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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 1358,91 1411,33 1589,65
Sales growth (%) 3,8 3,9 12,6
EBITDA 26 31 57
EBITDA margin (%) 1,9 2,2 3,6
EBIT adj. -10 -8 13
EBIT adj. margin (%) -0,7 -0,6 0,8
Pretax profit -15 -32 5
EPS -0,11 -0,54 0,09
EPS growth (%) -84,4 N/A N/A
EPS adj. 0,01 -0,47 0,09
DPS N/A N/A N/A
Dividend per share 0 0 0
EV/EBITDA (x) 18,7 16,2 8,8
EV/EBIT adj. (x) -50,7 -59,8 38,6
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 0,37 0,35 0,32
FCF yield (%) 8,6 5,4 4,6
Le. adj. FCF yld. (%) 8,6 5,4 4,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,7 1,5 0,9
Le. adj. ND/EBITDA (x) -3,6 -2,1 -0,6
NOKm 2025 2026e 2027e
Sales 1358,91 1411,33 1589,65
COGS -774 -808 -922
Gross profit 585 604 668
Other operating items -559 -573 -611
EBITDA 26 31 57
Depreciation and amortisation -43 -43 -44
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -23 -24 -24
EBITA -16,79 -12,34 13,03
EO Items N/A N/A N/A
Operating EO items -7 -4 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -16,79 -12,34 13,03
Net financial items 1 -20 -8
Pretax profit -15 -32 5
Tax 10 8 -1
Net profit -5 -24 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -5 -24 4
EPS -0,11 -0,54 0,09
EPS adj. 0,01 -0,47 0,09
Total extraordinary items after tax -2 -3 0
Leasing payments -23 -24 -24
Tax rate (%) 67,6 24,6 22
Gross margin (%) 43,1 42,8 42
EBITDA margin (%) 1,9 2,2 3,6
EBITA margin (%) -1,2 -0,9 0,8
EBIT margin (%) -1,2 -0,9 0,8
Pre-tax margin (%) -1,1 -2,3 0,3
Net margin (%) -0,4 -1,7 0,2
Sales growth (%) 3,8 3,9 12,6
EBITDA growth (%) 1117,1 16,7 84,8
EBITA growth (%) -57,3 -26,5 -205,6
EBIT growth (%) -57,3 -26,5 -205,6
Net profit growth (%) -84,4 389,1 -116,3
EPS growth (%) -84,4 N/A N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -1,1 -5,4 0,9
ROE adj. (%) -0,6 -4,7 0,9
ROCE (%) -2 -1,8 2
ROCE adj. (%) -1,4 -1,2 2
ROIC (%) -1 -1,9 2,1
ROIC adj. (%) -0,6 -1,3 2,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 33 35 57
EBITDA adj. margin (%) 2,5 2,5 3,6
EBITDA lease adj. 10 11 33
EBITDA lease adj. margin (%) 0,8 0,8 2,1
EBITA adj. -10 -8 13
EBITA adj. margin (%) -0,7 -0,6 0,8
EBIT adj. -10 -8 13
EBIT adj. margin (%) -0,7 -0,6 0,8
Pretax profit Adj. -8 -28 5
Net profit Adj. -3 -21 4
Net profit to shareholders adj. -3 -21 4
Net adj. margin (%) -0,2 -1,5 0,2
NOKm 2025 2026e 2027e
EBITDA 26 31 57
Goodwill 187 176 176
Net financial items 1 -20 -8
Other intangible assets 172 164 160
Paid tax 10 8 -1
Tangible fixed assets 27 25 25
Non-cash items -59 4 1
Right-of-use asset 82 71 71
Cash flow before change in WC -20 23 49
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 56 63 62
Change in working capital 74 22 -13
Fixed assets 525 499 494
Operating cash flow 54 45 36
Inventories 155 144 155
Capex tangible fixed assets -9 -10 -8
Receivables 196 206 227
Capex intangible fixed assets -33 -11 -7
Other current assets 35 43 43
Acquisitions and Disposals 27 0 0
Cash and liquid assets 182 165 161
Free cash flow 39 24 21
Total assets 1091 1057 1080
Dividend paid 0 0 0
Shareholders equity 478 427 431
Share issues and buybacks 1 1 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 478 427 431
Other non-cash items N/A N/A N/A
Other changes in net debt 33 -27 -24
Long-term debt 100 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 80 70 70
Total other long-term liabilities 13 13 13
Short-term debt 45 140 140
Accounts payable 124 170 189
Other current liabilities 251 235 235
Total liabilities and equity 1091 1057 1080
Net IB debt 44 46 50
Net IB debt excl. pension debt 44 46 50
Net IB debt excl. leasing -36 -23 -20
Capital employed 703 639 643
Capital invested 521 474 481
Working capital 10 -12 1
Market cap. diluted (m) 453 453 453
Net IB debt adj. 44 46 50
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 496 499 502
Total assets turnover (%) 126,5 131,4 148,8
Working capital/sales (%) 3,5 -0,1 -0,4
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 9,2 10,8 11,6
Net debt / market cap (%) 9,7 10,2 11
Equity ratio (%) 43,8 40,4 39,9
Net IB debt adj. / equity (%) 9,2 10,8 11,6
Current ratio 1,35 1,02 1,04
EBITDA/net interest 18 1,6 7,2
Net IB debt/EBITDA (x) 1,7 1,5 0,9
Net IB debt/EBITDA lease adj. (x) -3,6 -2,1 -0,6
Interest coverage 11,4 0,6 1,6
NOKm 2025 2026e 2027e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,11 -0,54 0,09
Dividend per share 0 0 0
EPS adj. 0,01 -0,47 0,09
BVPS 10,64 9,52 9,61
BVPS adj. 2,64 1,96 2,14
Net IB debt/share 0,98 1,03 1,11
Share price 10,1 10,1 10,1
Market cap. (m) 453 453 453
P/E (x) N/A N/A N/A
EV/sales (x) 0,37 0,35 0,32
EV/EBITDA (x) 18,7 16,2 8,8
EV/EBITA (x) -29,6 -40,4 38,6
EV/EBIT (x) -29,6 -40,4 38,6
Dividend yield (%) 0 0 0
FCF yield (%) 8,6 5,4 4,6
Le. adj. FCF yld. (%) 8,6 5,4 4,6
P/BVPS (x) 0,95 1,06 1,05
P/BVPS adj. (x) 3,82 5,16 4,71
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) 14,8 14,3 8,8
EV/EBITA adj. (x) -50,7 -59,8 38,6
EV/EBIT adj. (x) -50,7 -59,8 38,6
EV/CE (x) 0,7 0,8 0,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -3 -1,5 -1
Capex/depreciation 2,1 1,1 0,8
Capex tangibles / tangible fixed assets 31,3 39,6 31,4
Capex intangibles / definite intangibles 18,9 6,5 4,6
Depreciation on intang / def. intang 7 7 7
Depreciation on tangibles / tangibles 28,38 30,92 31,44

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 % 10 Jul 2026
Erik Skår Schumann 7.3 % 7.3 % 10 Jul 2026
Nordnet Bank AB 5.7 % 5.7 % 10 Jul 2026
Tommy Hatteland 5.0 % 5.0 % 10 Jul 2026
Sole Active AS 4.9 % 4.9 % 10 Jul 2026
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Jakob Hatteland 3.4 % 3.4 % 10 Jul 2026
Jan Ring 2.8 % 2.8 % 10 Jul 2026
Avanza Bank AB 2.7 % 2.7 % 10 Jul 2026
Sellers of Air Link Group Limited 2.3 % 2.3 % 1 Jun 2022
Source: Holdings by Modular Finance AB