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StrongPoint

StrongPoint

Retail technology solutions

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.

NOKm 2023 2024e 2025e
Sales 1343 1461 1636
Sales growth (%) -2,2 8,8 12
EBITDA 4 18 68
EBITDA margin (%) 0,3 1,3 4,2
EBIT adj. -18 -14 26
EBIT adj. margin (%) -1,3 -1 1,6
Pretax profit -45 -31 14
EPS -0,76 -0,52 0,23
EPS growth (%) -217,4 -31,2 -144,8
EPS adj. -0,25 -0,35 0,23
DPS 0 0 0,25
EV/EBITDA (x) 178,8 35,7 9,6
EV/EBIT adj. (x) -36,4 -46,5 25,7
P/E (x) -14,6 -21,2 47,2
P/E adj. (x) -43,6 -31,7 47,2
EV/sales (x) 0,49 0,45 0,4
FCF yield (%) -4,4 -6 -1
Le. adj. FCF yld. (%) -4,4 -6 -1
Dividend yield (%) 0 0 2,3
Net IB debt/EBITDA (x) 44,9 8,7 2,4
Le. adj. ND/EBITDA (x) 7 2,2 0,9
NOKm 2023 2024e 2025e
Sales 1343 1461 1636
COGS -805 -901 -984
Gross profit 537 560 652
Other operating items -534 -542 -584
EBITDA 4 18 68
Depreciation and amortisation -35 -42 -43
of which leasing depreciation -15 0 0
EBITA -31 -24 26
EO Items -21 -10 0
Impairment and PPA amortisation -8 0 0
EBIT -39 -24 26
Net financial items -6 -7 -12
Pretax profit -45 -31 14
Tax 11 8 -3
Net profit -34 -24 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -34 -24 11
EPS -0,76 -0,52 0,23
EPS adj. -0,25 -0,35 0,23
Total extraordinary items after tax -16 -8 0
Leasing payments -15 0 0
Tax rate (%) 24,2 24,4 22
Gross margin (%) 40 38,3 39,9
EBITDA margin (%) 0,3 1,3 4,2
EBITA margin (%) -2,3 -1,6 1,6
EBIT margin (%) -2,9 -1,6 1,6
Pre-tax margin (%) -3,4 -2,1 0,8
Net margin (%) -2,5 -1,6 0,6
Sales growth (%) -2,2 8,8 12
EBITDA growth (%) -95,1 397,2 273,6
EBITA growth (%) -170,9 -22,3 -206,1
EBIT growth (%) -204,7 -38,5 -206,1
Net profit growth (%) -217,4 -31,2 -144,8
EPS growth (%) -217,4 -31,2 -144,8
Profitability N/A N/A N/A
ROE (%) -7 -5 2,3
ROE adj. (%) -2,1 -3,4 2,3
ROCE (%) -6 -3,6 3,9
ROCE adj. (%) -1,5 -2,1 3,9
ROIC (%) -3,9 -2,9 3,2
ROIC adj. (%) -1,2 -1,7 3,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 25 28 68
EBITDA adj. margin (%) 1,8 1,9 4,2
EBITDA lease adj. 10 28 68
EBITDA lease adj. margin (%) 0,7 1,9 4,2
EBITA adj. -10 -14 26
EBITA adj. margin (%) -0,7 -1 1,6
EBIT adj. -18 -14 26
EBIT adj. margin (%) -1,3 -1 1,6
Pretax profit Adj. -16 -21 14
Net profit Adj. -10 -16 11
Net profit to shareholders adj. -10 -16 11
Net adj. margin (%) -0,8 -1,1 0,6
NOKm 2023 2024e 2025e
EBITDA 4 18 68
Goodwill 174 177 177
Net financial items -6 -7 -12
Other intangible assets 125 123 111
Paid tax 11 8 -3
Tangible fixed assets 30 32 32
Non-cash items -19 -46 0
Right-of-use asset 100 99 99
Cash flow before change in WC -10 -27 53
Total other fixed assets 37 44 41
Change in working capital 17 27 -28
Fixed assets 467 475 460
Operating cash flow 6 0 26
Inventories 230 236 256
Capex tangible fixed assets -15 -25 -31
Receivables 241 270 309
Capex intangible fixed assets -12 -5 0
Other current assets 37 45 45
Acquisitions and Disposals -2 0 0
Cash and liquid assets 39 32 30
Free cash flow -22 -30 -5
Total assets 1014 1059 1100
Dividend paid -40 0 0
Shareholders equity 475 462 472
Share issues and buybacks 2 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 475 462 472
Other non-cash items -33 35 3
Long-term debt 5 5 5
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 98 99 99
Total other long-term liabilities 20 20 20
Short-term debt 102 88 88
Accounts payable 160 175 203
Other current liabilities 155 209 212
Total liabilities and equity 1014 1059 1100
Net IB debt 166 160 162
Net IB debt excl. pension debt 166 160 162
Net IB debt excl. leasing 68 61 63
Capital employed 680 654 665
Capital invested 640 622 634
Working capital 193 167 194
Market cap. diluted (m) 498 498 498
Net IB debt adj. 166 160 162
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 659 654 656
Total assets turnover (%) 134,3 141 151,6
Working capital/sales (%) 15 12,3 11
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 34,9 34,7 34,3
Net debt / market cap (%) 33,2 32,1 32,5
Equity ratio (%) 46,8 43,6 42,9
Net IB debt adj. / equity (%) 34,9 34,7 34,3
Current ratio 1,31 1,23 1,27
EBITDA/net interest 0,6 2,6 5,7
Net IB debt/EBITDA (x) 44,9 8,7 2,4
Net IB debt/EBITDA lease adj. (x) 7 2,2 0,9
Interest coverage 5,2 3,4 2,1
NOKm 2023 2024e 2025e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,76 -0,52 0,23
Dividend per share 0 0 0,25
EPS adj. -0,25 -0,35 0,23
BVPS 10,58 10,29 10,52
BVPS adj. 3,9 3,61 4,11
Net IB debt/share 3,69 3,57 3,61
Share price 11,1 11,1 11,1
Market cap. (m) 498 498 498
P/E (x) -14,6 -21,2 47,2
EV/sales (x) 0,49 0,45 0,4
EV/EBITDA (x) 178,8 35,7 9,6
EV/EBITA (x) -21,3 -27,2 25,7
EV/EBIT (x) -16,9 -27,2 25,7
Dividend yield (%) 0 0 2,3
FCF yield (%) -4,4 -6 -1
Le. adj. FCF yld. (%) -4,4 -6 -1
P/BVPS (x) 1,05 1,08 1,05
P/BVPS adj. (x) 2,84 3,08 2,7
P/E adj. (x) -43,6 -31,7 47,2
EV/EBITDA adj. (x) 26,7 23,1 9,6
EV/EBITA adj. (x) -66 -46,5 25,7
EV/EBIT adj. (x) -36,4 -46,5 25,7
EV/CE (x) 1 1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 2 2 1,9
Capex/depreciation 1,3 0,7 0,7
Capex tangibles / tangible fixed assets 48,1 76,4 95,5
Capex intangibles / definite intangibles 9,5 3,8 0
Depreciation on intang / def. intang 6 10 11
Depreciation on tangibles / tangibles 41,2 94,32 95,48

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Media

StrongPoint - Company presentation with CEO Jacob Tveraabak
StrongPoint - Company presentation with CEO Jacob Tveraabak

Main Shareholders - Strongpoint

Main shareholders Share capital % Voting shares % Verified
Strømstangen AS 8.8 % 8.8 % 23 May 2024
Nordnet Bank AB 6.6 % 6.6 % 23 May 2024
Sole Active AS 4.9 % 4.9 % 23 May 2024
Quaero Capital S.A. 4.0 % 4.0 % 31 Oct 2023
Tommy Hatteland 3.6 % 3.6 % 23 May 2024
V. Eiendom Holding AS 3.5 % 3.5 % 23 May 2024
Canaccord Genuity Wealth Management 3.4 % 3.4 % 31 Jan 2024
Georg Zetterberg 3.1 % 3.1 % 31 Dec 2022
Avanza Bank AB 2.8 % 2.8 % 23 May 2024
Jan Ring 2.7 % 2.7 % 23 May 2024
Source: Holdings by Modular Finance AB