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Copperstone Resources

Copperstone Resources

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Copperstone Resources AB (“Copperstone”) is a Swedish mineral exploration company with a focus on base and precious metals. The company has made a copper discovery in Arvidsjaur and acquired the Viscaria copper project in the recognised mining district of Kiruna in northern Sweden, and now targets becoming a metal production company, with the ambition to achieve first production by H2'23. The stock has been listed on the Nasdaq First North Growth Market since 2011, with c. 8,900 shareholders.

Strong growth in end markets and increased demand for Cu in electrical vehicles (EVs) and Li-ion batteries. Lower than expected investment needs. Higher than expected levels of metal head-grades.

Weaker demand for Cu in the global market. Protracted process of obtaining acceptance from the land- and environmental permit. Higher than expected costs.

Financials

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -12 -10,1 -71,1
Lease adj. ND/EBITDA 11,3 26,4 -15,9
Sales growth (%) N/A N/A N/A
EBITDA -12 -11 -40
EBITDA margin (%) 0 0 0
EBIT adj -13 -9 -110
EBIT adj margin (%) 0 0 0
Pretax profit -16 -16 -138
EPS rep -0,02 -0,01 -0,09
EPS growth (%) -239 23,3 -611,4
EPS adj -0,01 -0,01 -0,09
DPS 0 0 0
EV/EBITDA (x) -105,9 -124,1 -64,5
EV/EBIT adj (x) -95,3 -157,9 -23,5
P/E (x) -69,7 -89,1 -12,5
P/E adj (x) -79,6 -116,2 -12,5
EV/sales (x) 0 0 0
FCF yield (%) -12 -10,1 -71,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 7,7 15,8 -16,4
Sales 0 0 0
SEKm 2021 2022e 2023e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -12 -11 -40
EBITDA -12 -11 -40
Depreciation on tangibles -1 0 0
Depreciation on intangibles 0 0 0
EBITA -15 -12 -110
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -15 -12 -110
Other financial items 0 0 0
Net financial items -1 -4 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -16 -16 -138
Tax 0 0 0
Net profit -16 -16 -138
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 -16 -138
EPS -0,02 -0,01 -0,09
EPS Adj -0,01 -0,01 -0,09
Total extraordinary items after tax -2 -3,7 0
Tax rate (%) 0 0 0
Gross margin (%) 0 0 0
EBITDA margin (%) 0 0 0
EBITA margin (%) 0 0 0
EBIT margin (%) 0 0 0
Pretax margin (%) 0 0 0
Net margin (%) 0 0 0
Growth rates Y/Y 2021 2022 2023
Sales growth (%) N/A N/A N/A
EBITDA growth (%) -27,1 5,6 -265,3
EBIT growth (%) -59 17,5 -794,5
Net profit growth (%) -335,2 2,5 -771,3
EPS growth (%) -239 23,3 -611,4
Profitability 2021 2022 2023
ROE (%) -3,9 -2,4 -15,6
ROE Adj (%) -3,4 -1,9 -15,6
ROCE (%) -3,4 -1,6 -7,4
ROCE Adj(%) -2,9 -1,1 -7,4
ROIC (%) -3,9 -2,4 -9,8
ROIC Adj (%) -3,4 -1,7 -9,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj -10 -7 -40
EBITDA Adj margin (%) 0 0 0
EBITA Adj -13 -9 -110
EBITA Adj margin (%) 0 0 0
EBIT Adj -13 -9 -110
EBIT Adj margin (%) 0 0 0
Pretax profit Adj -14 -12 -138
Net profit Adj -14 -12 -138
Net profit to shareholders Adj -14 -12 -138
Net Adj margin (%) 0 0 0
Depreciation and amortisation -3 -1 -70
Of which leasing depreciation 0 0 0
EO items -2 -4 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -10 -7 -40
EBITDA lease Adj margin (%) 0 0 0
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 454 576 676
Right-of-use asset 19 19 19
Total other fixed assets 0 0 0
Leasing liability 19 19 19
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -108 -192 637
Net IB debt / EBITDA lease Adj (%) 1131,7 2642,2 -1593,1
EBITDA -12 -11 -40
Net financial items -1 -4 -28
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -13 -14 -68
Change in WC -11 -5 -11
Operating cash flow -24 -20 -79
CAPEX tangible fixed assets -2 -1 -1050
CAPEX intangible fixed assets -110 -122 -100
Acquisitions and disposals 0 0 0
Free cash flow -136 -142 -1229
Dividend paid 0 0 0
Share issues and buybacks 254 225 400
Other non cash items 8 0 0
Decrease in net IB debt 13 -67 -53
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 303 333 354
Tangible fixed assets 3 2 982
Other fixed assets 0 0 0
Fixed assets 476 597 1677
Inventories 0 0 0
Receivables 6 12 20
Other current assets 1 2 5
Cash and liquid assets 124 394 345
Total assets 607 1005 2047
Shareholders equity 542 752 1014
Minority 0 0 0
Total equity 542 752 1014
Long-term debt 16 202 982
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 48 0 0
Short-term debt 0 0 0
Accounts payable 18 20 20
Other current liabilities 12 12 12
Total liabilities and equity 607 1005 2047
Net IB debt -90 -173 656
Net IB debt excl. pension debt -90 -173 656
Capital invested 452 579 1670
Working capital -23 -18 -7
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1318 1532 1926
Net IB debt Adj -90 -173 656
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1228 1359 2582
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 0 0 0
Capital invested turnover (%) 0 0 0
Capital employed turnover (%) 0 0 0
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 0 0 0
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -16,6 -23 64,7
Net debt / market cap (%) -7,4 -11,3 34,1
Equity ratio (%) 89,4 74,8 49,5
Net IB debt adj. / equity (%) -16,6 -23 64,7
Current ratio (%) 386 1137,3 1031,3
EBITDA / net interest (%) -858,9 -309,1 -142,9
Net IB debt / EBITDA (%) 774,9 1577,8 -1640,6
Interest cover (%) -1103,6 -347,2 -392,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 1117 1325 1666
Fully diluted shares Adj 1117 1325 1666
EPS -0,02 -0,01 -0,09
Dividend per share Adj 0 0 0
EPS Adj -0,01 -0,01 -0,09
BVPS 0,49 0,57 0,61
BVPS Adj 0,49 0,57 0,61
Net IB debt / share -0,1 -0,1 0,4
Share price 1,09 1,16 1,16
Market cap. (m) 1212 1532 1926
Valuation 2021 2022 2023
P/E -69,7 -89,1 -12,5
EV/sales 0 0 0
EV/EBITDA -105,9 -124,1 -64,5
EV/EBITA -82,4 -110,5 -23,5
EV/EBIT -82,4 -110,5 -23,5
Dividend yield (%) 0 0 0
FCF yield (%) -12 -10,1 -71,1
P/BVPS 2,43 2,04 1,9
P/BVPS Adj 2,43 2,04 1,9
P/E Adj -79,6 -116,2 -12,5
EV/EBITDA Adj -128,1 -187,2 -64,5
EV/EBITA Adj -95,3 -157,9 -23,5
EV/EBIT Adj -95,3 -157,9 -23,5
EV/cap. employed 2,1 1,4 1,3
Investment ratios 2021 2022 2023
Capex / sales 0 0 0
Capex / depreciation 3391 9079,1 1642,9
Capex tangibles / tangible fixed assets 85,8 32,5 106,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 120,9 64,7 7,1
Lease adj. FCF yield (%) -12 -10,1 -71,1

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Media

Copperstone Resources - Company presentation with CEO Anna Tyni & Head of Bus. Dev. Michael Mattsson
Copperstone Resources - Company presentation with CEO Michael Mattsson

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Main shareholders - Copperstone Resources

Main shareholders Share capital % Voting shares % Verified
JRS Asset Management AB Client Account 6.9 % 6.9 % 28 Jun 2022
Joheco AB 6.4 % 6.4 % 31 Dec 2021
Thomas von Koch 4.5 % 4.5 % 28 Jun 2022
Avanza Pension 3.7 % 3.7 % 28 Jun 2022
Håkan Roos (RoosGruppen) 3.0 % 3.0 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.7 % 2.7 % 28 Jun 2022
Björn Israelsson 1.9 % 1.9 % 28 Jun 2022
Allanova AB 1.9 % 1.9 % 28 Jun 2022
Michael Mattsson 1.9 % 1.9 % 7 Jul 2022
Santhe Dahl 1.8 % 1.8 % 28 Jun 2022
Source: Holdings by Modular Finance AB