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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 253 286 324
Sales growth (%) 69,8 13 13,4
EBITDA 22 33 46
EBITDA margin (%) 8,8 11,6 14,2
EBIT adj. -12 8 17
EBIT adj. margin (%) -4,6 2,7 5,3
Pretax profit -24 -4 8
EPS -0,21 -0,03 0,06
EPS growth (%) -57,3 -84,2 -281,7
EPS adj. 0 0,14 0,23
DPS 0 0 0
EV/EBITDA (x) 37,6 25,1 18
EV/EBIT adj. (x) -71,7 106,4 47,7
P/E (x) -38,8 -245,2 134,9
P/E adj. (x) -24651,5 59 34,5
EV/sales (x) 3,29 2,92 2,55
FCF yield (%) -1,9 -0,4 1,1
Le. adj. FCF yld. (%) -1,9 -0,4 1,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,5 1,1 0,6
Le. adj. ND/EBITDA (x) 1,3 1 0,6
DKKm 2023 2024e 2025e
Sales 253 286 324
COGS -47 -50 -55
Gross profit 206 236 269
Other operating items -184 -203 -223
EBITDA 22 33 46
Depreciation and amortisation -15 -10 -13
of which leasing depreciation 0 0 0
EBITA 7 23 33
EO Items -4 -3 -3
Impairment and PPA amortisation -23 -18 -19
EBIT -15 5 14
Net financial items -9 -9 -7
Pretax profit -24 -4 8
Tax 3 1 -2
Net profit -21 -3 6
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -21 -3 6
EPS -0,21 -0,03 0,06
EPS adj. 0 0,14 0,23
Total extraordinary items after tax -3 -2 -2
Leasing payments 0 0 0
Tax rate (%) 13,3 21,5 21,5
Gross margin (%) 81,3 82,5 83
EBITDA margin (%) 8,8 11,6 14,2
EBITA margin (%) 3 8,1 10,3
EBIT margin (%) -6 1,7 4,4
Pre-tax margin (%) -9,4 -1,5 2,3
Net margin (%) -8,2 -1,1 1,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 69,8 13 13,4
EBITDA growth (%) -239,1 50,3 38
EBITA growth (%) -126,9 210,4 43,2
EBIT growth (%) -68,2 -131,9 N/A
Net profit growth (%) -57,3 -84,2 -281,7
EPS growth (%) -57,3 -84,2 -281,7
Profitability N/A N/A N/A
ROE (%) -10,4 -1,7 3,1
ROE adj. (%) 2,4 9,2 14,3
ROCE (%) -6,4 0,7 4,8
ROCE adj. (%) 3,1 8,6 13,1
ROIC (%) 2,9 8,1 11,8
ROIC adj. (%) 4,3 9,2 12,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 26 36 49
EBITDA adj. margin (%) 10,2 12,7 15,1
EBITDA lease adj. 26 36 49
EBITDA lease adj. margin (%) 10,2 12,7 15,1
EBITA adj. 11 26 36
EBITA adj. margin (%) 4,4 9,2 11,2
EBIT adj. -12 8 17
EBIT adj. margin (%) -4,6 2,7 5,3
Pretax profit Adj. 2 17 30
Net profit Adj. 5 18 27
Net profit to shareholders adj. 5 18 27
Net adj. margin (%) 1,9 6,1 8,4
DKKm 2023 2024e 2025e
EBITDA 22 33 46
Goodwill 91 80 70
Net financial items -9 -9 -7
Other intangible assets 201 211 220
Paid tax 0 0 -2
Tangible fixed assets 3 4 4
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 14 24 38
Total other fixed assets 1 1 1
Change in working capital -1 2 2
Fixed assets 295 295 295
Operating cash flow 12 26 39
Inventories 1 1 2
Capex tangible fixed assets -2 -3 -3
Receivables 40 48 54
Capex intangible fixed assets -26 -26 -28
Other current assets 13 14 16
Acquisitions and Disposals 0 0 0
Cash and liquid assets 50 42 45
Free cash flow -15 -3 9
Total assets 399 401 411
Dividend paid 0 0 0
Shareholders equity 192 188 194
Share issues and buybacks 10 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 192 188 194
Other non-cash items -12 0 0
Long-term debt 81 76 71
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 37 37 37
Short-term debt 2 2 2
Accounts payable 9 10 11
Other current liabilities 78 88 96
Total liabilities and equity 399 401 411
Net IB debt 33 36 27
Net IB debt excl. pension debt 33 36 27
Net IB debt excl. leasing 33 36 27
Capital employed 275 266 267
Capital invested 225 223 221
Working capital -33 -34 -36
EV breakdown N/A N/A N/A
Market cap. diluted (m) 799 799 799
Net IB debt adj. 33 36 27
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 832 835 826
Total assets turnover (%) 64,5 71,5 79,9
Working capital/sales (%) -12,5 -11,7 -10,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 17 18,9 13,9
Net debt / market cap (%) 4,5 4,9 3,7
Equity ratio (%) 48,2 46,9 47,1
Net IB debt adj. / equity (%) 17 18,9 13,9
Current ratio 1,18 1,06 1,07
EBITDA/net interest 3,7 5,5 8,7
Net IB debt/EBITDA (x) 1,5 1,1 0,6
Net IB debt/EBITDA lease adj. (x) 1,3 1 0,6
Interest coverage 1,2 3,9 6,3
DKKm 2023 2024e 2025e
Shares outstanding adj. 90 90 90
Diluted shares adj. 99 99 99
EPS -0,21 -0,03 0,06
Dividend per share 0 0 0
EPS adj. 0 0,14 0,23
BVPS 1,94 1,89 1,95
BVPS adj. -1 -1,04 -0,97
Net IB debt/share 0,33 0,36 0,27
Share price 8,06 8,06 8,06
Market cap. (m) 725 725 725
Valuation N/A N/A N/A
P/E (x) -38,8 -245,2 134,9
EV/sales (x) 3,29 2,92 2,55
EV/EBITDA (x) 37,6 25,1 18
EV/EBITA (x) 111 35,9 24,8
EV/EBIT (x) -54,8 172,3 57,7
Dividend yield (%) 0 0 0
FCF yield (%) -1,9 -0,4 1,1
Le. adj. FCF yld. (%) -1,9 -0,4 1,1
P/BVPS (x) 4,16 4,25 4,12
P/BVPS adj. (x) -7,31 -7,02 -7,57
P/E adj. (x) -24651,5 59 34,5
EV/EBITDA adj. (x) 32,4 23 16,9
EV/EBITA adj. (x) 75,2 31,8 22,8
EV/EBIT adj. (x) -71,7 106,4 47,7
EV/CE (x) 3 3,1 3,1
Investment ratios N/A N/A N/A
Capex/sales (%) 11 10,2 9,5
Capex/depreciation 1,9 2,9 2,4
Capex tangibles / tangible fixed assets 79,4 79,5 73,6
Capex intangibles / definite intangibles 12,7 12,5 12,6
Depreciation on intang / def. intang 6 4 5
Depreciation on tangibles / tangibles 65,84 59,61 55,19

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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 2.4 % 2.4 % 31 Oct 2023
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