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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 2022 2023e 2024e
Sales 143 164 185
Sales growth (%) 10,4 14,7 13
EBITDA -11 21 28
EBITDA margin (%) -7,7 12,6 15,2
EBIT adj. -51 -20 -13
EBIT adj. margin (%) -36 -12,5 -7
Pretax profit -113 -68 -33
EPS -2 -1,2 -0,58
EPS growth (%) 19,2 -39,7 -51,6
EPS adj. -2 -1,16 -0,58
DPS 0 0 0
EV/EBITDA (x) -45,5 25,8 19,7
EV/EBIT adj. (x) -9,7 -26 -42,9
P/E (x) -2,2 -3,7 -7,7
P/E adj. (x) -2,2 -3,9 -7,7
EV/sales (x) 3,5 3,24 3
FCF yield (%) -24,1 -7,7 -7,6
Le. adj. FCF yld. (%) -26 -9,1 -9,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -22,4 13,5 10,7
Le. adj. ND/EBITDA (x) -16,2 14,1 12,3
SEKm 2022 2023e 2024e
Sales 143 164 185
COGS -28 -33 -41
Gross profit 115 130 144
Other operating items -126 -110 -116
EBITDA -11 21 28
Depreciation and amortisation -40 -43 -41
of which leasing depreciation -4 -4 -4
EBITA -51 -23 -13
EO Items 0 -2 0
Impairment and PPA amortisation 0 0 0
EBIT -51 -23 -13
Net financial items -61 -45 -20
Pretax profit -113 -68 -33
Tax 0 0 0
Net profit -113 -68 -33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -113 -68 -33
EPS -2 -1,2 -0,58
EPS adj. -2 -1,16 -0,58
Total extraordinary items after tax 0 -2 0
Leasing payments -4 -4 -4
Tax rate (%) -0,3 0 0
Gross margin (%) 80,6 79,7 78
EBITDA margin (%) -7,7 12,6 15,2
EBITA margin (%) -36 -13,9 -7
EBIT margin (%) -36 -13,9 -7
Pre-tax margin (%) -78,9 -41,6 -17,8
Net margin (%) -79,1 -41,6 -17,8
Sales growth (%) 10,4 14,7 13
EBITDA growth (%) -47,1 -287,4 36,4
EBITA growth (%) -10,2 -55,6 -43,4
EBIT growth (%) -10,2 -55,6 -43,4
Net profit growth (%) 23,8 -39,7 -51,6
EPS growth (%) 19,2 -39,7 -51,6
Profitability N/A N/A N/A
ROE (%) 103,8 36,7 15
ROE adj. (%) 103,8 35,4 15
ROCE (%) -32,9 -21,2 -13,9
ROCE adj. (%) -32,9 -19 -13,9
ROIC (%) -46,8 -29,7 -18,4
ROIC adj. (%) -46,8 -26,6 -18,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -11 23 28
EBITDA adj. margin (%) -7,7 14,1 15,2
EBITDA lease adj. -15 19 24
EBITDA lease adj. margin (%) -10,5 11,9 13
EBITA adj. -51 -20 -13
EBITA adj. margin (%) -36 -12,5 -7
EBIT adj. -51 -20 -13
EBIT adj. margin (%) -36 -12,5 -7
Pretax profit Adj. -113 -66 -33
Net profit Adj. -113 -66 -33
Net profit to shareholders adj. -113 -66 -33
Net adj. margin (%) -79,1 -40,1 -17,8
SEKm 2022 2023e 2024e
EBITDA -11 21 28
Goodwill 67 67 67
Net financial items -61 -45 -20
Other intangible assets 112 110 108
Paid tax 0 0 0
Tangible fixed assets 0 0 0
Non-cash items 55 0 0
Right-of-use asset 4 4 4
Cash flow before change in WC -17 -25 8
Total other fixed assets 0 0 0
Change in working capital -7 43 8
Fixed assets 183 181 179
Operating cash flow -25 18 16
Inventories 14 10 11
Capex tangible fixed assets 0 0 0
Receivables 53 51 57
Capex intangible fixed assets -36 -38 -35
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 19 26
Free cash flow -61 -19 -19
Total assets 291 261 273
Dividend paid 0 0 0
Shareholders equity -164 -207 -232
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -5 -4 -4
Total equity -164 -207 -232
Other non-cash items -49 -8 0
Long-term debt 270 279 309
Pension debt 0 0 0
Convertible debt 9 9 9
Leasing liability 4 4 4
Total other long-term liabilities 60 60 60
Short-term debt 6 6 6
Accounts payable 10 11 13
Other current liabilities 96 99 106
Total liabilities and equity 291 261 273
Net IB debt 246 278 301
Net IB debt excl. pension debt 246 278 301
Net IB debt excl. leasing 242 273 297
Capital employed 125 90 95
Capital invested 83 71 69
Working capital -40 -50 -50
Market cap. diluted (m) 253 253 253
Net IB debt adj. 246 278 301
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 500 531 554
Total assets turnover (%) 49 59,3 69,2
Working capital/sales (%) -31,1 -27,7 -27,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -150,5 -134,2 -129,8
Net debt / market cap (%) 97,3 109,6 118,8
Equity ratio (%) -56,2 -79,3 -84,7
Net IB debt adj. / equity (%) -150,5 -134,2 -129,8
Current ratio 0,97 0,69 0,76
EBITDA/net interest 0,2 0,5 1,4
Net IB debt/EBITDA (x) -22,4 13,5 10,7
Net IB debt/EBITDA lease adj. (x) -16,2 14,1 12,3
Interest coverage 0,8 0,5 0,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS -2 -1,2 -0,58
Dividend per share 0 0 0
EPS adj. -2 -1,16 -0,58
BVPS -2,89 -3,66 -4,1
BVPS adj. -6,06 -6,79 -7,19
Net IB debt/share 4,36 4,91 5,32
Share price 4,48 4,48 4,48
Market cap. (m) 253 253 253
P/E (x) -2,2 -3,7 -7,7
EV/sales (x) 3,5 3,24 3
EV/EBITDA (x) -45,5 25,8 19,7
EV/EBITA (x) -9,7 -23,3 -42,9
EV/EBIT (x) -9,7 -23,3 -42,9
Dividend yield (%) 0 0 0
FCF yield (%) -24,1 -7,7 -7,6
Le. adj. FCF yld. (%) -26 -9,1 -9,1
P/BVPS (x) -1,55 -1,22 -1,09
P/BVPS adj. (x) -0,74 -0,66 -0,62
P/E adj. (x) -2,2 -3,9 -7,7
EV/EBITDA adj. (x) -45,5 23,1 19,7
EV/EBITA adj. (x) -9,7 -26 -42,9
EV/EBIT adj. (x) -9,7 -26 -42,9
EV/CE (x) 4 5,9 5,8
Investment ratios N/A N/A N/A
Capex/sales (%) 25,5 23,2 18,9
Capex/depreciation 1 1 0,9
Capex tangibles / tangible fixed assets N/A N/A N/A
Capex intangibles / definite intangibles 32,5 34,4 32,3
Depreciation on intang / def. intang 32 36 34
Depreciation on tangibles / tangibles N/A N/A N/A

Equity research

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Media

Clavister - Company presentation with CEO John Vestberg
Clavister - Company presentation with CEO John Vestberg

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 16.0 % 16.0 % 27 Sep 2023
Avanza Pension 8.0 % 8.0 % 27 Sep 2023
ÖstVäst Capital Management 6.0 % 6.0 % 31 Mar 2023
Staffan Dahlström 4.5 % 4.5 % 27 Sep 2023
Swedbank Försäkring 3.8 % 3.8 % 27 Sep 2023
Nordnet Pensionsförsäkring 3.3 % 3.3 % 27 Sep 2023
Stena 3.1 % 3.1 % 27 Sep 2023
Tagehus Holding AB 2.1 % 2.1 % 27 Sep 2023
B Sjögren I Halmstad Förvaltnings 2.0 % 2.0 % 27 Sep 2023
Niclas Uppfeldt 1.6 % 1.6 % 27 Sep 2023
Source: Holdings by Modular Finance AB