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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 1367 1521 1718
Sales growth (%) 4,4 11,3 13
EBITDA 36 59 93
EBITDA margin (%) 2,7 3,9 5,4
EBIT adj. -6 16 49
EBIT adj. margin (%) -0,4 1 2,9
Pretax profit -6 7 41
EPS -0,02 0,12 0,71
EPS growth (%) -97,4 N/A N/A
EPS adj. -0,02 0,12 0,71
DPS 0 0 0
EV/EBITDA (x) 12,9 8,5 5,3
EV/EBIT adj. (x) -83,3 31,8 9,9
P/E (x) N/A 74,7 13,1
P/E adj. (x) N/A 74,7 13,1
EV/sales (x) 0,34 0,33 0,28
FCF yield (%) 7,3 -1,8 8,3
Le. adj. FCF yld. (%) 7,3 -1,8 8,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,4 0,8
Le. adj. ND/EBITDA (x) -2,3 0,1 -0,1
NOKm 2025 2026e 2027e
Sales 1367 1521 1718
COGS -776 -877 -1005
Gross profit 591 644 714
Other operating items -555 -585 -620
EBITDA 36 59 93
Depreciation and amortisation -42 -43 -44
of which leasing depreciation -23 -23 -23
EBITA -6 16 49
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -6 16 49
Net financial items -1 -9 -9
Pretax profit -6 7 41
Tax 6 -2 -9
Net profit -1 6 32
Minority interest 0 0 0
EPS -0,02 0,12 0,71
Net profit discontinued 0 0 0
EPS adj. -0,02 0,12 0,71
Net profit to shareholders -2 8 34
Total extraordinary items after tax 0 0 0
Leasing payments -23 -23 -23
Tax rate (%) 87,1 22 22
Gross margin (%) 43,2 42,4 41,5
EBITDA margin (%) 2,7 3,9 5,4
EBITA margin (%) -0,4 1 2,9
EBIT margin (%) -0,4 1 2,9
Pre-tax margin (%) -0,5 0,5 2,4
Net margin (%) -0,1 0,4 1,9
Sales growth (%) 4,4 11,3 13
EBITDA growth (%) 1571,6 62 58,2
EBITA growth (%) -85,7 -380,7 213,9
EBIT growth (%) -85,7 -380,7 N/A
Net profit growth (%) -97,4 -784,8 469,9
EPS growth (%) -97,4 N/A N/A
ROE (%) -0,2 1,2 6,5
ROE adj. (%) -0,2 1,2 6,5
Profitability N/A N/A N/A
ROCE (%) -0,8 2,3 6,9
ROCE adj. (%) -0,8 2,3 6,9
ROIC (%) -0,1 2,3 6,7
ROIC adj. (%) -0,1 2,3 6,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 36 59 93
EBITDA adj. margin (%) 2,7 3,9 5,4
EBITDA lease adj. 14 36 70
EBITDA lease adj. margin (%) 1 2,4 4,1
EBITA adj. -6 16 49
EBITA adj. margin (%) -0,4 1 2,9
EBIT adj. -6 16 49
EBIT adj. margin (%) -0,4 1 2,9
Pretax profit Adj. -6 7 41
Net profit Adj. -1 6 32
Net profit to shareholders adj. -1 6 32
Net adj. margin (%) -0,1 0,4 1,9
NOKm 2025 2026e 2027e
EBITDA 36 59 93
Goodwill 182 182 182
Net financial items -1 -9 -9
Other intangible assets 164 170 175
Paid tax 6 -2 -9
Tangible fixed assets 32 32 32
Non-cash items -59 5 9
Right-of-use asset 82 82 82
Cash flow before change in WC -18 53 85
Total other fixed assets 55 54 45
Change in working capital 60 -35 -24
Fixed assets 515 519 515
Operating cash flow 42 18 60
Inventories 157 178 193
Capex tangible fixed assets -12 -8 -8
Receivables 207 241 267
Capex intangible fixed assets -26 -18 -18
Other current assets 34 34 34
Acquisitions and Disposals 27 0 0
Cash and liquid assets 174 140 152
Free cash flow 30 -8 35
Total assets 1088 1112 1162
Dividend paid 0 0 0
Shareholders equity 471 477 509
Share issues and buybacks 1 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 471 477 509
Other non-cash items 30 -26 -23
Long-term debt 101 101 101
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 82 82 82
Total other long-term liabilities 17 17 17
Short-term debt 42 42 42
Accounts payable 122 144 161
Other current liabilities 253 250 250
Total liabilities and equity 1088 1112 1162
Net IB debt 51 84 73
Net IB debt excl. pension debt 51 84 73
Net IB debt excl. leasing -31 3 -9
Capital employed 696 702 733
Capital invested 522 561 582
Working capital 24 59 83
Market cap. diluted (m) 417 417 417
Net IB debt adj. 51 84 73
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 467 501 490
Total assets turnover (%) 127,4 138,3 151,1
Working capital/sales (%) 4 2,7 4,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 10,8 17,7 14,4
Net debt / market cap (%) 12,2 20,2 17,5
Equity ratio (%) 43,3 42,8 43,8
Net IB debt adj. / equity (%) 10,8 17,7 14,4
Current ratio 1,38 1,36 1,43
EBITDA/net interest 49,4 6,9 10,9
Net IB debt/EBITDA (x) 1,4 1,4 0,8
Net IB debt/EBITDA lease adj. (x) -2,3 0,1 -0,1
Interest coverage 7,6 1,8 5,8
NOKm 2025 2026e 2027e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,02 0,12 0,71
Dividend per share 0 0 0
EPS adj. -0,02 0,12 0,71
BVPS 10,49 10,62 11,33
BVPS adj. 2,78 2,78 3,37
Net IB debt/share 1,13 1,88 1,63
Share price 9,3 9,3 9,3
Market cap. (m) 417 417 417
P/E (x) N/A 74,7 13,1
EV/sales (x) 0,3 0,3 0,3
EV/EBITDA (x) 12,9 8,5 5,3
EV/EBITA (x) -83,3 31,8 9,9
EV/EBIT (x) -83,3 31,8 9,9
Dividend yield (%) 0 0 0
FCF yield (%) 7,3 -1,8 8,3
Le. adj. FCF yld. (%) 7,3 -1,8 8,3
P/BVPS (x) 0,89 0,88 0,82
P/BVPS adj. (x) 3,34 3,34 2,76
P/E adj. (x) N/A 74,7 13,1
EV/EBITDA adj. (x) 12,9 8,5 5,3
EV/EBITA adj. (x) -83,3 31,8 9,9
EV/EBIT adj. (x) -83,3 31,8 9,9
EV/CE (x) 0,7 0,7 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,8 1,7 1,5
Capex/depreciation 1,9 1,3 1,3
Capex tangibles / tangible fixed assets 37,4 24,2 24,6
Capex intangibles / definite intangibles 16 10,6 10,3
Depreciation on intang / def. intang 7,5 7,3 7,2
Depreciation on tangibles / tangibles 23,5 24,2 24,6

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 % 5 Jan 2026
Nordnet Bank AB 6.0 % 6.0 % 5 Jan 2026
Erik Skår Schumann 5.8 % 5.8 % 5 Jan 2026
Tommy Hatteland 5.0 % 5.0 % 5 Jan 2026
Sole Active AS 4.9 % 4.9 % 5 Jan 2026
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Jakob Hatteland 3.1 % 3.1 % 5 Jan 2026
Quaero Capital S.A. 2.9 % 2.9 % 30 Jun 2025
Avanza Bank AB 2.9 % 2.9 % 5 Jan 2026
Jan Ring 2.8 % 2.8 % 5 Jan 2026
Source: Holdings by Modular Finance AB