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Briox

Briox

SEKm 2021 2022e 2023e
Sales 6 9 15
Sales growth (%) 38,3 49,4 63,5
EBITDA -12 -13 -9
EBITDA margin (%) -187,3 -144,4 -58,4
EBIT adj -20 -22 -17
EBIT adj margin (%) -318,7 -238,6 -115,4
Pretax profit -20 -22 -18
EPS rep -0,45 -0,39 -0,31
EPS growth (%) 29,1 14,1 20,4
EPS adj -0,45 -0,39 -0,31
DPS 0 0 0
EV/EBITDA (x) -15,4 -16,1 -26,5
EV/EBIT adj (x) -9,1 -9,7 -13,4
P/E (x) -9,9 -11,6 -14,6
P/E adj (x) -9,9 -11,6 -14,6
EV/sales (x) 28,9 23,2 15,5
FCF yield (%) -10,5 -8,8 -7,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,1 3,2 2,7
Lease adj. FCF yield (%) -10,5 -8,8 -7,5
Lease adj. ND/EBITDA 2,1 3,2 2,7
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Sales 6 9 15
COGS 0 0 0
Gross profit 6 9 15
Other operating items -18 -23 -24
EBITDA -12 -13 -9
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -20 -22 -17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -20 -22 -17
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 -22 -18
Tax 0 0 0
Net profit -20 -22 -18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -22 -18
EPS -0,45 -0,39 -0,31
EPS Adj -0,45 -0,39 -0,31
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -187,3 -144,4 -58,4
EBITA margin (%) -318,7 -238,6 -115,4
EBIT margin (%) -318,7 -238,6 -115,4
Pretax margin (%) -331,8 -239,6 -116,7
Net margin (%) -332 -239,6 -116,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 38,3 49,4 63,5
EBITDA growth (%) 23,7 -15,2 33,9
EBIT growth (%) 14,8 -11,9 20,9
Net profit growth (%) 11,8 -7,9 20,4
EPS growth (%) 29,1 14,1 20,4
Profitability 2021 2022 2023
ROE (%) -73,7 -42,6 -33,2
ROE Adj (%) -73,7 -42,6 -33,2
ROCE (%) -70,7 -42,4 -32,8
ROCE Adj(%) -70,7 -42,4 -32,8
ROIC (%) -133,3 -119,5 -89
ROIC Adj (%) -133,3 -119,5 -89
Adj earnings numbers 2021 2022 2023
EBITDA Adj -12 -13 -9
EBITDA Adj margin (%) -187,3 -144,4 -58,4
EBITA Adj -20 -22 -17
EBITA Adj margin (%) -318,7 -238,6 -115,4
EBIT Adj -20 -22 -17
EBIT Adj margin (%) -318,7 -238,6 -115,4
Pretax profit Adj -20 -22 -18
Net profit Adj -20 -22 -18
Net profit to shareholders Adj -20 -22 -18
Net Adj margin (%) -332 -239,6 -116,7
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 -13 -9
EBITDA lease Adj margin (%) -187,3 -144,4 -58,4
SEKm 2021 2022e 2023e
EBITDA -12 -13 -9
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 2 0 0
Cash flow before change in WC -10 -13 -9
Change in WC 0 1 1
Operating cash flow -11 -13 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -11 -10 -11
Acquisitions and disposals 0 0 0
Free cash flow -21 -23 -19
Dividend paid 0 0 0
Share issues and buybacks 51 42 0
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 25
Inventories 0 0 0
Receivables 3 4 6
Other current assets 0 0 0
Cash and liquid assets 24 43 24
Total assets 48 69 55
Shareholders equity 42 62 44
Minority 0 0 0
Total equity 42 62 44
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 7 11
Other current liabilities 0 0 0
Total liabilities and equity 48 69 55
Net IB debt -24 -43 -24
Net IB debt excl. pension debt -24 -43 -24
Capital invested 18 19 20
Working capital -3 -4 -4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 202 257 257
Net IB debt Adj -24 -43 -24
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 178 214 233
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 17,5 15,8 24,3
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 -36,2 -26,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,7 -69,8 -53,8
Net debt / market cap (%) -8,5 -16,8 -9,3
Equity ratio (%) 88,3 89,4 80,8
Net IB debt adj. / equity (%) -56,7 -69,8 -53,8
Current ratio (%) 474,3 636,6 284
EBITDA / net interest (%) -1422,9 -13314,3 -4398,2
Net IB debt / EBITDA (%) 206,1 324,3 270,9
Interest cover (%) -2420,9 -21993,3 -8698,2
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 -43 -24
Net IB debt / EBITDA lease Adj (%) 206,1 324,3 270,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 43 57 57
Fully diluted shares Adj 45 57 57
EPS -0,45 -0,39 -0,31
Dividend per share Adj 0 0 0
EPS Adj -0,45 -0,39 -0,31
BVPS 0,97 1,08 0,77
BVPS Adj 0,48 0,7 0,35
Net IB debt / share -0,6 -0,8 -0,4
Share price 6,46 4,5 4,5
Market cap. (m) 279 257 257
Valuation 2021 2022 2023
P/E -9,9 -11,6 -14,6
EV/sales 28,86 23,2 15,47
EV/EBITDA -15,4 -16,1 -26,5
EV/EBITA -9,1 -9,7 -13,4
EV/EBIT -9,1 -9,7 -13,4
Dividend yield (%) 0 0 0
FCF yield (%) -10,5 -8,8 -7,5
P/BVPS 4,57 4,16 5,81
P/BVPS Adj 9,22 6,45 12,73
P/E Adj -9,9 -11,6 -14,6
EV/EBITDA Adj -15,4 -16,1 -26,5
EV/EBITA Adj -9,1 -9,7 -13,4
EV/EBIT Adj -9,1 -9,7 -13,4
EV/cap. employed 4,2 3,5 5,3
Investment ratios 2021 2022 2023
Capex / sales 170,8 106,1 74
Capex / depreciation 130 112,7 129,7
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 49,9 44,4 46,4
Depreciation on intangibles / definite intangibles 38,3 39,4 35,7
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -10,5 -8,8 -7,5