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Skolon

Skolon

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Skolon provides a SaaS B2B platform for educational technology, allowing educational providers to collect and curate digital learning tools for K-12 students and teachers. The company charges its clients (education institutions) a subscription fee for each end-user. It also charges its partners (EdTech tool suppliers) a fixed fee for platform presence, and a take-rate from sales generated through the Skolon platform. Key markets include the Nordics and the UK. The company's financial target is an annual sales growth rate of 50%.

Sustainability information

Key risks include increased competition in a relatively under penetrated market, security breaches that could compromise student data, changes to the regulatory landscape regarding data security, and an inability to generate maintainable profit, given the company's brief operating history as a publicly listed entity.

Financials

SEKm 2025 2026e 2027e
Sales 200 274 357
Sales growth (%) 37,6 37,4 30,3
EBITDA 1 19 40
EBITDA margin (%) 0,3 7 11,3
EBIT adj. -5 12 31
EBIT adj. margin (%) -2,5 4,3 8,7
Pretax profit -6 12 32
EPS -0,22 0,47 1,2
EPS growth (%) 12,5 N/A N/A
EPS adj. -0,22 0,47 1,2
DPS 0 0 0
EV/EBITDA (x) 1242,9 31,4 13,8
EV/EBIT adj. (x) -125,9 50,7 18
P/E (x) N/A 53,5 20,8
P/E adj. (x) N/A 53,5 20,8
EV/sales (x) 3,17 2,19 1,56
FCF yield (%) 0,4 4,9 6,8
Le. adj. FCF yld. (%) 0,4 4,9 6,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -54,4 -3,1 -2,6
Le. adj. ND/EBITDA (x) -54,4 -3,1 -2,6
SEKm 2025 2026e 2027e
Sales 200 274 357
COGS -150 -195 -249
Gross profit 50 79 109
Other operating items -49 -60 -68
EBITDA 1 19 40
Depreciation and amortisation -6 -7 -9
of which leasing depreciation 0 0 0
EBITA -5 12 31
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -5 12 31
Net financial items -1 1 1
Pretax profit -6 12 32
Tax 0 0 0
Net profit -6 12 32
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -6 12 32
EPS -0,22 0,47 1,2
EPS adj. -0,22 0,47 1,2
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 25 28,9 30,4
EBITDA margin (%) 0,3 7 11,3
EBITA margin (%) -2,5 4,3 8,7
EBIT margin (%) -2,5 4,3 8,7
Pre-tax margin (%) -3 4,5 8,9
Net margin (%) -3 4,5 8,9
Sales growth (%) 37,6 37,4 30,3
EBITDA growth (%) -86,6 3656 110,5
EBITA growth (%) -7,3 -335,6 161
EBIT growth (%) -7,3 -335,6 N/A
Net profit growth (%) 12,5 -309,3 157
EPS growth (%) 12,5 N/A N/A
Profitability N/A N/A N/A
ROE (%) -61 90,4 88,9
ROE adj. (%) -61 90,4 88,9
ROCE (%) -61 90,4 88,9
ROCE adj. (%) -61 90,4 88,9
ROIC (%) 32,3 -39,3 -66,5
ROIC adj. (%) 32,3 -39,3 -66,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1 19 40
EBITDA adj. margin (%) 0,3 7 11,3
EBITDA lease adj. 1 19 40
EBITDA lease adj. margin (%) 0,3 7 11,3
EBITA adj. -5 12 31
EBITA adj. margin (%) -2,5 4,3 8,7
EBIT adj. -5 12 31
EBIT adj. margin (%) -2,5 4,3 8,7
Pretax profit Adj. -6 12 32
Net profit Adj. -6 12 32
Net profit to shareholders adj. -6 12 32
Net adj. margin (%) -3 4,5 8,9
SEKm 2025 2026e 2027e
EBITDA 1 19 40
Goodwill 0 0 0
Net financial items -1 1 1
Other intangible assets 20 24 30
Paid tax 0 0 0
Tangible fixed assets 0 1 1
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -1 20 41
Total other fixed assets 0 0 0
Change in working capital 14 25 19
Fixed assets 20 25 31
Operating cash flow 13 44 60
Inventories 0 0 0
Capex tangible fixed assets 0 -1 -1
Receivables 52 49 63
Capex intangible fixed assets -10 -11 -14
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 28 60 105
Free cash flow 3 32 45
Total assets 100 134 199
Dividend paid 0 0 0
Shareholders equity 8 20 52
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 8 20 52
Other non-cash items 2 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 21 33 42
Other current liabilities 71 81 105
Total liabilities and equity 100 134 199
Net IB debt -28 -60 -105
Net IB debt excl. pension debt -28 -60 -105
Net IB debt excl. leasing -28 -60 -105
Capital employed 8 20 52
Capital invested -20 -40 -53
Working capital -40 -65 -84
Market cap. diluted (m) 661 661 661
Net IB debt adj. -28 -60 -105
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 633 601 556
Total assets turnover (%) 247,2 234,6 214,6
Working capital/sales (%) -16,8 -19,2 -20,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -369,3 -301,7 -202,5
Net debt / market cap (%) -4,2 -9,1 -15,8
Equity ratio (%) 7,5 14,9 25,9
Net IB debt adj. / equity (%) -369,3 -301,7 -202,5
Current ratio 0,86 0,95 1,14
EBITDA/net interest 0,6 36,9 46,6
Net IB debt/EBITDA (x) -54,4 -3,1 -2,6
Net IB debt/EBITDA lease adj. (x) -54,4 -3,1 -2,6
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS -0,22 0,47 1,2
Dividend per share 0 0 0
EPS adj. -0,22 0,47 1,2
BVPS 0,28 0,75 1,95
BVPS adj. N/A N/A N/A
Net IB debt/share -1,04 -2,26 -3,94
Share price 24,9 24,9 24,9
Market cap. (m) 661 661 661
P/E (x) N/A 53,5 20,8
EV/sales (x) 3,2 2,2 1,6
EV/EBITDA (x) 1242,9 31,4 13,8
EV/EBITA (x) -125,9 50,7 18
EV/EBIT (x) -125,9 50,7 18
Dividend yield (%) 0 0 0
FCF yield (%) 0,4 4,9 6,8
Le. adj. FCF yld. (%) 0,4 4,9 6,8
P/BVPS (x) 88,09 33,27 12,8
P/BVPS adj. (x) -52,78 -153,72 30,65
P/E adj. (x) N/A 53,5 20,8
EV/EBITDA adj. (x) 1242,9 31,4 13,8
EV/EBITA adj. (x) -125,9 50,7 18
EV/EBIT adj. (x) -125,9 50,7 18
EV/CE (x) 84,4 30,2 10,8
Investment ratios N/A N/A N/A
Capex/sales (%) 5,1 4,4 4,4
Capex/depreciation 1,8 1,7 1,7
Capex tangibles / tangible fixed assets 96,6 130,9 112,7
Capex intangibles / definite intangibles 50,1 45,4 47,5
Depreciation on intang / def. intang 26,9 28,2 27,8
Depreciation on tangibles / tangibles 71,7 55,4 78,8

Equity research

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Media

Skolon - Company presentation with CEO Oliver Lundgren
Skolon | Q3 Earnings Call with CEO Oliver Lundgren

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Main shareholders - Skolon

Main shareholders Share capital % Voting shares % Verified
CIMON Innovation AB 36.3 % 36.3 % 5 Jul 2024
A/S AF 26.10.1983 20.0 % 20.0 % 28 Jan 2026
Länsförsäkringar 14.6 % 14.6 % 28 Jan 2026
Swedbank Robur Fonder 4.7 % 4.7 % 28 Jan 2026
Proweden AB 4.4 % 4.4 % 28 Jan 2026
Entreprenörinvest Sverige AB 3.3 % 3.3 % 28 Jan 2026
Per-Anders Johansson 3.1 % 3.1 % 28 Jan 2026
Joesli Sweden Holding AB 2.4 % 2.4 % 28 Jan 2026
Oliver Lundgren 2.1 % 2.1 % 28 Jan 2026
Max Lönner 1.6 % 1.6 % 28 Jan 2026
Source: Holdings by Modular Finance AB