Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

StrongPoint

StrongPoint

Send subscription Close

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 2023 2024e 2025e
Sales 1343 1364 1562
Sales growth (%) -2,2 1,6 14,5
EBITDA 4 10 59
EBITDA margin (%) 0,3 0,8 3,8
EBIT adj. -18 -22 16
EBIT adj. margin (%) -1,3 -1,6 1
Pretax profit -45 -40 3
EPS -0,76 -0,68 0,05
EPS growth (%) -217,4 -10,5 -107,5
EPS adj. -0,25 -0,51 0,05
DPS 0 0 0,25
EV/EBITDA (x) 162,7 59,9 10,8
EV/EBIT adj. (x) -33,1 -28 40,5
P/E (x) -12,8 -14,4 190,8
P/E adj. (x) -38,4 -19,3 190,8
EV/sales (x) 0,45 0,45 0,41
FCF yield (%) -5 -12,5 -4,6
Le. adj. FCF yld. (%) -5 -12,5 -4,6
Dividend yield (%) 0 0 2,6
Net IB debt/EBITDA (x) 44,9 17,8 3,4
Le. adj. ND/EBITDA (x) 7 4,4 1,8
NOKm 2023 2024e 2025e
Sales 1343 1364 1562
COGS -805 -810 -928
Gross profit 537 554 634
Other operating items -534 -544 -575
EBITDA 4 10 59
Depreciation and amortisation -35 -42 -43
of which leasing depreciation -15 0 0
EBITA -31 -32 16
EO Items -21 -10 0
Impairment and PPA amortisation -8 0 0
EBIT -39 -32 16
Net financial items -6 -8 -13
Pretax profit -45 -40 3
Tax 11 9 -1
Net profit -34 -31 2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -34 -31 2
EPS -0,76 -0,68 0,05
EPS adj. -0,25 -0,51 0,05
Total extraordinary items after tax -16 -8 0
Leasing payments -15 0 0
Tax rate (%) 24,2 23,2 22
Gross margin (%) 40 40,6 40,6
EBITDA margin (%) 0,3 0,8 3,8
EBITA margin (%) -2,3 -2,4 1
EBIT margin (%) -2,9 -2,4 1
Pre-tax margin (%) -3,4 -2,9 0,2
Net margin (%) -2,5 -2,2 0,1
Sales growth (%) -2,2 1,6 14,5
EBITDA growth (%) -95,1 179,8 468,1
EBITA growth (%) -170,9 3,5 -148,8
EBIT growth (%) -204,7 -18 -148,8
Net profit growth (%) -217,4 -10,5 -107,5
EPS growth (%) -217,4 -10,5 -107,5
Profitability N/A N/A N/A
ROE (%) -7 -6,5 0,5
ROE adj. (%) -2,1 -4,9 0,5
ROCE (%) -6 -4,7 2,3
ROCE adj. (%) -1,5 -3,2 2,3
ROIC (%) -3,9 -3,8 1,9
ROIC adj. (%) -1,2 -2,6 1,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 25 20 59
EBITDA adj. margin (%) 1,8 1,5 3,8
EBITDA lease adj. 10 20 59
EBITDA lease adj. margin (%) 0,7 1,5 3,8
EBITA adj. -10 -22 16
EBITA adj. margin (%) -0,7 -1,6 1
EBIT adj. -18 -22 16
EBIT adj. margin (%) -1,3 -1,6 1
Pretax profit Adj. -16 -30 3
Net profit Adj. -10 -23 2
Net profit to shareholders adj. -10 -23 2
Net adj. margin (%) -0,8 -1,7 0,1
NOKm 2023 2024e 2025e
EBITDA 4 10 59
Goodwill 174 181 181
Net financial items -6 -8 -13
Other intangible assets 125 138 126
Paid tax 11 9 -1
Tangible fixed assets 30 31 31
Non-cash items -19 -48 -2
Right-of-use asset 100 93 93
Cash flow before change in WC -10 -36 43
Total other fixed assets 37 46 45
Change in working capital 17 11 -32
Fixed assets 467 489 476
Operating cash flow 6 -25 11
Inventories 230 197 214
Capex tangible fixed assets -15 -25 -31
Receivables 241 243 277
Capex intangible fixed assets -12 -5 0
Other current assets 37 34 34
Acquisitions and Disposals -2 0 0
Cash and liquid assets 39 41 24
Free cash flow -22 -55 -20
Total assets 1014 1004 1025
Dividend paid -40 0 0
Shareholders equity 475 467 469
Share issues and buybacks 2 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 475 467 469
Other non-cash items -33 37 3
Long-term debt 5 5 5
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 98 93 93
Total other long-term liabilities 20 20 20
Short-term debt 102 126 126
Accounts payable 160 104 120
Other current liabilities 155 188 191
Total liabilities and equity 1014 1003 1025
Net IB debt 166 183 200
Net IB debt excl. pension debt 166 183 200
Net IB debt excl. leasing 68 90 107
Capital employed 680 691 693
Capital invested 640 651 670
Working capital 193 182 214
Market cap. diluted (m) 439 439 439
Net IB debt adj. 166 183 200
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 600 617 634
Total assets turnover (%) 134,3 135,2 153,9
Working capital/sales (%) 15 13,8 12,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 34,9 39,2 42,7
Net debt / market cap (%) 37,7 41,7 45,6
Equity ratio (%) 46,8 46,5 45,8
Net IB debt adj. / equity (%) 34,9 39,2 42,7
Current ratio 1,31 1,23 1,26
EBITDA/net interest 0,6 1,3 4,6
Net IB debt/EBITDA (x) 44,9 17,8 3,4
Net IB debt/EBITDA lease adj. (x) 7 4,4 1,8
Interest coverage 5,2 4,2 1,2
NOKm 2023 2024e 2025e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,76 -0,68 0,05
Dividend per share 0 0 0,25
EPS adj. -0,25 -0,51 0,05
BVPS 10,58 10,4 10,45
BVPS adj. 3,9 3,29 3,61
Net IB debt/share 3,69 4,08 4,46
Share price 9,78 9,78 9,78
Market cap. (m) 439 439 439
P/E (x) -12,8 -14,4 190,8
EV/sales (x) 0,45 0,45 0,41
EV/EBITDA (x) 162,7 59,9 10,8
EV/EBITA (x) -19,4 -19,2 40,5
EV/EBIT (x) -15,3 -19,2 40,5
Dividend yield (%) 0 0 2,6
FCF yield (%) -5 -12,5 -4,6
Le. adj. FCF yld. (%) -5 -12,5 -4,6
P/BVPS (x) 0,92 0,94 0,94
P/BVPS adj. (x) 2,51 2,97 2,71
P/E adj. (x) -38,4 -19,3 190,8
EV/EBITDA adj. (x) 24,3 30,4 10,8
EV/EBITA adj. (x) -60 -28 40,5
EV/EBIT adj. (x) -33,1 -28 40,5
EV/CE (x) 0,9 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2 2,2 2
Capex/depreciation 1,3 0,7 0,7
Capex tangibles / tangible fixed assets 48,1 81,9 100,2
Capex intangibles / definite intangibles 9,5 3,4 0
Depreciation on intang / def. intang 6 9 10
Depreciation on tangibles / tangibles 41,2 98,99 100,21

Equity research

Read earlier research

Media

StrongPoint - Company presentation with CFO Marius Drefvelin
StrongPoint - Fireside chat with CFO Marius Drefvelin

Main Shareholders - StrongPoint

Main shareholders Share capital % Voting shares % Verified
Strømstangen AS 8.8 % 8.8 % 6 Dec 2024
Nordnet Bank AB 6.6 % 6.6 % 6 Dec 2024
Tommy Hatteland 5.0 % 5.0 % 6 Dec 2024
Sole Active AS 4.9 % 4.9 % 6 Dec 2024
Quaero Capital S.A. 4.7 % 4.7 % 31 May 2024
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Canaccord Genuity Wealth Management 2.9 % 2.9 % 12 Sep 2024
Avanza Bank AB 2.9 % 2.9 % 6 Dec 2024
Jan Ring 2.8 % 2.8 % 6 Dec 2024
Verdadero AS 2.4 % 2.4 % 6 Dec 2024
Source: Holdings by Modular Finance AB