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Briox

Briox

SEKm 2021 2022e 2023e
Sales 6 10 15
Sales growth (%) 38,3 62,8 50,4
EBITDA -12 -12 -8
EBITDA margin (%) -187,3 -117,8 -51,8
EBIT adj -20 -20 -16
EBIT adj margin (%) -318,7 -203,1 -108,7
Pretax profit -20 -21 -17
EPS rep -0,45 -0,45 -0,33
EPS growth (%) 29,1 -0,4 27,1
EPS adj -0,45 -0,45 -0,33
DPS 0 0 0
EV/EBITDA (x) -15,4 -13,7 -22,5
EV/EBIT adj (x) -9,1 -7,9 -10,7
P/E (x) -9,9 -8,1 -11,1
P/E adj (x) -9,9 -8,1 -11,1
EV/sales (x) 28,9 16,1 11,7
FCF yield (%) -10,5 -12,2 -10,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,1 0,3 1
Lease adj. FCF yield (%) -10,5 -12,2 -10,2
Lease adj. ND/EBITDA 2,1 0,3 1
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Sales 6 10 15
COGS 0 0 0
Gross profit 6 10 15
Other operating items -18 -22 -23
EBITDA -12 -12 -8
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -20 -20 -16
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -20 -20 -16
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -21 -17
Tax 0 0 0
Net profit -20 -21 -17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -21 -17
EPS -0,45 -0,45 -0,33
EPS Adj -0,45 -0,45 -0,33
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -187,3 -117,8 -51,8
EBITA margin (%) -318,7 -203,1 -108,7
EBIT margin (%) -318,7 -203,1 -108,7
Pretax margin (%) -331,8 -204,6 -110
Net margin (%) -332 -204,6 -110
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 38,3 62,8 50,4
EBITDA growth (%) 23,7 -2,4 33,9
EBIT growth (%) 14,8 -3,8 19,5
Net profit growth (%) 11,8 -0,4 19,1
EPS growth (%) 29,1 -0,4 27,1
Profitability 2021 2022 2023
ROE (%) -73,7 -64,9 -68,2
ROE Adj (%) -73,7 -64,9 -68,2
ROCE (%) -70,7 -64,4 -67,4
ROCE Adj(%) -70,7 -64,4 -67,4
ROIC (%) -133,3 -113,7 -87,5
ROIC Adj (%) -133,3 -113,7 -87,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj -12 -12 -8
EBITDA Adj margin (%) -187,3 -117,8 -51,8
EBITA Adj -20 -20 -16
EBITA Adj margin (%) -318,7 -203,1 -108,7
EBIT Adj -20 -20 -16
EBIT Adj margin (%) -318,7 -203,1 -108,7
Pretax profit Adj -20 -21 -17
Net profit Adj -20 -21 -17
Net profit to shareholders Adj -20 -21 -17
Net Adj margin (%) -332 -204,6 -110
Depreciation and amortisation -8 -9 -9
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -12 -12 -8
EBITDA lease Adj margin (%) -187,3 -117,8 -51,8
SEKm 2021 2022e 2023e
EBITDA -12 -12 -8
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 2 0 0
Cash flow before change in WC -10 -12 -8
Change in WC 0 1 0
Operating cash flow -11 -11 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -11 -9 -11
Acquisitions and disposals 0 0 0
Free cash flow -21 -20 -19
Dividend paid 0 0 0
Share issues and buybacks 51 0 23
Other non cash items -8 0 0
Decrease in net IB debt -19 15 1
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 19
Tangible fixed assets 0 0 1
Other fixed assets 0 0 0
Fixed assets 21 22 24
Inventories 0 0 0
Receivables 3 4 6
Other current assets 0 0 0
Cash and liquid assets 24 4 7
Total assets 48 29 38
Shareholders equity 42 21 27
Minority 0 0 0
Total equity 42 21 27
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 6 8 11
Other current liabilities 0 0 0
Total liabilities and equity 48 29 38
Net IB debt -24 -4 -7
Net IB debt excl. pension debt -24 -4 -7
Capital invested 18 18 20
Working capital -3 -4 -4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 202 165 184
Net IB debt Adj -24 -4 -7
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 178 162 176
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 17,5 26,1 44,9
Capital invested turnover (%) 33 62,5 196,6
Capital employed turnover (%) 17,7 25,3 39,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 160,4 174,7 153,7
Working capital / sales (%) -85 -34,8 -27,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,7 -17,2 -27,4
Net debt / market cap (%) -8,5 -2,2 -4,1
Equity ratio (%) 88,3 72,7 72,1
Net IB debt adj. / equity (%) -56,7 -17,2 -27,4
Current ratio (%) 474,3 96,7 128,9
EBITDA / net interest (%) -1422,9 -7939,5 -3909,9
Net IB debt / EBITDA (%) 206,1 31,1 95,7
Interest cover (%) -2420,9 -13693,2 -8209,9
Lease liability amortisation 0 0 0
Other intangible assets 21 22 24
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -24 -4 -7
Net IB debt / EBITDA lease Adj (%) 206,1 31,1 95,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 43 45 50
Fully diluted shares Adj 45 45 50
EPS -0,45 -0,45 -0,33
Dividend per share Adj 0 0 0
EPS Adj -0,45 -0,45 -0,33
BVPS 0,97 0,47 0,54
BVPS Adj 0,48 0 0,07
Net IB debt / share -0,6 -0,1 -0,1
Share price 6,46 3,64 3,64
Market cap. (m) 279 165 184
Valuation 2021 2022 2023
P/E -9,9 -8,1 -11,1
EV/sales 28,86 16,11 11,66
EV/EBITDA -15,4 -13,7 -22,5
EV/EBITA -9,1 -7,9 -10,7
EV/EBIT -9,1 -7,9 -10,7
Dividend yield (%) 0 0 0
FCF yield (%) -10,5 -12,2 -10,2
P/BVPS 4,57 7,73 6,73
P/BVPS Adj 9,22 -1423,54 49,38
P/E Adj -9,9 -8,1 -11,1
EV/EBITDA Adj -15,4 -13,7 -22,5
EV/EBITA Adj -9,1 -7,9 -10,7
EV/EBIT Adj -9,1 -7,9 -10,7
EV/cap. employed 4,2 7,6 6,5
Investment ratios 2021 2022 2023
Capex / sales 170,8 90,2 73,8
Capex / depreciation 130 105,7 129,7
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 49,9 42,1 47,3
Depreciation on intangibles / definite intangibles 38,3 39,8 36,5
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -10,5 -12,2 -10,2