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Ecoclime

Ecoclime

Ecoclime is a property technology (proptech) company that offers products and services in three segments: Circular Energy, Indoor Climate and Property Automation. The company aims to be a wholesale provider of proptech solutions that increase properties’ energy efficiency and improve indoor climate and comfort. The products have environmental advantages as well as financial incentives for property owners.

Risks include competing technologies for energy efficiency taking large market shares and Ecoclime not managing to scale up operations and increase profitability. Also, the company has an active M&A agenda, which comes with M&A identification, valuation, and integration risks.

SEKm 2023 2024e 2025e
Sales 324 364 412
Sales growth (%) 27,2 12,3 13,3
EBITDA 4 42 65
EBITDA margin (%) 1,3 11,6 15,7
EBIT adj. 3 34 51
EBIT adj. margin (%) 0,9 9,3 12,3
Pretax profit -25 25 46
EPS -0,54 0,43 0,78
EPS growth (%) -57,4 -179,4 81,9
EPS adj. -0,08 0,65 0,92
DPS 0 0 0
EV/EBITDA (x) 47 4,8 3
EV/EBIT adj. (x) 66,9 6 3,8
P/E (x) -8,3 10,4 5,7
P/E adj. (x) -56 7 4,9
EV/sales (x) 0,63 0,56 0,46
FCF yield (%) -11,7 4,2 2,9
Le. adj. FCF yld. (%) -15,1 0,3 -1,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1 -0,1 -0,3
Le. adj. ND/EBITDA (x) -0,9 -0,3 -0,4
SEKm 2023 2024e 2025e
Sales 324 364 412
COGS -161 -165 -177
Gross profit 163 199 235
Other operating items -159 -156 -170
EBITDA 4 42 65
Depreciation and amortisation -15 -13 -14
of which leasing depreciation -4 -4 -4
EBITA -10 29 51
EO Items -17 -9 -4
Impairment and PPA amortisation -4 -4 -4
EBIT -14 25 47
Net financial items -10 0 -1
Pretax profit -25 25 46
Tax -1 -5 -9
Net profit -25 20 36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -25 20 36
EPS -0,54 0,43 0,78
EPS adj. -0,08 0,65 0,92
Total extraordinary items after tax -18 -7 -3
Leasing payments -4 -4 -4
Tax rate (%) -2,4 20,6 20,6
Gross margin (%) 50,4 54,7 57,1
EBITDA margin (%) 1,3 11,6 15,7
EBITA margin (%) -3,2 8,1 12,3
EBIT margin (%) -4,3 7 11,4
Pre-tax margin (%) -7,6 6,9 11,1
Net margin (%) -7,7 5,5 8,8
Sales growth (%) 27,2 12,3 13,3
EBITDA growth (%) -115,3 875,4 53,3
EBITA growth (%) -80,2 -386,8 72,4
EBIT growth (%) -74,7 -281,3 83,8
Net profit growth (%) -57 -179,4 81,9
EPS growth (%) -57,4 -179,4 81,9
Profitability N/A N/A N/A
ROE (%) -10,1 8,1 13,2
ROE adj. (%) -1,5 12,5 15,8
ROCE (%) -4,9 8,9 15,3
ROCE adj. (%) 2,4 13,3 17,9
ROIC (%) -4,6 9,7 15,3
ROIC adj. (%) 3,1 12,5 16,5
Adj. earnings numbers N/A N/A N/A
EBITDA lease adj. 18 47 65
EBITDA adj. 30 57 77
EBITDA lease adj. margin (%) 5,5 12,9 15,7
EBITDA adj. margin (%) 9 15,4 18,5
EBITA adj. 7 38 55
EBITA adj. margin (%) 2,1 10,4 13,3
EBIT adj. 3 34 51
EBIT adj. margin (%) 0,9 9,3 12,3
Pretax profit Adj. -4 38 54
Net profit Adj. -4 31 43
Net profit to shareholders adj. -4 31 43
Net adj. margin (%) -1,2 8,4 10,5
SEKm 2023 2024e 2025e
EBITDA 4 42 65
Goodwill 68 68 68
Net financial items -10 0 -1
Other intangible assets 77 87 97
Paid tax -1 -5 -9
Tangible fixed assets 29 31 37
Non-cash items 0 0 0
Right-of-use asset 15 19 23
Cash flow before change in WC -7 37 54
Total other fixed assets 18 18 18
Change in working capital 1 -3 -4
Fixed assets 206 222 242
Operating cash flow -6 33 50
Inventories 35 39 44
Capex tangible fixed assets -6 -11 -16
Receivables 66 74 84
Capex intangible fixed assets -10 -14 -14
Other current assets 14 16 18
Acquisitions and Disposals -3 0 -14
Cash and liquid assets 44 44 42
Free cash flow -24 9 6
Total assets 364 395 430
Dividend paid 0 0 0
Shareholders equity 236 256 292
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -7 -8 -9
Total equity 236 256 292
Other non-cash items 8 0 14
Long-term debt 28 28 14
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 11 11
Total other long-term liabilities 2 2 2
Short-term debt 0 0 0
Accounts payable 41 46 52
Other current liabilities 47 52 59
Total liabilities and equity 364 395 430
Net IB debt -4 -5 -17
Net IB debt excl. pension debt -4 -5 -17
Net IB debt excl. leasing -16 -16 -28
Capital employed 275 295 317
Capital invested 232 251 276
Working capital 27 31 35
Market cap. diluted (m) 208 208 208
Net IB debt adj. -4 -5 -17
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 204 203 191
Total assets turnover (%) 87,3 95,8 99,9
Working capital/sales (%) 7,7 8 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,9 -2 -5,7
Net debt / market cap (%) -2,1 -2,4 -8
Equity ratio (%) 64,8 64,9 68
Net IB debt adj. / equity (%) -1,9 -2 -5,7
Current ratio 1,81 1,77 1,69
EBITDA/net interest 0,4 105,7 54,1
Net IB debt/EBITDA (x) -1 -0,1 -0,3
Net IB debt/EBITDA lease adj. (x) -0,9 -0,3 -0,4
Interest coverage 1 73,7 42,4
SEKm 2023 2024e 2025e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 46 46
EPS -0,54 0,43 0,78
Dividend per share 0 0 0
EPS adj. -0,08 0,65 0,92
BVPS 5,11 5,54 6,32
BVPS adj. 1,98 2,2 2,76
Net IB debt/share -0,1 -0,11 -0,36
Share price 4,5 4,5 4,5
Market cap. (m) 208 208 208
P/E (x) -8,3 10,4 5,7
EV/sales (x) 0,63 0,56 0,46
EV/EBITDA (x) 47 4,8 3
EV/EBITA (x) -19,8 6,9 3,8
EV/EBIT (x) -14,5 8 4,1
Dividend yield (%) 0 0 0
FCF yield (%) -11,7 4,2 2,9
Le. adj. FCF yld. (%) -15,1 0,3 -1,2
P/BVPS (x) 0,88 0,81 0,71
P/BVPS adj. (x) 2,27 2,05 1,63
P/E adj. (x) -56 7 4,9
EV/EBITDA adj. (x) 9,5 4 2,8
EV/EBITA adj. (x) 29,9 5,3 3,5
EV/EBIT adj. (x) 66,9 6 3,8
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 5 6,8 7,3
Capex/depreciation 1,5 2,8 3
Capex tangibles / tangible fixed assets 20,9 34,5 43,6
Capex intangibles / definite intangibles 13,1 16,3 14,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 38,12 28,7 27,3

Equity research

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Media

Ecoclime - Company presentation with Interim CEO Krister Werner
Ecoclime - Company presentation with Interim CEO Per Aspegren

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Lennart Olofsson 13.5 % 30.5 % 29 Jan 2024
Celsium Group i Umeå AB 6.7 % 29.0 % 29 Jan 2024
Samhällsbyggnadsbolaget i Norden AB 13.2 % 6.7 % 29 Jan 2024
NEA Partners 8.7 % 4.4 % 27 Nov 2023
Cliens Fonder 4.2 % 2.2 % 27 Dec 2023
Avanza Pension 3.7 % 1.9 % 29 Jan 2024
Pernilla Boyer 2.6 % 1.3 % 29 Jan 2024
Bengt Tedebo 2.4 % 1.2 % 29 Jan 2024
Carnegie Fonder 2.4 % 1.2 % 31 Jan 2024
Hamberg Förvaltning AB 2.3 % 1.2 % 31 Dec 2022
Source: Holdings by Modular Finance AB