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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 1367 1521
Sales growth (%) -2,5 4,4 11,3
EBITDA 2 36 59
EBITDA margin (%) 0,2 2,7 3,9
EBIT adj. -29 -6 16
EBIT adj. margin (%) -2,2 -0,4 1
Pretax profit -47 -6 7
EPS -0,71 -0,02 0,12
EPS growth (%) -6,9 -97,4 N/A
EPS adj. -0,53 -0,02 0,12
DPS 0 0 0
EV/EBITDA (x) 241,3 12,9 8,5
EV/EBIT adj. (x) -17,9 -83,3 31,8
P/E (x) N/A N/A 74,7
P/E adj. (x) N/A N/A 74,7
EV/sales (x) 0,4 0,34 0,33
FCF yield (%) 12,8 7,3 -1,8
Le. adj. FCF yld. (%) 12,8 7,3 -1,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 51,4 1,4 1,4
Le. adj. ND/EBITDA (x) -1,7 -2,3 0,1
NOKm 2024 2025e 2026e
Sales 1309 1367 1521
COGS -779 -776 -877
Gross profit 530 591 644
Other operating items -528 -555 -585
EBITDA 2 36 59
Depreciation and amortisation -41 -42 -43
of which leasing depreciation -22 -23 -23
EBITA -39 -6 16
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -39 -6 16
Net financial items -7 -1 -9
Pretax profit -47 -6 7
Tax 15 6 -2
Net profit -32 -1 6
Minority interest 0 0 0
EPS -0,71 -0,02 0,12
Net profit discontinued 0 0 0
EPS adj. -0,53 -0,02 0,12
Net profit to shareholders -32 -2 8
Total extraordinary items after tax -7 0 0
Leasing payments -22 -23 -23
Tax rate (%) 31,8 87,1 22
Gross margin (%) 40,5 43,2 42,4
EBITDA margin (%) 0,2 2,7 3,9
EBITA margin (%) -3 -0,4 1
EBIT margin (%) -3 -0,4 1
Pre-tax margin (%) -3,6 -0,5 0,5
Net margin (%) -2,4 -0,1 0,4
Sales growth (%) -2,5 4,4 11,3
EBITDA growth (%) -315 1571,6 62
EBITA growth (%) 26,9 -85,7 -380,7
EBIT growth (%) 0,6 -85,7 -380,7
Net profit growth (%) -6,9 -97,4 -784,8
EPS growth (%) -6,9 -97,4 N/A
ROE (%) -6,8 -0,2 1,2
ROE adj. (%) -5,3 -0,2 1,2
Profitability N/A N/A N/A
ROCE (%) -5,7 -0,8 2,3
ROCE adj. (%) -4,3 -0,8 2,3
ROIC (%) -4,4 -0,1 2,3
ROIC adj. (%) -3,3 -0,1 2,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 36 59
EBITDA adj. margin (%) 0,9 2,7 3,9
EBITDA lease adj. -10 14 36
EBITDA lease adj. margin (%) -0,8 1 2,4
EBITA adj. -29 -6 16
EBITA adj. margin (%) -2,2 -0,4 1
EBIT adj. -29 -6 16
EBIT adj. margin (%) -2,2 -0,4 1
Pretax profit Adj. -37 -6 7
Net profit Adj. -25 -1 6
Net profit to shareholders adj. -25 -1 6
Net adj. margin (%) -1,9 -0,1 0,4
NOKm 2024 2025e 2026e
EBITDA 2 36 59
Goodwill 180 182 182
Net financial items -7 -1 -9
Other intangible assets 152 164 170
Paid tax 15 6 -2
Tangible fixed assets 30 32 32
Non-cash items -26 -59 5
Right-of-use asset 97 82 82
Cash flow before change in WC -16 -18 53
Total other fixed assets 52 55 54
Change in working capital 110 60 -35
Fixed assets 510 515 519
Operating cash flow 93 42 18
Inventories 173 157 178
Capex tangible fixed assets -15 -12 -8
Receivables 223 207 241
Capex intangible fixed assets -26 -26 -18
Other current assets 39 34 34
Acquisitions and Disposals 0 27 0
Cash and liquid assets 112 174 140
Free cash flow 53 30 -8
Total assets 1058 1088 1112
Dividend paid 0 0 0
Shareholders equity 465 471 477
Share issues and buybacks 2 1 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 465 471 477
Other non-cash items 1 30 -26
Long-term debt 1 101 101
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 95 82 82
Total other long-term liabilities 17 17 17
Short-term debt 128 42 42
Accounts payable 141 122 144
Other current liabilities 210 253 250
Total liabilities and equity 1058 1088 1112
Net IB debt 112 51 84
Net IB debt excl. pension debt 112 51 84
Net IB debt excl. leasing 17 -31 3
Capital employed 690 696 702
Capital invested 577 522 561
Working capital 84 24 59
Market cap. diluted (m) 417 417 417
Net IB debt adj. 112 51 84
Market value of minority 0 0 0
Reversal of shares and participations -5 -1 -1
Reversal of conv. debt assumed equity N/A N/A N/A
EV 525 467 501
Total assets turnover (%) 126,4 127,4 138,3
Working capital/sales (%) 10,6 4 2,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24 10,8 17,7
Net debt / market cap (%) 26,8 12,2 20,2
Equity ratio (%) 44 43,3 42,8
Net IB debt adj. / equity (%) 24 10,8 17,7
Current ratio 1,14 1,38 1,36
EBITDA/net interest 0,3 49,4 6,9
Net IB debt/EBITDA (x) 51,4 1,4 1,4
Net IB debt/EBITDA lease adj. (x) -1,7 -2,3 0,1
Interest coverage 5,4 7,6 1,8
NOKm 2024 2025e 2026e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,71 -0,02 0,12
Dividend per share 0 0 0
EPS adj. -0,53 -0,02 0,12
BVPS 10,36 10,49 10,62
BVPS adj. 2,96 2,78 2,78
Net IB debt/share 2,49 1,13 1,88
Share price 9,3 9,3 9,3
Market cap. (m) 417 417 417
P/E (x) N/A N/A 74,7
EV/sales (x) 0,4 0,3 0,3
EV/EBITDA (x) 241,3 12,9 8,5
EV/EBITA (x) -13,3 -83,3 31,8
EV/EBIT (x) -13,3 -83,3 31,8
Dividend yield (%) 0 0 0
FCF yield (%) 12,8 7,3 -1,8
Le. adj. FCF yld. (%) 12,8 7,3 -1,8
P/BVPS (x) 0,9 0,89 0,88
P/BVPS adj. (x) 3,14 3,34 3,34
P/E adj. (x) N/A N/A 74,7
EV/EBITDA adj. (x) 43,1 12,9 8,5
EV/EBITA adj. (x) -17,9 -83,3 31,8
EV/EBIT adj. (x) -17,9 -83,3 31,8
EV/CE (x) 0,8 0,7 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 3,1 2,8 1,7
Capex/depreciation 2,1 1,9 1,3
Capex tangibles / tangible fixed assets 48,8 37,4 24,2
Capex intangibles / definite intangibles 16,8 16 10,6
Depreciation on intang / def. intang 7,9 7,5 7,3
Depreciation on tangibles / tangibles 24,2 23,5 24,2

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 % 4 Nov 2025
Nordnet Bank AB 6.3 % 6.3 % 4 Nov 2025
Erik Skår Schumann 5.5 % 5.5 % 4 Nov 2025
Tommy Hatteland 5.0 % 5.0 % 4 Nov 2025
Sole Active AS 4.9 % 4.9 % 4 Nov 2025
Quaero Capital S.A. 4.2 % 4.2 % 30 Apr 2025
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Avanza Bank AB 2.9 % 2.9 % 4 Nov 2025
Jan Ring 2.8 % 2.8 % 4 Nov 2025
Verdadero AS 2.4 % 2.4 % 4 Nov 2025
Source: Holdings by Modular Finance AB