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Physitrack

Physitrack

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.

Increased demand for remote and flexible care, in combination with the digitalisation of healthcare, should result in strong demand for Physitrack’s products. The scalability of the technology platform also allows for margin expansion. Additionally, there are opportunities in cross-selling synergies and value-added M&A opportunities.

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.

EURm 2021 2022e 2023e
Sales 8 13 15
Sales growth (%) 177,2 49,6 20,7
EBITDA 1 2 5
EBITDA margin (%) 10,7 18,5 35,4
EBIT adj 1 2 3
EBIT adj margin (%) 13,2 15,4 18,9
Pretax profit -1 0 3
EPS rep -0,06 -0,01 0,17
EPS growth (%) -193,8 90,4 2842,8
EPS adj 0,06 0,13 0,17
DPS 0 0 0
EV/EBITDA (x) 79 23,6 10,3
EV/EBIT adj (x) 63,9 28,4 19,3
P/E (x) -88 -676,1 24,6
P/E adj (x) 90,8 31,8 24,6
EV/sales (x) 8,4 4,4 3,6
FCF yield (%) -5,4 -13,5 3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -7,2 -0,9 -0,3
Lease adj. FCF yield (%) -5,4 -13,5 3
Lease adj. ND/EBITDA -2,4 -0,5 -0,3
EURm 2021 2022e 2023e
Sales 8 13 15
COGS 0 0 0
Gross profit 8 13 15
Other operating items -8 -10 -10
EBITDA 1 2 5
Depreciation and amortisation -2 -2 -3
Of which leasing depreciation 0 0 0
EBITA -1 0 3
EO items -2 -2 0
Impairment and PPA amortisation 0 0 0
EBIT -1 0 3
Net financial items 0 0 0
Pretax profit -1 0 3
Tax 0 0 -1
Net profit -1 0 2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 0 2
EPS -0,06 -0,01 0,17
EPS Adj 0,06 0,13 0,17
Total extraordinary items after tax -1,7 -1,9 0
Leasing payments 0 0 0
Tax rate (%) 27,2 -235,3 -19,5
Gross margin (%) 100 100 100
EBITDA margin (%) 10,7 18,5 35,4
EBITA margin (%) -7,4 0,5 18,9
EBIT margin (%) -7,4 0,5 18,9
Pretax margin (%) -8,2 0,5 18,9
Net margin (%) -10,4 -0,7 15,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 177,2 49,6 20,7
EBITDA growth (%) 0 159,4 130,9
EBIT growth (%) -192,4 110 4510,7
Net profit growth (%) -228,3 90,4 2842,6
EPS growth (%) -193,8 90,4 2842,8
Profitability 2021 2022 2023
ROE (%) -6,2 -0,4 9,6
ROE Adj (%) 6 7,8 9,6
ROCE (%) -3,2 0,2 11,2
ROCE Adj(%) 5,8 7,1 11,2
ROIC (%) -6,7 -0,3 5,4
ROIC Adj (%) 12 -8,9 5,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 3 4 5
EBITDA Adj margin (%) 31,2 33,4 35,4
EBITDA lease Adj 3 4 5
EBITDA lease Adj margin (%) 31,2 33,4 35,4
EBITA Adj 1 2 3
EBITA Adj margin (%) 13,2 15,4 18,9
EBIT Adj 1 2 3
EBIT Adj margin (%) 13,2 15,4 18,9
Pretax profit Adj 1 2 3
Net profit Adj 1 2 2
Net profit to shareholders Adj 1 2 2
Net Adj margin (%) 10,1 14,2 15,2
EURm 2021 2022e 2023e
EBITDA 1 2 5
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 1 2 5
Change in WC 0 -1 -1
Operating cash flow 1 2 5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -2 -3
Acquisitions and disposals -3 -7 0
Free cash flow -4 -8 2
Dividend paid 0 0 0
Share issues and buybacks 19 0 0
Lease liability amortisation 0 0 0
Other non cash items -7 3 -2
Balance Sheet (EURm) 2021 2022 2023
Goodwill 14 40 40
Other intangible assets 3 3 3
Tangible fixed assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 17 43 43
Inventories 0 0 0
Receivables 2 2 3
Other current assets 0 0 0
Cash and liquid assets 13 3 3
Total assets 32 49 49
Shareholders equity 23 23 25
Minority 0 0 0
Total equity 23 23 25
Long-term debt 5 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 2 2 2
Accounts payable 1 2 2
Other current liabilities 1 1 1
Total liabilities and equity 32 27 30
Net IB debt -6 -2 -2
Net IB debt excl. pension debt -6 -2 -2
Net IB debt excl. leasing -6 -2 -2
Capital invested 17 43 43
Working capital 0 0 0
EV breakdown 2021 2022 2023
Market cap. diluted (m) 78 57 57
Net IB debt Adj -6 -2 -2
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 71 55 56
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 40,5 31,3 31,3
Working capital / sales (%) -6 -0,9 0,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -27,8 -8,7 -6,6
Net debt / market cap (%) -8,2 -3,5 -2,9
Equity ratio (%) 72,2 47,5 51,4
Net IB debt adj. / equity (%) -27,4 -8,3 -6,2
Current ratio (%) 414,9 149,4 140,3
EBITDA / net interest (%) 1270,9 0 0
Net IB debt / EBITDA (%) -716,8 -85,6 -30,6
Net IB debt / EBITDA lease Adj (%) -241,2 -45,1 -28,8
Interest cover (%) -877 0 0
EURm 2021 2022e 2023e
Shares outstanding adj. 14 14 14
Fully diluted shares Adj 14 14 14
EPS -0,06 -0,01 0,17
Dividend per share Adj 0 0 0
EPS Adj 0,06 0,13 0,17
BVPS 1,7 1,68 1,84
BVPS Adj 0,65 -1,21 -1,06
Net IB debt / share -0,5 -0,1 -0,1
Share price 5,76 4,18 4,18
Market cap. (m) 79 57 57
Valuation 2021 2022 2023
P/E -88 -676,1 24,6
EV/sales 8,43 4,37 3,64
EV/EBITDA 79 23,6 10,3
EV/EBITA -114,5 884,3 19,3
EV/EBIT -114,5 884,3 19,3
Dividend yield (%) 0 0 0
FCF yield (%) -5,4 -13,5 3
Lease adj. FCF yield (%) -5,4 -13,5 3
P/BVPS 3,34 2,48 2,27
P/BVPS Adj 8,77 -3,44 -3,96
P/E Adj 90,8 31,8 24,6
EV/EBITDA Adj 27 13,1 10,3
EV/EBITA Adj 63,9 28,4 19,3
EV/EBIT Adj 63,9 28,4 19,3
EV/cap. employed 2,4 2,2 2,1
Investment ratios 2021 2022 2023
Capex / sales 21,2 19 18,5
Capex / depreciation 117,7 105,6 112,1
Capex tangibles / tangible fixed assets 12,8 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Henrik Molin 22.1 % 22.1 % 31 Dec 2021
Nathan Skwortsow 22.1 % 22.1 % 31 Dec 2021
Consensus Asset Management 16.4 % 16.4 % 30 Apr 2022
Ocampo International SA 7.0 % 7.0 % 18 Jun 2021
Dankea Oü 6.8 % 6.8 % 31 Jan 2022
Breht McConville 5.4 % 5.4 % 18 Jun 2021
Atlant Fonder 3.5 % 3.5 % 30 Apr 2022
Avanza Pension 2.8 % 2.8 % 28 Feb 2022
Martin Larsson (Chalex AB) 2.5 % 2.5 % 28 Feb 2022
Alcur Fonder 1.7 % 1.7 % 28 Feb 2022
Source: Holdings by Modular Finance AB