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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 2024 2025e 2026e
Sales 145 208 285
Sales growth (%) 40,3 43,1 37,4
EBITDA 4 7 28
EBITDA margin (%) 2,6 3,5 9,7
EBIT adj. -5 1 20
EBIT adj. margin (%) -3,7 0,7 7,1
Pretax profit -5 2 21
EPS -0,2 0,06 0,79
EPS growth (%) -168,4 -131,2 N/A
EPS adj. -0,2 0,06 0,79
DPS 0 0 0
EV/EBITDA (x) 204,3 105,2 26,3
EV/EBIT adj. (x) -143,1 517,7 36
P/E (x) N/A N/A 38
P/E adj. (x) N/A N/A 38
EV/sales (x) 5,35 3,68 2,56
FCF yield (%) -0,9 1,4 4,2
Le. adj. FCF yld. (%) -0,9 1,4 4,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -6 -4,7 -2,4
Le. adj. ND/EBITDA (x) -6 -4,7 -2,4
SEKm 2024 2025e 2026e
Sales 145 208 285
COGS -105 -150 -197
Gross profit 40 58 88
Other operating items -36 -50 -60
EBITDA 4 7 28
Depreciation and amortisation -9 -6 -7
of which leasing depreciation 0 0 0
EBITA -5 1 20
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -5 1 20
Net financial items 0 0 1
Pretax profit -5 2 21
Tax 0 0 0
Net profit -5 2 21
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -5 2 21
EPS -0,2 0,06 0,79
EPS adj. -0,2 0,06 0,79
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 27,7 27,8 30,8
EBITDA margin (%) 2,6 3,5 9,7
EBITA margin (%) -3,7 0,7 7,1
EBIT margin (%) -3,7 0,7 7,1
Pre-tax margin (%) -3,6 0,8 7,4
Net margin (%) -3,6 0,8 7,4
Sales growth (%) 40,3 43,1 37,4
EBITDA growth (%) -198,4 91,4 282,2
EBITA growth (%) -26,6 -127,2 1277
EBIT growth (%) -26,6 -127,2 N/A
Net profit growth (%) -168,4 -131,2 1182,5
EPS growth (%) -168,4 -131,2 N/A
Profitability N/A N/A N/A
ROE (%) -24 12,9 87,4
ROE adj. (%) -24 12,9 87,4
ROCE (%) -24 12,9 87,4
ROCE adj. (%) -24 12,9 87,4
ROIC (%) 45,3 -9,4 -76,5
ROIC adj. (%) 45,3 -9,4 -76,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 4 7 28
EBITDA adj. margin (%) 2,6 3,5 9,7
EBITDA lease adj. 4 7 28
EBITDA lease adj. margin (%) 2,6 3,5 9,7
EBITA adj. -5 1 20
EBITA adj. margin (%) -3,7 0,7 7,1
EBIT adj. -5 1 20
EBIT adj. margin (%) -3,7 0,7 7,1
Pretax profit Adj. -5 2 21
Net profit Adj. -5 2 21
Net profit to shareholders adj. -5 2 21
Net adj. margin (%) -3,6 0,8 7,4
SEKm 2024 2025e 2026e
EBITDA 4 7 28
Goodwill 0 0 0
Net financial items 0 0 1
Other intangible assets 16 19 24
Paid tax 0 0 0
Tangible fixed assets 0 1 1
Non-cash items -5 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -1 7 28
Total other fixed assets 0 0 0
Change in working capital 1 14 17
Fixed assets 16 20 25
Operating cash flow 0 21 46
Inventories 0 0 0
Capex tangible fixed assets 0 -1 -1
Receivables 18 30 43
Capex intangible fixed assets -7 -9 -11
Other current assets 5 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 34 67
Free cash flow -7 11 33
Total assets 61 84 136
Dividend paid -15 0 0
Shareholders equity 12 14 35
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 12 14 35
Other non-cash items 0 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 7 20 29
Other current liabilities 43 51 72
Total liabilities and equity 61 84 136
Net IB debt -23 -34 -67
Net IB debt excl. pension debt -23 -34 -67
Net IB debt excl. leasing -23 -34 -67
Capital employed 12 14 35
Capital invested -11 -20 -33
Working capital -27 -40 -58
Market cap. diluted (m) 799 799 799
Net IB debt adj. -23 -34 -67
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 776 765 732
Total assets turnover (%) 209,5 284,9 259,6
Working capital/sales (%) -18,2 -16,1 -17,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -192 -251,4 -194,6
Net debt / market cap (%) -2,9 -4,3 -8,4
Equity ratio (%) 19,3 16,1 25,5
Net IB debt adj. / equity (%) -192 -251,4 -194,6
Current ratio 0,92 0,91 1,09
EBITDA/net interest 22 45,5 42,6
Net IB debt/EBITDA (x) -6 -4,7 -2,4
Net IB debt/EBITDA lease adj. (x) -6 -4,7 -2,4
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS -0,2 0,06 0,79
Dividend per share 0 0 0
EPS adj. -0,2 0,06 0,79
BVPS 0,45 0,51 1,3
BVPS adj. N/A N/A N/A
Net IB debt/share -0,86 -1,28 -2,53
Share price 30,1 30,1 30,1
Market cap. (m) 799 799 799
P/E (x) N/A N/A 38
EV/sales (x) 5,35 3,68 2,56
EV/EBITDA (x) 204,3 105,2 26,3
EV/EBITA (x) -143,1 517,7 36
EV/EBIT (x) -143,1 517,7 36
Dividend yield (%) 0 0 0
FCF yield (%) -0,9 1,4 4,2
Le. adj. FCF yld. (%) -0,9 1,4 4,2
P/BVPS (x) 67,31 59,02 23,13
P/BVPS adj. (x) -210,36 -136,78 76,26
P/E adj. (x) N/A N/A 38
EV/EBITDA adj. (x) 204,2 105,2 26,3
EV/EBITA adj. (x) -143,1 517,7 36
EV/EBIT adj. (x) -143,1 517,7 36
EV/CE (x) 65,4 56,5 21,2
Investment ratios N/A N/A N/A
Capex/sales (%) 5 4,8 4,4
Capex/depreciation 0,8 1,7 1,7
Capex tangibles / tangible fixed assets 0 130,7 118,7
Capex intangibles / definite intangibles 46,3 48 47,4
Depreciation on intang / def. intang 29 29 28
Depreciation on tangibles / tangibles 14677,71 48,13 74,6

Equity research

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Media

Skolon - Fireside chat with CEO Oliver Lundgren
Skolon - Company presentation 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 % 27 Mar 2025
Länsförsäkringar 14.6 % 14.6 % 27 Mar 2025
Per-Anders Johansson 5.7 % 5.7 % 7 May 2024
Swedbank Robur Fonder 4.7 % 4.7 % 31 Mar 2025
Proweden AB 4.4 % 4.4 % 27 Mar 2025
Entreprenörinvest Sverige AB 3.3 % 3.3 % 27 Mar 2025
Oliver Lundgren 3.2 % 3.2 % 27 Mar 2025
Joesli Sweden Holding AB 2.4 % 2.4 % 27 Mar 2025
Max Lönner 1.6 % 1.6 % 27 Mar 2025
Source: Holdings by Modular Finance AB