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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. with 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 choose a more well-known vendor over Clavister.

Financials

SEKm 2025 2026e 2027e
Sales 219,23 326,08 404,99
Sales growth (%) 14,4 48,7 24,2
EBITDA 35 91 121
EBITDA margin (%) 16,1 27,8 29,8
EBIT adj. -4 51 66
EBIT adj. margin (%) -1,8 15,7 16,2
Pretax profit -25 37 58
EPS 0,01 0,1 0,15
EPS growth (%) N/A N/A 55,4
EPS adj. 0,01 0,12 0,16
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) 48,4 19,8 14,3
EV/EBIT adj. (x) -426,2 35,2 26,2
P/E (x) N/A 48,71 31,34
P/E adj. (x) N/A 40,8 29,8
EV/sales (x) 7,76 5,5 4,25
FCF yield (%) -0,4 2,8 4,3
Le. adj. FCF yld. (%) -0,6 2,6 4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,1 -0,2 -0,7
Le. adj. ND/EBITDA (x) -0,4 -0,3 -0,8
SEKm 2025 2026e 2027e
Sales 219,23 326,08 404,99
COGS -51 -58 -73
Gross profit 168 268 332
Other operating items -133 -177 -212
EBITDA 35 91 121
Depreciation and amortisation -44 -47 -58
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -3 -4 -5
EBITA -8,89 43,83 62,75
EO Items N/A N/A N/A
Operating EO items -5 -7 -3
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -8,89 43,83 62,75
Net financial items -16 -7 -5
Pretax profit -25 37 58
Tax 30 0 0
Net profit 5 37 58
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 37 58
EPS 0,01 0,1 0,15
EPS adj. 0,01 0,12 0,16
Total extraordinary items after tax 1 -7 -3
Leasing payments -3 -4 -5
Tax rate (%) 121,4 0 0
Gross margin (%) 76,8 82,1 82
EBITDA margin (%) 16,1 27,8 29,8
EBITA margin (%) -4,1 13,4 15,5
EBIT margin (%) -4,1 13,4 15,5
Pre-tax margin (%) -11,3 11,4 14,3
Net margin (%) 2,4 11,4 14,3
Sales growth (%) 14,4 48,7 24,2
EBITDA growth (%) 11,9 157,3 33,1
EBITA growth (%) -24,8 -592,8 43,2
EBIT growth (%) -24,8 -592,8 43,2
Net profit growth (%) -109,6 600,8 55,4
EPS growth (%) N/A N/A 55,4
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 107,1 32,8 36,1
ROE adj. (%) 85,9 39,2 38
ROCE (%) -4,7 18,1 21,2
ROCE adj. (%) -2,1 21 22,2
ROIC (%) 2,3 42,1 58,1
ROIC adj. (%) 1 49,1 60,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 40 98 124
EBITDA adj. margin (%) 18,3 30 30,5
EBITDA lease adj. 37 94 119
EBITDA lease adj. margin (%) 16,9 28,8 29,3
EBITA adj. -4 51 66
EBITA adj. margin (%) -1,8 15,7 16,2
EBIT adj. -4 51 66
EBIT adj. margin (%) -1,8 15,7 16,2
Pretax profit Adj. -20 44 61
Net profit Adj. 4 44 61
Net profit to shareholders adj. 4 44 61
Net adj. margin (%) 1,9 13,6 15
SEKm 2025 2026e 2027e
EBITDA 35 91 121
Goodwill 67 67 67
Net financial items -16 -7 -5
Other intangible assets 112 107 93
Paid tax 0 0 0
Tangible fixed assets 2 3 4
Non-cash items 6 0 -1
Right-of-use asset 12 9 9
Cash flow before change in WC 25 83 114
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 30 30 30
Change in working capital 10 7 2
Fixed assets 223 216 203
Operating cash flow 35 90 116
Inventories 11 29 36
Capex tangible fixed assets -1 -2 -2
Receivables 71 96 130
Capex intangible fixed assets -41 -38 -37
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 96 121 194
Free cash flow -6 51 78
Total assets 401 462 563
Dividend paid 0 0 0
Shareholders equity 94 132 188
Share issues and buybacks 173 2 0
Minority 0 0 0
Leasing liability amortisation -4 -4 -5
Total equity 94 132 188
Other non-cash items N/A N/A N/A
Other changes in net debt 26 -21 0
Long-term debt 80 96 96
Pension debt 0 0 0
Convertible debt 10 10 10
Leasing liability 13 10 10
Total other long-term liabilities 15 0 0
Short-term debt 20 20 20
Accounts payable 15 24 30
Other current liabilities 154 170 209
Total liabilities and equity 401 462 563
Net IB debt -3 -15 -88
Net IB debt excl. pension debt -3 -15 -88
Net IB debt excl. leasing -16 -25 -98
Capital employed 217 268 323
Capital invested 91 117 99
Working capital -87 -69 -73
Market cap. diluted (m) 1705 1810 1810
Net IB debt adj. -3 -15 -88
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 1702 1795 1721
Total assets turnover (%) 57,7 75,5 79
Working capital/sales (%) -37,6 -23,8 -17,5
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -3,3 -11,6 -47,2
Net debt / market cap (%) -0,2 -0,8 -4,9
Equity ratio (%) 23,5 28,6 33,3
Net IB debt adj. / equity (%) -3,3 -11,6 -47,2
Current ratio 0,94 1,15 1,39
EBITDA/net interest 2,2 13,6 24,1
Net IB debt/EBITDA (x) -0,1 -0,2 -0,7
Net IB debt/EBITDA lease adj. (x) -0,4 -0,3 -0,8
Interest coverage 0,6 6,6 12,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 363 386 386
Diluted shares adj. 363 386 386
EPS 0,01 0,1 0,15
Dividend per share 0 0 N/A
EPS adj. 0,01 0,12 0,16
BVPS 0,26 0,34 0,49
BVPS adj. -0,23 -0,11 0,07
Net IB debt/share -0,01 -0,04 -0,23
Share price 4,69 4,69 4,69
Market cap. (m) 1705 1810 1810
P/E (x) N/A 48,71 31,34
EV/sales (x) 7,76 5,5 4,25
EV/EBITDA (x) 48,4 19,8 14,3
EV/EBITA (x) -191,4 40,9 27,4
EV/EBIT (x) -191,4 40,9 27,4
Dividend yield (%) 0 0 0
FCF yield (%) -0,4 2,8 4,3
Le. adj. FCF yld. (%) -0,6 2,6 4
P/BVPS (x) 18,13 13,68 9,65
P/BVPS adj. (x) -20,14 -44,15 63,84
P/E adj. (x) N/A 40,8 29,8
EV/EBITDA adj. (x) 42,5 18,4 13,9
EV/EBITA adj. (x) -426,2 35,2 26,2
EV/EBIT adj. (x) -426,2 35,2 26,2
EV/CE (x) 7,8 6,7 5,3
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -19 -12,1 -9,5
Capex/depreciation 1 0,9 0,7
Capex tangibles / tangible fixed assets 56,3 49,9 45,9
Capex intangibles / definite intangibles 36,2 35,2 39,5
Depreciation on intang / def. intang 37 40 56
Depreciation on tangibles / tangibles 0 0 25

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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 % 29 Jul 2026
Avanza Pension 5.8 % 5.8 % 29 Jul 2026
Union Investment 5.3 % 5.3 % 30 Jun 2026
Finserve Nordic AB 4.5 % 4.5 % 30 Jul 2026
Swedbank Robur Fonder 3.6 % 3.6 % 31 Jul 2026
Staffan Dahlström 3.3 % 3.3 % 29 Jul 2026
Cajory Defence AB 2.3 % 2.3 % 29 Jul 2026
Tagehus Holding AB 1.8 % 1.8 % 29 Jul 2026
Polar Capital LLP 1.6 % 1.6 % 30 Jun 2026
ÖstVäst Capital Management 1.5 % 1.5 % 15 Jan 2026
Source: Holdings by Modular Finance AB