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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 2022 2023e 2024e
Sales 862 1049 1122
Sales growth (%) 62,9 21,7 7
EBITDA 111 145 171
EBITDA margin (%) 12,9 13,8 15,2
EBIT adj. 71 98 122
EBIT adj. margin (%) 8,2 9,3 10,8
Pretax profit 41 82 113
EPS 3,03 7,47 10,31
EPS growth (%) -17,3 146,7 38,1
EPS adj. 5,52 9,87 12,9
DPS 2,33 2,3 2,3
EV/EBITDA (x) 10,2 9 7
EV/EBIT adj. (x) 16,1 13,3 9,8
P/E (x) 51,2 20,8 15
P/E adj. (x) 28,1 15,7 12
EV/sales (x) 1,32 1,24 1,06
FCF yield (%) 6,1 -6,4 9,7
Le. adj. FCF yld. (%) 6,1 -6,5 9,7
Dividend yield (%) 1,5 1,5 1,5
Net IB debt/EBITDA (x) -1,4 -0,2 -0,8
Le. adj. ND/EBITDA (x) 1,5 0,3 0,9
SEKm 2022 2023e 2024e
Sales 862 1049 1122
COGS -607 -719 -758
Gross profit 255 330 365
Other operating items -144 -185 -194
EBITDA 111 145 171
Depreciation and amortisation -15 -21 -21
of which leasing depreciation 0 0 0
EBITA 97 124 150
EO Items 0 0 0
Impairment and PPA amortisation -26 -26 -28
EBIT 71 98 122
Net financial items -30 -16 -9
Pretax profit 41 82 113
Tax -15 -17 -24
Net profit 26 64 89
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 64 89
EPS 3,03 7,47 10,31
EPS adj. 5,52 9,87 12,9
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 36,5 21 21
Gross margin (%) 29,6 31,5 32,5
EBITDA margin (%) 12,9 13,8 15,2
EBITA margin (%) 11,2 11,8 13,3
EBIT margin (%) 8,2 9,3 10,8
Pre-tax margin (%) 4,8 7,8 10
Net margin (%) 3 6,1 7,9
Sales growth (%) 62,9 21,7 7
EBITDA growth (%) 19 29,7 18,3
EBITA growth (%) 25,9 27,5 21,1
EBIT growth (%) 11,6 37,7 24,7
Net profit growth (%) -15,1 146,8 38,1
EPS growth (%) -17,3 146,7 38,1
Profitability N/A N/A N/A
ROE (%) 4,7 13,3 20,3
ROE adj. (%) 9,6 18,6 26,6
ROCE (%) 11,3 16,3 22
ROCE adj. (%) 14,9 20,6 27,1
ROIC (%) 13,4 24,9 33,8
ROIC adj. (%) 13,4 24,9 33,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 111 145 171
EBITDA adj. margin (%) 12,9 13,8 15,2
EBITDA lease adj. 111 144 171
EBITDA lease adj. margin (%) 12,9 13,8 15,2
EBITA adj. 97 124 150
EBITA adj. margin (%) 11,2 11,8 13,3
EBIT adj. 71 98 122
EBIT adj. margin (%) 8,2 9,3 10,8
Pretax profit Adj. 67 108 141
Net profit Adj. 52 90 117
Net profit to shareholders adj. 51 90 117
Net adj. margin (%) 6 8,6 10,4
SEKm 2022 2023e 2024e
EBITDA 111 145 171
Goodwill 376 376 376
Net financial items -30 -16 -9
Other intangible assets 230 191 149
Paid tax -15 -17 -24
Tangible fixed assets 1 1 1
Non-cash items 14 10 3
Right-of-use asset 11 11 11
Cash flow before change in WC 81 122 141
Total other fixed assets 8 8 8
Change in working capital 1 -10 -3
Fixed assets 626 586 545
Operating cash flow 82 111 138
Inventories 52 63 79
Capex tangible fixed assets 0 0 0
Receivables 328 399 427
Capex intangible fixed assets -2 -7 -8
Other current assets 3 3 3
Acquisitions and Disposals 0 -190 0
Cash and liquid assets 257 141 248
Free cash flow 79 -86 130
Total assets 1265 1192 1301
Dividend paid 0 -19 -20
Shareholders equity 566 405 473
Share issues and buybacks 4 0 0
Minority 0 0 0
Leasing liability amortisation 0 -1 -1
Total equity 566 405 473
Other non-cash items 81 -11 -2
Long-term debt 89 89 89
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 12 12
Total other long-term liabilities 57 57 57
Short-term debt 12 12 12
Accounts payable 510 582 623
Other current liabilities 19 34 35
Total liabilities and equity 1265 1191 1301
Net IB debt -152 -36 -143
Net IB debt excl. pension debt -152 -36 -143
Net IB debt excl. leasing -164 -48 -155
Capital employed 679 518 586
Capital invested 414 370 330
Working capital -147 -152 -150
Market cap. diluted (m) 1292 1338 1338
Net IB debt adj. -152 -36 -143
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 1140 1303 1195
Total assets turnover (%) 70,8 85,4 90,1
Working capital/sales (%) -10,7 -14,2 -13,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26,9 -8,8 -30,3
Net debt / market cap (%) -11,8 -2,7 -10,7
Equity ratio (%) 44,7 34 36,4
Net IB debt adj. / equity (%) -26,9 -8,8 -30,3
Current ratio 1,18 0,96 1,13
EBITDA/net interest 3,7 9 19
Net IB debt/EBITDA (x) -1,4 -0,2 -0,8
Net IB debt/EBITDA lease adj. (x) -1,5 -0,3 -0,9
Interest coverage 2,7 7,7 16,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 8 9 9
Diluted shares adj. 8 9 9
EPS 3,03 7,47 10,31
Dividend per share 2,33 2,3 2,3
EPS adj. 5,52 9,87 12,9
BVPS 67,9 46,9 54,81
BVPS adj. -4,83 -18,72 -6,04
Net IB debt/share -18,24 -4,11 -16,59
Share price 155 155 155
Market cap. (m) 1292 1338 1338
P/E (x) 51,2 20,8 15
EV/sales (x) 1,32 1,24 1,06
EV/EBITDA (x) 10,2 9 7
EV/EBITA (x) 11,8 10,5 8
EV/EBIT (x) 16,1 13,3 9,8
Dividend yield (%) 1,5 1,5 1,5
FCF yield (%) 6,1 -6,4 9,7
Le. adj. FCF yld. (%) 6,1 -6,5 9,7
P/BVPS (x) 2,28 3,3 2,83
P/BVPS adj. (x) -32,08 -8,28 -25,67
P/E adj. (x) 28,1 15,7 12
EV/EBITDA adj. (x) 10,2 9 7
EV/EBITA adj. (x) 11,8 10,5 8
EV/EBIT adj. (x) 16,1 13,3 9,8
EV/CE (x) 1,7 2,5 2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 0,7 0,7
Capex/depreciation 0,2 0,3 0,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 1 3,7 5,4
Depreciation on intang / def. intang 6 11 14
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
Visionalis AB 25.1 % 25.1 % 28 Dec 2022
Niklas Lundqvist 12.3 % 12.3 % 28 Dec 2022
Consensus Asset Management 5.5 % 5.5 % 31 Jan 2023
Filip Engelbert 4.8 % 4.8 % 28 Dec 2022
Jonas Nordlander 4.8 % 4.8 % 28 Dec 2022
Avanza Pension 4.6 % 4.6 % 28 Dec 2022
Johan Hagman 3.9 % 3.9 % 28 Dec 2022
Samir Taha 3.5 % 3.5 % 28 Dec 2022
S Thorberg Inspiration Investment Ltd 2.4 % 2.4 % 28 Dec 2022
Nordnet Pensionsförsäkring 2.3 % 2.3 % 28 Dec 2022
Source: Holdings by Modular Finance AB