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Physitrack

Physitrack

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Physitrack offers a complete solution for digitalised healthcare that includes testing, prevention and consultation, but with a subscription basis and with a focus on physiotherapy. The solution is offered in apps and online through different brands, which in turn can be divided into two segments – the SaaS platform and the Virtual Care offering. Moreover, the company offers technology for preventive care and education for physiotherapists. The strategic plan is to expand geographically, enter new verticals, and drive sales growth through M&A.

We see market competition as the main risk to Physitrack. The company could be challenged by other players in terms of market share and price pressure, which could lead to lower profitability and reduced growth. There is also a risk of increased competition for acquisition targets, which could challenge the M&A strategy. Other risks that Physitrack is exposed to include acquisitions that might not develop as expected, currency fluctuations, and risks related to personal data.

Financials

EURm 2022 2023e 2024e
Sales 13 16 20
Sales growth (%) 47,8 30,3 21,7
EBITDA 3 5 7
EBITDA margin (%) 20,3 31 36,5
EBIT adj. 1 2 3
EBIT adj. margin (%) 8,1 9,8 17,5
Pretax profit 0 2 3
EPS 0,02 0,08 0,17
EPS growth (%) -135,4 234,2 119
EPS adj. 0,77 0,12 0,22
DPS 0 0 0
EV/EBITDA (x) 14,3 7 4,5
EV/EBIT adj. (x) 35,8 22,1 9,4
P/E (x) 65,4 19,6 8,9
P/E adj. (x) 1,9 12 6,9
EV/sales (x) 2,9 2,17 1,65
FCF yield (%) -55 -9,3 -1,4
Le. adj. FCF yld. (%) -55 -9,3 -1,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,7 2,2 1,2
Le. adj. ND/EBITDA (x) 3,5 2,2 1,2
EURm 2022 2023e 2024e
Sales 13 16 20
COGS 0 0 0
Gross profit 13 16 20
Other operating items -10 -11 -13
EBITDA 3 5 7
Depreciation and amortisation -2 -2 -3
of which leasing depreciation 0 0 0
EBITA 1 3 4
EO Items -1 0 0
Impairment and PPA amortisation -1 -1 -1
EBIT 0 2 3
Net financial items 0 0 0
Pretax profit 0 2 3
Tax 0 0 -1
Net profit 0 1 3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 0 1 3
EPS 0,02 0,08 0,17
EPS adj. 0,77 0,12 0,22
Total extraordinary items after tax -7 0 0
Leasing payments 0 0 0
Tax rate (%) -626,3 20,6 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 20,3 31 36,5
EBITA margin (%) 7 15,9 22,5
EBIT margin (%) 0,9 9,8 17,5
Pre-tax margin (%) 0,4 9,6 17,2
Net margin (%) 3 7,6 13,7
Sales growth (%) 47,8 30,3 21,7
EBITDA growth (%) 167 98,9 43,3
EBITA growth (%) -252,7 196,5 72,4
EBIT growth (%) -117,6 N/A N/A
Net profit growth (%) -142 234,2 119
EPS growth (%) -135,4 234,2 119
Profitability N/A N/A N/A
ROE (%) 1,6 5,4 10,9
ROE adj. (%) 33,7 9,7 14,9
ROCE (%) 0,3 4,4 9,3
ROCE adj. (%) 5,5 7,2 12
ROIC (%) 24,8 6 10,2
ROIC adj. (%) 50,3 6 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 3 5 7
EBITDA adj. margin (%) 27,5 31 36,5
EBITDA lease adj. 3 5 7
EBITDA lease adj. margin (%) 27,5 31 36,5
EBITA adj. 2 3 4
EBITA adj. margin (%) 14,2 15,9 22,5
EBIT adj. 1 2 3
EBIT adj. margin (%) 8,1 9,8 17,5
Pretax profit Adj. 2 3 4
Net profit Adj. 8 2 4
Net profit to shareholders adj. 8 2 4
Net adj. margin (%) 61,5 13,7 18,7
EURm 2022 2023e 2024e
EBITDA 3 5 7
Goodwill 27 27 27
Net financial items 0 0 0
Other intangible assets 10 10 10
Paid tax 0 0 -1
Tangible fixed assets 0 0 0
Non-cash items -3 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 0 5 6
Total other fixed assets 0 0 0
Change in working capital 2 0 0
Fixed assets 38 38 37
Operating cash flow 1 4 6
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 3 4 5
Capex intangible fixed assets -4 -3 -4
Other current assets 0 0 0
Acquisitions and Disposals -10 -3 -3
Cash and liquid assets 1 3 2
Free cash flow -13 -2 0
Total assets 41 45 45
Dividend paid 0 0 0
Shareholders equity 22 24 26
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 22 24 26
Leasing liability amortisation 0 0 0
Other non-cash items -6 3 3
Long-term debt 11 12 9
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 2 2 2
Accounts payable 2 3 3
Other current liabilities 3 3 3
Total liabilities and equity 41 45 45
Net IB debt 12 11 8
Net IB debt excl. pension debt 12 11 8
Net IB debt excl. leasing 12 11 8
Capital employed 35 38 37
Capital invested 34 35 35
Working capital -2 -2 -1
Market cap. diluted (m) 24 24 24
Net IB debt adj. 12 11 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 36 35 33
Total assets turnover (%) 34 38 44,4
Working capital/sales (%) -9 -10,6 -6,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 53,7 46,9 32
Net debt / market cap (%) 49,5 45,7 34,8
Equity ratio (%) 54,1 53 58,7
Net IB debt adj. / equity (%) 53,7 46,9 32
Current ratio 0,51 0,91 0,89
EBITDA/net interest 43,6 126,5 121,8
Net IB debt/EBITDA (x) 4,7 2,2 1,2
Net IB debt/EBITDA lease adj. (x) 3,5 2,2 1,2
Interest coverage 15 64,9 75,2
EURm 2022 2023e 2024e
Shares outstanding adj. 16 16 16
Diluted shares adj. 16 16 16
EPS 0,02 0,08 0,17
Dividend per share 0 0 0
EPS adj. 0,77 0,12 0,22
BVPS 1,38 1,45 1,62
BVPS adj. -0,93 -0,85 -0,67
Net IB debt/share 0,74 0,68 0,52
Share price 16,5 16,5 16,5
Market cap. (m) 24 24 24
P/E (x) 65,4 19,6 8,9
EV/sales (x) 2,9 2,17 1,65
EV/EBITDA (x) 14,3 7 4,5
EV/EBITA (x) 41,5 13,6 7,3
EV/EBIT (x) 331,8 22,1 9,4
Dividend yield (%) 0 0 0
FCF yield (%) -55 -9,3 -1,4
Le. adj. FCF yld. (%) -55 -9,3 -1,4
P/BVPS (x) 1,08 1,03 0,92
P/BVPS adj. (x) -4,98 -6,67 -26,32
P/E adj. (x) 1,9 12 6,9
EV/EBITDA adj. (x) 10,5 7 4,5
EV/EBITA adj. (x) 20,4 13,6 7,3
EV/EBIT adj. (x) 35,8 22,1 9,4
EV/CE (x) 1 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 35,9 20,4 18
Capex/depreciation 2,7 1,4 1,3
Capex tangibles / tangible fixed assets 75,3 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0

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Media

Physitrack - Company presentation with Co-Founder & CEO Henrik Molin
Physitrack - Company presentation with Co-Founder & CEO Henrik Molin

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Henrik Molin 24.8 % 24.8 % 29 Aug 2022
Nathan Skwortsow 17.8 % 17.8 % 29 Aug 2022
Consensus Asset Management 16.1 % 16.1 % 31 Jan 2023
Ocampo International SA 9.8 % 9.8 % 18 Jun 2021
Dankea Oü 6.7 % 6.7 % 29 Nov 2022
Breht McConville 5.2 % 5.2 % 29 Nov 2022
Atlant Fonder 3.6 % 3.6 % 28 Feb 2023
Avanza Pension 2.1 % 2.1 % 28 Feb 2022
Martin Larsson (Chalex AB) 1.9 % 1.9 % 28 Feb 2022
Rachel King 1.7 % 1.7 % 29 Nov 2022
Source: Holdings by Modular Finance AB