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Relesys

Relesys

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.

DKKm 2023 2024e 2025e
Sales 57 75 98
Sales growth (%) 29,4 30,5 32
EBITDA -13 -6 5
EBITDA margin (%) -22,8 -8 5,4
EBIT adj. -17 -10 0
EBIT adj. margin (%) -30 -13,8 0,4
Pretax profit -17 -11 0
EPS -0,34 -0,17 0
EPS growth (%) -33 -49,7 -98
EPS adj. -0,34 -0,17 0
DPS 0 0 0
EV/EBITDA (x) -27,3 -60,5 67,9
EV/EBIT adj. (x) -20,8 -35,2 1003,3
P/E (x) -21,3 -42,4 -2076,1
P/E adj. (x) -21,2 -42,4 -2076,1
EV/sales (x) 6,23 4,85 3,65
FCF yield (%) -2,2 -1,5 0,6
Le. adj. FCF yld. (%) -2,2 -1,5 0,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,5 2,2 -2,9
Le. adj. ND/EBITDA (x) 1,5 2,2 -7,7
DKKm 2023 2024e 2025e
Sales 57 75 98
COGS -5 -7 -9
Gross profit 52 68 90
Other operating items -65 -74 -85
EBITDA -13 -6 5
Depreciation and amortisation -4 -4 -5
of which leasing depreciation -2 -2 -3
EBITA -17 -10 0
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -17 -10 0
Net financial items 0 -1 -1
Pretax profit -17 -11 0
Tax 0 2 0
Net profit -18 -9 0
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 -9 0
EPS -0,34 -0,17 0
EPS adj. -0,34 -0,17 0
Total extraordinary items after tax 0 0 0
Leasing payments -2 -2 -3
Tax rate (%) -2,8 20 56,4
Gross margin (%) 91 91 91,3
EBITDA margin (%) -22,8 -8 5,4
EBITA margin (%) -29,8 -13,8 0,4
EBIT margin (%) -29,8 -13,8 0,4
Pre-tax margin (%) -29,9 -14,8 -0,4
Net margin (%) -30,8 -11,8 -0,2
Sales growth (%) 29,4 30,5 32
EBITDA growth (%) -43,3 -54,1 -188,6
EBITA growth (%) -35,3 -39,6 -103,5
EBIT growth (%) -35,3 -39,6 -103,5
Net profit growth (%) -33 -49,7 -98
EPS growth (%) -33 -49,7 -98
Profitability N/A N/A N/A
ROE (%) -77,8 -103,1 -5,8
ROE adj. (%) -78,4 -103,1 -5,8
ROCE (%) -61,4 -81,8 -1,8
ROCE adj. (%) -61,9 -81,8 -1,8
ROIC (%) 5188 108,5 -1,4
ROIC adj. (%) 5228,9 108,5 -1,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -13 -6 5
EBITDA adj. margin (%) -23 -8 5,4
EBITDA lease adj. -15 -8 3
EBITDA lease adj. margin (%) -27,1 -11,1 2,7
EBITA adj. -17 -10 0
EBITA adj. margin (%) -30 -13,8 0,4
EBIT adj. -17 -10 0
EBIT adj. margin (%) -30 -13,8 0,4
Pretax profit Adj. -17 -11 0
Net profit Adj. -18 -9 0
Net profit to shareholders adj. -18 -9 0
Net adj. margin (%) -31 -11,8 -0,2
DKKm 2023 2024e 2025e
EBITDA -13 -6 5
Goodwill 0 0 0
Net financial items 0 -1 -1
Other intangible assets 7 8 9
Paid tax 0 0 0
Tangible fixed assets 0 0 0
Non-cash items 4 -3 -3
Right-of-use asset 4 5 6
Cash flow before change in WC -9 -10 2
Total other fixed assets 1 1 1
Change in working capital 3 7 4
Fixed assets 12 14 16
Operating cash flow -6 -3 5
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 10 11 14
Capex intangible fixed assets -2 -3 -3
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 18 20
Free cash flow -8 -6 2
Total assets 46 42 49
Dividend paid 0 0 0
Shareholders equity 14 3 3
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 14 3 3
Other non-cash items -6 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 7 7 7
Short-term debt 0 0 0
Accounts payable 9 9 12
Other current liabilities 12 19 23
Total liabilities and equity 46 42 49
Net IB debt -19 -13 -15
Net IB debt excl. pension debt -19 -13 -15
Net IB debt excl. leasing -24 -18 -20
Capital employed 19 8 8
Capital invested -5 -10 -12
Working capital -10 -17 -21
Market cap. diluted (m) 375 375 375
Net IB debt adj. -19 -13 -15
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 356 361 359
Total assets turnover (%) 119 168,9 214,8
Working capital/sales (%) -14,3 -18,1 -19,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -135,1 -425,3 -494,3
Net debt / market cap (%) -5,1 -3,6 -4,2
Equity ratio (%) 30,5 7,4 6,4
Net IB debt adj. / equity (%) -135,1 -425,3 -494,3
Current ratio 1,64 1,02 0,97
EBITDA/net interest 50,5 21,9 19,4
Net IB debt/EBITDA (x) 1,5 2,2 -2,9
Net IB debt/EBITDA lease adj. (x) 1,5 2,2 -7,7
Interest coverage 65,9 37,7 1,3
DKKm 2023 2024e 2025e
Shares outstanding adj. 51 51 51
Diluted shares adj. 52 52 52
EPS -0,34 -0,17 0
Dividend per share 0 0 0
EPS adj. -0,34 -0,17 0
BVPS 0,27 0,06 0,06
BVPS adj. 0,14 -0,09 -0,11
Net IB debt/share -0,36 -0,26 -0,3
Share price 7,2 7,2 7,2
Market cap. (m) 367 367 367
P/E (x) -21,3 -42,4 -2076,1
EV/sales (x) 6,23 4,85 3,65
EV/EBITDA (x) -27,3 -60,5 67,9
EV/EBITA (x) -20,9 -35,2 1003,3
EV/EBIT (x) -20,9 -35,2 1003,3
Dividend yield (%) 0 0 0
FCF yield (%) -2,2 -1,5 0,6
Le. adj. FCF yld. (%) -2,2 -1,5 0,6
P/BVPS (x) 26,79 119,18 119,72
P/BVPS adj. (x) 50,63 -81,8 -64,69
P/E adj. (x) -21,2 -42,4 -2076,1
EV/EBITDA adj. (x) -27 -60,5 67,9
EV/EBITA adj. (x) -20,8 -35,2 1003,3
EV/EBIT adj. (x) -20,8 -35,2 1003,3
EV/CE (x) 19,1 46,7 46,5
Investment ratios N/A N/A N/A
Capex/sales (%) 4 3,9 3,3
Capex/depreciation 1,4 1,5 1,5
Capex tangibles / tangible fixed assets 153 54,1 512
Capex intangibles / definite intangibles 36,8 37,3 38,5
Depreciation on intang / def. intang 24 25 25
Depreciation on tangibles / tangibles 52,27 28,2 178,75

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Copilot Capital Limited 93.5 % 93.5 % 25 Apr 2024
Claus Jul Christiansen 0.2 % 0.2 % 31 Dec 2022
Camilla Simonsen 0.2 % 0.2 % 31 Dec 2022
Mie Brønnum Wiinberg 0.0 % 0.0 % 1 Dec 2021
Source: Holdings by Modular Finance AB