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Relesys

Relesys

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Relesys is a Danish SaaS company founded in 2014 with the purpose of creating a more engaged and united workforce through its all-in-one software platform for internal communications, operations, training, and more. Relesys has an impressive customer portfolio including large and well-known Danish and foreign companies, such as Specsavers, Salling Group, and Vestas. Following strong and profitable growth since its inception, Relesys became a publicly listed company in December 2021.

Relesys faces several risks, particularly those associated with its international expansion, such as fierce competition and product replication. As a technology company, the ability to attract top talent and retain key employees is also critical for growth. Further, due to its limited history, Relesys' strong SaaS metrics today does not mean they will remain high in the future. Lastly, a continued high cash burn in the coming years may require the company to raise new capital.

Financials

2022 2023e 2024e
Sales 44 57 75
Sales growth (%) 28 29,1 30,8
EBITDA -23 -18 -7
EBITDA margin (%) -52 -32 -8,9
EBIT adj. -26 -21 -10
EBIT adj. margin (%) -59,9 -37,7 -13,7
Pretax profit -28 -22 -10
EPS -0,5 -0,33 -0,16
EPS growth (%) 642,9 -33,5 -51,9
EPS adj. -0,51 -0,33 -0,16
DPS 0 0 0
EV/EBITDA (x) -10,2 -13,9 -38,7
EV/EBIT adj. (x) -8,8 -11,8 -25,3
P/E (x) -9,9 -14,9 -31,1
P/E adj. (x) -9,9 -14,9 -31,1
EV/sales (x) 5,29 4,45 3,45
FCF yield (%) -9,3 -7,8 -3,3
Le. adj. FCF yld. (%) -9,3 -7,8 -3,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,2 0,4 0,5
Le. adj. ND/EBITDA (x) 1,3 0,6 0,9
2022 2023e 2024e
Sales 44 57 75
COGS -5 -6 -7
Gross profit 39 51 67
Other operating items -62 -69 -74
EBITDA -23 -18 -7
Depreciation and amortisation -3 -3 -4
of which leasing depreciation -2 -2 -2
EBITA -26 -21 -10
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -26 -21 -10
Net financial items -1 0 0
Pretax profit -28 -22 -10
Tax 1 4 2
Net profit -26 -17 -8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -26 -17 -8
EPS -0,5 -0,33 -0,16
EPS adj. -0,51 -0,33 -0,16
Total extraordinary items after tax 0 0 0
Leasing payments -2 -2 -2
Tax rate (%) 4,7 20 20
Gross margin (%) 88,8 89,1 90,5
EBITDA margin (%) -52 -32 -8,9
EBITA margin (%) -59,6 -37,7 -13,7
EBIT margin (%) -59,6 -37,7 -13,7
Pre-tax margin (%) -62,4 -38,3 -14,1
Net margin (%) -59,4 -30,6 -11,2
Sales growth (%) 28 29,1 30,8
EBITDA growth (%) 1743,5 -20,7 -63,5
EBITA growth (%) 586,4 -18,2 -52,6
EBIT growth (%) N/A -18,2 -52,6
Net profit growth (%) 623,3 -33,5 -51,9
EPS growth (%) 642,9 -33,5 -51,9
Profitability N/A N/A N/A
ROE (%) -59,5 -85,5 -120,3
ROE adj. (%) -59,8 -85,5 -120,3
ROCE (%) -55 -84,7 -85,3
ROCE adj. (%) -55,4 -84,7 -85,3
ROIC (%) -774,9 -481 -393,2
ROIC adj. (%) -779,7 -481 -393,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -23 -18 -7
EBITDA adj. margin (%) -52,4 -32 -8,9
EBITDA lease adj. -25 -20 -9
EBITDA lease adj. margin (%) -56,6 -35,3 -11,4
EBITA adj. -26 -21 -10
EBITA adj. margin (%) -59,9 -37,7 -13,7
EBIT adj. -26 -21 -10
EBIT adj. margin (%) -59,9 -37,7 -13,7
Pretax profit Adj. -28 -22 -10
Net profit Adj. -26 -17 -8
Net profit to shareholders adj. -26 -17 -8
Net adj. margin (%) -59,8 -30,6 -11,2
2022 2023e 2024e
EBITDA -23 -18 -7
Goodwill 0 0 0
Net financial items -1 0 0
Other intangible assets 6 7 8
Paid tax 0 0 0
Tangible fixed assets 0 0 0
Non-cash items -1 -2 -2
Right-of-use asset 5 5 5
Cash flow before change in WC -25 -20 -9
Total other fixed assets 1 1 1
Change in working capital 2 2 3
Fixed assets 12 13 14
Operating cash flow -23 -18 -6
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 7 8 11
Capex intangible fixed assets -2 -2 -3
Other current assets 0 0 0
Acquisitions and Disposals 1 0 0
Cash and liquid assets 31 11 7
Free cash flow -24 -20 -9
Total assets 50 33 33
Dividend paid 0 0 0
Shareholders equity 31 10 4
Share issues and buybacks 0 0 5
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 31 10 4
Other non-cash items -3 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 5 5
Total other long-term liabilities 1 1 1
Short-term debt 0 0 0
Accounts payable 5 7 9
Other current liabilities 8 11 14
Total liabilities and equity 50 33 33
Net IB debt -27 -7 -3
Net IB debt excl. pension debt -27 -7 -3
Net IB debt excl. leasing -32 -12 -8
Capital employed 36 15 9
Capital invested 4 3 1
Working capital -6 -9 -12
Market cap. diluted (m) 260 260 260
Net IB debt adj. -27 -7 -3
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 233 254 257
Total assets turnover (%) 71,9 137,4 227,9
Working capital/sales (%) -12,1 -13,4 -13,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -86,4 -69,7 -71,4
Net debt / market cap (%) -10,6 -2,6 -1,2
Equity ratio (%) 62,1 29,4 13,2
Net IB debt adj. / equity (%) -86,4 -69,7 -71,4
Current ratio 2,86 1,13 0,81
EBITDA/net interest 39 61,8 22,6
Net IB debt/EBITDA (x) 1,2 0,4 0,5
Net IB debt/EBITDA lease adj. (x) 1,3 0,6 0,9
Interest coverage 44,6 73 34,6
2022 2023e 2024e
Shares outstanding adj. 51 51 51
Diluted shares adj. 52 52 52
EPS -0,5 -0,33 -0,16
Dividend per share 0 0 0
EPS adj. -0,51 -0,33 -0,16
BVPS 0,6 0,18 0,08
BVPS adj. 0,49 0,05 -0,07
Net IB debt/share -0,52 -0,13 -0,06
Share price 5 5 5
Market cap. (m) 255 255 255
P/E (x) -9,9 -14,9 -31,1
EV/sales (x) 5,29 4,45 3,45
EV/EBITDA (x) -10,2 -13,9 -38,7
EV/EBITA (x) -8,9 -11,8 -25,3
EV/EBIT (x) -8,9 -11,8 -25,3
Dividend yield (%) 0 0 0
FCF yield (%) -9,3 -7,8 -3,3
Le. adj. FCF yld. (%) -9,3 -7,8 -3,3
P/BVPS (x) 8,34 27,1 60,15
P/BVPS adj. (x) 10,07 93,43 -70,01
P/E adj. (x) -9,9 -14,9 -31,1
EV/EBITDA adj. (x) -10,1 -13,9 -38,7
EV/EBITA adj. (x) -8,8 -11,8 -25,3
EV/EBIT adj. (x) -8,8 -11,8 -25,3
EV/CE (x) 6,5 17,4 27,6
Investment ratios N/A N/A N/A
Capex/sales (%) 5 4,4 3,9
Capex/depreciation 1,5 1,8 1,8
Capex tangibles / tangible fixed assets 131,6 55,4 56,9
Capex intangibles / definite intangibles 33,4 34,3 33,5
Depreciation on intang / def. intang 20 20 20
Depreciation on tangibles / tangibles 172,32 19,88 17,57

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Media

Relesys - Company presentation with Co-founder & CEO Jesper Roesgaard & CFO Mads Stoffer Larsen

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Jesper Roesgaard 34.2 % 34.2 % 28 Apr 2023
Jens Ole Lebeck 32.6 % 32.6 % 28 Apr 2023
BI Asset Mgmt Fondsmaeglerselskab A/S 9.4 % 9.4 % 31 Jan 2023
Martin Langholm Sørensen 6.3 % 6.3 % 28 Apr 2023
Christian Lynge Hjorth 1.3 % 1.3 % 28 Apr 2023
Presence ApS 0.3 % 0.3 % 31 Dec 2022
Claus Jul Christiansen 0.2 % 0.2 % 31 Dec 2022
Camilla Simonsen 0.2 % 0.2 % 31 Dec 2022
Alexander Martensen-Larsen 0.2 % 0.2 % 31 Dec 2022
Thor Skov Jørgensen 0.1 % 0.1 % 31 Dec 2022
Source: Holdings by Modular Finance AB