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Stockwik

Stockwik

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Stockwik is a Swedish serial acquirer operating 18 subsidiaries within four business segments: Healthcare, Industry, Property Services and Business Services. It has an acquisition-driven business model, with an average of two acquisitions made p.a. since its inception in 2013, with 18 acquisitions in total. Recently, the company has increased its pace of acquisitions and has made 13 out of the 18 acquisitions in the last three years. Stockwik acquires companies with a long history of profitability and with exposure to resilient end-markets. The group structure is decentralised, enabling group management to focus on adding new companies to the group.

Acquisitions are an integral part of the business model. If prices on targets rise, this would hurt the company. If the economy weakens, this could affect the earnings stability of acquisition targets, and thus prolong negotiations.

Financials

SEKm 2021 2022e 2023e
Sales 585 741 795
Sales growth (%) 33,2 26,8 7,3
EBITDA 68 92 108
EBITDA margin (%) 11,7 12,5 13,6
EBIT adj 31 49 63
EBIT adj margin (%) 5,2 6,6 7,9
Pretax profit 1 12 23
EPS rep -1,92 1,7 2,89
EPS growth (%) -1036,2 188,4 70,1
EPS adj 1,17 4,22 5,67
DPS 0 0 0
EV/EBITDA (x) 11,4 8,5 6,6
EV/EBIT adj (x) 25,5 16 11,4
P/E (x) -47,8 47,6 28
P/E adj (x) 78,5 19,2 14,3
EV/sales (x) 1,3 1,1 0,9
FCF yield (%) -19,7 -2,2 15,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,7 2,9 1,9
Lease adj. FCF yield (%) -22,3 -5,8 13
Lease adj. ND/EBITDA 4,3 3,4 2
SEKm 2021 2022e 2023e
Minority interest 0 0 0
Net profit discontinued -2 0 0
Net profit to shareholders -11 11 18
EPS -1,92 1,7 2,89
EPS Adj 1,17 4,22 5,67
Total extraordinary items after tax 0 0 0
Leasing payments -17 -22 -21
Tax rate (%) -1583,3 -10,8 -20,6
Gross margin (%) 54,1 54,3 53,1
EBITDA margin (%) 11,7 12,5 13,6
EBITA margin (%) 7,9 8,7 10,1
EBIT margin (%) 5,2 6,6 7,9
Pretax margin (%) 0,1 1,6 2,9
Net margin (%) -1,5 1,4 2,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 33,2 26,8 7,3
EBITDA growth (%) 84,9 35,1 17,3
EBIT growth (%) 200 59,6 29,1
Net profit growth (%) -1012,5 220,5 70,1
EPS growth (%) -1036,2 188,4 70,1
Profitability 2021 2022 2023
ROE (%) -5,9 4,1 6,7
ROE Adj (%) 3,6 10,3 13,1
ROCE (%) 6,4 6,8 8,1
ROCE Adj(%) 9 9 10,3
ROIC (%) -104 8,3 9,8
ROIC Adj (%) -104 8,3 9,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 68 92 108
EBITDA Adj margin (%) 11,7 12,5 13,6
EBITDA lease Adj 51 71 88
EBITDA lease Adj margin (%) 8,8 9,6 11
EBITA Adj 46 65 81
EBITA Adj margin (%) 7,9 8,7 10,1
EBIT Adj 31 49 63
EBIT Adj margin (%) 5,2 6,6 7,9
Pretax profit Adj 16 28 40
Net profit Adj 7 27 36
Net profit to shareholders Adj 7 27 36
Net Adj margin (%) 1,1 3,6 4,5
Sales 585 741 795
COGS -268 -339 -373
Gross profit 316 402 423
Other operating items -248 -310 -314
EBITDA 68 92 108
Depreciation and amortisation -22 -28 -28
Of which leasing depreciation -17 -22 -21
EBITA 46 65 81
EO items 0 0 0
Impairment and PPA amortisation -16 -16 -17
EBIT 31 49 63
Net financial items -30 -37 -40
Pretax profit 1 12 23
Tax -10 -1 -5
Net profit -9 11 18
SEKm 2021 2022e 2023e
EBITDA 68 92 108
Net financial items -30 -37 -40
Paid tax -10 -10 -5
Non-cash items 0 0 0
Cash flow before change in WC 29 46 64
Change in WC -38 -1 18
Operating cash flow -10 44 81
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -92 -53 0
Free cash flow -104 -11 78
Dividend paid 0 0 0
Share issues and buybacks 130 0 0
Lease liability amortisation -13 -18 -12
Other non cash items -16 11 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 283 326 326
Other intangible assets 87 71 53
Tangible fixed assets 21 28 24
Right-of-use asset 37 33 25
Total other fixed assets 64 62 62
Fixed assets 492 519 489
Inventories 33 37 40
Receivables 114 133 119
Other current assets 0 0 0
Cash and liquid assets 187 232 299
Total assets 825 922 947
Shareholders equity 254 265 283
Minority 0 0 0
Total equity 254 265 283
Long-term debt 385 447 447
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 35 37 37
Total other long-term liabilities 0 0 0
Short-term debt 24 24 24
Accounts payable 66 89 95
Other current liabilities 61 61 61
Total liabilities and equity 825 922 947
Net IB debt 253 272 205
Net IB debt excl. pension debt 253 272 205
Net IB debt excl. leasing 222 239 172
Capital invested 507 536 488
Working capital 19 21 3
EV breakdown 2021 2022 2023
Market cap. diluted (m) 526 511 511
Net IB debt Adj 253 272 205
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 779 783 716
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 83,8 84,8 85,1
Working capital / sales (%) 1,2 2,7 1,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 99,8 102,6 72,6
Net debt / market cap (%) 33,6 53,1 40,2
Equity ratio (%) 30,8 28,7 29,9
Net IB debt adj. / equity (%) 99,8 102,6 72,6
Current ratio (%) 201,3 212,5 233,4
EBITDA / net interest (%) 228 251,1 270,7
Net IB debt / EBITDA (%) 370,3 293,9 189,4
Net IB debt / EBITDA lease Adj (%) 432,1 336,5 196,5
Interest cover (%) 144,9 173 201,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 6 6 6
Fully diluted shares Adj 6 6 6
EPS -1,92 1,7 2,89
Dividend per share Adj 0 0 0
EPS Adj 1,17 4,22 5,67
BVPS 44,37 41,94 44,84
BVPS Adj -5,1 -9,69 -6,79
Net IB debt / share 45 43,7 33,2
Share price 131,64 81 81
Market cap. (m) 753 511 511
Valuation 2021 2022 2023
P/E -47,8 47,6 28
EV/sales 1,33 1,06 0,9
EV/EBITDA 11,4 8,5 6,6
EV/EBITA 16,9 12,1 8,9
EV/EBIT 25,5 16 11,4
Dividend yield (%) 0 0 0
FCF yield (%) -19,7 -2,2 15,3
Lease adj. FCF yield (%) -22,3 -5,8 13
P/BVPS 2,07 1,93 1,81
P/BVPS Adj -18,01 -8,36 -11,92
P/E Adj 78,5 19,2 14,3
EV/EBITDA Adj 11,4 8,5 6,6
EV/EBITA Adj 16,9 12,1 8,9
EV/EBIT Adj 25,5 16 11,4
EV/cap. employed 1,1 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 0,3 0,3 0,4
Capex / depreciation 38,5 38,3 44,4
Capex tangibles / tangible fixed assets 9,4 8,4 13,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,5 22 29,7

Equity research

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Media

Stockwik - Interview with CEO David Andreasson
Stockwik - Company presentation with CEO David Andreasson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Per Olof Nordberg 13.2 % 13.2 % 31 Mar 2022
Avanza Pension 8.7 % 8.7 % 31 Mar 2022
Berenberg Funds 8.7 % 8.7 % 31 Mar 2022
Oskar Lindström 6.4 % 6.4 % 31 Mar 2022
Mathias Wiesel 5.7 % 5.7 % 31 Mar 2022
Nordnet Pensionsförsäkring 5.0 % 5.0 % 29 Apr 2022
Handelsbanken Fonder 4.7 % 4.7 % 30 Apr 2022
David Andreasson 2.5 % 2.5 % 31 Mar 2022
Rune Rinnan 2.4 % 2.4 % 31 Mar 2022
Amnäs Holding AB 1.8 % 1.8 % 31 Mar 2022
Source: Holdings by Modular Finance AB