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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 1364 1562 1719
Sales growth (%) 1,6 14,5 10,1
EBITDA 10 59 92
EBITDA margin (%) 0,8 3,8 5,3
EBIT adj. -22 16 48
EBIT adj. margin (%) -1,6 1 2,8
Pretax profit -40 3 39
EPS -0,68 0,05 0,68
EPS growth (%) -10,5 -107,5 N/A
EPS adj. -0,51 0,05 0,68
DPS 0 0,25 0,3
EV/EBITDA (x) 59,9 10,8 7,1
EV/EBIT adj. (x) -28 40,5 13,5
P/E (x) -14,4 190,8 14,3
P/E adj. (x) -19,3 190,8 14,3
EV/sales (x) 0,45 0,41 0,38
FCF yield (%) -12,5 -4,6 6,4
Le. adj. FCF yld. (%) -12,5 -4,6 6,4
Dividend yield (%) 0 2,6 3,1
Net IB debt/EBITDA (x) 17,8 3,4 2,4
Le. adj. ND/EBITDA (x) 4,4 1,8 1,3
NOKm 2024 2025e 2026e
Sales 1364 1562 1719
COGS -810 -928 -1014
Gross profit 554 634 705
Other operating items -544 -575 -613
EBITDA 10 59 92
Depreciation and amortisation -42 -43 -43
of which leasing depreciation 0 0 0
EBITA -32 16 48
EO Items -10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -32 16 48
Net financial items -8 -13 -9
Pretax profit -40 3 39
Tax 9 -1 -9
Net profit -31 2 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -31 2 31
EPS -0,68 0,05 0,68
EPS adj. -0,51 0,05 0,68
Total extraordinary items after tax -8 0 0
Leasing payments 0 0 0
Tax rate (%) 23,2 22 22
Gross margin (%) 40,6 40,6 41
EBITDA margin (%) 0,8 3,8 5,3
EBITA margin (%) -2,4 1 2,8
EBIT margin (%) -2,4 1 2,8
Pre-tax margin (%) -2,9 0,2 2,3
Net margin (%) -2,2 0,1 1,8
Sales growth (%) 1,6 14,5 10,1
EBITDA growth (%) 179,8 468,1 56,4
EBITA growth (%) 3,5 -148,8 207,1
EBIT growth (%) -18 -148,8 N/A
Net profit growth (%) -10,5 -107,5 1235,4
EPS growth (%) -10,5 -107,5 N/A
Profitability N/A N/A N/A
ROE (%) -6,5 0,5 6,4
ROE adj. (%) -4,9 0,5 6,4
ROCE (%) -4,7 2,3 6,8
ROCE adj. (%) -3,2 2,3 6,8
ROIC (%) -3,8 1,9 5,5
ROIC adj. (%) -2,6 1,9 5,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 20 59 92
EBITDA adj. margin (%) 1,5 3,8 5,3
EBITDA lease adj. 20 59 92
EBITDA lease adj. margin (%) 1,5 3,8 5,3
EBITA adj. -22 16 48
EBITA adj. margin (%) -1,6 1 2,8
EBIT adj. -22 16 48
EBIT adj. margin (%) -1,6 1 2,8
Pretax profit Adj. -30 3 39
Net profit Adj. -23 2 31
Net profit to shareholders adj. -23 2 31
Net adj. margin (%) -1,7 0,1 1,8
NOKm 2024 2025e 2026e
EBITDA 10 59 92
Goodwill 181 181 181
Net financial items -8 -13 -9
Other intangible assets 138 126 114
Paid tax 9 -1 -9
Tangible fixed assets 31 31 31
Non-cash items -48 -2 42
Right-of-use asset 93 93 93
Cash flow before change in WC -36 43 116
Total other fixed assets 46 45 37
Change in working capital 11 -32 -56
Fixed assets 489 476 455
Operating cash flow -25 11 60
Inventories 197 214 227
Capex tangible fixed assets -25 -31 -31
Receivables 243 277 296
Capex intangible fixed assets -5 0 0
Other current assets 34 34 34
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 24 8
Free cash flow -55 -20 28
Total assets 1004 1025 1021
Dividend paid 0 0 -11
Shareholders equity 467 469 489
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 467 469 489
Other non-cash items 37 3 -33
Long-term debt 5 5 5
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 93 93 93
Total other long-term liabilities 20 20 20
Short-term debt 126 126 126
Accounts payable 104 120 129
Other current liabilities 188 191 158
Total liabilities and equity 1003 1025 1020
Net IB debt 183 200 216
Net IB debt excl. pension debt 183 200 216
Net IB debt excl. leasing 90 107 123
Capital employed 691 693 713
Capital invested 651 670 706
Working capital 182 214 271
Market cap. diluted (m) 439 439 439
Net IB debt adj. 183 200 216
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 617 634 650
Total assets turnover (%) 135,2 153,9 168
Working capital/sales (%) 13,8 12,7 14,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 39,2 42,7 44,2
Net debt / market cap (%) 41,7 45,6 49,2
Equity ratio (%) 46,5 45,8 47,9
Net IB debt adj. / equity (%) 39,2 42,7 44,2
Current ratio 1,23 1,26 1,37
EBITDA/net interest 1,3 4,6 10,5
Net IB debt/EBITDA (x) 17,8 3,4 2,4
Net IB debt/EBITDA lease adj. (x) 4,4 1,8 1,3
Interest coverage 4,2 1,2 5,5
NOKm 2024 2025e 2026e
Shares outstanding adj. 45 45 45
Diluted shares adj. 45 45 45
EPS -0,68 0,05 0,68
Dividend per share 0 0,25 0,3
EPS adj. -0,51 0,05 0,68
BVPS 10,4 10,45 10,89
BVPS adj. 3,29 3,61 4,32
Net IB debt/share 4,08 4,46 4,82
Share price 9,78 9,78 9,78
Market cap. (m) 439 439 439
P/E (x) -14,4 190,8 14,3
EV/sales (x) 0,45 0,41 0,38
EV/EBITDA (x) 59,9 10,8 7,1
EV/EBITA (x) -19,2 40,5 13,5
EV/EBIT (x) -19,2 40,5 13,5
Dividend yield (%) 0 2,6 3,1
FCF yield (%) -12,5 -4,6 6,4
Le. adj. FCF yld. (%) -12,5 -4,6 6,4
P/BVPS (x) 0,94 0,94 0,9
P/BVPS adj. (x) 2,97 2,71 2,26
P/E adj. (x) -19,3 190,8 14,3
EV/EBITDA adj. (x) 30,4 10,8 7,1
EV/EBITA adj. (x) -28 40,5 13,5
EV/EBIT adj. (x) -28 40,5 13,5
EV/CE (x) 0,9 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2,2 2 1,8
Capex/depreciation 0,7 0,7 0,7
Capex tangibles / tangible fixed assets 81,9 100,2 101,5
Capex intangibles / definite intangibles 3,4 0 0
Depreciation on intang / def. intang 9 10 11
Depreciation on tangibles / tangibles 98,99 100,21 101,54

Equity research

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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 % 14 Jan 2025
Nordnet Bank AB 6.3 % 6.3 % 14 Jan 2025
Tommy Hatteland 5.0 % 5.0 % 14 Jan 2025
Sole Active AS 4.9 % 4.9 % 14 Jan 2025
Quaero Capital S.A. 4.7 % 4.7 % 30 Jun 2024
Georg Zetterberg 3.4 % 3.4 % 31 Aug 2024
Canaccord Genuity Wealth Management 2.9 % 2.9 % 30 Sep 2024
Avanza Bank AB 2.9 % 2.9 % 14 Jan 2025
Jan Ring 2.8 % 2.8 % 14 Jan 2025
Verdadero AS 2.4 % 2.4 % 14 Jan 2025
Source: Holdings by Modular Finance AB