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Penneo

Penneo

Penneo is a SaaS provider originally established to support primarily the auditing industry with digital document signatures thereby replacing pen and paper with a digital solution. In October 2020, Penneo added onboarding and know-your-customer (KYC) & AML compliance to its product offering via the acquisition of CLA Reply thereby expanding its offering to facilitate upselling to existing clients and to cater for adjacent industries governed by AML regulation such as financial institutions. Penneo is present in Denmark, Sweden, Norway, Finland, Belgium and Germany.

Penneo will benefit from increasing adoption of IT automation technologies as well as continued digitalisation in the public and private sectors. Future regulatory initiatives concerning digitisation and data privacy are expected to strengthen Penneo’s position and improve its value proposition as the incentives for investing in solutions like Penneo’s continue to rise. Continued or increased focus on the climate impact of document-heavy industries’ paper waste will also benefit Penneo.

The market for Penneo’s solutions is highly competitive and some competitors have more financial strength and greater broader global distribution while their technical and marketing resources may put them in a better position to respond more swiftly and effectively to new opportunities and technologies. Larger players may begin to offer or further develop their solutions targeted at the auditing vertical potentially forcing Penneo into a price war. Lower levels of digitisation and national adoption rates of eIDs outside the Nordics may make expansion outside the Nordics more difficult.

DKKm 2021 2022e 2023e
Sales 54 78 108
Sales growth (%) 52,8 43,3 38,4
EBITDA -14 -8 1
EBITDA margin (%) -25,9 -10 0,5
EBIT adj -23 -18 -11
EBIT adj margin (%) -41,9 -23,7 -10,4
Pretax profit -24 -20 -13
EPS rep -0,63 -0,6 -0,33
EPS growth (%) -45,6 4,5 45,7
EPS adj -0,46 -0,35 -0,05
DPS 0 0 0
EV/EBITDA (x) -38,8 -56 791,9
EV/EBIT adj (x) -24 -23,7 -40,6
P/E (x) -29,2 -22,9 -42,1
P/E adj (x) -39,8 -39,3 -291,8
EV/sales (x) 10,1 5,6 4,2
FCF yield (%) -4,3 -3,9 -1,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,2 -3,7 81,2
Lease adj. FCF yield (%) -4,8 -4,5 -2,3
Lease adj. ND/EBITDA 0,8 -2 57,5
DKKm 2021 2022e 2023e
Sales 54 78 108
COGS -24 -33 -45
Gross profit 30 44 62
Other operating items -44 -52 -62
EBITDA -14 -8 1
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EBITA -18 -11 -3
EO items 0 0 0
Impairment and PPA amortisation -5 -7 -8
EBIT -23 -18 -11
Net financial items -1 -2 -2
Pretax profit -24 -20 -13
Tax 6 2 3
Net profit -19 -18 -10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 -18 -10
EPS -0,63 -0,6 -0,33
EPS Adj -0,46 -0,35 -0,05
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -22,9 -11,8 -25,4
Gross margin (%) 55,6 57 58
EBITDA margin (%) -25,9 -10 0,5
EBITA margin (%) -32,7 -14,1 -2,7
EBIT margin (%) -41,9 -23,7 -10,4
Pretax margin (%) -44,5 -25,9 -12
Net margin (%) -34,3 -22,9 -9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 52,8 43,3 38,4
EBITDA growth (%) -61 44,7 107,4
EBIT growth (%) -39,9 19 39,3
Net profit growth (%) -45,6 4,5 45,7
EPS growth (%) -45,6 4,5 45,7
Profitability 2021 2022 2023
ROE (%) -32,5 -37 -28,1
ROE Adj (%) -23,8 -21,5 -4,1
ROCE (%) -27,6 -24,1 -17,8
ROCE Adj(%) -21,6 -14,4 -4,6
ROIC (%) -33 -25,3 -11,6
ROIC Adj (%) -33 -25,3 -11,6
Adj earnings numbers 2021 2022 2023
EBITDA Adj -14 -8 1
EBITDA Adj margin (%) -25,9 -10 0,5
EBITDA lease Adj -14 -8 1
EBITDA lease Adj margin (%) -25,9 -10 0,5
EBITA Adj -18 -11 -3
EBITA Adj margin (%) -32,7 -14,1 -2,7
EBIT Adj -23 -18 -11
EBIT Adj margin (%) -41,9 -23,7 -10,4
Pretax profit Adj -19 -13 -5
Net profit Adj -14 -10 -1
Net profit to shareholders Adj -14 -10 -1
Net Adj margin (%) -25,2 -13,3 -1,3
DKKm 2021 2022e 2023e
Pension debt 0 0 0
EBITDA -14 -8 1
Net financial items -1 -2 -2
Paid tax 2 3 3
Non-cash items 8 7 8
Cash flow before change in WC -6 0 9
Change in WC -3 -1 -1
Operating cash flow -8 -1 8
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets -15 -15 -15
Acquisitions and disposals 0 0 0
Free cash flow -24 -16 -7
Dividend paid 0 0 0
Share issues and buybacks 10 0 0
Lease liability amortisation -2 -2 -2
Other non cash items 2 -8 -8
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 8 8 8
Other intangible assets 37 44 50
Tangible fixed assets 1 1 1
Right-of-use asset 13 13 13
Total other fixed assets 1 1 1
Fixed assets 60 68 74
Inventories 0 0 0
Receivables 17 20 26
Other current assets 2 2 2
Cash and liquid assets 25 -1 -18
Total assets 104 89 85
Shareholders equity 57 39 30
Minority 0 0 0
Total equity 57 39 30
Long-term debt 14 14 14
Convertible debt 0 0 0
Leasing liability 14 14 14
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 12 14 19
Other current liabilities 4 4 4
Total liabilities and equity 104 89 85
Net IB debt 3 29 47
Net IB debt excl. pension debt 3 29 47
Net IB debt excl. leasing -11 16 33
Capital invested 60 68 76
Working capital 3 4 5
EV breakdown 2021 2022 2023
Market cap. diluted (m) 543 407 407
Net IB debt Adj 3 29 47
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 546 436 454
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 54,2 80,4 124
Working capital / sales (%) -0,4 4,2 4,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 5 74,1 157,2
Net debt / market cap (%) 0,2 8,4 13,5
Equity ratio (%) 54,6 44,1 34,9
Net IB debt adj. / equity (%) 5 74,1 157,2
Current ratio (%) 236,6 101,7 39,8
EBITDA / net interest (%) -971,6 -440,7 32,4
Net IB debt / EBITDA (%) -20,2 -373,5 8117,6
Net IB debt / EBITDA lease Adj (%) 76,2 -199,3 5750,3
Interest cover (%) -1118 -621 -164,8
DKKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 30 30 30
EPS -0,63 -0,6 -0,33
Dividend per share Adj 0 0 0
EPS Adj -0,46 -0,35 -0,05
BVPS 2,27 1,56 1,18
BVPS Adj 1,06 0,26 -0,2
Net IB debt / share 0,1 1,2 1,9
Share price 46,66 13,74 13,74
Market cap. (m) 1173 345 345
Valuation 2021 2022 2023
P/E -29,2 -22,9 -42,1
EV/sales 10,06 5,61 4,21
EV/EBITDA -38,8 -56 791,9
EV/EBITA -30,8 -39,8 -155,9
EV/EBIT -24 -23,7 -40,6
Dividend yield (%) 0 0 0
FCF yield (%) -4,3 -3,9 -1,7
Lease adj. FCF yield (%) -4,8 -4,5 -2,3
P/BVPS 8,08 8,8 11,67
P/BVPS Adj 17,22 53,68 -70,09
P/E Adj -39,8 -39,3 -291,8
EV/EBITDA Adj -38,8 -56 791,9
EV/EBITA Adj -30,8 -39,8 -155,9
EV/EBIT Adj -24 -23,7 -40,6
EV/cap. employed 6,4 6,5 7,8
Investment ratios 2021 2022 2023
Capex / sales 28,5 19,2 13,9
Capex / depreciation 7946,9 7678,6 7678,6
Capex tangibles / tangible fixed assets 58,5 15,9 15,9
Capex intangibles / definite intangibles 67,5 60,5 56,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,9 15,9 15,9

Equity research

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Media

Penneo - Company presentation with CEO Christian Stendevad & CFO Casper Nielsen Christiansen

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Michael Moesgaard Andersen 9.9 % 9.9 % 1 Apr 2022
Nicolaj Højer Nielsen 7.4 % 7.4 % 1 Apr 2022
Anders Eskholm 7.0 % 7.0 % 31 Dec 2020
Arbejdsmarkedets Tillægspension (ATP) 6.9 % 6.9 % 1 Apr 2022
Jan Flora 6.6 % 6.6 % 1 Apr 2022
Mikkel Clausen 6.4 % 6.4 % 1 Apr 2022
Niels Henrik Rasmussen 5.4 % 5.4 % 1 Apr 2022
Jakob Neua Nørgaard 5.0 % 5.0 % 31 Dec 2021
Janek Borgmann 4.9 % 4.9 % 26 May 2020
André Clement 4.1 % 4.1 % 16 Jun 2022
Source: Holdings by Modular Finance AB