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Awardit

Awardit

Awardit is a market leader in loyalty, incentive and gift card programmes. Its clients are enterprises that want to increase customer and employee loyalty, drive engagement and sales growth. The company derives most of its sales from running loyalty programmes where the clients customers can redeem earned points for goods and services. In recent years, it has grown rapidly, both organically and through acquisitions.

Awardit has a solid market position in terms of competition, but new competition could come from large CRM providers that have the resources to enter this market. There is also an execution risk associated with Awardit´s acquisitive growth strategy. Another potential risk factor is more stringent tax regulation that could discourage clients from offering benefits to customers and employees.

SEKm 2023 2024e 2025e
Sales 1147 1328 1381
Sales growth (%) 33,1 15,7 4
EBITDA 90 150 167
EBITDA margin (%) 7,8 11,3 12,1
EBIT adj. 56 92 109
EBIT adj. margin (%) 4,9 7 7,9
Pretax profit 10 96 117
EPS 0,62 8,58 10,55
EPS growth (%) -79,6 1288,7 23
EPS adj. 7,33 12,45 14,43
DPS 2,3 4 4
EV/EBITDA (x) 8 4,2 3,2
EV/EBIT adj. (x) 12,8 6,8 4,8
P/E (x) 152,2 11 8,9
P/E adj. (x) 12,8 7,5 6,5
EV/sales (x) 0,63 0,47 0,38
FCF yield (%) -0,1 14,4 16,8
Le. adj. FCF yld. (%) -0,1 14,2 16,5
Dividend yield (%) 2,4 4,3 4,3
Net IB debt/EBITDA (x) -1 -1,3 -1,7
Le. adj. ND/EBITDA (x) -1,1 -1,5 -2
SEKm 2023 2024e 2025e
Sales 1147 1328 1381
COGS -762 -879 -913
Gross profit 386 449 468
Other operating items -296 -299 -301
EBITDA 90 150 167
Depreciation and amortisation -58 -57 -58
of which leasing depreciation -6 -8 -8
EBITA 74 134 151
EO Items -25 0 0
Impairment and PPA amortisation -179 -42 -42
EBIT -105 92 109
Net financial items 115 4 8
Pretax profit 10 96 117
Tax -4 -22 -26
Net profit 6 74 91
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 74 91
EPS 0,62 8,58 10,55
EPS adj. 7,33 12,45 14,43
Total extraordinary items after tax -15 0 0
Leasing payments -6 -8 -8
Tax rate (%) 38 23 22
Gross margin (%) 33,6 33,8 33,9
EBITDA margin (%) 7,8 11,3 12,1
EBITA margin (%) 6,4 10,1 10,9
EBIT margin (%) -9,1 7 7,9
Pre-tax margin (%) 0,9 7,3 8,5
Net margin (%) 0,5 5,6 6,6
Sales growth (%) 33,1 15,7 4
EBITDA growth (%) -19,4 66,5 11,8
EBITA growth (%) -22,1 81,8 12,4
EBIT growth (%) -247,8 -188,3 18
Net profit growth (%) -76,2 1095,4 23
EPS growth (%) -79,6 1288,7 23
Profitability N/A N/A N/A
ROE (%) 1 14 16,1
ROE adj. (%) 36,5 21,9 23,4
ROCE (%) 5,6 14,9 15,3
ROCE adj. (%) 34,6 20,7 20,8
ROIC (%) 10,7 26,5 35,5
ROIC adj. (%) 14,3 26,5 35,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 114 150 167
EBITDA adj. margin (%) 10 11,3 12,1
EBITDA lease adj. 108 142 159
EBITDA lease adj. margin (%) 9,4 10,7 11,5
EBITA adj. 98 134 151
EBITA adj. margin (%) 8,6 10,1 10,9
EBIT adj. 56 92 109
EBIT adj. margin (%) 4,9 7 7,9
Pretax profit Adj. 213 138 159
Net profit Adj. 200 116 133
Net profit to shareholders adj. 199 116 133
Net adj. margin (%) 17,4 8,8 9,7
SEKm 2023 2024e 2025e
EBITDA 90 150 167
Goodwill 332 332 332
Net financial items 115 4 8
Other intangible assets 230 189 147
Paid tax -4 -22 -26
Tangible fixed assets 8 8 8
Non-cash items -36 0 0
Right-of-use asset 23 23 23
Cash flow before change in WC 165 131 149
Total other fixed assets 7 7 7
Change in working capital -132 -6 -5
Fixed assets 600 559 517
Operating cash flow 33 126 144
Inventories 82 93 98
Capex tangible fixed assets 0 0 0
Receivables 376 432 453
Capex intangible fixed assets -7 -8 -8
Other current assets 10 10 10
Acquisitions and Disposals -27 0 0
Cash and liquid assets 288 383 483
Free cash flow -1 118 137
Total assets 1356 1477 1561
Dividend paid -19 -20 -35
Shareholders equity 525 539 599
Share issues and buybacks 2 0 0
Minority 0 0 0
Leasing liability amortisation 0 -2 -2
Total equity 525 539 599
Other non-cash items -118 0 -3
Long-term debt 170 170 170
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 22 25
Total other long-term liabilities 143 143 143
Short-term debt 3 3 3
Accounts payable 470 531 552
Other current liabilities 23 69 69
Total liabilities and equity 1356 1477 1561
Net IB debt -93 -189 -285
Net IB debt excl. pension debt -93 -189 -285
Net IB debt excl. leasing -115 -211 -311
Capital employed 720 734 797
Capital invested 432 351 313
Working capital -26 -66 -61
Market cap. diluted (m) 814 814 814
Net IB debt adj. -93 -189 -285
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 721 625 529
Total assets turnover (%) 87,6 93,8 90,9
Working capital/sales (%) -7,5 -3,4 -4,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -35 -47,7
Net debt / market cap (%) -11,4 -23,2 -35,1
Equity ratio (%) 38,7 36,5 38,3
Net IB debt adj. / equity (%) -17,7 -35 -47,7
Current ratio 1,52 1,52 1,67
EBITDA/net interest 0,8 37,4 20,9
Net IB debt/EBITDA (x) -1 -1,3 -1,7
Net IB debt/EBITDA lease adj. (x) -1,1 -1,5 -2
Interest coverage 7,5 12,5 N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 9 9 9
Diluted shares adj. 9 9 9
EPS 0,62 8,58 10,55
Dividend per share 2,3 4 4
EPS adj. 7,33 12,45 14,43
BVPS 60,6 62,25 69,12
BVPS adj. -4,31 2,09 13,86
Net IB debt/share -10,73 -21,78 -32,95
Share price 94 94 94
Market cap. (m) 814 814 814
P/E (x) 152,2 11 8,9
EV/sales (x) 0,63 0,47 0,38
EV/EBITDA (x) 8 4,2 3,2
EV/EBITA (x) 9,8 4,7 3,5
EV/EBIT (x) -6,9 6,8 4,8
Dividend yield (%) 2,4 4,3 4,3
FCF yield (%) -0,1 14,4 16,8
Le. adj. FCF yld. (%) -0,1 14,2 16,5
P/BVPS (x) 1,55 1,51 1,36
P/BVPS adj. (x) -21,79 45,02 6,78
P/E adj. (x) 12,8 7,5 6,5
EV/EBITDA adj. (x) 6,3 4,2 3,2
EV/EBITA adj. (x) 7,3 4,7 3,5
EV/EBIT adj. (x) 12,8 6,8 4,8
EV/CE (x) 1 0,9 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,6 0,5
Capex/depreciation 0,1 0,2 0,1
Capex tangibles / tangible fixed assets 0,7 0 0
Capex intangibles / definite intangibles 3 4,2 5,1
Depreciation on intang / def. intang 22 26 34
Depreciation on tangibles / tangibles 0 0 0

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Media

Awardit - Company presentation with CEO Erik Grohman
Awardit - Company presentation with CEO Erik Grohman

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Polaris Management A/S 24.1 % 24.1 % 27 Dec 2023
Niklas Lundqvist 11.7 % 11.7 % 27 Dec 2023
Filip Engelbert 5.4 % 5.4 % 27 Dec 2023
Jonas Nordlander 4.6 % 4.6 % 27 Dec 2023
Avanza Pension 4.3 % 4.3 % 27 Dec 2023
Nordnet Pensionsförsäkring 3.9 % 3.9 % 27 Dec 2023
Consensus Asset Management 3.5 % 3.5 % 31 Jan 2024
Samir Taha 3.5 % 3.5 % 27 Dec 2023
Johan Hagman 3.4 % 3.4 % 27 Dec 2023
Magellan Privatstiftung 3.4 % 3.4 % 27 Dec 2023
Source: Holdings by Modular Finance AB