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Clavister

Clavister

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Clavister develops and sells cybersecurity solutions for physical and virtual environments. Its product portfolio is designed to meet the specific needs of customers in three main categories: public administrations, service providers and defence contractors. Sales are primarily made under the company’s own brand, but also through OEMs, i.e. the software being added to the customers’ own brands. Clavister has a long list of clients including Nokia, IWG, Telco Systems and BAE Systems.

Clavister is dependent on the trust of its customers. If the company’s technology does not keep up with current attack methods or meet its customers’ expectations, it could lose significant parts of its business. Clavister competes with large multinational corporations, which entails an inherent risk that customers may chose a more well-known vendor over Clavister.

Financials

SEKm 2024 2025e 2026e
Sales 192 235 277
Sales growth (%) 19,3 22,4 18
EBITDA 31 46 73
EBITDA margin (%) 16,4 19,8 26,3
EBIT adj. -7 3 26
EBIT adj. margin (%) -3,8 1,1 9,4
Pretax profit -55 -11 17
EPS -0,17 -0,03 0,05
EPS growth (%) -83,4 -80,1 N/A
EPS adj. -0,15 -0,03 0,05
DPS 0 0 0
EV/EBITDA (x) 49,9 34 21,7
EV/EBIT adj. (x) -217,5 629,5 60,7
P/E (x) N/A N/A 83,8
P/E adj. (x) N/A N/A 83,8
EV/sales (x) 8,2 6,73 5,72
FCF yield (%) -2,6 -0,8 1,8
Le. adj. FCF yld. (%) -2,8 -1,1 1,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 5,1 3,2 2,1
Le. adj. ND/EBITDA (x) 4,5 3,1 2
SEKm 2024 2025e 2026e
Sales 192 235 277
COGS -42 -54 -64
Gross profit 150 180 213
Other operating items -119 -134 -140
EBITDA 31 46 73
Depreciation and amortisation -43 -44 -47
of which leasing depreciation -4 -4 -4
EBITA -12 2 26
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT -12 2 26
Net financial items -43 -13 -9
Pretax profit -55 -11 17
Tax 0 0 0
Net profit -55 -11 17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -55 -11 17
EPS -0,17 -0,03 0,05
EPS adj. -0,15 -0,03 0,05
Total extraordinary items after tax -5 0 0
Leasing payments -4 -4 -4
Tax rate (%) 0,3 0 0
Gross margin (%) 78,3 76,8 77
EBITDA margin (%) 16,4 19,8 26,3
EBITA margin (%) -6,2 1 9,4
EBIT margin (%) -6,2 1 9,4
Pre-tax margin (%) -28,8 -4,7 6,2
Net margin (%) -28,7 -4,7 6,2
Sales growth (%) 19,3 22,4 18
EBITDA growth (%) 77,9 47,8 56,6
EBITA growth (%) -61,4 -119,5 1030
EBIT growth (%) -61,4 -119,5 N/A
Net profit growth (%) -15,9 -79,8 -253,9
EPS growth (%) -83,4 -80,1 N/A
Profitability N/A N/A N/A
ROE (%) 35,1 14,7 -24,1
ROE adj. (%) 32,2 14,4 -24,1
ROCE (%) -9,7 1,6 21,1
ROCE adj. (%) -5,9 1,7 21,1
ROIC (%) -19,2 2,9 33,5
ROIC adj. (%) -11,7 3,2 33,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 36 47 73
EBITDA adj. margin (%) 18,8 19,9 26,3
EBITDA lease adj. 32 43 68
EBITDA lease adj. margin (%) 16,7 18,2 24,7
EBITA adj. -7 3 26
EBITA adj. margin (%) -3,8 1,1 9,4
EBIT adj. -7 3 26
EBIT adj. margin (%) -3,8 1,1 9,4
Pretax profit Adj. -51 -11 17
Net profit Adj. -50 -11 17
Net profit to shareholders adj. -50 -11 17
Net adj. margin (%) -26,3 -4,7 6,2
SEKm 2024 2025e 2026e
EBITDA 31 46 73
Goodwill 67 67 67
Net financial items -43 -13 -9
Other intangible assets 111 112 111
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items -9 0 0
Right-of-use asset 16 16 16
Cash flow before change in WC -20 33 64
Total other fixed assets 0 0 0
Change in working capital 25 -3 3
Fixed assets 195 196 195
Operating cash flow 5 30 67
Inventories 17 21 25
Capex tangible fixed assets -1 0 0
Receivables 64 75 89
Capex intangible fixed assets -41 -41 -41
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 83 48 44
Free cash flow -37 -11 26
Total assets 359 340 353
Dividend paid 0 0 0
Shareholders equity -84 -67 -74
Share issues and buybacks 188 55 0
Minority 0 0 0
Leasing liability amortisation -2 -5 -5
Total equity -84 -67 -74
Other non-cash items -71 -25 -25
Long-term debt 219 169 169
Pension debt 0 0 0
Convertible debt 9 9 9
Leasing liability 17 17 17
Total other long-term liabilities 40 40 40
Short-term debt 0 0 0
Accounts payable 16 18 21
Other current liabilities 143 155 172
Total liabilities and equity 359 340 353
Net IB debt 161 147 150
Net IB debt excl. pension debt 161 147 150
Net IB debt excl. leasing 145 130 134
Capital employed 160 127 120
Capital invested 77 80 76
Working capital -78 -77 -79
Market cap. diluted (m) 1410 1433 1433
Net IB debt adj. 161 147 150
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 1571 1580 1583
Total assets turnover (%) 58,2 67,1 80
Working capital/sales (%) -58,2 -32,9 -28,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -191,8 -218,2 -202,2
Net debt / market cap (%) 11,5 10,3 10,5
Equity ratio (%) -23,4 -19,8 -21,1
Net IB debt adj. / equity (%) -191,8 -218,2 -202,2
Current ratio 1,03 0,83 0,82
EBITDA/net interest 0,7 3,5 8,1
Net IB debt/EBITDA (x) 5,1 3,2 2,1
Net IB debt/EBITDA lease adj. (x) 4,5 3,1 2
Interest coverage 0,3 0,2 2,9
SEKm 2024 2025e 2026e
Shares outstanding adj. 328 334 334
Diluted shares adj. 328 334 334
EPS -0,17 -0,03 0,05
Dividend per share 0 0 0
EPS adj. -0,15 -0,03 0,05
BVPS -0,26 -0,2 -0,22
BVPS adj. -0,8 -0,74 -0,75
Net IB debt/share 0,49 0,44 0,45
Share price 4,3 4,3 4,3
Market cap. (m) 1410 1433 1433
P/E (x) N/A N/A 83,8
EV/sales (x) 8,2 6,7 5,7
EV/EBITDA (x) 49,9 34 21,7
EV/EBITA (x) -132,9 684 60,7
EV/EBIT (x) -132,9 684 60,7
Dividend yield (%) 0 0 0
FCF yield (%) -2,6 -0,8 1,8
Le. adj. FCF yld. (%) -2,8 -1,1 1,5
P/BVPS (x) -16,75 -21,27 -19,26
P/BVPS adj. (x) -5,38 -5,82 -5,69
P/E adj. (x) N/A N/A 83,8
EV/EBITDA adj. (x) 43,6 33,8 21,7
EV/EBITA adj. (x) -217,5 629,5 60,7
EV/EBIT adj. (x) -217,5 629,5 60,7
EV/CE (x) 9,8 12,4 13,2
Investment ratios N/A N/A N/A
Capex/sales (%) 21,8 17,5 14,8
Capex/depreciation 1,1 1 1
Capex tangibles / tangible fixed assets 71,8 0 0
Capex intangibles / definite intangibles 36,8 36,7 37
Depreciation on intang / def. intang 35,3 35,9 38,2
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

Clavister - Company presentation with President & CEO John Vestberg
Clavister - Fireside chat with President & CEO John Vestberg

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Main shareholders - Clavister

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 18.2 % 18.2 % 27 Aug 2025
Avanza Pension 7.6 % 7.6 % 27 Aug 2025
ÖstVäst Capital Management 3.6 % 3.6 % 14 Jan 2025
Cajory Defence AB 2.9 % 2.9 % 27 Aug 2025
Staffan Dahlström 2.8 % 2.8 % 27 Aug 2025
Alcur Fonder 2.6 % 2.6 % 30 Jun 2025
Union Investment 2.6 % 2.6 % 31 Jul 2025
Finserve Nordic AB 2.5 % 2.5 % 31 Aug 2025
Tagehus Holding AB 2.1 % 2.1 % 27 Aug 2025
Nordnet Pensionsförsäkring 2.1 % 2.1 % 27 Aug 2025
Source: Holdings by Modular Finance AB