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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 199,6 244,11 333,1
Sales growth (%) 37,6 22,3 36,5
EBITDA 1 9 28
EBITDA margin (%) 0,3 3,5 8,4
EBIT adj. -5 1 19
EBIT adj. margin (%) -2,5 0,5 5,7
Pretax profit -6 2 20
EPS -0,22 0,06 0,74
EPS growth (%) 12,5 N/A N/A
EPS adj. -0,22 0,06 0,74
Dividend per share 0 0 0
EV/EBITDA (x) 1050,1 60,5 17,4
EV/EBIT adj. (x) -106,4 386,3 25,6
P/E (x) N/A N/A 28,73
P/E adj. (x) N/A N/A 28,7
EV/sales (x) 2,68 2,11 1,46
FCF yield (%) 0,5 3,4 5,5
Le. adj. FCF yld. (%) 0,5 3,4 5,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -54,4 -5,5 -2,8
Le. adj. ND/EBITDA (x) -54,4 -5,5 -2,8
SEKm 2025 2026e 2027e
Sales 199,6 244,11 333,1
COGS -150 -177 -238
Gross profit 50 67 95
Other operating items -49 -59 -67
EBITDA 1 9 28
Depreciation and amortisation -6 -7 -9
Depreciation on leased assets 0 0 0
EBITA -5,03 1,34 18,92
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT -5,03 1,34 18,92
Net financial items -1 0 1
Pretax profit -6 2 20
Tax 0 0 0
Net profit -6 2 20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -6 2 20
EPS -0,22 0,06 0,74
EPS adj. -0,22 0,06 0,74
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 25 27,6 28,6
EBITDA margin (%) 0,3 3,5 8,4
EBITA margin (%) -2,5 0,5 5,7
EBIT margin (%) -2,5 0,5 5,7
Pre-tax margin (%) -3 0,7 5,9
Net margin (%) -3 0,7 5,9
Sales growth (%) 37,6 22,3 36,5
EBITDA growth (%) -86,6 1574,2 227,5
EBITA growth (%) -7,3 -126,6 1316,5
EBIT growth (%) -7,3 -126,6 N/A
Net profit growth (%) 12,5 -128,8 1049,3
EPS growth (%) 12,5 N/A N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -61 20,6 104,1
ROE adj. (%) -61 20,6 104,1
ROCE (%) -61 20,6 104,1
ROCE adj. (%) -61 20,6 104,1
ROIC (%) 32,3 -4,6 -43,5
ROIC adj. (%) 32,3 -4,6 -43,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1 9 28
EBITDA adj. margin (%) 0,3 3,5 8,4
EBITDA lease adj. 1 9 28
EBITDA lease adj. margin (%) 0,3 3,5 8,4
EBITA adj. -5 1 19
EBITA adj. margin (%) -2,5 0,5 5,7
EBIT adj. -5 1 19
EBIT adj. margin (%) -2,5 0,5 5,7
Pretax profit Adj. -6 2 20
Net profit Adj. -6 2 20
Net profit to shareholders adj. -6 2 20
Net adj. margin (%) -3 0,7 5,9
SEKm 2025 2026e 2027e
EBITDA 1 9 28
Goodwill 0 0 0
Net financial items -1 0 1
Other intangible assets 20 24 29
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 9 29
Other Fixed Assets All 0 0 0
Change in working capital 14 22 17
Fixed assets 20 25 30
Operating cash flow 13 31 46
Inventories 0 0 0
Capex tangible fixed assets 0 -1 -1
Receivables 52 47 60
Capex intangible fixed assets -10 -11 -13
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 28 47 78
Free cash flow 3 19 31
Total assets 100 118 168
Dividend paid 0 0 0
Shareholders equity 8 9 29
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 8 9 29
Other changes in net debt 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 31 40
Other current liabilities 71 78 99
Total liabilities and equity 100 118 168
Net IB debt -28 -47 -78
Net IB debt excl. pension debt -28 -47 -78
Net IB debt excl. leasing -28 -47 -78
Capital employed 8 9 29
Capital invested -20 -38 -49
Working capital -40 -62 -79
Market cap. diluted (m) 563 563 563
Net IB debt adj. -28 -47 -78
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 535 516 485
Total assets turnover (%) 247,2 224 233,3
Working capital/sales (%) -16,8 -21 -21,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -369,3 -517,9 -272,4
Net debt / market cap (%) -4,9 -8,3 -13,8
Equity ratio (%) 7,5 7,6 17,1
Net IB debt adj. / equity (%) -369,3 -517,9 -272,4
Current ratio 0,86 0,86 0,99
EBITDA/net interest 0,6 23,1 42
Net IB debt/EBITDA (x) -54,4 -5,5 -2,8
Net IB debt/EBITDA lease adj. (x) -54,4 -5,5 -2,8
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 0,06 0,74
Dividend per share 0 0 0
EPS adj. -0,22 0,06 0,74
BVPS 0,28 0,34 1,08
BVPS adj. N/A N/A N/A
Net IB debt/share -1,04 -1,76 -2,94
Share price 21,2 21,2 21,2
Market cap. (m) 563 563 563
P/E (x) N/A N/A 28,73
EV/sales (x) 2,68 2,11 1,46
EV/EBITDA (x) 1050,1 60,5 17,4
EV/EBITA (x) -106,4 386,3 25,6
EV/EBIT (x) -106,4 386,3 25,6
Dividend yield (%) 0 0 0
FCF yield (%) 0,5 3,4 5,5
Le. adj. FCF yld. (%) 0,5 3,4 5,5
P/BVPS (x) 75 62,41 19,67
P/BVPS adj. (x) -44,94 -38,03 -1416,73
P/E adj. (x) N/A N/A 28,7
EV/EBITDA adj. (x) 1050,1 60,5 17,4
EV/EBITA adj. (x) -106,4 386,3 25,6
EV/EBIT adj. (x) -106,4 386,3 25,6
EV/CE (x) 71,3 57,2 16,9
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -5,1 -4,7 -4,4
Capex/depreciation 1,8 1,6 1,6
Capex tangibles / tangible fixed assets 96,6 115,1 114,1
Capex intangibles / definite intangibles 50,1 45,2 45,9
Depreciation on intang / def. intang 27 29 28
Depreciation on tangibles / tangibles 71,75 48,71 75,4

Equity research

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Media

Skolon - Company presentation with CEO Oliver Lundgren
Skolon | Q4 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 % 29 Jul 2026
Länsförsäkringar 14.6 % 14.6 % 29 Jul 2026
Swedbank Robur Fonder 4.7 % 4.7 % 29 Jul 2026
Proweden AB 4.4 % 4.4 % 29 Jul 2026
Entreprenörinvest Sverige AB 3.3 % 3.3 % 29 Jul 2026
Per-Anders Johansson 3.2 % 3.2 % 29 Jul 2026
Joesli Sweden Holding AB 2.4 % 2.4 % 29 Jul 2026
Oliver Lundgren 2.1 % 2.1 % 29 Jul 2026
Max Lönner 1.6 % 1.6 % 29 Jul 2026
Source: Holdings by Modular Finance AB