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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 1330 1383
Sales growth (%) 33,1 15,9 4
EBITDA 90 125 156
EBITDA margin (%) 7,8 9,4 11,3
EBIT adj. 57 73 98
EBIT adj. margin (%) 4,9 5,5 7,1
Pretax profit 10 74 106
EPS 0,62 6,21 9,56
EPS growth (%) -79,4 897,8 53,9
EPS adj. 7,33 10,66 13,44
DPS 2,3 4 4
EV/EBITDA (x) 12,3 8,3 6
EV/EBIT adj. (x) 19,5 14,1 9,6
P/E (x) 221,6 22,2 14,4
P/E adj. (x) 18,8 12,9 10,3
EV/sales (x) 0,96 0,77 0,68
FCF yield (%) -0,1 8 10,5
Le. adj. FCF yld. (%) -0,1 7,8 10,3
Dividend yield (%) 1,7 2,9 2,9
Net IB debt/EBITDA (x) -1 -1,3 -1,6
Le. adj. ND/EBITDA (x) -1,1 -1,6 -1,9
SEKm 2023 2024e 2025e
Sales 1147 1330 1383
COGS -762 -881 -914
Gross profit 386 449 469
Other operating items -296 -324 -313
EBITDA 90 125 156
Depreciation and amortisation -58 -57 -58
of which leasing depreciation -6 -8 -8
EBITA 74 110 140
EO Items -25 -5 0
Impairment and PPA amortisation -179 -42 -42
EBIT -105 68 98
Net financial items 115 6 8
Pretax profit 10 74 106
Tax -4 -20 -23
Net profit 6 54 83
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 54 83
EPS 0,62 6,21 9,56
EPS adj. 7,33 10,66 13,44
Total extraordinary items after tax -15 -4 0
Leasing payments -6 -8 -8
Tax rate (%) 37,8 26,7 22
Gross margin (%) 33,6 33,8 33,9
EBITDA margin (%) 7,8 9,4 11,3
EBITA margin (%) 6,4 8,3 10,1
EBIT margin (%) -9,1 5,1 7,1
Pre-tax margin (%) 0,9 5,5 7,7
Net margin (%) 0,5 4,1 6
Sales growth (%) 33,1 15,9 4
EBITDA growth (%) -19,4 38,8 25,4
EBITA growth (%) -22 48,7 27,4
EBIT growth (%) -247,7 -165 44,3
Net profit growth (%) -76 763,4 53,3
EPS growth (%) -79,4 897,8 53,9
Profitability N/A N/A N/A
ROE (%) 1 10,3 15,2
ROE adj. (%) 36,5 19 22,9
ROCE (%) 5,6 13,3 16,8
ROCE adj. (%) 34,6 20,4 23,4
ROIC (%) 10,8 20,6 32,6
ROIC adj. (%) 14,3 21,5 32,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 114 130 156
EBITDA adj. margin (%) 10 9,7 11,3
EBITDA lease adj. 108 122 148
EBITDA lease adj. margin (%) 9,4 9,1 10,7
EBITA adj. 99 115 140
EBITA adj. margin (%) 8,6 8,6 10,1
EBIT adj. 57 73 98
EBIT adj. margin (%) 4,9 5,5 7,1
Pretax profit Adj. 213 121 148
Net profit Adj. 200 100 125
Net profit to shareholders adj. 199 99 125
Net adj. margin (%) 17,4 7,5 9
SEKm 2023 2024e 2025e
EBITDA 90 125 156
Goodwill 332 332 332
Net financial items 115 6 8
Other intangible assets 230 191 151
Paid tax -4 -20 -23
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 165 111 141
Total other fixed assets 7 7 7
Change in working capital -132 -6 -5
Fixed assets 600 561 521
Operating cash flow 33 105 136
Inventories 82 93 98
Capex tangible fixed assets 0 0 0
Receivables 376 432 454
Capex intangible fixed assets -7 -9 -10
Other current assets 10 10 10
Acquisitions and Disposals -27 0 0
Cash and liquid assets 288 252 341
Free cash flow -1 95 126
Total assets 1356 1349 1424
Dividend paid -19 -20 -35
Shareholders equity 525 519 570
Share issues and buybacks 2 0 0
Minority 0 0 0
Leasing liability amortisation 0 -2 -2
Total equity 525 519 570
Other non-cash items -118 0 -3
Long-term debt 170 61 61
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 470 532 553
Other current liabilities 23 69 69
Total liabilities and equity 1356 1349 1424
Net IB debt -93 -166 -252
Net IB debt excl. pension debt -93 -166 -252
Net IB debt excl. leasing -115 -189 -278
Capital employed 720 605 659
Capital invested 432 353 318
Working capital -26 -66 -61
Market cap. diluted (m) 1195 1195 1195
Net IB debt adj. -93 -166 -252
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 1102 1029 943
Total assets turnover (%) 87,6 98,4 99,7
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 -32,1 -44,3
Net debt / market cap (%) -7,8 -13,9 -21,1
Equity ratio (%) 38,7 38,5 40
Net IB debt adj. / equity (%) -17,7 -32,1 -44,3
Current ratio 1,52 1,3 1,44
EBITDA/net interest 0,8 22,2 19,5
Net IB debt/EBITDA (x) -1 -1,3 -1,6
Net IB debt/EBITDA lease adj. (x) -1,1 -1,6 -1,9
Interest coverage 7,5 8,9 N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 9 9 9
Diluted shares adj. 9 9 9
EPS 0,62 6,21 9,56
Dividend per share 2,3 4 4
EPS adj. 7,33 10,66 13,44
BVPS 60,6 59,92 65,8
BVPS adj. -4,31 -0,48 10,03
Net IB debt/share -10,73 -19,22 -29,12
Share price 138 138 138
Market cap. (m) 1195 1195 1195
P/E (x) 221,6 22,2 14,4
EV/sales (x) 0,96 0,77 0,68
EV/EBITDA (x) 12,3 8,3 6
EV/EBITA (x) 14,9 9,3 6,7
EV/EBIT (x) -10,5 15,1 9,6
Dividend yield (%) 1,7 2,9 2,9
FCF yield (%) -0,1 8 10,5
Le. adj. FCF yld. (%) -0,1 7,8 10,3
P/BVPS (x) 2,28 2,3 2,1
P/BVPS adj. (x) -32 -287,92 13,76
P/E adj. (x) 18,8 12,9 10,3
EV/EBITDA adj. (x) 9,6 7,9 6
EV/EBITA adj. (x) 11,2 8,9 6,7
EV/EBIT adj. (x) 19,5 14,1 9,6
EV/CE (x) 1,5 1,7 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,7 0,7
Capex/depreciation 0,1 0,2 0,2
Capex tangibles / tangible fixed assets 0,7 0 0
Capex intangibles / definite intangibles 3 5 6,6
Depreciation on intang / def. intang 22 25 33
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 29.9 % 29.9 % 31 Mar 2024
Niklas Lundqvist 11.8 % 11.8 % 24 May 2024
Fayes Investeringar 1 AB 6.3 % 6.3 % 21 May 2024
Filip Engelbert 5.4 % 5.4 % 31 Mar 2024
Jonas Nordlander 4.6 % 4.6 % 31 Mar 2024
Avanza Pension 3.8 % 3.8 % 26 Mar 2024
Consensus Asset Management 3.7 % 3.7 % 30 Apr 2024
Nordnet Pensionsförsäkring 3.5 % 3.5 % 26 Mar 2024
Samir Taha 3.5 % 3.5 % 28 Mar 2024
Magellan Privatstiftung 3.4 % 3.4 % 26 Mar 2024
Source: Holdings by Modular Finance AB