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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 18 177 205
Sales growth (%) N/A 873,2 15,5
EBITDA -63 -38 -36
EBITDA margin (%) -348,2 -21,3 -17,7
EBIT adj -66 -54 -53
EBIT adj margin (%) -364,7 -30,5 -25,8
Pretax profit -48 -45 -53
EPS rep -0,02 -0,01 -0,01
EPS growth (%) 0 26,9 16,7
EPS adj -0,02 -0,01 -0,01
DPS 0 0 0
EV/EBITDA (x) -10,1 -7,4 -8,9
EV/EBIT adj (x) -9,7 -5,2 -6,1
P/E (x) -13,7 -6,8 -8,2
P/E adj (x) -13,7 -6,8 -8,2
EV/sales (x) 35,3 1,6 1,6
FCF yield (%) -10,4 -8,9 -11,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,1 0,7 3,4
Lease adj. FCF yield (%) -10,4 -8,9 -11,4
Lease adj. ND/EBITDA 0,1 0,7 3,4
DKKm 2021 2022e 2023e
Sales 18 177 205
COGS -16 -154 -174
Gross profit 2 23 31
Other operating items -66 -61 -67
EBITDA -63 -38 -36
Depreciation and amortisation -3 -16 -17
Of which leasing depreciation 0 0 0
EBITA -66 -54 -53
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -66 -54 -53
Net financial items 13 4 0
Pretax profit -48 -45 -53
Tax 0 0 0
Net profit -48 -45 -53
Minority interest 1 -1 -3
Net profit discontinued 0 0 0
Net profit to shareholders -48 -46 -55
EPS -0,02 -0,01 -0,01
EPS Adj -0,02 -0,01 -0,01
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0,1 0 0
Gross margin (%) 12,1 13,2 15
EBITDA margin (%) -348,2 -21,3 -17,7
EBITA margin (%) -364,7 -30,5 -25,8
EBIT margin (%) -364,7 -30,5 -25,8
Pretax margin (%) -290,8 -28,2 -25,8
Net margin (%) -291 -28,2 -25,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) N/A 873,2 15,5
EBITDA growth (%) 0 40,5 4
EBIT growth (%) 0 18,7 2,1
Net profit growth (%) 0 6,3 -16,8
EPS growth (%) 0 26,9 16,7
Profitability 2021 2022 2023
ROE (%) -124,5 -27,6 -18,3
ROE Adj (%) -124,5 -27,6 -18,3
ROCE (%) -109,6 -19,7 -12,7
ROCE Adj(%) -109,6 -19,7 -12,7
ROIC (%) -187,8 -29,2 -17,8
ROIC Adj (%) -187,8 -29,2 -17,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj -63 -38 -36
EBITDA Adj margin (%) -348,2 -21,3 -17,7
EBITDA lease Adj -63 -38 -36
EBITDA lease Adj margin (%) -348,2 -21,3 -17,7
EBITA Adj -66 -54 -53
EBITA Adj margin (%) -364,7 -30,5 -25,8
EBIT Adj -66 -54 -53
EBIT Adj margin (%) -364,7 -30,5 -25,8
Pretax profit Adj -48 -45 -53
Net profit Adj -48 -45 -53
Net profit to shareholders Adj -48 -46 -55
Net Adj margin (%) -291 -28,2 -25,8
DKKm 2021 2022e 2023e
Total other fixed assets 7 9 9
Fixed assets 70 303 300
Inventories 5 8 9
Receivables 23 27 29
Other current assets 2 1 1
Cash and liquid assets 16 68 166
Total assets 117 409 506
Shareholders equity 77 256 351
Minority -1 68 68
Total equity 76 324 419
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 11 43 43
Accounts payable 29 41 43
Other current liabilities 0 0 0
Total liabilities and equity 116 409 506
Net IB debt -5 -25 -123
Net IB debt excl. pension debt -5 -25 -123
Net IB debt excl. leasing -5 -25 -123
Capital invested 71 300 296
Working capital 1 -4 -4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 655 314 455
Net IB debt Adj -5 -25 -123
Market value of minority 0 0 0
Reversal of shares and participations -7 -9 -9
Reversal of conv. debt assumed equity 0 0 0
EV 643 281 324
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 31,3 67,5 44,8
Working capital / sales (%) 3,5 -0,6 -1,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -6,6 -7,7 -29,3
Net debt / market cap (%) -0,1 -8 -27,2
Equity ratio (%) 64,9 79,4 82,9
Net IB debt adj. / equity (%) -6,6 -7,7 -29,3
Current ratio (%) 115,3 125,4 237,3
EBITDA / net interest (%) -471,1 -948,6 0
Net IB debt / EBITDA (%) 7,8 66 339,3
Net IB debt / EBITDA lease Adj (%) 7,8 66 339,3
Interest cover (%) -8178 -12109,6 0
EBITDA -63 -38 -36
Net financial items 13 4 0
Paid tax 0 0 0
Non-cash items 2 8 0
Cash flow before change in WC -48 -26 -36
Change in WC -7 3 -2
Operating cash flow -56 -23 -38
CAPEX tangible fixed assets -6 -12 -6
CAPEX intangible fixed assets -4 -9 -7
Acquisitions and disposals -2 16 0
Free cash flow -68 -28 -52
Dividend paid 0 0 0
Share issues and buybacks 67 75 150
Lease liability amortisation 0 0 0
Other non cash items 6 -27 0
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 34 117 117
Other intangible assets 20 161 154
Tangible fixed assets 9 17 21
Right-of-use asset 0 0 0
DKKm 2021 2022e 2023e
Shares outstanding adj. 2350 3106 4516
Fully diluted shares Adj 2391 3147 4557
EPS -0,02 -0,01 -0,01
Dividend per share Adj 0 0 0
EPS Adj -0,02 -0,01 -0,01
BVPS 0,03 0,08 0,08
BVPS Adj 0,01 -0,01 0,02
Net IB debt / share 0 0 0
Share price 1,5 0,1 0,1
Market cap. (m) 3529 310 451
Valuation 2021 2022 2023
P/E -13,7 -6,8 -8,2
EV/sales 35,3 1,58 1,58
EV/EBITDA -10,1 -7,4 -8,9
EV/EBITA -9,7 -5,2 -6,1
EV/EBIT -9,7 -5,2 -6,1
Dividend yield (%) 0 0 0
FCF yield (%) -10,4 -8,9 -11,4
Lease adj. FCF yield (%) -10,4 -8,9 -11,4
P/BVPS 8,39 1,21 1,29
P/BVPS Adj 27,49 -14,6 5,61
P/E Adj -13,7 -6,8 -8,2
EV/EBITDA Adj -10,1 -7,4 -8,9
EV/EBITA Adj -9,7 -5,2 -6,1
EV/EBIT Adj -9,7 -5,2 -6,1
EV/cap. employed 7,4 0,8 0,7
Investment ratios 2021 2022 2023
Capex / sales 58,8 11,6 6,7
Capex / depreciation 357,8 126,8 81,8
Capex tangibles / tangible fixed assets 67,5 71,5 30,2
Capex intangibles / definite intangibles 22,3 5,3 4,7
Depreciation on intangibles / definite intangibles 13,1 8,7 9,4
Depreciation on tangibles / tangibles 4,3 13,1 10,7

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Media

SPENN Technology - Company presentation with Founder & CEO Jens Glasø

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