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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 222 345 397
Sales growth (%) 16 55,2 15
EBITDA 34 116 148
EBITDA margin (%) 15,4 33,5 37,4
EBIT adj. -6 71 102
EBIT adj. margin (%) -2,6 20,6 25,6
Pretax profit -16 65 97
EPS -0,04 0,17 0,25
EPS growth (%) -75,3 N/A 48,4
EPS adj. -0,03 0,17 0,25
DPS 0 0 N/A
EV/EBITDA (x) 45,9 13,1 9,7
EV/EBIT adj. (x) -272 21,2 14,1
P/E (x) N/A 23,5 15,8
P/E adj. (x) N/A 23,5 15,8
EV/sales (x) 7,05 4,38 3,61
FCF yield (%) -1,5 5,5 7,1
Le. adj. FCF yld. (%) -1,8 5,2 6,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 -0,1 -0,6
Le. adj. ND/EBITDA (x) 0,6 -0,3 -0,8
SEKm 2025 2026e 2027e
Sales 222 345 397
COGS -48 -65 -67
Gross profit 175 280 329
Other operating items -141 -164 -181
EBITDA 34 116 148
Depreciation and amortisation -43 -44 -47
of which leasing depreciation -4 -4 -4
EBITA -9 71 102
EO Items -3 0 0
Impairment and PPA amortisation 0 0 0
EBIT -9 71 102
Net financial items -7 -6 -5
Pretax profit -16 65 97
Tax 0 0 0
Net profit -16 65 97
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 65 97
EPS -0,04 0,17 0,25
EPS adj. -0,03 0,17 0,25
Total extraordinary items after tax -3 0 0
Leasing payments -4 -4 -4
Tax rate (%) -0,1 0 0
Gross margin (%) 78,6 81,1 83
EBITDA margin (%) 15,4 33,5 37,4
EBITA margin (%) -3,9 20,6 25,6
EBIT margin (%) -3,9 20,6 25,6
Pre-tax margin (%) -7,2 18,9 24,4
Net margin (%) -7,2 18,9 24,4
Sales growth (%) 16 55,2 15
EBITDA growth (%) 8,5 238,4 28,4
EBITA growth (%) -25,9 -912,6 42,9
EBIT growth (%) -25,9 -912,6 42,9
Net profit growth (%) -71 -508 48,4
EPS growth (%) -75,3 N/A 48,4
Profitability N/A N/A N/A
ROE (%) 70,9 112,3 87
ROE adj. (%) 57,6 112,3 87
ROCE (%) -5,5 40,1 44,1
ROCE adj. (%) -3,6 40,1 44,1
ROIC (%) -11,3 103,1 183,7
ROIC adj. (%) -7,5 103,1 183,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 37 116 148
EBITDA adj. margin (%) 16,7 33,5 37,4
EBITDA lease adj. 33 112 144
EBITDA lease adj. margin (%) 14,9 32,3 36,3
EBITA adj. -6 71 102
EBITA adj. margin (%) -2,6 20,6 25,6
EBIT adj. -6 71 102
EBIT adj. margin (%) -2,6 20,6 25,6
Pretax profit Adj. -13 65 97
Net profit Adj. -13 65 97
Net profit to shareholders adj. -13 65 97
Net adj. margin (%) -5,8 18,9 24,4
SEKm 2025 2026e 2027e
EBITDA 34 116 148
Goodwill 67 67 67
Net financial items -7 -6 -5
Other intangible assets 110 110 108
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items 0 0 0
Right-of-use asset 13 13 13
Cash flow before change in WC 27 110 143
Total other fixed assets 0 0 0
Change in working capital -12 14 6
Fixed assets 192 191 189
Operating cash flow 15 123 149
Inventories 20 31 36
Capex tangible fixed assets 0 0 0
Receivables 71 110 127
Capex intangible fixed assets -38 -40 -40
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 81 136 215
Free cash flow -23 84 109
Total assets 364 468 566
Dividend paid 0 0 0
Shareholders equity 39 77 145
Share issues and buybacks 217 0 0
Minority 0 0 0
Leasing liability amortisation -5 -5 -5
Total equity 39 77 145
Other non-cash items -66 -25 -25
Long-term debt 94 94 94
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 17 26 30
Other current liabilities 149 206 231
Total liabilities and equity 364 468 566
Net IB debt 38 -16 -95
Net IB debt excl. pension debt 38 -16 -95
Net IB debt excl. leasing 21 -33 -112
Capital employed 159 196 265
Capital invested 77 61 50
Working capital -74 -90 -99
Market cap. diluted (m) 1528 1528 1528
Net IB debt adj. 38 -16 -95
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 1566 1512 1433
Total assets turnover (%) 61,4 82,9 76,7
Working capital/sales (%) -34,3 -23,8 -23,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 97,4 -21,1 -65,5
Net debt / market cap (%) 2,5 -1,1 -6,2
Equity ratio (%) 10,8 16,4 25,7
Net IB debt adj. / equity (%) 97,4 -21,1 -65,5
Current ratio 1,04 1,2 1,44
EBITDA/net interest 4,8 19,3 29,7
Net IB debt/EBITDA (x) 1,1 -0,1 -0,6
Net IB debt/EBITDA lease adj. (x) 0,6 -0,3 -0,8
Interest coverage 1,2 11,9 20,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 386 386 386
Diluted shares adj. 386 386 386
EPS -0,04 0,17 0,25
Dividend per share 0 0 N/A
EPS adj. -0,03 0,17 0,25
BVPS 0,1 0,2 0,38
BVPS adj. -0,36 -0,26 -0,07
Net IB debt/share 0,1 -0,04 -0,25
Share price 3,96 3,96 3,96
Market cap. (m) 1528 1528 1528
P/E (x) N/A 23,5 15,8
EV/sales (x) 7 4,4 3,6
EV/EBITDA (x) 45,9 13,1 9,7
EV/EBITA (x) -178,8 21,2 14,1
EV/EBIT (x) -178,8 21,2 14,1
Dividend yield (%) 0 0 0
FCF yield (%) -1,5 5,5 7,1
Le. adj. FCF yld. (%) -1,8 5,2 6,8
P/BVPS (x) 39,01 19,9 10,51
P/BVPS adj. (x) -11,07 -15,36 -52,86
P/E adj. (x) N/A 23,5 15,8
EV/EBITDA adj. (x) 42,2 13,1 9,7
EV/EBITA adj. (x) -272 21,2 14,1
EV/EBIT adj. (x) -272 21,2 14,1
EV/CE (x) 9,9 7,7 5,4
Investment ratios N/A N/A N/A
Capex/sales (%) 17,2 11,5 10,2
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 34,6 36,1 37,5
Depreciation on intang / def. intang 35,2 36,9 39,3
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 16.0 % 16.0 % 23 Dec 2025
Avanza Pension 5.8 % 5.8 % 23 Dec 2025
Union Investment 4.8 % 4.8 % 30 Nov 2025
Finserve Nordic AB 4.5 % 4.5 % 31 Dec 2025
Staffan Dahlström 3.3 % 3.3 % 23 Dec 2025
Cajory Defence AB 2.4 % 2.4 % 23 Dec 2025
Nordnet Pensionsförsäkring 1.9 % 1.9 % 23 Dec 2025
Tagehus Holding AB 1.8 % 1.8 % 23 Dec 2025
Swedbank Robur Fonder 1.7 % 1.7 % 31 Dec 2025
ÖstVäst Capital Management 1.5 % 1.5 % 15 Jan 2026
Source: Holdings by Modular Finance AB