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Skolon

Skolon

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%.

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.

SEKm 2023 2024e 2025e
Sales 103 140 199
Sales growth (%) 67 35,1 42,3
EBITDA -4 -1 9
EBITDA margin (%) -3,7 -0,9 4,5
EBIT adj. -7 -5 4
EBIT adj. margin (%) -6,7 -3,3 1,8
Pretax profit 8 -4 4
EPS 0,29 -0,16 0,15
EPS growth (%) -182,8 -156,7 -191,5
EPS adj. 0,31 -0,16 0,15
DPS 0,56 0 0
EV/EBITDA (x) -135,5 -438,6 58,1
EV/EBIT adj. (x) -75,2 -114,7 148,5
P/E (x) 73,9 -130,4 142,5
P/E adj. (x) 70 -133,5 142,5
EV/sales (x) 5,06 3,82 2,63
FCF yield (%) 2,5 0,6 2,2
Le. adj. FCF yld. (%) 2,5 0,6 2,2
Dividend yield (%) 2,6 0 0
Net IB debt/EBITDA (x) 11,6 27,6 -5,1
Le. adj. ND/EBITDA (x) 13,1 27,6 -5,1
SEKm 2023 2024e 2025e
Sales 103 140 199
COGS -73 -98 -140
Gross profit 30 42 58
Other operating items -34 -43 -49
EBITDA -4 -1 9
Depreciation and amortisation -4 -3 -5
of which leasing depreciation 0 0 0
EBITA -7 -5 4
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -7 -5 4
Net financial items 15 0 0
Pretax profit 8 -4 4
Tax 0 0 0
Net profit 8 -4 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 -4 4
EPS 0,29 -0,16 0,15
EPS adj. 0,31 -0,16 0,15
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 29,4 30,1 29,4
EBITDA margin (%) -3,7 -0,9 4,5
EBITA margin (%) -7,1 -3,3 1,8
EBIT margin (%) -7,1 -3,4 1,8
Pre-tax margin (%) 7,4 -3,1 2
Net margin (%) 7,4 -3,1 2
Sales growth (%) 67 35,1 42,3
EBITDA growth (%) -34,8 -68,4 -838,1
EBITA growth (%) -21,3 -37 -175,5
EBIT growth (%) -21,3 -35,6 -173,9
Net profit growth (%) -183,4 -156,7 -191,5
EPS growth (%) -182,8 -156,7 -191,5
Profitability N/A N/A N/A
ROE (%) 28,5 -19,5 27
ROE adj. (%) 30,1 -19 27
ROCE (%) 28,5 -19,5 27
ROCE adj. (%) 30,1 -19 27
ROIC (%) 75,4 27,5 -14
ROIC adj. (%) 71 27,5 -14
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -3 -1 9
EBITDA adj. margin (%) -3,3 -0,9 4,5
EBITDA lease adj. -3 -1 9
EBITDA lease adj. margin (%) -3,3 -0,9 4,5
EBITA adj. -7 -5 4
EBITA adj. margin (%) -6,7 -3,3 1,8
EBIT adj. -7 -5 4
EBIT adj. margin (%) -6,7 -3,3 1,8
Pretax profit Adj. 8 -4 4
Net profit Adj. 8 -4 4
Net profit to shareholders adj. 8 -4 4
Net adj. margin (%) 7,8 -3 2
SEKm 2023 2024e 2025e
EBITDA -4 -1 9
Goodwill 0 0 0
Net financial items 15 0 0
Other intangible assets 13 15 18
Paid tax 0 0 0
Tangible fixed assets 0 0 1
Non-cash items -16 1 0
Right-of-use asset 0 0 0
Cash flow before change in WC -4 0 9
Total other fixed assets 0 0 0
Change in working capital 9 10 12
Fixed assets 13 15 18
Operating cash flow 4 10 21
Inventories 0 0 0
Capex tangible fixed assets 0 0 -1
Receivables 19 19 26
Capex intangible fixed assets -6 -6 -8
Other current assets 0 0 0
Acquisitions and Disposals 16 0 0
Cash and liquid assets 45 34 46
Free cash flow 14 4 12
Total assets 77 67 91
Dividend paid 0 -15 0
Shareholders equity 32 13 17
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 32 13 17
Leasing liability amortisation 0 0 0
Long-term debt 0 0 0
Other non-cash items 2 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 11 15 21
Other current liabilities 34 40 53
Total liabilities and equity 77 67 91
Net IB debt -45 -34 -46
Net IB debt excl. pension debt -45 -34 -46
Net IB debt excl. leasing -45 -34 -46
Capital employed 32 13 17
Capital invested -13 -21 -29
Working capital -26 -36 -47
Market cap. diluted (m) 568 568 568
Net IB debt adj. -45 -34 -46
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 523 534 522
Total assets turnover (%) 162,1 193,8 252,2
Working capital/sales (%) -21 -22,1 -20,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -140,7 -263,7 -274,3
Net debt / market cap (%) -7,9 -5,9 -8,1
Equity ratio (%) 41,5 19 18,5
Net IB debt adj. / equity (%) -140,7 -263,7 -274,3
Current ratio 1,42 0,96 0,98
EBITDA/net interest 0,3 3 19,1
Net IB debt/EBITDA (x) 11,6 27,6 -5,1
Net IB debt/EBITDA lease adj. (x) 13,1 27,6 -5,1
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS 0,29 -0,16 0,15
Dividend per share 0,56 0 0
EPS adj. 0,31 -0,16 0,15
BVPS 1,2 0,48 0,63
BVPS adj. N/A N/A N/A
Net IB debt/share -1,69 -1,27 -1,73
Share price 21,4 21,4 21,4
Market cap. (m) 568 568 568
P/E (x) 73,9 -130,4 142,5
EV/sales (x) 5,06 3,82 2,63
EV/EBITDA (x) -135,5 -438,6 58,1
EV/EBITA (x) -70,8 -114,7 148,5
EV/EBIT (x) -70,8 -112,3 148,5
Dividend yield (%) 2,6 0 0
FCF yield (%) 2,5 0,6 2,2
Le. adj. FCF yld. (%) 2,5 0,6 2,2
P/BVPS (x) 17,78 44,51 33,91
P/BVPS adj. (x) 29,99 -313,4 -715,82
P/E adj. (x) 70 -133,5 142,5
EV/EBITDA adj. (x) -152,5 -438,6 58,1
EV/EBITA adj. (x) -75,2 -114,7 148,5
EV/EBIT adj. (x) -75,2 -114,7 148,5
EV/CE (x) 16,4 41,9 31,2
Investment ratios N/A N/A N/A
Capex/sales (%) 6,2 4,8 4,4
Capex/depreciation 1,8 1,9 1,6
Capex tangibles / tangible fixed assets 0 126 118,5
Capex intangibles / definite intangibles 49,2 42,5 45,3
Depreciation on intang / def. intang 0 23 28
Depreciation on tangibles / tangibles 8822,5 36,32 73,47

Equity research

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Media

Skolon - Company presentation with CEO Oliver Lundgren
Skolon - Fireside chat with CEO Oliver Lundgren

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
CIMON Innovation AB 35.2 % 35.2 % 26 Mar 2024
A/S AF 26.10.1983 19.4 % 19.4 % 26 Mar 2024
Länsförsäkringar 14.6 % 14.6 % 26 Mar 2024
Per-Anders Johansson 5.7 % 5.7 % 7 May 2024
Swedbank Robur Fonder 4.7 % 4.7 % 31 Mar 2024
Proweden AB 4.4 % 4.4 % 26 Mar 2024
Joesli Sweden Holding AB 4.1 % 4.1 % 26 Mar 2024
Entreprenörinvest Sverige AB 3.3 % 3.3 % 26 Mar 2024
Oliver Lundgren 3.2 % 3.2 % 26 Mar 2024
Max Lönner 1.6 % 1.6 % 26 Mar 2024
Source: Holdings by Modular Finance AB