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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 143 165 186
Sales growth (%) 10,4 15,7 13
EBITDA -11 15 24
EBITDA margin (%) -7,7 8,9 13
EBIT adj. -51 -25 -17
EBIT adj. margin (%) -36 -15,3 -9
Pretax profit -113 -45 -39
EPS -2 -0,8 -0,69
EPS growth (%) 19,2 -59,9 -14,3
EPS adj. -2 -0,8 -0,69
DPS 0 0 0
EV/EBITDA (x) -42,2 33,3 21,5
EV/EBIT adj. (x) -9 -19,5 -31
P/E (x) -1,9 -4,8 -5,6
P/E adj. (x) -1,9 -4,8 -5,6
EV/sales (x) 3,25 2,98 2,79
FCF yield (%) -28,1 -10,9 -11,6
Le. adj. FCF yld. (%) -30,3 -12,7 -13,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -22,4 18,6 12,5
Le. adj. ND/EBITDA (x) 16,2 25,1 14,8
SEKm 2022 2023e 2024e
Sales 143 165 186
COGS -28 -35 -37
Gross profit 115 131 149
Other operating items -126 -116 -125
EBITDA -11 15 24
Depreciation and amortisation -40 -40 -41
of which leasing depreciation -4 -4 -4
EBITA -51 -25 -17
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -51 -25 -17
Net financial items -61 -20 -22
Pretax profit -113 -45 -39
Tax 0 0 0
Net profit -113 -45 -39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -113 -45 -39
EPS -2 -0,8 -0,69
EPS adj. -2 -0,8 -0,69
Total extraordinary items after tax 0 0 0
Leasing payments -4 -4 -4
Tax rate (%) -0,3 0 0
Gross margin (%) 80,6 79,1 80
EBITDA margin (%) -7,7 8,9 13
EBITA margin (%) -36 -15,3 -9
EBIT margin (%) -36 -15,3 -9
Pre-tax margin (%) -78,9 -27,4 -20,8
Net margin (%) -79,1 -27,4 -20,8
Sales growth (%) 10,4 15,7 13
EBITDA growth (%) -47,1 -234,2 64,2
EBITA growth (%) -10,2 -50,9 -33,5
EBIT growth (%) -10,2 -50,9 -33,5
Net profit growth (%) 23,8 -59,9 -14,3
EPS growth (%) 19,2 -59,9 -14,3
Profitability N/A N/A N/A
ROE (%) 103,8 24,8 18
ROE adj. (%) 103,8 24,8 18
ROCE (%) -32,9 -23,7 -19
ROCE adj. (%) -32,9 -23,7 -19
ROIC (%) -46,8 -32,5 -22,9
ROIC adj. (%) -46,8 -32,5 -22,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -11 15 24
EBITDA adj. margin (%) -7,7 8,9 13
EBITDA lease adj. -15 11 20
EBITDA lease adj. margin (%) -10,5 6,5 10,8
EBITA adj. -51 -25 -17
EBITA adj. margin (%) -36 -15,3 -9
EBIT adj. -51 -25 -17
EBIT adj. margin (%) -36 -15,3 -9
Pretax profit Adj. -113 -45 -39
Net profit Adj. -113 -45 -39
Net profit to shareholders adj. -113 -45 -39
Net adj. margin (%) -79,1 -27,4 -20,8
SEKm 2022 2023e 2024e
EBITDA -11 15 24
Goodwill 67 67 67
Net financial items -61 -20 -22
Other intangible assets 112 109 107
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 -5 2
Total other fixed assets 0 0 0
Change in working capital -7 15 7
Fixed assets 183 180 178
Operating cash flow -25 10 10
Inventories 14 10 11
Capex tangible fixed assets 0 0 0
Receivables 53 51 58
Capex intangible fixed assets -36 -33 -35
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 15 15
Free cash flow -61 -24 -25
Total assets 291 256 262
Dividend paid 0 0 0
Shareholders equity -164 -201 -230
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -5 -4 -4
Total equity -164 -201 -230
Other non-cash items -49 0 0
Long-term debt 270 270 300
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 12 13
Other current liabilities 96 97 101
Total liabilities and equity 291 256 262
Net IB debt 246 274 303
Net IB debt excl. pension debt 246 274 303
Net IB debt excl. leasing 242 270 299
Capital employed 125 88 89
Capital invested 83 73 73
Working capital -40 -47 -45
Market cap. diluted (m) 218 218 218
Net IB debt adj. 246 274 303
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 464 492 521
Total assets turnover (%) 49 60,3 72
Working capital/sales (%) -31,1 -26,6 -24,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -150,5 -136,3 -132
Net debt / market cap (%) 113,2 125,9 139,4
Equity ratio (%) -56,2 -78,6 -87,6
Net IB debt adj. / equity (%) -150,5 -136,3 -132
Current ratio 0,97 0,67 0,71
EBITDA/net interest 0,2 0,7 1,1
Net IB debt/EBITDA (x) -22,4 18,6 12,5
Net IB debt/EBITDA lease adj. (x) -16,2 25,1 14,8
Interest coverage 0,8 1,3 0,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 57 57 57
Diluted shares adj. 57 57 57
EPS -2 -0,8 -0,69
Dividend per share 0 0 0
EPS adj. -2 -0,8 -0,69
BVPS -2,89 -3,56 -4,07
BVPS adj. -6,06 -6,67 -7,15
Net IB debt/share 4,36 4,85 5,37
Share price 3,85 3,85 3,85
Market cap. (m) 218 218 218
P/E (x) -1,9 -4,8 -5,6
EV/sales (x) 3,25 2,98 2,79
EV/EBITDA (x) -42,2 33,3 21,5
EV/EBITA (x) -9 -19,5 -31
EV/EBIT (x) -9 -19,5 -31
Dividend yield (%) 0 0 0
FCF yield (%) -28,1 -10,9 -11,6
Le. adj. FCF yld. (%) -30,3 -12,7 -13,5
P/BVPS (x) -1,33 -1,08 -0,95
P/BVPS adj. (x) -0,64 -0,58 -0,54
P/E adj. (x) -1,9 -4,8 -5,6
EV/EBITDA adj. (x) -42,2 33,3 21,5
EV/EBITA adj. (x) -9 -19,5 -31
EV/EBIT adj. (x) -9 -19,5 -31
EV/CE (x) 3,7 5,6 5,9
Investment ratios N/A N/A N/A
Capex/sales (%) 25,5 20,2 18,8
Capex/depreciation 1 0,9 0,9
Capex tangibles / tangible fixed assets N/A N/A N/A
Capex intangibles / definite intangibles 32,5 30,4 32,6
Depreciation on intang / def. intang 32 33 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 President & CEO John Vestberg

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 7.8 % 7.8 % 28 Dec 2022
Lloyd Fonds AG 6.7 % 6.7 % 31 Dec 2022
Nordnet Pensionsförsäkring 6.7 % 6.7 % 28 Dec 2022
ÖstVäst Capital Management 6.0 % 6.0 % 31 Dec 2022
Per Anders Bendt 5.3 % 5.3 % 28 Dec 2022
Staffan Dahlström 4.5 % 4.5 % 28 Dec 2022
Swedbank Försäkring 3.6 % 3.6 % 28 Dec 2022
Futur Pension 3.2 % 3.2 % 28 Dec 2022
Stena 3.1 % 3.1 % 28 Dec 2022
Lupus alpha 2.6 % 2.6 % 30 Jun 2022
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
David Nordström + 10 000 BUY 17 Mar 2023
John Vestberg + 6 250 BUY 30 Jun 2022
David Nordström + 10 000 BUY 29 Jun 2022
Staffan Dahlström +1 342 646 BUY 23 Jun 2022
John Vestberg + 1 575 BUY 19 May 2022
John Vestberg + 8 204 BUY 18 May 2022
John Vestberg - 9 681 SELL 16 May 2022
Martin Roos - 20 000 SELL 4 Mar 2022
Martin Roos - 195 000 SELL 24 Feb 2022
David Nordström + 8 167 BUY 12 Nov 2021

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