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Clavister

Clavister

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.

SEKm 2023 2024e 2025e
Sales 161 190 225
Sales growth (%) 12,5 18,5 18
EBITDA 18 30 50
EBITDA margin (%) 11,1 15,6 22,3
EBIT adj. -28 -15 4
EBIT adj. margin (%) -17,5 -7,8 1,8
Pretax profit -65 -52 -9
EPS -1,15 -0,23 -0,04
EPS growth (%) -42,2 -80 -82,9
EPS adj. -1,11 -0,23 -0,04
DPS 0 0 0
EV/EBITDA (x) 20,3 17,7 10,5
EV/EBIT adj. (x) -12,8 -35,6 129,8
P/E (x) -1,3 -6,7 -38,9
P/E adj. (x) -1,4 -6,8 -38,9
EV/sales (x) 2,25 2,77 2,35
FCF yield (%) -33,2 -8,8 0,9
Le. adj. FCF yld. (%) -39 -10,1 -0,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 15,5 6 3,6
Le. adj. ND/EBITDA (x) 15,1 5,9 3,5
SEKm 2023 2024e 2025e
Sales 161 190 225
COGS -32 -43 -53
Gross profit 129 147 171
Other operating items -111 -117 -121
EBITDA 18 30 50
Depreciation and amortisation -48 -46 -46
of which leasing depreciation -3 -4 -4
EBITA -31 -16 4
EO Items -2 -1 0
Impairment and PPA amortisation 0 0 0
EBIT -31 -16 4
Net financial items -35 -36 -13
Pretax profit -65 -52 -9
Tax 0 0 0
Net profit -65 -52 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -65 -52 -9
EPS -1,15 -0,23 -0,04
EPS adj. -1,11 -0,23 -0,04
Total extraordinary items after tax -2 -1 0
Leasing payments -3 -4 -4
Tax rate (%) 0,2 0 0
Gross margin (%) 80,1 77,2 76,3
EBITDA margin (%) 11,1 15,6 22,3
EBITA margin (%) -19 -8,4 1,8
EBIT margin (%) -19 -8,4 1,8
Pre-tax margin (%) -40,7 -27,4 -4
Net margin (%) -40,6 -27,4 -4
Sales growth (%) 12,5 18,5 18
EBITDA growth (%) -261,7 67,2 68,5
EBITA growth (%) -40,6 -47,6 -125,4
EBIT growth (%) -40,6 -47,6 -125,4
Net profit growth (%) -42,2 -20,1 -82,9
EPS growth (%) -42,2 -80 -82,9
Profitability N/A N/A N/A
ROE (%) 33,2 29,1 6,7
ROE adj. (%) 32 28,4 6,7
ROCE (%) -29,1 -17,8 4,4
ROCE adj. (%) -26,9 -16,4 4,4
ROIC (%) -47,5 -33,5 8,7
ROIC adj. (%) -43,8 -31 8,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 20 31 50
EBITDA adj. margin (%) 12,6 16,2 22,3
EBITDA lease adj. 17 27 46
EBITDA lease adj. margin (%) 10,6 14,3 20,5
EBITA adj. -28 -15 4
EBITA adj. margin (%) -17,5 -7,8 1,8
EBIT adj. -28 -15 4
EBIT adj. margin (%) -17,5 -7,8 1,8
Pretax profit Adj. -63 -51 -9
Net profit Adj. -63 -51 -9
Net profit to shareholders adj. -63 -51 -9
Net adj. margin (%) -39,1 -26,8 -4
SEKm 2023 2024e 2025e
EBITDA 18 30 50
Goodwill 67 67 67
Net financial items -35 -36 -13
Other intangible assets 110 107 105
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items 16 0 0
Right-of-use asset 18 18 18
Cash flow before change in WC -1 -6 37
Total other fixed assets 0 0 0
Change in working capital 14 15 6
Fixed assets 195 192 190
Operating cash flow 13 9 43
Inventories 16 15 17
Capex tangible fixed assets 0 0 0
Receivables 49 57 67
Capex intangible fixed assets -41 -39 -40
Other current assets 0 0 0
Acquisitions and Disposals -1 0 0
Cash and liquid assets 39 46 44
Free cash flow -29 -30 3
Total assets 299 311 319
Dividend paid 0 0 0
Shareholders equity -229 -130 -137
Share issues and buybacks 0 142 0
Minority 0 0 0
Leasing liability amortisation -5 -5 -5
Total equity -229 -130 -137
Other non-cash items 61 -12 0
Long-term debt 219 184 184
Pension debt 0 0 0
Convertible debt 9 9 9
Leasing liability 18 18 18
Total other long-term liabilities 5 5 5
Short-term debt 67 14 14
Accounts payable 17 14 17
Other current liabilities 194 196 209
Total liabilities and equity 299 311 319
Net IB debt 275 179 181
Net IB debt excl. pension debt 275 179 181
Net IB debt excl. leasing 256 161 162
Capital employed 84 95 88
Capital invested 46 50 44
Working capital -145 -138 -142
Market cap. diluted (m) 87 347 347
Net IB debt adj. 275 179 181
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 361 526 528
Total assets turnover (%) 54,4 62,4 71,4
Working capital/sales (%) -57,7 -74,3 -62,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -120 -138,4 -131,9
Net debt / market cap (%) 316,5 51,7 52,1
Equity ratio (%) -76,5 -41,7 -43
Net IB debt adj. / equity (%) -120 -138,4 -131,9
Current ratio 0,38 0,53 0,54
EBITDA/net interest 0,5 0,8 3,9
Net IB debt/EBITDA (x) 15,5 6 3,6
Net IB debt/EBITDA lease adj. (x) 15,1 5,9 3,5
Interest coverage 0,9 0,4 0,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 57 226 226
Diluted shares adj. 57 226 226
EPS -1,15 -0,23 -0,04
Dividend per share 0 0 0
EPS adj. -1,11 -0,23 -0,04
BVPS -4,05 -0,57 -0,61
BVPS adj. -7,17 -1,34 -1,37
Net IB debt/share 4,86 0,79 0,8
Share price 1,54 1,54 1,54
Market cap. (m) 87 347 347
P/E (x) -1,3 -6,7 -38,9
EV/sales (x) 2,25 2,77 2,35
EV/EBITDA (x) 20,3 17,7 10,5
EV/EBITA (x) -11,8 -32,9 129,8
EV/EBIT (x) -11,8 -32,9 129,8
Dividend yield (%) 0 0 0
FCF yield (%) -33,2 -8,8 0,9
Le. adj. FCF yld. (%) -39 -10,1 -0,4
P/BVPS (x) -0,38 -2,68 -2,53
P/BVPS adj. (x) -0,21 -1,14 -1,12
P/E adj. (x) -1,4 -6,8 -38,9
EV/EBITDA adj. (x) 17,9 17 10,5
EV/EBITA adj. (x) -12,8 -35,6 129,8
EV/EBIT adj. (x) -12,8 -35,6 129,8
EV/CE (x) 4,3 5,5 6
Investment ratios N/A N/A N/A
Capex/sales (%) 25,7 20,6 17,8
Capex/depreciation 0,9 0,9 1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 37,6 36,7 38,1
Depreciation on intang / def. intang 41 39 40
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Media

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

Main shareholders - Clavister

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 18.5 % 18.5 % 28 Aug 2024
Avanza Pension 6.7 % 6.7 % 28 Aug 2024
Alcur Fonder 4.9 % 4.9 % 28 Aug 2024
ÖstVäst Capital Management 3.8 % 3.8 % 23 May 2024
Nordnet Pensionsförsäkring 3.6 % 3.6 % 28 Aug 2024
Cajory Defence AB 3.3 % 3.3 % 28 Aug 2024
Staffan Dahlström 2.9 % 2.9 % 28 Aug 2024
B Sjögren I Halmstad Förvaltnings 2.0 % 2.0 % 28 Aug 2024
Tagehus Holding AB 1.9 % 1.9 % 28 Aug 2024
Göran Nordlund (Fore C Investments) 1.9 % 1.9 % 30 Jun 2024
Source: Holdings by Modular Finance AB