Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Flexion Mobile

Flexion Mobile

Reaching a wider Android market

Flexion is primarily a game distributor on the alternative Android market (which does not include Google Play or China). It offers game developers an opportunity to reach a wider Android market than Google Play, through its full service offering and unique technology, without any additional effort for the game developer itself. The Android mobile games market is growing strongly, with Google Play as the frontrunner. We believe that the alternative Android market has a good chance to match it, or even grow faster in percentage terms.

Long-term risks include dependence on key partners, increased competition, and consolidation in the Android market. We think that key channel partners are of particular importance to Flexion, as they are limited. There is currently no direct competitor to Flexion, because it is a first-mover in a niche market, but we expect increased competition. Furthermore, the current fragmentation wave on the Android market will not last forever. Eventual consolidation is likely, which might decrease the value Flexion brings to its customers.

GBPm 2022 2023e 2024e
Sales 67 86 110
Sales growth (%) 106,5 27,9 27,2
EBITDA 3 7 10
EBITDA margin (%) 5,1 7,9 9,4
EBIT adj 0 1 9
EBIT adj margin (%) 0 1 7,8
Pretax profit -1 0 7
EPS rep -0,02 0 0,11
EPS growth (%) -638,2 76 2752,3
EPS adj -0,02 0 0,11
DPS 0 0 0
EV/EBITDA (x) 16,7 8,5 5
EV/EBIT adj (x) 3216,2 68,4 6,1
P/E (x) -73,2 -304,8 11,5
P/E adj (x) -73,2 -304,8 11,5
EV/sales (x) 0,9 0,7 0,5
FCF yield (%) 0,2 8,5 11,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,6 -2,5 -2,4
Lease adj. FCF yield (%) 0,1 8,4 11,3
Lease adj. ND/EBITDA -3,7 -2,6 -2,4
GBPm 2022 2023e 2024e
Sales 67 86 110
COGS -56 -71 -90
Gross profit 11 16 20
Other operating items -8 -9 -10
EBITDA 3 7 10
Depreciation on tangibles 0 0 0
Depreciation on intangibles 0 0 0
EBITA 0 1 9
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 0 1 9
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 0 7
Tax 0 0 -1
Net profit -1 0 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 0 7
EPS -0,02 0 0,11
EPS Adj -0,02 0 0,11
Total extraordinary items after tax 0 0 0
Tax rate (%) 5,9 -10 -10
Gross margin (%) 16,5 18,1 18,2
EBITDA margin (%) 5,1 7,9 9,4
EBITA margin (%) 0 1 7,8
EBIT margin (%) 0 1 7,8
Pretax margin (%) -1,3 -0,3 6,8
Net margin (%) -1,4 -0,3 6,1
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 106,5 27,9 27,2
EBITDA growth (%) 2191,8 98,1 51,1
EBIT growth (%) -93,8 4612,5 917,6
Net profit growth (%) -652,8 74,2 2814,2
EPS growth (%) -638,2 76 2752,3
Profitability 2022 2023 2024
ROE (%) -6,9 -1,5 29,6
ROE Adj (%) -6,9 -1,5 29,6
ROCE (%) 0,1 5,1 37,9
ROCE Adj(%) 0,1 5,1 37,9
ROIC (%) 1 17,1 181,7
ROIC Adj (%) 1 17,1 181,7
Adj earnings numbers 2022 2023 2024
EBITDA Adj 3 7 10
EBITDA Adj margin (%) 5,1 7,9 9,4
EBITA Adj 0 1 9
EBITA Adj margin (%) 0 1 7,8
EBIT Adj 0 1 9
EBIT Adj margin (%) 0 1 7,8
Pretax profit Adj -1 0 7
Net profit Adj -1 0 7
Net profit to shareholders Adj -1 0 7
Net Adj margin (%) -1,4 -0,3 6,1
Depreciation and amortisation -3 -6 -2
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 3 7 10
EBITDA lease Adj margin (%) 5 7,8 9,3
Leasing payments 0 0 0
GBPm 2022 2023e 2024e
Total liabilities and equity 45 46 53
Net IB debt -12 -17 -25
Net IB debt excl. pension debt -12 -17 -25
Capital invested 5 4 5
Working capital -11 -8 -9
EV breakdown 2022 2023 2024
Market cap. diluted (m) 70 75 77
Net IB debt Adj -12 -17 -25
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 57 58 52
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 186,2 190,9 221
Capital invested turnover (%) 19415,4 14546,9 10754,1
Capital employed turnover (%) 310,3 251 315,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,8 9,6 7,5
Working capital / sales (%) -15,1 -11,3 -8
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) -84 -95 -92,6
Net debt / market cap (%) -18,8 -24,5 -34,1
Equity ratio (%) 32,9 40 50,1
Net IB debt adj. / equity (%) -84 -95 -92,6
Current ratio (%) 105,4 143,8 167,9
EBITDA / net interest (%) 374,7 610,8 893,8
Net IB debt / EBITDA (%) -358,1 -254,8 -241
Interest cover (%) 1,9 75,5 744,1
EBITDA 3 7 10
Net financial items -1 -1 -1
Paid tax 0 0 -1
Non-cash items 0 0 0
Cash flow before change in WC 2 6 8
Change in WC -2 1 1
Operating cash flow 0 7 9
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 -1
Acquisitions and disposals 0 0 0
Free cash flow 0 6 9
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -11 4 2
Decrease in net IB debt 10 1 2
Balance Sheet (GBPm) 2022 2023 2024
Goodwill 7 7 7
Indefinite intangible assets 0 0 0
Definite intangible assets 1 1 2
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 21 16 15
Inventories 0 0 0
Receivables 11 12 14
Other current assets 0 0 0
Cash and liquid assets 12 17 25
Total assets 45 46 53
Shareholders equity 15 18 27
Minority 0 0 0
Total equity 15 18 27
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 18 21 23
Other current liabilities 4 0 0
Lease liability amortisation 0 0 0
Other intangible assets 14 8 7
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 8 7 4
Net IB debt excl. leasing -12 -17 -25
Net IB debt / EBITDA lease Adj (%) -366,6 -258,6 -243,9
GBPm 2022 2023e 2024e
Shares outstanding adj. 51 55 57
Fully diluted shares Adj 54 59 60
EPS -0,02 0 0,11
Dividend per share Adj 0 0 0
EPS Adj -0,02 0 0,11
BVPS 0,29 0,33 0,47
BVPS Adj -0,04 0,05 0,22
Net IB debt / share -0,2 -0,3 -0,4
Share price 1,28 1,28 1,28
Market cap. (m) 66 71 73
Valuation 2022 2023 2024
P/E -73,2 -304,8 11,5
EV/sales 0,85 0,67 0,47
EV/EBITDA 16,7 8,5 5
EV/EBITA 3216,2 68,4 6,1
EV/EBIT 3216,2 68,4 6,1
Dividend yield (%) 0 0 0
FCF yield (%) 0,2 8,5 11,4
P/BVPS 4,48 3,88 2,71
P/BVPS Adj -33,8 24,86 5,84
P/E Adj -73,2 -304,8 11,5
EV/EBITDA Adj 16,7 8,5 5
EV/EBITA Adj 3216,2 68,4 6,1
EV/EBIT Adj 3216,2 68,4 6,1
EV/cap. employed 3,9 3,1 1,9
Investment ratios 2022 2023 2024
Capex / sales 0,4 0,5 0,5
Capex / depreciation 8,9 7,4 34
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 3,2 5,4 7,9
Depreciation on intangibles / definite intangibles 35,8 72,1 23
Depreciation on tangibles / tangibles 33,3 33,3 33,3
Lease adj. FCF yield (%) 0,1 8,4 11,3

Equity research

Read earlier research

Media

Flexion Mobile - Company presentation with CFO Niklas Koresaar
Flexion Mobile - Company presentation with CFO Niklas Koresaar

Main shareholders - Flexion Mobile

Main shareholders Share capital % Voting shares % Verified
Mobile Sensations Ltd 21.1 % 21.1 % 30 Nov 2022
Carl Palmstierna 6.8 % 6.8 % 18 May 2022
Odey Asset Management LLP 4.2 % 4.2 % 31 Oct 2022
Fredrik Palmstierna 3.8 % 3.8 % 30 Sep 2022
Joachim Odqvist 3.0 % 3.0 % 30 Sep 2022
eQ Asset Management Oy 2.9 % 2.9 % 31 Dec 2022
Avanza Pension 2.5 % 2.5 % 30 Sep 2022
Sjätte AP-fonden 2.3 % 2.3 % 30 Sep 2022
Niklas Köresaar 0.9 % 0.9 % 9 Dec 2022
Aktia Asset Management 0.7 % 0.7 % 31 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Flexion Mobile

Name Quantity Code Date
Mikael Pawlo + 12 000 BUY 25 Aug 2021
Mikael Pawlo + 100 000 BUY 24 Aug 2021
Carl Gustaf Evert Palmstierna - 100 000 SELL 24 Aug 2021

Show More