Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

SPENN Technology

SPENN Technology

SPENN Technology is a mobile banking firm currently targeting Sub-Saharan markets. It seeks to drive financial inclusion by offering free-of-charge mobile banking services to end users, creating a financial ecosystem with multiple revenue streams from banking partners, third-party service providers and local businesses. SPENN can then capitalise on banking both the unbanked and banked population, without it being at the expense of the end users. Through its offering, it provides users with essential services e.g., digital spending and savings accounts, P2P money transfer and value-added services to consumers, POS, marketplace, and payment solutions etc. for businesses.

SPENN was founded in 2015 but it has only just started with commercialisation and remains an early-stage company (in practice at the pre-revenue stage at the time of writing). This means that there are limited financial data, which poses a significant risk to investors. Adoption of SPENN’s services, combined with its ability to monetise on its business model, also represents a major risk. SPENN will need to raise capital to fund its expansion plans and commercialisation, which poses a key risk given the underlying business risk and limited cash generation. With SPENN reporting in DKK and revenues being generated in more volatile currencies, FX risk is also a factor.

DKKm 2021 2022e 2023e
Sales 13 149 172
Sales growth (%) N/A 1078,9 15,5
EBITDA -61 -43 -42
EBITDA margin (%) -485,1 -29 -24,5
EBIT adj -64 -47 -46
EBIT adj margin (%) -504,1 -31,6 -26,5
Pretax profit -66 -47 -46
EPS rep -0,03 -0,01 -0,01
EPS growth (%) 0 47,5 2,4
EPS adj -0,03 -0,01 -0,01
DPS 0 0 0
EV/EBITDA (x) -5 -6,3 -7,8
EV/EBIT adj (x) -4,8 -5,8 -7,3
P/E (x) -4,5 -8,6 -8,8
P/E adj (x) -4,5 -8,6 -8,8
EV/sales (x) 24,2 1,8 1,9
FCF yield (%) -31,2 -9,5 -13,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,2 3,4 2,1
Lease adj. FCF yield (%) -31,2 -9,5 -13,7
Lease adj. ND/EBITDA -0,2 3,4 2,1
DKKm 2021 2022e 2023e
Sales 13 149 172
COGS -10 -129 -145
Gross profit 2 20 27
Other operating items -64 -64 -70
EBITDA -61 -43 -42
Depreciation and amortisation -2 -4 -3
Of which leasing depreciation 0 0 0
EBITA -64 -47 -46
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -64 -47 -46
Net financial items -2 0 0
Pretax profit -66 -47 -46
Tax 0 0 0
Net profit -66 -47 -46
Minority interest 1 -2 -2
Net profit discontinued 0 0 0
Net profit to shareholders -65 -49 -48
EPS -0,03 -0,01 -0,01
EPS Adj -0,03 -0,01 -0,01
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 18,3 13,7 15,8
EBITDA margin (%) -485,1 -29 -24,5
EBITA margin (%) -504,1 -31,6 -26,5
EBIT margin (%) -504,1 -31,6 -26,5
Pretax margin (%) -517,7 -31,6 -26,5
Net margin (%) -517,7 -31,6 -26,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) N/A 1078,9 15,5
EBITDA growth (%) 0 29,6 2,4
EBIT growth (%) 0 26 3,2
Net profit growth (%) 0 28,1 3,2
EPS growth (%) 0 47,5 2,4
Profitability 2021 2022 2023
ROE (%) -82,3 -21 -16,8
ROE Adj (%) -82,3 -21 -16,8
ROCE (%) -64,3 -17,3 -14,1
ROCE Adj(%) -64,3 -17,3 -14,1
ROIC (%) -74,7 -28,4 -27,4
ROIC Adj (%) -74,7 -28,4 -27,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj -61 -43 -42
EBITDA Adj margin (%) -485,1 -29 -24,5
EBITDA lease Adj -61 -43 -42
EBITDA lease Adj margin (%) -485,1 -29 -24,5
EBITA Adj -64 -47 -46
EBITA Adj margin (%) -504,1 -31,6 -26,5
EBIT Adj -64 -47 -46
EBIT Adj margin (%) -504,1 -31,6 -26,5
Pretax profit Adj -66 -47 -46
Net profit Adj -66 -47 -46
Net profit to shareholders Adj -65 -49 -48
Net Adj margin (%) -517,7 -31,6 -26,5
DKKm 2021 2022e 2023e
Total other fixed assets 0 0 0
Fixed assets 170 154 162
Inventories 0 0 0
Receivables 7 58 67
Other current assets 0 0 0
Cash and liquid assets 26 186 129
Total assets 203 398 358
Shareholders equity 158 309 261
Minority -1 -1 -1
Total equity 156 307 260
Long-term debt 0 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 41 41 41
Accounts payable 6 50 58
Other current liabilities 0 0 0
Total liabilities and equity 203 398 358
Net IB debt 14 -146 -88
Net IB debt excl. pension debt 14 -146 -88
Net IB debt excl. leasing 14 -146 -88
Capital invested 171 162 171
Working capital 1 8 9
EV breakdown 2021 2022 2023
Market cap. diluted (m) 292 420 420
Net IB debt Adj 14 -146 -88
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 306 274 331
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 12,4 49,6 45,5
Working capital / sales (%) 4,1 3 5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 9,2 -47,4 -34
Net debt / market cap (%) 0,4 -35,1 -21,3
Equity ratio (%) 76,8 77,2 72,4
Net IB debt adj. / equity (%) 9,2 -47,4 -34
Current ratio (%) 71,6 268,7 198,6
EBITDA / net interest (%) -3896,1 0 0
Net IB debt / EBITDA (%) -23,5 336,6 208,9
Net IB debt / EBITDA lease Adj (%) -23,5 336,6 208,9
Interest cover (%) -2777,8 0 0
EBITDA -61 -43 -42
Net financial items -2 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -63 -43 -42
Change in WC -2 -9 -3
Operating cash flow -66 -52 -46
CAPEX tangible fixed assets -1 -2 -5
CAPEX intangible fixed assets -5 -6 -7
Acquisitions and disposals -20 20 0
Free cash flow -91 -40 -57
Dividend paid 0 0 0
Share issues and buybacks 67 200 0
Lease liability amortisation 0 0 0
Other non cash items 9 0 0
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 129 129 129
Other intangible assets 39 22 27
Tangible fixed assets 1 2 6
Right-of-use asset 0 0 0
DKKm 2021 2022e 2023e
Shares outstanding adj. 2401 3467 3467
Fully diluted shares Adj 2442 3508 3508
EPS -0,03 -0,01 -0,01
Dividend per share Adj 0 0 0
EPS Adj -0,03 -0,01 -0,01
BVPS 0,07 0,09 0,08
BVPS Adj 0 0,05 0,03
Net IB debt / share 0 0 0
Share price 1,5 0,12 0,12
Market cap. (m) 3607 415 415
Valuation 2021 2022 2023
P/E -4,5 -8,6 -8,8
EV/sales 24,21 1,84 1,92
EV/EBITDA -5 -6,3 -7,8
EV/EBITA -4,8 -5,8 -7,3
EV/EBIT -4,8 -5,8 -7,3
Dividend yield (%) 0 0 0
FCF yield (%) -31,2 -9,5 -13,7
Lease adj. FCF yield (%) -31,2 -9,5 -13,7
P/BVPS 1,82 1,34 1,59
P/BVPS Adj -26,37 2,64 3,95
P/E Adj -4,5 -8,6 -8,8
EV/EBITDA Adj -5 -6,3 -7,8
EV/EBITA Adj -4,8 -5,8 -7,3
EV/EBIT Adj -4,8 -5,8 -7,3
EV/cap. employed 1,6 0,8 1,1
Investment ratios 2021 2022 2023
Capex / sales 47,4 5,4 6,9
Capex / depreciation 249,6 204,2 342,5
Capex tangibles / tangible fixed assets 78,5 66,8 71,7
Capex intangibles / definite intangibles 13,1 29,1 27,5
Depreciation on intangibles / definite intangibles 5,7 16,5 10,7
Depreciation on tangibles / tangibles 16,1 11,9 9,7

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Richard G. Bunck 22.6 % 22.6 % 17 Feb 2020
Jac Invest AS 20.7 % 20.7 % 9 May 2022
Erik Damgaard 14.9 % 14.9 % 17 Feb 2020
Martin Lykke Nielsen 10.4 % 10.4 % 17 Feb 2020
Bård Bjerkås 5.4 % 5.4 % 8 Nov 2021
Arild Egeland 3.8 % 3.8 % 8 Nov 2021
Gis Holding AS 3.4 % 3.4 % 8 Nov 2021
Rune Glasø 3.0 % 3.0 % 8 Nov 2021
Diagen International Inc. AS 2.8 % 2.8 % 8 Nov 2021
Karl Anders Grønland 2.5 % 2.5 % 9 May 2022
Source: Holdings by Modular Finance AB