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Avensia

Avensia

IT company with innovative power

Avensia is an IT company, operating in the e-commerce niche. The primary focus is to help its customers increase sales within all channels available, i.e. Omni channels. Avensia mainly generates income through consultancy, but in addition the company commercializes products. The main product is the self-developed e-commerce system Storefront, which is a link between the ERP system Microsoft Dynamics and e-commerce platform Episerver. Avensia’s customer base comprises both B2B and B2C customers (approx. 50% each) in the Nordics as well as globally.

The main opportunities for Avensia are 1) increasing investments in e-commerce due to digitalization, which will drive implementation of websites etc, 2) higher than anticipated penetration of the product Storefront, mainly internationally, and 3) continued demand of consultancies for strategical guidance within the e-commerce segment.

We see three risks for Avensia: 1) The high market growth within e-commerce might draw competition, which will put pressure on prices. Hence, both margins and revenue growth could decrease. 2) Avensia generates a big portion of its revenues through a high customer concentration, with the two biggest customers accounting for 27% of 2017 revenues. 3) Lately Avensia has invested significantly in new personnel. There is a risk that these new recruitments may not perform as well as anticipated.

SEKm 2021 2022e 2023e
Sales 390 451 534
Sales growth (%) 23,1 15,6 18,4
EBITDA 43 38 59
EBITDA margin (%) 11 8,3 11
EBIT adj 35 33 44
EBIT adj margin (%) 8,9 7,3 8,3
Pretax profit 22 22 43
EPS rep 0,49 0,44 0,91
EPS growth (%) 1502,9 -8,8 105,2
EPS adj 0,8 0,71 0,91
DPS 0,65 0,55 0,7
EV/EBITDA (x) 14,9 14 8,7
EV/EBIT adj (x) 18,3 16 11,6
P/E (x) 36,4 32,6 15,9
P/E adj (x) 22,2 20,3 15,9
EV/sales (x) 1,6 1,2 1
FCF yield (%) 2,1 4,4 7,6
Dividend yield (%) 3,7 3,8 4,8
Net IB debt/EBITDA -0,5 -0,3 -0,4
Lease adj. FCF yield (%) 1 3 6,3
Lease adj. ND/EBITDA -0,7 -0,7 -0,8
SEKm 2021 2022e 2023e
Leasing payments -7 -7 -7
Depreciation and amortisation -20 -15 -15
Of which leasing depreciation -7 -7 -7
EO items -12 -10 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 47 40 52
EBITDA lease Adj margin (%) 12,1 9 9,7
Sales 390 451 534
COGS 0 0 0
Gross profit 390 451 534
Other operating items -347 -413 -475
EBITDA 43 38 59
Depreciation on tangibles -3 -4 -4
Depreciation on intangibles -3 -4 -4
EBITA 23 23 44
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 23 23 44
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 22 22 43
Tax -4 -6 -10
Net profit 18 17 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 18 17 34
EPS 0,49 0,44 0,91
EPS Adj 0,8 0,71 0,91
Total extraordinary items after tax -11,5 -10 0
Tax rate (%) -19,8 -25,4 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 11 8,3 11
EBITA margin (%) 6 5,1 8,3
EBIT margin (%) 6 5,1 8,3
Pretax margin (%) 5,8 4,9 8,1
Net margin (%) 4,6 3,7 6,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 23,1 15,6 18,4
EBITDA growth (%) 80,7 -12,3 56,9
EBIT growth (%) 582,1 -2,2 93,6
Net profit growth (%) 1508,5 -8,4 105,2
EPS growth (%) 1502,9 -8,8 105,2
Profitability 2021 2022 2023
ROE (%) 28,6 26,1 51,2
ROE Adj (%) 46,8 42 51,2
ROCE (%) 27,9 28,5 53,3
ROCE Adj(%) 41,7 41 53,3
ROIC (%) 39,5 33,8 68,1
ROIC Adj (%) 59 48,5 68,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 54 48 59
EBITDA Adj margin (%) 13,9 10,5 11
EBITA Adj 35 33 44
EBITA Adj margin (%) 8,9 7,3 8,3
EBIT Adj 35 33 44
EBIT Adj margin (%) 8,9 7,3 8,3
Pretax profit Adj 34 32 43
Net profit Adj 30 27 34
Net profit to shareholders Adj 30 27 34
Net Adj margin (%) 7,6 5,9 6,3
SEKm 2021 2022e 2023e
EBITDA 43 38 59
Net financial items -1 -1 -1
Lease liability amortisation -7 -7 -7
Other intangible assets 6 5 5
Right-of-use asset 15 15 15
Total other fixed assets 0 0 0
Leasing liability 16 16 16
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing -35 -27 -41
Net IB debt / EBITDA lease Adj (%) -74,4 -67,7 -78,3
Paid tax -2 -6 -10
Non-cash items -2 0 0
Cash flow before change in WC 38 31 49
Change in WC -18 -3 -3
Operating cash flow 20 28 46
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -4 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 14 23 41
Dividend paid -11 -24 -20
Share issues and buybacks 0 0 0
Other non cash items 6 0 0
Decrease in net IB debt 6 -8 6
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 2 2 2
Indefinite intangible assets 0 0 0
Definite intangible assets 10 13 16
Tangible fixed assets 7 4 3
Other fixed assets 1 1 1
Fixed assets 30 27 24
Inventories 0 0 0
Receivables 112 130 139
Other current assets 0 0 0
Cash and liquid assets 36 29 42
Total assets 178 185 205
Shareholders equity 67 59 73
Minority 0 0 0
Total equity 67 59 73
Long-term debt 1 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 3 3 3
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 91 106 112
Other current liabilities 0 0 0
Total liabilities and equity 178 185 205
Net IB debt -20 -12 -25
Net IB debt excl. pension debt -20 -12 -25
Capital invested 50 51 51
Working capital 21 24 27
EV breakdown 2021 2022 2023
Market cap. diluted (m) 656 538 538
Net IB debt Adj -19 -12 -25
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 637 527 513
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 225,9 248,2 273,9
Capital invested turnover (%) 648,5 700,3 675,1
Capital employed turnover (%) 374,1 419,4 442,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,4 21,9 20,2
Working capital / sales (%) 3,1 5 4,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -29,5 -20,2 -34,6
Net debt / market cap (%) -3,5 -2,2 -4,7
Equity ratio (%) 37,6 32,1 35,5
Net IB debt adj. / equity (%) -29 -19,7 -34,2
Current ratio (%) 147,3 137,6 148,5
EBITDA / net interest (%) 4967,1 5322,6 7371,1
Net IB debt / EBITDA (%) -46 -31,8 -42,8
Interest cover (%) 2706,1 3235,9 5529,6
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 1 3 6,3
Shares outstanding adj. 37 37 37
Fully diluted shares Adj 37 37 37
EPS 0,49 0,44 0,91
Dividend per share Adj 0,7 0,6 0,7
EPS Adj 0,8 0,71 0,91
BVPS 1,8 1,6 1,96
BVPS Adj 1,6 1,41 1,79
Net IB debt / share -0,5 -0,3 -0,7
Share price 15,25 14,5 14,5
Market cap. (m) 566 538 538
Valuation 2021 2022 2023
P/E 36,4 32,6 15,9
EV/sales 1,63 1,17 0,96
EV/EBITDA 14,9 14 8,7
EV/EBITA 27,3 23,1 11,6
EV/EBIT 27,3 23,1 11,6
Dividend yield (%) 3,7 3,8 4,8
FCF yield (%) 2,1 4,4 7,6
P/BVPS 9,84 9,07 7,39
P/BVPS Adj 11,11 10,26 8,09
P/E Adj 22,2 20,3 15,9
EV/EBITDA Adj 11,7 11,1 8,7
EV/EBITA Adj 18,3 16 11,6
EV/EBIT Adj 18,3 16 11,6
EV/cap. employed 7,6 6,9 5,7
Investment ratios 2021 2022 2023
Capex / sales 1,6 1 1
Capex / depreciation 51,1 59 69,9
Capex tangibles / tangible fixed assets 37 76,6 148,7
Capex intangibles / definite intangibles 64,6 21,9 29,1
Depreciation on intangibles / definite intangibles 125,5 37 41,7
Depreciation on tangibles / tangibles 73,4 129,7 212,6

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Avensia - Company presentation with CFO Anders Wehtje
Avensia - Company presentation with CFO Anders Wehtje

Main shareholders - Avensia

Main shareholders Share capital % Voting shares % Verified
A5 Invest AB 25.6 % 25.6 % 28 Jun 2022
Valid Asset Management i Skåne AB 21.5 % 21.5 % 28 Jun 2022
Anders Wehtje 10.8 % 10.8 % 16 Aug 2022
Aktia Asset Management 4.6 % 4.6 % 30 Jun 2022
Enter Fonder 4.3 % 4.3 % 31 Jul 2022
Cliens Fonder 3.1 % 3.1 % 28 Jun 2022
Avanza Pension 2.6 % 2.6 % 28 Jun 2022
Chelverton Asset Management 2.4 % 2.4 % 30 Jun 2022
Paul Daniel Jörgen Bertilsson 1.6 % 1.6 % 28 Jun 2022
Nordnet Pensionsförsäkring 1.4 % 1.4 % 28 Jun 2022
Source: Holdings by Modular Finance AB

Insider list - Avensia

Name Quantity Code Date
Anders Fredrik Axel Wehtje + 4 500 BUY 16 Aug 2022
Anders Fredrik Axel Wehtje + 2 000 BUY 15 Aug 2022
Anders Fredrik Axel Wehtje + 4 000 BUY 12 Aug 2022
Anders Fredrik Axel Wehtje + 2 500 BUY 11 Aug 2022
Nina Quist + 1 000 SUBS 29 Jul 2022
Johan Strid + 3 000 BUY 19 Jul 2022
Nina Quist + 235 BUY 16 Jun 2022
Nina Quist + 265 BUY 16 Jun 2022
Nina Quist + 735 BUY 15 Jun 2022
Johan Strid + 2 500 BUY 10 Jun 2022

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