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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.

Through multiple acquisitions in recent years, Awardit has built itself a dominating ecosystem in the loyalty, incentive and gift card programme market. Hence, it is well positioned to capitalise on a growing market with its often superior offering to prospective clients. In addition, we see potential for Awardit to continue to consolidate the market in both the Nordics and parts of Europe.

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 2021 2022e 2023e
Sales 529 829 904
Sales growth (%) 93,3 56,7 9
EBITDA 94 95 135
EBITDA margin (%) 17,7 11,5 14,9
EBIT adj 64 54 92
EBIT adj margin (%) 12 6,5 10,2
Pretax profit 40 38 83
EPS rep 4,24 3,21 7,99
EPS growth (%) 86,4 -24,3 149
EPS adj 4,24 3,21 7,99
DPS 1,57 0 0
EV/EBITDA (x) 29,3 11,4 7,7
EV/EBIT adj (x) 43,1 20,1 11,3
P/E (x) 77,4 40,3 16,2
P/E adj (x) 77,4 40,3 16,2
EV/sales (x) 5,2 1,3 1,2
FCF yield (%) -6 -1,5 9,6
Dividend yield (%) 0,5 0 0
Net IB debt/EBITDA 0,1 0,1 -0,3
Lease adj. FCF yield (%) 1 5,3 9,5
Lease adj. ND/EBITDA 0 0 -0,3
SEKm 2021 2022e 2023e
Sales 529 829 904
COGS -356 -570 -605
Gross profit 173 259 299
Other operating items -79 -164 -165
EBITDA 94 95 135
Depreciation and amortisation -30 -41 -42
Of which leasing depreciation -2 -2 -2
EBITA 77 82 120
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 64 54 92
Net financial items -23 -16 -9
Pretax profit 40 38 83
Tax -10 -12 -17
Net profit 31 27 67
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 31 27 67
EPS 4,24 3,21 7,99
EPS Adj 4,24 3,21 7,99
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -23,9 -30,1 -20
Gross margin (%) 32,7 31,3 33,1
EBITDA margin (%) 17,7 11,5 14,9
EBITA margin (%) 14,6 9,9 13,3
EBIT margin (%) 12 6,5 10,2
Pretax margin (%) 7,6 4,6 9,2
Net margin (%) 5,8 3,2 7,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 93,3 56,7 9
EBITDA growth (%) 204,9 1,6 41,7
EBIT growth (%) 174 -14,9 70,6
Net profit growth (%) 102,3 -13 149
EPS growth (%) 86,4 -24,3 149
Profitability 2021 2022 2023
ROE (%) 9,3 5,1 11,8
ROE Adj (%) 9,3 5,1 11,8
ROCE (%) 13,7 7,5 12,5
ROCE Adj(%) 13,7 7,5 12,5
ROIC (%) 13,2 6,5 12,1
ROIC Adj (%) 13,2 6,5 12,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 94 95 135
EBITDA Adj margin (%) 17,7 11,5 14,9
EBITDA lease Adj 94 95 135
EBITDA lease Adj margin (%) 17,7 11,5 14,9
EBITA Adj 77 82 120
EBITA Adj margin (%) 14,6 9,9 13,3
EBIT Adj 64 54 92
EBIT Adj margin (%) 12 6,5 10,2
Pretax profit Adj 40 38 83
Net profit Adj 31 27 67
Net profit to shareholders Adj 31 27 67
Net Adj margin (%) 5,8 3,2 7,4
SEKm 2021 2022e 2023e
EBITDA 94 95 135
Net financial items -23 -16 -9
Paid tax -17 -12 -17
Non-cash items 0 0 0
Cash flow before change in WC 54 68 109
Change in WC -25 0 5
Operating cash flow 28 68 114
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -6 -9 -10
Acquisitions and disposals 0 0 0
Free cash flow 23 59 104
Dividend paid -11 0 0
Share issues and buybacks 270 0 0
Lease liability amortisation 0 -2 -2
Other non cash items -140 18 -61
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 361 364 364
Other intangible assets 244 273 303
Tangible fixed assets 1 1 1
Right-of-use asset 8 8 8
Total other fixed assets 6 0 0
Fixed assets 619 645 675
Inventories 53 59 64
Receivables 181 212 229
Other current assets 76 32 33
Cash and liquid assets 240 165 206
Total assets 1168 1113 1207
Shareholders equity 506 533 599
Minority 0 0 0
Total equity 506 533 599
Long-term debt 179 104 104
Pension debt 16 16 16
Convertible debt 0 0 0
Leasing liability 9 9 9
Total other long-term liabilities 69 69 69
Short-term debt 43 43 43
Accounts payable 192 182 199
Other current liabilities 154 157 169
Total liabilities and equity 1168 1113 1207
Net IB debt 6 6 -35
Net IB debt excl. pension debt -9 -9 -51
Net IB debt excl. leasing -2 -2 -43
Capital invested 569 596 621
Working capital -37 -37 -42
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2734 1079 1079
Net IB debt Adj 6 6 -35
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 2740 1085 1044
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 71,8 72,7 77,9
Working capital / sales (%) -3,7 -4,5 -4,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 1,2 1,2 -5,8
Net debt / market cap (%) 0,4 0,6 -3,2
Equity ratio (%) 43,3 47,9 49,6
Net IB debt adj. / equity (%) 1,2 1,2 -5,8
Current ratio (%) 140 121,3 128,7
EBITDA / net interest (%) 405,2 600,8 1496,8
Net IB debt / EBITDA (%) 6,7 6,7 -25,9
Net IB debt / EBITDA lease Adj (%) -2,4 -2,3 -32,2
Interest cover (%) 328,7 511,4 1335,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,24 3,21 7,99
Dividend per share Adj 1,6 0 0
EPS Adj 4,24 3,21 7,99
BVPS 60,69 63,9 71,88
BVPS Adj -11,8 -12,5 -8,13
Net IB debt / share 0,7 0,8 -4,2
Share price 168,27 129,4 129,4
Market cap. (m) 1403 1079 1079
Valuation 2021 2022 2023
P/E 77,4 40,3 16,2
EV/sales 5,18 1,31 1,15
EV/EBITDA 29,3 11,4 7,7
EV/EBITA 35,5 13,2 8,7
EV/EBIT 43,1 20,1 11,3
Dividend yield (%) 0,5 0 0
FCF yield (%) -6 -1,5 9,6
Lease adj. FCF yield (%) 1 5,3 9,5
P/BVPS 5,4 2,03 1,8
P/BVPS Adj -27,81 -10,35 -15,92
P/E Adj 77,4 40,3 16,2
EV/EBITDA Adj 29,3 11,4 7,7
EV/EBITA Adj 35,5 13,2 8,7
EV/EBIT Adj 43,1 20,1 11,3
EV/cap. employed 3,6 1,5 1,4
Investment ratios 2021 2022 2023
Capex / sales 1,1 1,1 1,1
Capex / depreciation 21,3 23,3 24,9
Capex tangibles / tangible fixed assets -33,3 0 0
Capex intangibles / definite intangibles 2,5 3,3 3,3
Depreciation on intangibles / definite intangibles 11,2 14,1 13,2
Depreciation on tangibles / tangibles 78,4 0 0

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Media

Awardit - Company presentation with CEO Niklas Lundqvist

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Visionalis AB 25.1 % 25.1 % 31 Mar 2022
Niklas Lundqvist 12.3 % 12.3 % 6 Apr 2022
Nordnet Pensionsförsäkring 6.3 % 6.3 % 31 Mar 2022
Consensus Asset Management 5.1 % 5.1 % 30 Apr 2022
Johan Hagman 4.1 % 4.1 % 31 Mar 2022
Samir Taha 3.4 % 3.4 % 11 Apr 2022
Livförsäkringsbolaget Skandia 3.2 % 3.2 % 31 Mar 2022
Filip Engelbert 2.9 % 2.9 % 31 Dec 2021
Jonas Nordlander 2.9 % 2.9 % 31 Dec 2021
Avanza Pension 2.6 % 2.6 % 31 Mar 2022
Source: Holdings by Modular Finance AB