCF yld. (%) 11,3 4 4,7
P/BVPS (x) 1,01 1 0,98
P/BVPS adj. (x) 3,54 3,73 3,21
P/E adj. (x) N/A N/A 58,2
EV/EBITDA adj. (x) 47,5 15,1 8,6
EV/EBITA adj. (x) -19,7 -79,1 27,7
EV/EBIT adj. (x) -19,7 -79,1 27,7
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 3,1 2,4 0,5
Capex/depreciation 2,1 1,7 0,4
Capex tangibles / tangible fixed assets 48,8 32,8 22,5
Capex intangibles / definite intangibles 16,8 14,2 0
Depreciation on intang / def. intang 7,9 7,5 8,2
Depreciation on tangibles / tangibles 24,2 22,1 22,5

Equity research

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Media

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

Main Shareholders - StrongPoint

Main shareholders Share capital % Voting shares % Verified
Strømstangen AS 8.8 % 8.8 % 14 Oct 2025
Nordnet Bank AB 6.3 % 6.3 % 14 Oct 2025
Tommy Hatteland 5.0 % 5.0 % 14 Oct 2025
Sole Active AS 4.9 % 4.9 % 14 Oct 2025
Muen Invest AS 4.8 % 4.8 % 14 Oct 2025
Quaero Capital S.A. 4.4 % 4.4 % 31 Mar 2025
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Avanza Bank AB 3.0 % 3.0 % 14 Oct 2025
Jan Ring 2.8 % 2.8 % 14 Oct 2025
Canaccord Genuity Wealth Management 2.6 % 2.6 % 31 Oct 2024
Source: Holdings by Modular Finance AB