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OrderYOYO

OrderYOYO

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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.

Financials

DKKm 2024 2025e 2026e
Sales 316 396 459
Sales growth (%) 24,9 25,3 15,8
EBITDA 52 85 113
EBITDA margin (%) 16,4 21,4 24,7
EBIT adj. -3 24 51
EBIT adj. margin (%) -0,8 6 11,1
Pretax profit -17 12 40
EPS -0,16 0,09 0,32
EPS growth (%) -49,1 -159 N/A
EPS adj. 0,11 0,38 0,63
DPS 0 0 0
EV/EBITDA (x) 19,1 11,1 7,7
EV/EBIT adj. (x) -381,3 39,5 17,1
P/E (x) N/A 96,8 28,8
P/E adj. (x) 79,6 24,1 14,6
EV/sales (x) 3,14 2,37 1,89
FCF yield (%) 2,1 5,8 7,8
Le. adj. FCF yld. (%) 2,1 5,8 7,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,6 0,4 -0,4
Le. adj. ND/EBITDA (x) 1,5 0,4 -0,3
DKKm 2024 2025e 2026e
Sales 316 396 459
COGS -55 -68 -77
Gross profit 261 328 382
Other operating items -209 -243 -269
EBITDA 52 85 113
Depreciation and amortisation -27 -30 -29
of which leasing depreciation 0 0 0
EBITA 25 55 84
EO Items -4 -2 -3
Impairment and PPA amortisation -31 -34 -36
EBIT -6 21 48
Net financial items -11 -10 -8
Pretax profit -17 12 40
Tax 1 -3 -9
Net profit -16 9 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -16 9 31
EPS -0,16 0,09 0,32
EPS adj. 0,11 0,38 0,63
Total extraordinary items after tax -3 -2 -2
Leasing payments 0 0 0
Tax rate (%) 8,2 21,5 21,5
Gross margin (%) 82,5 82,8 83,3
EBITDA margin (%) 16,4 21,4 24,7
EBITA margin (%) 7,8 13,9 18,4
EBIT margin (%) -2 5,4 10,5
Pre-tax margin (%) -5,5 3 8,7
Net margin (%) -5 2,4 6,9
Sales growth (%) 24,9 25,3 15,8
EBITDA growth (%) 156,8 63,9 33,5
EBITA growth (%) -1309,4 125 53
EBIT growth (%) -76,7 -434,2 N/A
Net profit growth (%) -49,1 -159 235,5
EPS growth (%) -49,1 -159 N/A
Profitability N/A N/A N/A
ROE (%) -9,4 6 17,9
ROE adj. (%) 10,7 28,9 39,7
ROCE (%) -3,6 7,5 17,3
ROCE adj. (%) 9,3 21,2 31,7
ROIC (%) 10 20,4 38,7
ROIC adj. (%) 11,5 21,2 39,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 56 87 116
EBITDA adj. margin (%) 17,6 22 25,3
EBITDA lease adj. 56 87 116
EBITDA lease adj. margin (%) 17,6 22 25,3
EBITA adj. 28 58 87
EBITA adj. margin (%) 9 14,5 19
EBIT adj. -3 24 51
EBIT adj. margin (%) -0,8 6 11,1
Pretax profit Adj. 17 48 79
Net profit Adj. 18 45 70
Net profit to shareholders adj. 18 45 70
Net adj. margin (%) 5,7 11,4 15,2
DKKm 2024 2025e 2026e
EBITDA 52 85 113
Goodwill 83 71 59
Net financial items -11 -10 -8
Other intangible assets 232 215 199
Paid tax 0 -3 -9
Tangible fixed assets 2 3 3
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 41 73 97
Total other fixed assets 20 20 20
Change in working capital 8 14 11
Fixed assets 338 309 281
Operating cash flow 49 87 108
Inventories 2 2 3
Capex tangible fixed assets -3 -3 -3
Receivables 17 22 23
Capex intangible fixed assets -27 -32 -34
Other current assets 5 7 8
Acquisitions and Disposals 0 0 0
Cash and liquid assets 32 70 126
Free cash flow 19 53 71
Total assets 395 409 440
Dividend paid 0 0 0
Shareholders equity 151 160 192
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 151 160 192
Other non-cash items -70 0 0
Long-term debt 98 83 68
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 44 44 44
Short-term debt 19 19 19
Accounts payable 13 17 19
Other current liabilities 69 87 98
Total liabilities and equity 395 409 440
Net IB debt 84 31 -40
Net IB debt excl. pension debt 84 31 -40
Net IB debt excl. leasing 84 31 -40
Capital employed 267 262 278
Capital invested 234 191 152
Working capital -58 -73 -84
Market cap. diluted (m) 908 908 908
Net IB debt adj. 84 31 -40
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 991 938 868
Total assets turnover (%) 80,7 98,5 108
Working capital/sales (%) -16,6 -16,5 -17,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 55,5 19,3 -20,8
Net debt / market cap (%) 10,2 3,8 -4,8
Equity ratio (%) 38,2 39,1 43,6
Net IB debt adj. / equity (%) 55,5 19,3 -20,8
Current ratio 0,56 0,82 1,17
EBITDA/net interest 6,7 10,6 17,2
Net IB debt/EBITDA (x) 1,6 0,4 -0,4
Net IB debt/EBITDA lease adj. (x) 1,5 0,4 -0,3
Interest coverage 3,2 6,9 12,8
DKKm 2024 2025e 2026e
Shares outstanding adj. 90 90 90
Diluted shares adj. 99 99 99
EPS -0,16 0,09 0,32
Dividend per share 0 0 0
EPS adj. 0,11 0,38 0,63
BVPS 1,52 1,61 1,93
BVPS adj. -1,66 -1,27 -0,67
Net IB debt/share 0,84 0,31 -0,4
Share price 9,15 9,15 9,15
Market cap. (m) 823 823 823
P/E (x) N/A 96,8 28,8
EV/sales (x) 3,14 2,37 1,89
EV/EBITDA (x) 19,1 11,1 7,7
EV/EBITA (x) 40,4 17 10,3
EV/EBIT (x) -154,5 43,8 18
Dividend yield (%) 0 0 0
FCF yield (%) 2,1 5,8 7,8
Le. adj. FCF yld. (%) 2,1 5,8 7,8
P/BVPS (x) 6,02 5,67 4,74
P/BVPS adj. (x) -4,99 -6,53 -12,37
P/E adj. (x) 79,6 24,1 14,6
EV/EBITDA adj. (x) 17,8 10,8 7,5
EV/EBITA adj. (x) 35 16,3 10
EV/EBIT adj. (x) -381,3 39,5 17,1
EV/CE (x) 3,7 3,6 3,1
Investment ratios N/A N/A N/A
Capex/sales (%) 9,5 8,7 8,1
Capex/depreciation 1,1 1,2 1,3
Capex tangibles / tangible fixed assets 117,8 98 97,3
Capex intangibles / definite intangibles 11,7 14,7 17,3
Depreciation on intang / def. intang 11 13 13
Depreciation on tangibles / tangibles 81,81 83,96 97,27

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Main shareholders - OrderYOYO

Main shareholders Share capital % Voting shares % Verified
Seed Capital 16.1 % 16.1 % 31 Dec 2023
Preben Damgaard Nielsen 15.9 % 15.9 % 31 Dec 2021
Denmark’s Export and Investment Fund 13.1 % 13.1 % 31 Dec 2023
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
BI Asset Mgmt Fondsmaeglerselskab A/S 3.2 % 3.2 % 31 Oct 2024
Preseed Ventures A/S 3.1 % 3.1 % 30 Jun 2021
Sellers Of Kingfood 1.9 % 1.9 % 28 Apr 2023
MATTERLING GmbH 1.0 % 1.0 % 31 Dec 2023
Source: Holdings by Modular Finance AB