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Ecoclime

Ecoclime

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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.

Financials

SEKm 2022 2023e 2024e
Sales 255 316 373
Sales growth (%) 62 24 17,9
EBITDA -28 22 50
EBITDA margin (%) -11,1 7,1 13,3
EBIT adj. -29 12 35
EBIT adj. margin (%) -11,4 3,8 9,3
Pretax profit -57 4 30
EPS -1,27 0,06 0,52
EPS growth (%) 309,6 -104,4 826,4
EPS adj. -0,6 0,22 0,64
DPS 0 0 0
EV/EBITDA (x) -9,6 13,5 6
EV/EBIT adj. (x) -9,3 24,8 8,7
P/E (x) -5,3 120,6 13
P/E adj. (x) -11,2 30,1 10,5
EV/sales (x) 1,07 0,95 0,8
FCF yield (%) -22,3 -9,8 2,8
Le. adj. FCF yld. (%) -24,6 -12,4 0,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,3 -0,5 -0,2
Le. adj. ND/EBITDA (x) 8,7 0,8 0,4
SEKm 2022 2023e 2024e
Sales 255 316 373
COGS -133 -135 -146
Gross profit 121 181 227
Other operating items -150 -159 -177
EBITDA -28 22 50
Depreciation and amortisation -24 -15 -16
of which leasing depreciation -4 -4 -4
EBITA -52 7 34
EO Items -26 -8 -4
Impairment and PPA amortisation -4 -3 -3
EBIT -56 4 31
Net financial items -1 0 0
Pretax profit -57 4 30
Tax -1 -1 -6
Net profit -58 3 24
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -58 3 24
EPS -1,27 0,06 0,52
EPS adj. -0,6 0,22 0,64
Total extraordinary items after tax -27 -6 -3
Leasing payments -4 -4 -4
Tax rate (%) -2,5 30,7 20,6
Gross margin (%) 47,7 57,3 60,9
EBITDA margin (%) -11,1 7,1 13,3
EBITA margin (%) -20,4 2,3 9,1
EBIT margin (%) -21,8 1,3 8,2
Pre-tax margin (%) -22,4 1,2 8,1
Net margin (%) -22,9 0,8 6,4
Sales growth (%) 62 24 17,9
EBITDA growth (%) 659 -178,6 122,8
EBITA growth (%) 380,5 -114,1 360,5
EBIT growth (%) N/A -107,4 N/A
Net profit growth (%) 378,6 -104,4 826,4
EPS growth (%) 309,6 -104,4 826,4
Profitability N/A N/A N/A
ROE (%) -20,5 1 8,7
ROE adj. (%) -9,7 4,3 11
ROCE (%) -18 1,4 10,1
ROCE adj. (%) -8,2 5,2 12,5
ROIC (%) -27,4 2,1 10,1
ROIC adj. (%) -13,4 4,4 11,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -2 30 54
EBITDA adj. margin (%) -0,7 9,6 14,4
EBITDA lease adj. -5 27 50
EBITDA lease adj. margin (%) -2,2 8,5 13,5
EBITA adj. -25 15 38
EBITA adj. margin (%) -10 4,9 10,1
EBIT adj. -29 12 35
EBIT adj. margin (%) -11,4 3,8 9,3
Pretax profit Adj. -27 15 37
Net profit Adj. -28 11 30
Net profit to shareholders adj. -28 11 30
Net adj. margin (%) -10,8 3,6 8,1
SEKm 2022 2023e 2024e
EBITDA -28 22 50
Goodwill 81 81 81
Net financial items -1 0 0
Other intangible assets 70 79 91
Paid tax 0 -1 -6
Tangible fixed assets 34 41 44
Non-cash items -1 0 0
Right-of-use asset 8 12 17
Cash flow before change in WC -31 21 43
Total other fixed assets 19 21 21
Change in working capital -1 -7 -5
Fixed assets 212 235 253
Operating cash flow -32 14 38
Inventories 30 37 44
Capex tangible fixed assets -6 -18 -15
Receivables 54 67 80
Capex intangible fixed assets -12 -12 -15
Other current assets 6 9 11
Acquisitions and Disposals -19 -14 0
Cash and liquid assets 76 36 37
Free cash flow -69 -31 9
Total assets 379 384 424
Dividend paid 0 0 0
Shareholders equity 261 264 288
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -7 -8 -8
Total equity 261 264 288
Other non-cash items -38 12 0
Long-term debt 28 15 15
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 10 10
Total other long-term liabilities 10 11 11
Short-term debt 0 0 0
Accounts payable 20 26 31
Other current liabilities 48 58 69
Total liabilities and equity 379 384 424
Net IB debt -37 -11 -12
Net IB debt excl. pension debt -37 -11 -12
Net IB debt excl. leasing -48 -21 -22
Capital employed 300 289 313
Capital invested 225 253 276
Working capital 22 29 34
Market cap. diluted (m) 308 312 312
Net IB debt adj. -37 -11 -12
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 272 301 300
Total assets turnover (%) 69 82,8 92,2
Working capital/sales (%) 6,5 8,2 8,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -14 -4,1 -4
Net debt / market cap (%) -11,8 -3,5 -3,7
Equity ratio (%) 68,9 68,7 67,9
Net IB debt adj. / equity (%) -14 -4,1 -4
Current ratio 2,44 1,77 1,71
EBITDA/net interest 21,4 55,8 124,3
Net IB debt/EBITDA (x) 1,3 -0,5 -0,2
Net IB debt/EBITDA lease adj. (x) 8,7 -0,8 -0,4
Interest coverage 39,1 18,3 84,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 46 46 46
Diluted shares adj. 46 46 46
EPS -1,27 0,06 0,52
Dividend per share 0 0 0
EPS adj. -0,6 0,22 0,64
BVPS 5,71 5,71 6,23
BVPS adj. 2,41 2,25 2,52
Net IB debt/share -0,8 -0,24 -0,25
Share price 6,7 6,7 6,7
Market cap. (m) 308 312 312
P/E (x) -5,3 120,6 13
EV/sales (x) 1,07 0,95 0,8
EV/EBITDA (x) -9,6 13,5 6
EV/EBITA (x) -5,2 41 8,9
EV/EBIT (x) -4,9 72,9 9,8
Dividend yield (%) 0 0 0
FCF yield (%) -22,3 -9,8 2,8
Le. adj. FCF yld. (%) -24,6 -12,4 0,2
P/BVPS (x) 1,18 1,18 1,08
P/BVPS adj. (x) 2,79 3 2,67
P/E adj. (x) -11,2 30,1 10,5
EV/EBITDA adj. (x) -143,6 9,9 5,6
EV/EBITA adj. (x) -10,7 19,6 7,9
EV/EBIT adj. (x) -9,3 24,8 8,7
EV/CE (x) 0,9 1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 7,2 9,7 7,8
Capex/depreciation 0,9 2,7 2,3
Capex tangibles / tangible fixed assets 18,9 44,4 33,3
Capex intangibles / definite intangibles 17 15,4 16
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 57,9 27,52 28,48

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Media

Ecoclime - Company presentation with Interim CEO Per Aspegren

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Lennart Olofsson 13.6 % 30.5 % 24 Feb 2023
Celsium Group i Umeå AB 6.9 % 29.1 % 24 Feb 2023
Sveafastigheter Bostad AB 13.2 % 6.7 % 24 Feb 2023
Avanza Pension 6.2 % 3.2 % 24 Feb 2023
Cliens Fonder 4.2 % 2.2 % 24 Feb 2023
Bengt Tedebo 2.9 % 1.5 % 24 Feb 2023
Pernilla Boyer 2.6 % 1.3 % 24 Feb 2023
Carnegie Fonder 2.4 % 1.2 % 28 Feb 2023
Hamberg Förvaltning AB 2.4 % 1.2 % 31 Dec 2021
Incusci Holding AB 2.3 % 1.2 % 24 Feb 2023
Source: Holdings by Modular Finance AB