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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 246 238 349
Sales growth (%) 44,3 -3,4 46,9
EBITDA -10 -9 25
EBITDA margin (%) -3,9 -3,7 7,2
EBIT adj. -16 -16 18
EBIT adj. margin (%) -6,5 -6,5 5,2
Pretax profit -16 -16 18
EPS -2,16 -2,4 2,19
EPS growth (%) -60,7 11,2 N/A
EPS adj. -2,16 -2,4 2,19
DPS 0 0 0
EV/EBITDA (x) -10,1 -12,1 3,4
EV/EBIT adj. (x) -6,1 -6,9 4,7
P/E (x) N/A N/A 9,1
P/E adj. (x) N/A N/A 9,1
EV/sales (x) 0,39 0,45 0,25
FCF yield (%) -20,3 -7,1 15,2
Le. adj. FCF yld. (%) -20,3 -7,1 15,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,5 2,8 -1,7
Le. adj. ND/EBITDA (x) 3,5 2,8 -1,7
SEKm 2024 2025e 2026e
Sales 246 238 349
COGS -160 -156 -227
Gross profit 86 82 122
Other operating items -96 -91 -97
EBITDA -10 -9 25
Depreciation and amortisation -6 -7 -7
of which leasing depreciation 0 0 0
EBITA -16 -16 18
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -16 -16 18
Net financial items 0 0 0
Pretax profit -16 -16 18
Tax 2 0 -4
Net profit -14 -16 14
Minority interest 0 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -14 -16 14
EPS -2,16 -2,4 2,19
EPS adj. -2,16 -2,4 2,19
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 12,7 0 20
Gross margin (%) 35 34,4 35
EBITDA margin (%) -3,9 -3,7 7,2
EBITA margin (%) -6,5 -6,5 5,2
EBIT margin (%) -6,5 -6,5 5,2
Pre-tax margin (%) -6,6 -6,6 5,2
Net margin (%) -5,8 -6,6 4,1
Sales growth (%) 44,3 -3,4 46,9
EBITDA growth (%) -56,8 -8,8 -386,9
EBITA growth (%) -43,4 -2,6 -217,8
EBIT growth (%) -43,4 -2,6 -217,8
Net profit growth (%) -48,3 11,2 -191,2
EPS growth (%) -60,7 11,2 N/A
Profitability N/A N/A N/A
ROE (%) -7,7 -9,2 8,4
ROE adj. (%) -7,7 -9,2 8,4
ROCE (%) -7,8 -8 9,5
ROCE adj. (%) -7,8 -8 9,5
ROIC (%) -9,2 -10,8 10,6
ROIC adj. (%) -9,2 -10,8 10,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -10 -9 25
EBITDA adj. margin (%) -3,9 -3,7 7,2
EBITDA lease adj. -10 -9 25
EBITDA lease adj. margin (%) -3,9 -3,7 7,2
EBITA adj. -16 -16 18
EBITA adj. margin (%) -6,5 -6,5 5,2
EBIT adj. -16 -16 18
EBIT adj. margin (%) -6,5 -6,5 5,2
Pretax profit Adj. -16 -16 18
Net profit Adj. -14 -16 14
Net profit to shareholders adj. -14 -16 14
Net adj. margin (%) -5,8 -6,6 4,1
SEKm 2024 2025e 2026e
Goodwill 0 0 0
EBITDA -10 -9 25
Other intangible assets 39 40 41
Net financial items 0 0 0
Tangible fixed assets 5 7 9
Paid tax 0 0 -4
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 -9 21
Fixed assets 65 67 71
Change in working capital 0 9 10
Inventories 99 95 87
Operating cash flow -6 0 31
Receivables 21 27 46
Capex tangible fixed assets -3 -2 -3
Other current assets 6 10 14
Capex intangible fixed assets -18 -7 -8
Cash and liquid assets 54 45 65
Acquisitions and Disposals 0 0 0
Total assets 245 243 284
Free cash flow -27 -9 20
Shareholders equity 180 164 179
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 180 164 179
Leasing liability amortisation N/A N/A N/A
Long-term debt 2 2 2
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 19 19
Accounts payable 17 24 35
Other current liabilities 12 20 34
Total liabilities and equity 245 243 284
Net IB debt -34 -24 -44
Net IB debt excl. pension debt -34 -24 -44
Net IB debt excl. leasing -34 -24 -44
Capital employed 201 185 200
Capital invested 147 140 135
Working capital 97 88 78
Market cap. diluted (m) 131 131 131
Net IB debt adj. -34 -24 -44
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 97 106 87
Total assets turnover (%) 92,3 97,4 132,6
Working capital/sales (%) 41,6 38,9 23,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -18,6 -14,8 -24,7
Net debt / market cap (%) -25,7 -18,6 -33,8
Equity ratio (%) 73,6 67,6 63,1
Net IB debt adj. / equity (%) -18,6 -14,8 -24,7
Current ratio 3,74 2,83 2,41
EBITDA/net interest 27 29,5 101,9
Net IB debt/EBITDA (x) 3,5 2,8 -1,7
Net IB debt/EBITDA lease adj. (x) 3,5 2,8 -1,7
Interest coverage 44,5 52 73,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS -2,16 -2,4 2,19
Dividend per share 0 0 0
EPS adj. -2,16 -2,4 2,19
BVPS 27,38 24,98 27,16
BVPS adj. 21,42 18,95 20,91
Net IB debt/share -5,1 -3,69 -6,71
Share price 19,85 19,85 19,85
Market cap. (m) 131 131 131
P/E (x) N/A N/A 9,1
EV/sales (x) 0,4 0,4 0,2
EV/EBITDA (x) -10,1 -12,1 3,4
EV/EBITA (x) -6,1 -6,9 4,7
EV/EBIT (x) -6,1 -6,9 4,7
Dividend yield (%) 0 0 0
FCF yield (%) -20,3 -7,1 15,2
Le. adj. FCF yld. (%) -20,3 -7,1 15,2
P/BVPS (x) 0,73 0,79 0,73
P/BVPS adj. (x) 0,93 1,05 0,95
P/E adj. (x) N/A N/A 9,1
EV/EBITDA adj. (x) -10,1 -12,1 3,4
EV/EBITA adj. (x) -6,1 -6,9 4,7
EV/EBIT adj. (x) -6,1 -6,9 4,7
EV/CE (x) 0,5 0,6 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 8,4 3,8 3,2
Capex/depreciation 3,3 1,3 1,6
Capex tangibles / tangible fixed assets 53,1 28,1 29,6
Capex intangibles / definite intangibles 45,8 18 20,4
Depreciation on intang / def. intang 16 16,9 16,8
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 % 26 Jun 2025
Project Air AB 13.6 % 37.2 % 26 Jun 2025
Theodor Jeansson Jr. 9.3 % 3.3 % 26 Jun 2025
Nordea Funds 7.9 % 2.8 % 26 Jun 2025
Avanza Pension 4.1 % 1.4 % 26 Jun 2025
Henrik Nilsson 3.0 % 1.0 % 26 Jun 2025
Carnegie Fonder 3.0 % 1.0 % 30 Jun 2025
Bo Westerberg 2.3 % 0.8 % 26 Jun 2025
Nordnet Pensionsförsäkring 2.1 % 0.7 % 26 Jun 2025
Linus Åke Fredrik Lindström 2.0 % 0.7 % 26 Jun 2025
Source: Holdings by Modular Finance AB