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OrderYOYO

OrderYOYO

OrderYOYO is a Danish provider of white-label ordering, payment, marketing, and Point of Sales ("POS") software solutions to independent local takeaway restaurants (typically with 1-7 employees). Since its inception in 2015, OrderYOYO has become a European market leader (e.g. in the UK and Germany - Europe's two largest takeaway markets) through a combination of organic and inorganic growth. In '23, OrderYOYO reported GMV (end-user revenue) of ~DKK 2.9bn, ARR of DKK 296m, and an adj. EBITDA of ~DKK 26m (10% adj. EBITDA margin).

We see several risks to the future growth and earnings potential of OrderYOYO. These include M&A integration risk, an inability to attract and retain top talent, intensifying competition and product replication, as well as an inability to take market shares in existing markets and expand to new markets. Other risks include liquidity risk, FX risk, resource allocations, in addition to privacy issues and IT breakdowns.

DKKm 2023 2024e 2025e
Sales 253 308 351
Sales growth (%) 69,9 21,5 14,3
EBITDA 20 50 64
EBITDA margin (%) 8 16,4 18,3
EBIT adj. -22 0 14
EBIT adj. margin (%) -8,8 0,1 4,1
Pretax profit -41 -12 5
EPS -0,31 -0,09 0,04
EPS growth (%) -35,3 -70,7 -141,7
EPS adj. -0,07 0,14 0,28
DPS 0 0 0
EV/EBITDA (x) 40,9 16 12
EV/EBIT adj. (x) -37,1 2391,9 54
P/E (x) -25,4 -86,7 208
P/E adj. (x) -114,4 58,3 29
EV/sales (x) 3,26 2,62 2,21
FCF yield (%) -2,6 2,3 3,8
Le. adj. FCF yld. (%) -2,6 2,3 3,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,5 0,2 -0,3
Le. adj. ND/EBITDA (x) 1,2 0,2 -0,3
DKKm 2023 2024e 2025e
Sales 253 308 351
COGS -46 -55 -60
Gross profit 207 253 292
Other operating items -187 -203 -227
EBITDA 20 50 64
Depreciation and amortisation -22 -24 -25
of which leasing depreciation 0 0 0
EBITA -2 26 40
EO Items -5 -2 -2
Impairment and PPA amortisation -26 -27 -28
EBIT -28 -1 12
Net financial items -13 -10 -7
Pretax profit -41 -12 5
Tax 9 3 -1
Net profit -31 -9 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -31 -9 4
EPS -0,31 -0,09 0,04
EPS adj. -0,07 0,14 0,28
Total extraordinary items after tax -4 -1 -2
Leasing payments 0 0 0
Tax rate (%) 22,9 21,5 21,5
Gross margin (%) 81,7 82,3 83
EBITDA margin (%) 8 16,4 18,3
EBITA margin (%) -0,8 8,5 11,3
EBIT margin (%) -10,9 -0,4 3,4
Pre-tax margin (%) -16 -3,8 1,4
Net margin (%) -12,3 -3 1,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 69,9 21,5 14,3
EBITDA growth (%) -226,7 149,3 28,2
EBITA growth (%) -92,7 -1388,5 51,9
EBIT growth (%) -42,2 -95,4 -1054,5
Net profit growth (%) -35,3 -70,7 -141,7
EPS growth (%) -35,3 -70,7 -141,7
Profitability N/A N/A N/A
ROE (%) -16 -5 2,1
ROE adj. (%) -0,7 10,8 18,8
ROCE (%) -12 -1,6 4,3
ROCE adj. (%) -0,8 9,4 16,6
ROIC (%) -0,7 10,1 17,9
ROIC adj. (%) 1,2 10,7 18,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 26 52 67
EBITDA adj. margin (%) 10,1 16,9 19
EBITDA lease adj. 26 52 67
EBITDA lease adj. margin (%) 10,1 16,9 19
EBITA adj. 3 28 42
EBITA adj. margin (%) 1,3 9 12
EBIT adj. -22 0 14
EBIT adj. margin (%) -8,8 0,1 4,1
Pretax profit Adj. -10 17 35
Net profit Adj. -1 20 33
Net profit to shareholders adj. -1 20 33
Net adj. margin (%) -0,6 6,3 9,5
DKKm 2023 2024e 2025e
EBITDA 20 50 64
Goodwill 95 84 73
Net financial items -13 -10 -7
Other intangible assets 195 185 177
Paid tax -6 0 -1
Tangible fixed assets 2 2 1
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 1 40 56
Total other fixed assets 20 20 20
Change in working capital 5 9 7
Fixed assets 311 290 271
Operating cash flow 6 49 63
Inventories 2 3 3
Capex tangible fixed assets -1 -2 -2
Receivables 12 16 18
Capex intangible fixed assets -25 -29 -32
Other current assets 7 9 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 55 62 77
Free cash flow -20 19 30
Total assets 388 380 379
Dividend paid 0 0 0
Shareholders equity 187 176 179
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 187 176 179
Other non-cash items -5 0 0
Long-term debt 74 62 47
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 47 47 47
Short-term debt 13 13 13
Accounts payable 13 15 18
Other current liabilities 55 68 75
Total liabilities and equity 388 380 379
Net IB debt 31 12 -18
Net IB debt excl. pension debt 31 12 -18
Net IB debt excl. leasing 31 12 -18
Capital employed 274 250 239
Capital invested 218 188 162
Working capital -46 -55 -62
EV breakdown N/A N/A N/A
Market cap. diluted (m) 794 794 794
Net IB debt adj. 31 12 -18
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 824 806 776
Total assets turnover (%) 65,3 80 92,6
Working capital/sales (%) -15,2 -16,5 -16,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 16,3 6,9 -9,9
Net debt / market cap (%) 4,2 1,7 -2,5
Equity ratio (%) 48,2 46,2 47,4
Net IB debt adj. / equity (%) 16,3 6,9 -9,9
Current ratio 0,95 0,93 1,02
EBITDA/net interest 3 6,8 11,3
Net IB debt/EBITDA (x) 1,5 0,2 -0,3
Net IB debt/EBITDA lease adj. (x) 1,2 0,2 -0,3
Interest coverage 0,2 3,5 7
DKKm 2023 2024e 2025e
Shares outstanding adj. 90 90 90
Diluted shares adj. 99 99 99
EPS -0,31 -0,09 0,04
Dividend per share 0 0 0
EPS adj. -0,07 0,14 0,28
BVPS 1,89 1,77 1,81
BVPS adj. -1,03 -0,94 -0,72
Net IB debt/share 0,31 0,12 -0,18
Share price 8 8 8
Market cap. (m) 719 719 719
Valuation N/A N/A N/A
P/E (x) -25,4 -86,7 208
EV/sales (x) 3,26 2,62 2,21
EV/EBITDA (x) 40,9 16 12
EV/EBITA (x) -406,1 30,8 19,5
EV/EBIT (x) -29,9 -637,7 64,3
Dividend yield (%) 0 0 0
FCF yield (%) -2,6 2,3 3,8
Le. adj. FCF yld. (%) -2,6 2,3 3,8
P/BVPS (x) 4,24 4,52 4,42
P/BVPS adj. (x) -7,03 -7,7 -10,13
P/E adj. (x) -114,4 58,3 29
EV/EBITDA adj. (x) 32,2 15,5 11,6
EV/EBITA adj. (x) 244,5 29 18,5
EV/EBIT adj. (x) -37,1 2391,9 54
EV/CE (x) 3 3,2 3,2
Investment ratios N/A N/A N/A
Capex/sales (%) 10,5 9,9 9,5
Capex/depreciation 1,2 1,3 1,3
Capex tangibles / tangible fixed assets 53,9 97,5 161,8
Capex intangibles / definite intangibles 13,1 15,6 17,9
Depreciation on intang / def. intang 11 12 13
Depreciation on tangibles / tangibles 82,79 126,71 207,14

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Seed Capital 16.0 % 16.0 % 31 Dec 2022
Preben Damgaard Nielsen 15.9 % 15.9 % 31 Dec 2021
Denmark’s Export and Investment Fund 13.0 % 13.0 % 31 Dec 2022
T. Angelo Holding ApS 11.2 % 11.2 % 30 Jun 2021
Jesper Johansen 11.1 % 11.1 % 4 May 2023
T. Paulsen Holding IVS 3.4 % 3.4 % 30 Jun 2021
Preseed Ventures A/S 3.1 % 3.1 % 30 Jun 2021
BI Asset Mgmt Fondsmaeglerselskab A/S 2.5 % 2.5 % 29 Feb 2024
Sellers Of Kingfood 1.9 % 1.9 % 28 Apr 2023
MATTERLING GmbH 1.0 % 1.0 % 31 Dec 2022
Source: Holdings by Modular Finance AB