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Penneo

Penneo

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Penneo is a Danish SaaS provider of digital signatures, document handling, and onboarding of customers through its two solutions Penneo Sign and Penneo KYC. It also has an aspiration to develop additional solutions to become a true end-to-end business process automation platform. The company has delivered impressive SaaS metrics in recent years, particularly with its low churn and high net retention rate. Penneo is currently present in Denmark, Sweden, Norway, Finland, Belgium, and Germany, but it aims to expand to additional countries in the future.

The market for Penneo’s solutions is highly competitive, and some competitors have more financial strength and a more extensive global reach. While Penneo is focused on the accounting, audit, and financial institution verticals, there is a risk that the other players may begin to develop solutions targeting these verticals, potentially forcing Penneo into a price war. In addition, we believe there is risk associated with Penneo’s international expansion, while we also consider lack of funding in the future a key risk.

Financials

DKKm 2023 2024e 2025e
Sales 88 101 122
Sales growth (%) 22,7 14,2 21,2
EBITDA -9 12 25
EBITDA margin (%) -9,8 11,9 20,8
EBIT adj. -23 -7 5
EBIT adj. margin (%) -26,2 -7,1 4,4
Pretax profit -25 -9 4
EPS -0,68 -0,25 0,1
EPS growth (%) 19,8 -63,2 -140
EPS adj. -0,68 -0,25 0,1
DPS 0 0 0
EV/EBITDA (x) -30,9 23,7 11,2
EV/EBIT adj. (x) -11,6 -40 53,3
P/E (x) -11,6 -31,6 79
P/E adj. (x) -11,6 -31,6 80,2
EV/sales (x) 3,02 2,83 2,33
FCF yield (%) -6,4 -4,8 0,1
Le. adj. FCF yld. (%) -6,4 -4,8 0,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,3 -0,7 -0,3
Le. adj. ND/EBITDA (x) 2,6 -2 -0,8
DKKm 2023 2024e 2025e
Sales 88 101 122
COGS -12 -15 -17
Gross profit 76 86 105
Other operating items -85 -74 -80
EBITDA -9 12 25
Depreciation and amortisation -14 -18 -19
of which leasing depreciation -3 -4 -4
EBITA -22 -6 7
EO Items 0 0 0
Impairment and PPA amortisation -1 -1 -1
EBIT -23 -7 5
Net financial items -2 -2 -2
Pretax profit -25 -9 4
Tax 0 0 0
Net profit -25 -9 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -25 -9 4
EPS -0,68 -0,25 0,1
EPS adj. -0,68 -0,25 0,1
Total extraordinary items after tax 0 0 0
Leasing payments -3 -4 -4
Tax rate (%) 0 -1,1 0
Gross margin (%) 86 85,4 85,8
EBITDA margin (%) -9,8 11,9 20,8
EBITA margin (%) -25,4 -5,7 5,6
EBIT margin (%) -26,1 -7,1 4,4
Pre-tax margin (%) -28 -9,1 3
Net margin (%) -28 -9,2 3
Sales growth (%) 22,7 14,2 21,2
EBITDA growth (%) -35,7 -239,3 111,4
EBITA growth (%) -1,6 -74,2 -218,2
EBIT growth (%) -1,5 -69 -175,7
Net profit growth (%) 22,1 -62,5 -140,2
EPS growth (%) 19,8 -63,2 -140
Profitability N/A N/A N/A
ROE (%) -24,8 -10,3 4,2
ROE adj. (%) -24,2 -8,8 5,7
ROCE (%) -18,6 -7 4,2
ROCE adj. (%) -18,1 -5,7 5,5
ROIC (%) -29,6 -7,7 8,4
ROIC adj. (%) -29,6 -7,7 8,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -9 12 25
EBITDA adj. margin (%) -9,8 11,9 20,8
EBITDA lease adj. -12 8 21
EBITDA lease adj. margin (%) -13,1 8,1 17,5
EBITA adj. -22 -6 7
EBITA adj. margin (%) -25,4 -5,7 5,5
EBIT adj. -23 -7 5
EBIT adj. margin (%) -26,2 -7,1 4,4
Pretax profit Adj. -24 -8 5
Net profit Adj. -24 -8 5
Net profit to shareholders adj. -24 -8 5
Net adj. margin (%) -27,3 -7,8 4,2
DKKm 2023 2024e 2025e
EBITDA -9 12 25
Goodwill 0 0 0
Net financial items -2 -2 -2
Other intangible assets 68 77 86
Paid tax 6 0 0
Tangible fixed assets 1 1 1
Non-cash items 2 -2 -2
Right-of-use asset 10 8 8
Cash flow before change in WC -3 8 22
Total other fixed assets 2 2 2
Change in working capital 7 2 4
Fixed assets 81 87 96
Operating cash flow 4 10 25
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 18 23 22
Capex intangible fixed assets -23 -24 -25
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 28 27
Free cash flow -18 -14 0
Total assets 141 138 146
Dividend paid 0 0 0
Shareholders equity 94 86 92
Share issues and buybacks 9 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 94 86 92
Other non-cash items 2 2 0
Long-term debt 13 10 10
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 9 9
Total other long-term liabilities 3 3 3
Short-term debt 0 3 3
Accounts payable 14 19 22
Other current liabilities 5 8 8
Total liabilities and equity 141 138 146
Net IB debt -20 -8 -8
Net IB debt excl. pension debt -20 -8 -8
Net IB debt excl. leasing -31 -17 -17
Capital employed 118 108 113
Capital invested 74 79 84
Working capital -1 -4 -7
Market cap. diluted (m) 287 294 294
Net IB debt adj. -20 -8 -8
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 267 286 286
Total assets turnover (%) 60,4 72,6 86,5
Working capital/sales (%) 5,5 -2,5 -4,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21,2 -9,2 -9
Net debt / market cap (%) -7,5 -3 -3,1
Equity ratio (%) 66,8 62,9 63,2
Net IB debt adj. / equity (%) -21,2 -9,2 -9
Current ratio 3,05 1,75 1,55
EBITDA/net interest 6 9,2 26,4
Net IB debt/EBITDA (x) 2,3 -0,7 -0,3
Net IB debt/EBITDA lease adj. (x) 2,6 -2 -0,8
Interest coverage 15,5 4,4 7,1
DKKm 2023 2024e 2025e
Shares outstanding adj. 34 34 34
Diluted shares adj. 37 37 37
EPS -0,68 -0,25 0,1
Dividend per share 0 0 0
EPS adj. -0,68 -0,25 0,1
BVPS 2,57 2,31 2,46
BVPS adj. 0,7 0,25 0,15
Net IB debt/share -0,55 -0,21 -0,22
Share price 7,86 7,86 7,86
Market cap. (m) 265 268 268
P/E (x) -11,6 -31,6 79
EV/sales (x) 3,02 2,83 2,33
EV/EBITDA (x) -30,9 23,7 11,2
EV/EBITA (x) -11,9 -49,5 41,8
EV/EBIT (x) -11,6 -40 52,8
Dividend yield (%) 0 0 0
FCF yield (%) -6,4 -4,8 0,1
Le. adj. FCF yld. (%) -6,4 -4,8 0,1
P/BVPS (x) 3,05 3,4 3,2
P/BVPS adj. (x) 10,33 28,98 46,63
P/E adj. (x) -11,6 -31,6 80,2
EV/EBITDA adj. (x) -30,7 23,8 11,2
EV/EBITA adj. (x) -11,9 -49,4 42,1
EV/EBIT adj. (x) -11,6 -40 53,3
EV/CE (x) 2,3 2,7 2,5
Investment ratios N/A N/A N/A
Capex/sales (%) 25,6 24,2 20,4
Capex/depreciation 2,1 1,7 1,7
Capex tangibles / tangible fixed assets 5,6 17,8 87,3
Capex intangibles / definite intangibles 33 31,5 28,4
Depreciation on intang / def. intang 15 17 16
Depreciation on tangibles / tangibles 41,62 83,65 87,93

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Penneo - Company presentation with CEO Christian Stendevad
Penneo - Company presentation with CEO Christian Stendevad

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Main shareholders - Penneo

Main shareholders Share capital % Voting shares % Verified
Arbejdsmarkedets Tillægspension (ATP) 9.6 % 9.6 % 30 Jun 2024
Viking Venture AS 8.9 % 8.9 % 29 Nov 2024
Nicolaj Højer Nielsen 7.2 % 7.2 % 31 Dec 2022
Mikkel Clausen 6.3 % 6.3 % 31 Dec 2022
Jan Flora 5.7 % 5.7 % 31 Dec 2022
Danica Pension 4.6 % 4.6 % 29 Nov 2024
Michael Moesgaard Andersen 4.0 % 4.0 % 29 Nov 2024
BI Asset Mgmt Fondsmaeglerselskab A/S 2.6 % 2.6 % 29 Nov 2024
André Clement 2.2 % 2.2 % 23 Jan 2024
Jakob Neua Nørgaard 1.8 % 1.8 % 29 Mar 2023
Source: Holdings by Modular Finance AB