Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2024 2025e 2026e
Sales 188 222 250
Sales growth (%) 17,1 18,3 12,5
EBITDA 34 52 71
EBITDA margin (%) 17,9 23,6 28,4
EBIT adj. -9 6 24
EBIT adj. margin (%) -4,7 2,7 9,8
Pretax profit -46 -7 15
EPS -0,14 -0,02 0,05
EPS growth (%) -86,2 -84,7 -319,8
EPS adj. -0,13 -0,02 0,05
DPS 0 0 0
EV/EBITDA (x) 24,2 15,2 11,2
EV/EBIT adj. (x) -91,9 133,3 32,8
P/E (x) N/A N/A 42,1
P/E adj. (x) N/A N/A 42,1
EV/sales (x) 4,33 3,59 3,2
FCF yield (%) -4,3 0,2 4,2
Le. adj. FCF yld. (%) -5 -0,5 3,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,9 2,8 2,1
Le. adj. ND/EBITDA (x) 4,6 2,7 2
SEKm 2024 2025e 2026e
Sales 188 222 250
COGS -40 -51 -56
Gross profit 148 172 194
Other operating items -115 -119 -123
EBITDA 34 52 71
Depreciation and amortisation -45 -46 -47
of which leasing depreciation -4 -4 -4
EBITA -11 6 24
EO Items -2 0 0
Impairment and PPA amortisation 0 0 0
EBIT -11 6 24
Net financial items -35 -13 -9
Pretax profit -46 -7 15
Tax 0 0 0
Net profit -46 -7 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -46 -7 15
EPS -0,14 -0,02 0,05
EPS adj. -0,13 -0,02 0,05
Total extraordinary items after tax -2 0 0
Leasing payments -4 -4 -4
Tax rate (%) 0 0 0
Gross margin (%) 78,9 77,2 77,5
EBITDA margin (%) 17,9 23,6 28,4
EBITA margin (%) -5,8 2,7 9,8
EBIT margin (%) -5,8 2,7 9,8
Pre-tax margin (%) -24,4 -3,2 6,2
Net margin (%) -24,4 -3,2 6,2
Sales growth (%) 17,1 18,3 12,5
EBITDA growth (%) 90,1 55,8 35,8
EBITA growth (%) -64,3 -154,6 308,1
EBIT growth (%) -64,3 -154,6 N/A
Net profit growth (%) -29,7 -84,7 -319,8
EPS growth (%) -86,2 -84,7 -319,8
Profitability N/A N/A N/A
ROE (%) 26,8 6,6 -14,8
ROE adj. (%) 25,6 6,6 -14,8
ROCE (%) -7,4 4,1 33,5
ROCE adj. (%) -6 4,1 33,5
ROIC (%) -22,6 12 53,7
ROIC adj. (%) -18,2 12 53,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 36 52 71
EBITDA adj. margin (%) 19 23,6 28,4
EBITDA lease adj. 32 48 67
EBITDA lease adj. margin (%) 16,9 21,6 26,7
EBITA adj. -9 6 24
EBITA adj. margin (%) -4,7 2,7 9,8
EBIT adj. -9 6 24
EBIT adj. margin (%) -4,7 2,7 9,8
Pretax profit Adj. -44 -7 15
Net profit Adj. -44 -7 15
Net profit to shareholders adj. -44 -7 15
Net adj. margin (%) -23,3 -3,2 6,2
SEKm 2024 2025e 2026e
EBITDA 34 52 71
Goodwill 67 67 67
Net financial items -35 -13 -9
Other intangible assets 108 106 105
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items 0 0 0
Right-of-use asset 18 18 18
Cash flow before change in WC -1 39 62
Total other fixed assets 0 0 0
Change in working capital 13 2 6
Fixed assets 194 192 190
Operating cash flow 11 41 68
Inventories 15 20 23
Capex tangible fixed assets 0 0 0
Receivables 56 67 75
Capex intangible fixed assets -39 -40 -41
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 162 28 26
Free cash flow -28 1 27
Total assets 427 307 314
Dividend paid 0 0 0
Shareholders equity -113 -100 -108
Share issues and buybacks 187 45 0
Minority 0 0 0
Leasing liability amortisation -5 -5 -5
Total equity -113 -100 -108
Other non-cash items -45 -25 -25
Long-term debt 286 136 136
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 14 14 14
Accounts payable 14 17 19
Other current liabilities 195 208 222
Total liabilities and equity 427 307 314
Net IB debt 165 148 151
Net IB debt excl. pension debt 165 148 151
Net IB debt excl. leasing 147 130 132
Capital employed 213 77 68
Capital invested 51 49 42
Working capital -138 -138 -143
Market cap. diluted (m) 649 649 649
Net IB debt adj. 165 148 151
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 814 798 800
Total assets turnover (%) 51,8 60,6 80,6
Working capital/sales (%) -75,1 -62 -56,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -145,3 -148,9 -139
Net debt / market cap (%) 25,4 22,8 23,2
Equity ratio (%) -26,6 -32,5 -34,5
Net IB debt adj. / equity (%) -145,3 -148,9 -139
Current ratio 1,05 0,48 0,49
EBITDA/net interest 1 4 7,9
Net IB debt/EBITDA (x) 4,9 2,8 2,1
Net IB debt/EBITDA lease adj. (x) 4,6 2,7 2
Interest coverage 0,3 0,5 2,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 329 329 329
Diluted shares adj. 329 329 329
EPS -0,14 -0,02 0,05
Dividend per share 0 0 0
EPS adj. -0,13 -0,02 0,05
BVPS -0,35 -0,3 -0,33
BVPS adj. -0,88 -0,83 -0,85
Net IB debt/share 0,5 0,45 0,46
Share price 1,98 1,98 1,98
Market cap. (m) 649 649 649
P/E (x) N/A N/A 42,1
EV/sales (x) 4,33 3,59 3,2
EV/EBITDA (x) 24,2 15,2 11,2
EV/EBITA (x) -74,3 133,3 32,8
EV/EBIT (x) -74,3 133,3 32,8
Dividend yield (%) 0 0 0
FCF yield (%) -4,3 0,2 4,2
Le. adj. FCF yld. (%) -5 -0,5 3,5
P/BVPS (x) -5,72 -6,52 -6
P/BVPS adj. (x) -2,25 -2,38 -2,32
P/E adj. (x) N/A N/A 42,1
EV/EBITDA adj. (x) 22,8 15,2 11,2
EV/EBITA adj. (x) -91,9 133,3 32,8
EV/EBIT adj. (x) -91,9 133,3 32,8
EV/CE (x) 3,8 10,3 11,7
Investment ratios N/A N/A N/A
Capex/sales (%) 20,7 18 16,4
Capex/depreciation 1 1 1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 36 37,7 39,1
Depreciation on intang / def. intang 38 40 40
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

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

Main shareholders - Clavister

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 18.9 % 18.9 % 29 Jan 2025
Avanza Pension 7.1 % 7.1 % 29 Jan 2025
Alcur Fonder 5.5 % 5.5 % 23 Dec 2024
Nordnet Pensionsförsäkring 4.4 % 4.4 % 29 Jan 2025
ÖstVäst Capital Management 3.6 % 3.6 % 14 Jan 2025
Cajory Defence AB 3.3 % 3.3 % 29 Jan 2025
Staffan Dahlström 2.8 % 2.8 % 29 Jan 2025
Tagehus Holding AB 2.1 % 2.1 % 29 Jan 2025
B Sjögren I Halmstad Förvaltnings 1.9 % 1.9 % 29 Jan 2025
Niclas Uppfeldt 1.5 % 1.5 % 29 Jan 2025
Source: Holdings by Modular Finance AB