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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 2025 2026e 2027e
Sales 219 334 401
Sales growth (%) 14,4 52,4 20
EBITDA 35 115 160
EBITDA margin (%) 16,1 34,3 39,8
EBIT adj. -4 70 113
EBIT adj. margin (%) -1,8 21 28,2
Pretax profit -25 64 108
EPS 0,01 0,17 0,28
EPS growth (%) N/A N/A 68,4
EPS adj. 0,01 0,17 0,28
DPS 0 0 N/A
EV/EBITDA (x) 43,8 12,9 8,7
EV/EBIT adj. (x) -385,7 21 12,2
P/E (x) N/A 24,1 14,3
P/E adj. (x) N/A 24,1 14,3
EV/sales (x) 7,03 4,41 3,44
FCF yield (%) -0,4 4,5 7,9
Le. adj. FCF yld. (%) -0,7 4,5 7,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,1 -0,6 -1
Le. adj. ND/EBITDA (x) -0,4 -0,8 -1,2
SEKm 2025 2026e 2027e
Sales 219 334 401
COGS -51 -63 -68
Gross profit 168 271 333
Other operating items -133 -156 -173
EBITDA 35 115 160
Depreciation and amortisation -44 -44 -47
of which leasing depreciation -3 -4 -4
EBITA -9 70 113
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT -9 70 113
Net financial items -16 -6 -5
Pretax profit -25 64 108
Tax 30 0 0
Net profit 5 64 108
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 64 108
EPS 0,01 0,17 0,28
EPS adj. 0,01 0,17 0,28
Total extraordinary items after tax 1 0 0
Leasing payments -3 -4 -4
Tax rate (%) 121,4 0 0
Gross margin (%) 76,8 81 83
EBITDA margin (%) 16,1 34,3 39,8
EBITA margin (%) -4,1 21 28,2
EBIT margin (%) -4,1 21 28,2
Pre-tax margin (%) -11,3 19,2 26,9
Net margin (%) 2,4 19,2 26,9
Sales growth (%) 14,4 52,4 20
EBITDA growth (%) 11,9 225,4 39,4
EBITA growth (%) -24,8 -888,4 61,1
EBIT growth (%) -24,8 -888,4 61,1
Net profit growth (%) -109,6 1109,3 68,4
EPS growth (%) N/A N/A 68,4
Profitability N/A N/A N/A
ROE (%) 107,1 50,8 54,5
ROE adj. (%) 85,9 50,8 54,5
ROCE (%) -4,7 27,9 34,8
ROCE adj. (%) -2,1 27,9 34,8
ROIC (%) 2,3 77,9 136,8
ROIC adj. (%) 1 77,9 136,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 40 115 160
EBITDA adj. margin (%) 18,3 34,3 39,8
EBITDA lease adj. 37 111 155
EBITDA lease adj. margin (%) 16,9 33,1 38,7
EBITA adj. -4 70 113
EBITA adj. margin (%) -1,8 21 28,2
EBIT adj. -4 70 113
EBIT adj. margin (%) -1,8 21 28,2
Pretax profit Adj. -20 64 108
Net profit Adj. 4 64 108
Net profit to shareholders adj. 4 64 108
Net adj. margin (%) 1,9 19,2 26,9
SEKm 2025 2026e 2027e
EBITDA 35 115 160
Goodwill 67 67 67
Net financial items -16 -6 -5
Other intangible assets 112 111 109
Paid tax 0 0 0
Tangible fixed assets 2 2 2
Non-cash items 6 0 0
Right-of-use asset 12 12 12
Cash flow before change in WC 25 109 155
Total other fixed assets 30 30 30
Change in working capital 10 1 8
Fixed assets 223 222 220
Operating cash flow 35 110 163
Inventories 11 30 36
Capex tangible fixed assets -1 0 0
Receivables 71 107 128
Capex intangible fixed assets -41 -40 -40
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 96 166 259
Free cash flow -6 70 122
Total assets 401 525 644
Dividend paid 0 0 0
Shareholders equity 94 158 238
Share issues and buybacks 173 0 0
Minority 0 0 0
Leasing liability amortisation -4 0 -5
Total equity 94 158 238
Other non-cash items 26 -4 -25
Long-term debt 80 80 80
Pension debt 0 0 0
Convertible debt 10 10 10
Leasing liability 13 17 17
Total other long-term liabilities 15 15 15
Short-term debt 20 20 20
Accounts payable 15 25 30
Other current liabilities 154 200 233
Total liabilities and equity 401 525 644
Net IB debt -3 -69 -162
Net IB debt excl. pension debt -3 -69 -162
Net IB debt excl. leasing -16 -86 -179
Capital employed 217 285 365
Capital invested 91 89 76
Working capital -87 -88 -99
Market cap. diluted (m) 1543 1543 1543
Net IB debt adj. -3 -69 -162
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 1540 1474 1381
Total assets turnover (%) 57,7 72,2 68,6
Working capital/sales (%) -37,6 -26,1 -23,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -3,3 -43,7 -68,1
Net debt / market cap (%) -0,2 -4,5 -10,5
Equity ratio (%) 23,5 30,1 37
Net IB debt adj. / equity (%) -3,3 -43,7 -68,1
Current ratio 0,94 1,24 1,49
EBITDA/net interest 2,2 19,1 31,9
Net IB debt/EBITDA (x) -0,1 -0,6 -1
Net IB debt/EBITDA lease adj. (x) -0,4 -0,8 -1,2
Interest coverage 0,6 11,7 22,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 386 386 386
Diluted shares adj. 386 386 386
EPS 0,01 0,17 0,28
Dividend per share 0 0 N/A
EPS adj. 0,01 0,17 0,28
BVPS 0,24 0,41 0,62
BVPS adj. -0,22 -0,05 0,16
Net IB debt/share -0,01 -0,18 -0,42
Share price 4 4 4
Market cap. (m) 1543 1543 1543
P/E (x) N/A 24,1 14,3
EV/sales (x) 7 4,4 3,4
EV/EBITDA (x) 43,8 12,9 8,7
EV/EBITA (x) -173,2 21 12,2
EV/EBIT (x) -173,2 21 12,2
Dividend yield (%) 0 0 0
FCF yield (%) -0,4 4,5 7,9
Le. adj. FCF yld. (%) -0,7 4,5 7,6
P/BVPS (x) 16,4 9,76 6,48
P/BVPS adj. (x) -18,23 -78,51 24,8
P/E adj. (x) N/A 24,1 14,3
EV/EBITDA adj. (x) 38,4 12,9 8,7
EV/EBITA adj. (x) -385,7 21 12,2
EV/EBIT adj. (x) -385,7 21 12,2
EV/CE (x) 7,1 5,2 3,8
Investment ratios N/A N/A N/A
Capex/sales (%) 19 11,8 10
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 56,3 0 0
Capex intangibles / definite intangibles 36,2 35,5 36,9
Depreciation on intang / def. intang 36,7 36,3 38,8
Depreciation on tangibles / tangibles 0 0 0

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Media

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

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Main shareholders - Clavister

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 16.1 % 16.1 % 28 Jan 2026
Avanza Pension 5.9 % 5.9 % 28 Jan 2026
Union Investment 4.8 % 4.8 % 31 Dec 2025
Finserve Nordic AB 4.5 % 4.5 % 31 Jan 2026
Staffan Dahlström 3.3 % 3.3 % 28 Jan 2026
Cajory Defence AB 2.4 % 2.4 % 28 Jan 2026
Tagehus Holding AB 1.8 % 1.8 % 28 Jan 2026
Swedbank Robur Fonder 1.8 % 1.8 % 31 Jan 2026
Nordnet Pensionsförsäkring 1.5 % 1.5 % 28 Jan 2026
ÖstVäst Capital Management 1.5 % 1.5 % 15 Jan 2026
Source: Holdings by Modular Finance AB