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Energy Save

Energy Save

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Energy Save is a Swedish heat pump manufacturer (~80% residential, ~20% commercial) that uses in-house R&D and outsourced production to deliver growth above the market (>20%) and a 15% EBIT margin in the longer-term. The company has grown sales by ~30% p.a. historically, and sells its products through distributors under its own brand, and to OEMs through a private label approach

Slow uptick in heat pump demand and lack of transition from fossil-fuelled heating, lower-than-expected margin support from higher volumes, Aira partnership not being extended, continued negative cash flow generation unless volumes improve

Financials

SEKm 2024 2025e 2026e
Sales 246 211 310
Sales growth (%) 44,3 -14,4 47,2
EBITDA -10 -11 18
EBITDA margin (%) -3,9 -5,2 6
EBIT adj. -16 -18 11
EBIT adj. margin (%) -6,5 -8,3 3,7
Pretax profit -16 -18 11
EPS -2,16 -2,72 1,36
EPS growth (%) -60,7 25,8 N/A
EPS adj. -2,16 -2,72 1,36
DPS 0 0 0
EV/EBITDA (x) -6,8 -6 2,8
EV/EBIT adj. (x) -4,1 -3,8 4,5
P/E (x) N/A N/A 11,1
P/E adj. (x) N/A N/A 11,1
EV/sales (x) 0,27 0,31 0,17
FCF yield (%) -26,7 -0,1 14,5
Le. adj. FCF yld. (%) -26,7 -0,1 14,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,5 3 -2,6
Le. adj. ND/EBITDA (x) 3,5 3 -2,6
SEKm 2024 2025e 2026e
Sales 246 211 310
COGS -160 -137 -201
Gross profit 86 74 108
Other operating items -96 -85 -90
EBITDA -10 -11 18
Depreciation and amortisation -6 -7 -7
of which leasing depreciation 0 0 0
EBITA -16 -18 11
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -16 -18 11
Net financial items 0 0 0
Pretax profit -16 -18 11
Tax 2 0 -2
Net profit -14 -18 9
Minority interest 0 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -14 -18 9
EPS -2,16 -2,72 1,36
EPS adj. -2,16 -2,72 1,36
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 12,7 0 20
Gross margin (%) 35 35 35
EBITDA margin (%) -3,9 -5,2 6
EBITA margin (%) -6,5 -8,3 3,7
EBIT margin (%) -6,5 -8,3 3,7
Pre-tax margin (%) -6,6 -8,5 3,6
Net margin (%) -5,8 -8,5 2,9
Sales growth (%) 44,3 -14,4 47,2
EBITDA growth (%) -56,8 14,1 -267,8
EBITA growth (%) -43,4 10,3 -165,4
EBIT growth (%) -43,4 10,3 -165,4
Net profit growth (%) -48,3 25,8 -150,1
EPS growth (%) -60,7 25,8 N/A
Profitability N/A N/A N/A
ROE (%) -7,7 -10,4 5,4
ROE adj. (%) -7,7 -10,4 5,4
ROCE (%) -7,8 -8,6 5,4
ROCE adj. (%) -7,8 -8,6 5,4
ROIC (%) -9,2 -12,7 7,3
ROIC adj. (%) -9,2 -12,7 7,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -10 -11 18
EBITDA adj. margin (%) -3,9 -5,2 6
EBITDA lease adj. -10 -11 18
EBITDA lease adj. margin (%) -3,9 -5,2 6
EBITA adj. -16 -18 11
EBITA adj. margin (%) -6,5 -8,3 3,7
EBIT adj. -16 -18 11
EBIT adj. margin (%) -6,5 -8,3 3,7
Pretax profit Adj. -16 -18 11
Net profit Adj. -14 -18 9
Net profit to shareholders adj. -14 -18 9
Net adj. margin (%) -5,8 -8,5 2,9
SEKm 2024 2025e 2026e
Goodwill 0 0 0
EBITDA -10 -11 18
Other intangible assets 39 39 40
Net financial items 0 0 0
Tangible fixed assets 5 7 9
Paid tax 0 0 -2
Right-of-use asset N/A N/A N/A
Non-cash items 4 0 0
Total other fixed assets 21 21 21
Cash flow before change in WC -6 -11 16
Fixed assets 65 66 69
Change in working capital 0 19 8
Inventories 99 84 77
Operating cash flow -6 8 24
Receivables 21 26 41
Capex tangible fixed assets -3 -2 -2
Other current assets 6 6 9
Capex intangible fixed assets -18 -6 -7
Cash and liquid assets 54 79 94
Acquisitions and Disposals 0 0 0
Total assets 245 262 291
Free cash flow -27 0 14
Shareholders equity 180 162 171
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 180 162 171
Leasing liability amortisation N/A N/A N/A
Long-term debt 2 4 27
Other non-cash items 19 0 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 14 14 14
Short-term debt 19 42 19
Accounts payable 17 21 31
Other current liabilities 12 18 28
Total liabilities and equity 245 262 291
Net IB debt -34 -33 -48
Net IB debt excl. pension debt -34 -33 -48
Net IB debt excl. leasing -34 -33 -48
Capital employed 201 208 217
Capital invested 147 129 123
Working capital 97 78 69
Market cap. diluted (m) 99 99 99
Net IB debt adj. -34 -33 -48
Market value of minority 0 0 0
Reversal of shares and participations -20 -20 -20
Reversal of conv. debt assumed equity N/A N/A N/A
EV 66 66 51
Total assets turnover (%) 92,3 83,1 112,2
Working capital/sales (%) 41,6 41,5 23,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -18,6 -20,6 -28
Net debt / market cap (%) -33,8 -33,7 -48,2
Equity ratio (%) 73,6 62,1 59
Net IB debt adj. / equity (%) -18,6 -20,6 -28
Current ratio 3,74 2,41 2,85
EBITDA/net interest 27 33,2 65,5
Net IB debt/EBITDA (x) 3,5 3 -2,6
Net IB debt/EBITDA lease adj. (x) 3,5 3 -2,6
Interest coverage 44,5 52,9 40,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS -2,16 -2,72 1,36
Dividend per share 0 0 0
EPS adj. -2,16 -2,72 1,36
BVPS 27,38 24,66 26,02
BVPS adj. 21,42 18,73 20,01
Net IB debt/share -5,1 -5,09 -7,28
Share price 15,1 15,1 15,1
Market cap. (m) 99 99 99
P/E (x) N/A N/A 11,1
EV/sales (x) 0,3 0,3 0,2
EV/EBITDA (x) -6,8 -6 2,8
EV/EBITA (x) -4,1 -3,8 4,5
EV/EBIT (x) -4,1 -3,8 4,5
Dividend yield (%) 0 0 0
FCF yield (%) -26,7 -0,1 14,5
Le. adj. FCF yld. (%) -26,7 -0,1 14,5
P/BVPS (x) 0,55 0,61 0,58
P/BVPS adj. (x) 0,71 0,81 0,75
P/E adj. (x) N/A N/A 11,1
EV/EBITDA adj. (x) -6,8 -6 2,8
EV/EBITA adj. (x) -4,1 -3,8 4,5
EV/EBIT adj. (x) -4,1 -3,8 4,5
EV/CE (x) 0,3 0,3 0,2
Investment ratios N/A N/A N/A
Capex/sales (%) 8,4 3,8 3,2
Capex/depreciation 3,3 1,2 1,4
Capex tangibles / tangible fixed assets 53,1 25,8 27,8
Capex intangibles / definite intangibles 45,8 16,2 18,8
Depreciation on intang / def. intang 16 16,8 17,4
Depreciation on tangibles / tangibles 0 0 1,1

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Media

Energy Save - Company presentation with CEO Fredrik Sävenstrand & CFO Helena Wachtmeister

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Main shareholders - Energy Save

Main shareholders Share capital % Voting shares % Verified
Christian Gulbrandsen 14.0 % 37.3 % 29 Jul 2025
Project Air AB 13.6 % 37.2 % 29 Jul 2025
Theodor Jeansson Jr. 9.3 % 3.3 % 29 Jul 2025
Nordea Funds 7.9 % 2.8 % 29 Jul 2025
Avanza Pension 4.3 % 1.5 % 29 Jul 2025
Henrik Nilsson 3.0 % 1.0 % 29 Jul 2025
Carnegie Fonder 3.0 % 1.0 % 31 Jul 2025
Bo Westerberg 2.3 % 0.8 % 29 Jul 2025
Linus Åke Fredrik Lindström 2.0 % 0.7 % 29 Jul 2025
Nordnet Pensionsförsäkring 2.0 % 0.7 % 29 Jul 2025
Source: Holdings by Modular Finance AB