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Donkey Republic

Donkey Republic

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DONKEY is a Danish bike-sharing operator, listed in 2021 and competing in the European micromobility market. Founded in 2014, it now has a fleet of ~24k bikes (of which ~20% are e-bikes) and is present in +60 European cities, municipalities and regions. Key markets include Denmark, Finland, Germany, Switzerland, the Netherlands and Belgium. The company has grown revenues organically by a CAGR of +35% from '18-'25, and its targets imply another +19-24% toward '30, coupled with significantly improving profitability.

Sustainability information

Key risks for DONKEY include the fierce competitive landscape, an inability to renew licences and tenders, regulatory headwinds, heavy precipitation, software breakdowns, and deteriorating quality, theft and vandalism. The asset-heavy business model combined with frequent needs for funding related to new tender roll-outs also exposes the company to risks from funding constraints and dilution of existing shareholders, albeit we believe the recent DKK 75m equity raise significantly reduces the need for further external capital.

Financials

DKKm 2025 2026e 2027e
Sales 165,87 191,86 243,91
Sales growth (%) 13,2 15,7 27,1
EBITDA 26 40 65
EBITDA margin (%) 15,7 20,8 26,6
EBIT adj. 1 7 26
EBIT adj. margin (%) 0,9 3,8 10,8
Pretax profit -10 -2 18
EPS -0,38 -0,05 0,43
EPS growth (%) -0,1 -86,9 N/A
EPS adj. -0,25 -0,05 0,43
Dividend per share 0 0 0
EV/EBITDA (x) 10,5 7,3 5,1
EV/EBIT adj. (x) 189,5 39,4 12,5
P/E (x) N/A N/A 18,36
P/E adj. (x) N/A N/A 18,4
EV/sales (x) 1,64 1,51 1,35
FCF yield (%) -6,9 -8,3 5,6
Le. adj. FCF yld. (%) -6,9 -8,3 5,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,6 0 -0,2
Le. adj. ND/EBITDA (x) 1,4 0 -0,2
DKKm 2025 2026e 2027e
Sales 165,87 191,86 243,91
COGS -27 -31 -39
Gross profit 139 161 205
Other operating items -113 -121 -140
EBITDA 26 40 65
Depreciation and amortisation -28 -33 -39
Depreciation on leased assets 0 0 0
EBITA -2,16 7,35 26,38
Operating EO items -4 0 0
Impairment and amortisation charges 0 0 0
EBIT -2,16 7,35 26,38
Net financial items -8 -9 -8
Pretax profit -10 -2 18
Tax -1 0 0
Net profit -11 -2 18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 -2 18
EPS -0,38 -0,05 0,43
EPS adj. -0,25 -0,05 0,43
Total extraordinary items after tax -4 0 0
Leasing payments 0 0 0
Tax rate (%) -6,1 0 0
Gross margin (%) 83,8 84 84,1
EBITDA margin (%) 15,7 20,8 26,6
EBITA margin (%) -1,3 3,8 10,8
EBIT margin (%) -1,3 3,8 10,8
Pre-tax margin (%) -6,3 -0,9 7,6
Net margin (%) -6,6 -0,9 7,6
Sales growth (%) 13,2 15,7 27,1
EBITDA growth (%) 4,1 53,8 62,4
EBITA growth (%) -321,1 -439,8 258,7
EBIT growth (%) -321,1 -439,8 N/A
Net profit growth (%) 12,9 -83,5 -1116,5
EPS growth (%) -0,1 -86,9 N/A
Year N/A N/A N/A
ROE (%) -13,4 -1,5 11,3
ROE adj. (%) -8,8 -1,5 11,3
ROCE (%) -1,1 4,2 11,7
ROCE adj. (%) 1,4 4,2 11,7
ROIC (%) -2 5,3 16,7
ROIC adj. (%) 1,3 5,3 16,7
EBITDA adj. 30 40 65
EBITDA adj. margin (%) 17,8 20,8 26,6
EBITDA lease adj. 30 40 65
EBITDA lease adj. margin (%) 17,8 20,8 26,6
EBITA adj. 1 7 26
EBITA adj. margin (%) 0,9 3,8 10,8
EBIT adj. 1 7 26
EBIT adj. margin (%) 0,9 3,8 10,8
Pretax profit Adj. -7 -2 18
Net profit Adj. -7 -2 18
Net profit to shareholders adj. -7 -2 18
Net adj. margin (%) -4,3 -0,9 7,6
DKKm 2025 2026e 2027e
EBITDA 26 40 65
Goodwill 0 0 0
Net financial items -8 -9 -8
Other intangible assets 28 20 12
Paid tax -1 0 0
Tangible fixed assets 101 140 156
Non-cash items 7 9 8
Right-of-use asset 1 1 1
Cash flow before change in WC 25 40 65
Other Fixed Assets All 2 2 2
Change in working capital 2 0 0
Fixed assets 132 164 171
Operating cash flow 26 40 65
Inventories 5 6 7
Capex tangible fixed assets -27 -61 -41
Receivables 9 12 15
Capex intangible fixed assets -15 -4 -4
Other current assets 4 6 7
Acquisitions and Disposals 0 0 0
Cash and liquid assets 27 69 74
Free cash flow -16 -24 19
Total assets 178 256 274
Dividend paid 0 0 0
Shareholders equity 81 154 172
Share issues and buybacks 8 75 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 81 154 172
Other changes in net debt -8 -9 -8
Long-term debt 45 45 39
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 25 25 25
Accounts payable 6 6 7
Other current liabilities 20 25 30
Total liabilities and equity 178 256 274
Net IB debt 43 1 -10
Net IB debt excl. pension debt 43 1 -10
Net IB debt excl. leasing 42 0 -11
Capital employed 151 224 236
Capital invested 123 155 162
Working capital -8 -8 -8
Market cap. diluted (m) 230 289 339
Net IB debt adj. 43 1 -10
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 272 290 329
Total assets turnover (%) 95,4 88,4 92
Working capital/sales (%) -4 -4,1 -3,3
Year N/A N/A N/A
Net debt/equity (%) 52,7 0,5 -5,9
Net debt / market cap (%) 20 0,3 -3,2
Equity ratio (%) 45,3 60,1 62,8
Net IB debt adj. / equity (%) 52,7 0,5 -5,9
Current ratio 0,91 1,66 1,68
EBITDA/net interest 3,2 4,4 8,2
Net IB debt/EBITDA (x) 1,6 0 -0,2
Net IB debt/EBITDA lease adj. (x) 1,4 0 -0,2
Interest coverage 0,2 0,8 3,2
DKKm 2025 2026e 2027e
Shares outstanding adj. 27 34 41
Diluted shares adj. 29 36 43
EPS -0,38 -0,05 0,43
Dividend per share 0 0 0
EPS adj. -0,25 -0,05 0,43
BVPS 2,79 4,23 4,04
BVPS adj. 1,83 3,67 3,77
Net IB debt/share 1,47 0,02 -0,24
Share price 7,95 7,95 7,95
Market cap. (m) 213 272 322
P/E (x) N/A N/A 18,36
EV/sales (x) 1,64 1,51 1,35
EV/EBITDA (x) 10,5 7,3 5,1
EV/EBITA (x) -125,8 39,4 12,5
EV/EBIT (x) -125,8 39,4 12,5
Dividend yield (%) 0 0 0
FCF yield (%) -6,9 -8,3 5,6
Le. adj. FCF yld. (%) -6,9 -8,3 5,6
P/BVPS (x) 2,85 1,88 1,97
P/BVPS adj. (x) 4,02 2,04 2,01
P/E adj. (x) N/A N/A 18,4
EV/EBITDA adj. (x) 9,2 7,3 5,1
EV/EBITA adj. (x) 189,5 39,4 12,5
EV/EBIT adj. (x) 189,5 39,4 12,5
EV/CE (x) 1,8 1,3 1,4
Year N/A N/A N/A
Capex/sales (%) -25,4 -33,5 -18,7
Capex/depreciation 1,5 2 1,2
Capex tangibles / tangible fixed assets 26,5 43,1 26,4
Capex intangibles / definite intangibles 55,2 18,8 37
Depreciation on intang / def. intang 26 45 88
Depreciation on tangibles / tangibles 20,64 16,68 18

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordic Compound Invest A/S 20.6 % 20.6 % 19 Feb 2026
Denmark’s Export and Investment Fund 18.6 % 18.6 % 19 Feb 2026
Christian Damgaard Møller 10.8 % 10.8 % 19 Feb 2026
BI Asset Mgmt Fondsmaeglerselskab A/S 8.5 % 8.5 % 19 Feb 2026
Rune Kokholm 7.4 % 7.4 % 26 Aug 2021
Nordic Eye Invest ApS (Nordic Eye) 6.4 % 6.4 % 31 Dec 2022
Spintop Private Partners 5.0 % 5.0 % 31 Dec 2024
Copenhagen Nice Hats IVS 3.7 % 3.7 % 25 May 2021
Jens Frandsen 3.4 % 3.4 % 6 Jun 2022
HOWZAT Partners 3.4 % 3.4 % 25 May 2021
Source: Holdings by Modular Finance AB