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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.

The trend of increasing properties’ energy efficiency for both environmental and financial reasons looks set to continue. Therefore, Ecoclime’s product offering means it is ideally positioned to capitalise on this structural sustainability trend.

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 2021 2022e 2023e
Sales 157 259 335
Sales growth (%) 1,5 65 29,1
EBITDA -4 8 53
EBITDA margin (%) -2,4 3,2 15,9
EBIT adj 1 7 39
EBIT adj margin (%) 0,8 2,8 11,7
Pretax profit -14 -6 34
EPS rep -0,31 -0,14 0,58
EPS growth (%) -309,4 54,1 506,2
EPS adj 0,13 0,19 0,73
DPS 0 0 0
EV/EBITDA (x) -118,2 62,4 10,1
EV/EBIT adj (x) 342 71,9 13,8
P/E (x) -48,1 -87,5 21,5
P/E adj (x) 114,3 65,3 17
EV/sales (x) 2,8 2 1,6
FCF yield (%) -5,7 -10,4 -4,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 38,6 -7,1 -0,8
Lease adj. FCF yield (%) -6,4 -11,2 -5
Lease adj. ND/EBITDA -20,4 -4 -1
SEKm 2021 2022e 2023e
Sales 157 259 335
COGS -67 -113 -126
Gross profit 90 146 209
Other operating items -94 -138 -156
EBITDA -4 8 53
Depreciation and amortisation -7 -11 -15
Of which leasing depreciation -4 -4 -4
EBITA -11 -2 38
EO items -15 -12 -4
Impairment and PPA amortisation -3 -3 -3
EBIT -13 -5 35
Net financial items -1 -1 -1
Pretax profit -14 -6 34
Tax 2 -1 -7
Net profit -12 -7 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -12 -7 27
EPS -0,31 -0,14 0,58
EPS Adj 0,13 0,19 0,73
Total extraordinary items after tax -14,7 -12,5 -4
Leasing payments -4 -4 -4
Tax rate (%) -15,6 10,8 -20,6
Gross margin (%) 57,2 56,4 62,4
EBITDA margin (%) -2,4 3,2 15,9
EBITA margin (%) -6,9 -0,8 11,4
EBIT margin (%) -8,5 -2 10,5
Pretax margin (%) -9,2 -2,3 10,2
Net margin (%) -7,8 -2,6 8,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 1,5 65 29,1
EBITDA growth (%) -126,9 323,6 537,9
EBIT growth (%) -324,6 61 772,1
Net profit growth (%) -366,2 45,6 508,4
EPS growth (%) -309,4 54,1 506,2
Profitability 2021 2022 2023
ROE (%) -5,1 -2,1 8,3
ROE Adj (%) 2,2 2,9 10,5
ROCE (%) -5,4 -1,6 9,7
ROCE Adj(%) 1,6 3,1 11,7
ROIC (%) -7,6 -2,8 10,1
ROIC Adj (%) 0,7 3,8 11,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 11 21 57
EBITDA Adj margin (%) 7 8 17,1
EBITDA lease Adj 7 17 54
EBITDA lease Adj margin (%) 4,7 6,6 16
EBITA Adj 4 10 42
EBITA Adj margin (%) 2,5 4 12,6
EBIT Adj 1 7 39
EBIT Adj margin (%) 0,8 2,8 11,7
Pretax profit Adj 3 10 41
Net profit Adj 5 9 34
Net profit to shareholders Adj 5 9 34
Net Adj margin (%) 3,3 3,4 10,2
SEKm 2021 2022e 2023e
EBITDA -4 8 53
Net financial items -1 -1 -1
Paid tax 0 -1 -7
Non-cash items 9 0 0
Cash flow before change in WC 4 7 45
Change in WC -14 -8 -6
Operating cash flow -10 -1 40
CAPEX tangible fixed assets -9 -14 -34
CAPEX intangible fixed assets -12 -16 -16
Acquisitions and disposals -3 -29 -14
Free cash flow -33 -60 -25
Dividend paid 0 0 0
Share issues and buybacks 142 12 0
Lease liability amortisation -4 -5 -4
Other non cash items 9 -45 5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 33 77 74
Other intangible assets 66 82 98
Tangible fixed assets 30 51 74
Right-of-use asset 8 9 9
Total other fixed assets 21 20 20
Fixed assets 158 240 276
Inventories 8 15 20
Receivables 36 62 81
Other current assets 6 11 15
Cash and liquid assets 153 100 71
Total assets 360 428 463
Shareholders equity 309 314 341
Minority 0 0 0
Total equity 309 314 341
Long-term debt 1 31 17
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 6 9 9
Total other long-term liabilities 4 4 4
Short-term debt 1 1 1
Accounts payable 12 22 29
Other current liabilities 27 47 62
Total liabilities and equity 360 428 463
Net IB debt -145 -59 -44
Net IB debt excl. pension debt -145 -59 -44
Net IB debt excl. leasing -151 -68 -53
Capital invested 164 254 297
Working capital 10 19 24
EV breakdown 2021 2022 2023
Market cap. diluted (m) 587 581 584
Net IB debt Adj -145 -59 -44
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 442 521 539
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 53,5 65,9 75,2
Working capital / sales (%) 2,3 5,6 6,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -46,9 -18,9 -13
Net debt / market cap (%) -22,4 -10,2 -7,6
Equity ratio (%) 85,8 73,3 73,7
Net IB debt adj. / equity (%) -46,9 -18,9 -13
Current ratio (%) 471,9 246 190,3
EBITDA / net interest (%) -363,5 1095,9 5333,5
Net IB debt / EBITDA (%) 3864,8 -710,1 -83,4
Net IB debt / EBITDA lease Adj (%) -2041,8 -396,6 -99,5
Interest cover (%) -1050,4 -285,6 3833,5
SEKm 2021 2022e 2023e
Shares outstanding adj. 39 46 47
Fully diluted shares Adj 39 46 47
EPS -0,31 -0,14 0,58
Dividend per share Adj 0 0 0
EPS Adj 0,13 0,19 0,73
BVPS 7,88 6,76 7,3
BVPS Adj 5,35 3,32 3,6
Net IB debt / share -3,7 -1,3 -1
Share price 16,49 12,5 12,5
Market cap. (m) 646 581 584
Valuation 2021 2022 2023
P/E -48,1 -87,5 21,5
EV/sales 2,81 2,01 1,61
EV/EBITDA -118,2 62,4 10,1
EV/EBITA -40,9 -239,2 14,1
EV/EBIT -32,9 -99,7 15,4
Dividend yield (%) 0 0 0
FCF yield (%) -5,7 -10,4 -4,3
Lease adj. FCF yield (%) -6,4 -11,2 -5
P/BVPS 1,9 1,85 1,71
P/BVPS Adj 2,8 3,77 3,47
P/E Adj 114,3 65,3 17
EV/EBITDA Adj 40,3 25 9,4
EV/EBITA Adj 113,3 50,6 12,7
EV/EBIT Adj 342 71,9 13,8
EV/cap. employed 1,4 1,5 1,5
Investment ratios 2021 2022 2023
Capex / sales 13,2 11,7 15,1
Capex / depreciation 598,8 438,3 442,4
Capex tangibles / tangible fixed assets 28,9 27,5 46,2
Capex intangibles / definite intangibles 18,5 19,9 16,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,7 13,6 15,4

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Celsium Group i Umeå AB 13.7 % 54.1 % 28 Jun 2022
Sveafastigheter Bostad AB 13.3 % 6.7 % 28 Jun 2022
Lennart Olofsson 8.9 % 6.3 % 28 Jun 2022
Cliens Fonder 4.3 % 2.2 % 28 Jun 2022
Avanza Pension 3.8 % 1.9 % 28 Jun 2022
Nordnet Pensionsförsäkring 3.4 % 1.7 % 28 Jun 2022
Nordic Cross Asset Management 3.4 % 1.7 % 31 Jul 2022
Bengt Tedebo 3.2 % 1.6 % 28 Jun 2022
Pernilla Boyer 2.6 % 1.3 % 28 Jun 2022
Carnegie Fonder 2.4 % 1.2 % 31 Jul 2022
Source: Holdings by Modular Finance AB