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Studsvik

Studsvik

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Service provider to the nuclear industry

Studsvik delivers services within the international nuclear power industry, with most clients being nuclear power plants and suppliers to the industry. The company offers services over the entire life cycle of nuclear power plants including consultancy services, decommissioning of nuclear power plants, waste management as well as fuel testing and optimization. With a long experience in nuclear technology, the company aims to create value by improving reactor performance and hence reducing fuel costs and risks by offering innovative technological solutions.

A key risk for Studsvik is the net effect of decommissioned nuclear power plants versus newly constructed ones. The net effect in the long run makes it essential for Studsvik to enter new markets. Short-term cost savings among Studsvik's customers, mostly in Europe and the US, lead to prolonged decision processes and hence lower sales, utilization and cash flows. Additionally, internal inefficiencies leading to capital tie-ups in receivables, also leading to weaker cash flows.

Financials

SEKm 2022 2023e 2024e
Sales 815 824 861
Sales growth (%) 2,1 1,2 4,5
EBITDA 75 98 118
EBITDA margin (%) 9,2 11,9 13,8
EBIT adj. 70 69 89
EBIT adj. margin (%) 8,6 8,4 10,4
Pretax profit 64 64 84
EPS 5,84 7,02 9,25
EPS growth (%) -23,7 20,3 31,7
EPS adj. 5,43 7,02 9,25
DPS 2 3 5
EV/EBITDA (x) 14,2 10,3 8,1
EV/EBIT adj. (x) 15,1 14,7 10,7
P/E (x) 21,4 17,8 13,5
P/E adj. (x) 23 17,8 13,5
EV/sales (x) 1,3 1,23 1,11
FCF yield (%) -6,4 6,3 8
Le. adj. FCF yld. (%) -6,4 6,3 8
Dividend yield (%) 1,6 2,4 4
Net IB debt/EBITDA (x) 0,5 -0,1 -0,6
Le. adj. ND/EBITDA (x) 0,5 0,1 0,6
SEKm 2022 2023e 2024e
Sales 815 824 861
COGS -611 -575 -577
Gross profit 204 249 284
Other operating items -130 -151 -166
EBITDA 75 98 118
Depreciation and amortisation 0 -29 -29
of which leasing depreciation 0 0 0
EBITA 75 69 89
EO Items 5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 75 69 89
Net financial items -11 -5 -5
Pretax profit 64 64 84
Tax -16 -6 -8
Net profit 48 58 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 58 76
EPS 5,84 7,02 9,25
EPS adj. 5,43 7,02 9,25
Total extraordinary items after tax 3 0 0
Leasing payments 0 0 0
Tax rate (%) 25,2 10 10
Gross margin (%) 25,1 30,3 33
EBITDA margin (%) 9,2 11,9 13,8
EBITA margin (%) 9,2 8,4 10,4
EBIT margin (%) 9,2 8,4 10,4
Pre-tax margin (%) 7,9 7,8 9,8
Net margin (%) 5,9 7 8,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 2,1 1,2 4,5
EBITDA growth (%) -22,7 31,4 20,8
EBITA growth (%) -12,5 -7,7 29,4
EBIT growth (%) -12,5 -7,7 29,4
Net profit growth (%) -23,7 20,3 31,7
EPS growth (%) -23,7 20,3 31,7
Profitability N/A N/A N/A
ROE (%) 11,9 13,1 15,6
ROE adj. (%) 11,1 13,1 15,6
ROCE (%) 16 13,7 16,3
ROCE adj. (%) 15,1 13,7 16,3
ROIC (%) 14 13,8 18,1
ROIC adj. (%) 13,2 13,8 18,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 70 98 118
EBITDA adj. margin (%) 8,6 11,9 13,8
EBITDA lease adj. 70 98 118
EBITDA lease adj. margin (%) 8,6 11,9 13,8
EBITA adj. 70 69 89
EBITA adj. margin (%) 8,6 8,4 10,4
EBIT adj. 70 69 89
EBIT adj. margin (%) 8,6 8,4 10,4
Pretax profit Adj. 60 64 84
Net profit Adj. 45 58 76
Net profit to shareholders adj. 45 58 76
Net adj. margin (%) 5,5 7 8,8
SEKm 2022 2023e 2024e
EBITDA 75 98 118
Goodwill 190 190 190
Net financial items -11 -5 -5
Other intangible assets 0 0 0
Paid tax -16 -6 -8
Tangible fixed assets 240 241 242
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 48 87 105
Total other fixed assets 214 214 214
Change in working capital -73 8 7
Fixed assets 644 645 646
Operating cash flow -25 94 112
Inventories 0 0 0
Capex tangible fixed assets -40 -30 -30
Receivables 285 280 284
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 27 75 132
Free cash flow -65 64 82
Total assets 955 1000 1062
Dividend paid -16 -16 -25
Shareholders equity 419 460 512
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 419 460 512
Other non-cash items 0 0 0
Long-term debt 64 64 64
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 229 229 229
Short-term debt 0 0 0
Accounts payable 244 247 258
Other current liabilities 0 0 0
Total liabilities and equity 955 1000 1062
Net IB debt 37 -11 -69
Net IB debt excl. pension debt 37 -11 -69
Net IB debt excl. leasing 37 -11 -69
Capital employed 482 524 575
Capital invested 456 449 443
Working capital 41 33 26
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1026 1026 1026
Net IB debt adj. 37 -11 -69
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 1062 1014 957
Total assets turnover (%) 86,1 84,3 83,5
Working capital/sales (%) 0,5 4,5 3,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 8,8 -2,4 -13,4
Net debt / market cap (%) 3,6 -1,1 -6,7
Equity ratio (%) 43,9 46 48,2
Net IB debt adj. / equity (%) 8,8 -2,4 -13,4
Current ratio 1,28 1,44 1,61
EBITDA/net interest 7 19,6 23,7
Net IB debt/EBITDA (x) 0,5 -0,1 -0,6
Net IB debt/EBITDA lease adj. (x) 0,5 -0,1 -0,6
Interest coverage 7 13,8 17,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 5,84 7,02 9,25
Dividend per share 2 3 5
EPS adj. 5,43 7,02 9,25
BVPS 50,98 56 62,25
BVPS adj. 27,88 32,91 39,16
Net IB debt/share 4,47 -1,36 -8,36
Share price 124,8 124,8 124,8
Market cap. (m) 1026 1026 1026
Valuation N/A N/A N/A
P/E (x) 21,4 17,8 13,5
EV/sales (x) 1,3 1,23 1,11
EV/EBITDA (x) 14,2 10,3 8,1
EV/EBITA (x) 14,2 14,7 10,7
EV/EBIT (x) 14,2 14,7 10,7
Dividend yield (%) 1,6 2,4 4
FCF yield (%) -6,4 6,3 8
Le. adj. FCF yld. (%) -6,4 6,3 8
P/BVPS (x) 2,45 2,23 2
P/BVPS adj. (x) 4,48 3,79 3,19
P/E adj. (x) 23 17,8 13,5
EV/EBITDA adj. (x) 15,2 10,3 8,1
EV/EBITA adj. (x) 15,1 14,7 10,7
EV/EBIT adj. (x) 15,1 14,7 10,7
EV/CE (x) 2,2 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 4,9 3,6 3,5
Capex/depreciation -133,3 1 1
Capex tangibles / tangible fixed assets 16,7 12,5 12,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 0,13 12 11,99

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Media

Studsvik - Company presentation with CEO Camilla Hoflund
Studsvik - Company presentation with CEO Camilla Hoflund & CFO Niklas Karlsson

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Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 16.3 % 16.3 % 29 Mar 2023
Anna Karinen 15.6 % 15.6 % 29 Mar 2023
Peter Gyllenhammar 15.1 % 15.1 % 31 Dec 2022
Quaero Capital S.A. 4.3 % 4.3 % 29 Mar 2023
Familjen Girell 4.1 % 4.1 % 29 Mar 2023
Avanza Pension 3.9 % 3.9 % 29 Mar 2023
Lena Karinen 3.2 % 3.2 % 29 Mar 2023
Leif Lundin 2.5 % 2.5 % 29 Mar 2023
Malte Edenius 2.3 % 2.3 % 31 Dec 2022
Helge Karinen 1.3 % 1.3 % 29 Mar 2023
Source: Holdings by Modular Finance AB

Insider list - Studsvik

Name Quantity Code Date
Malte Anders Sigurd Edenius - 3 000 SELL 16 Feb 2021
Jan Thomas Michael Samuelsson + 3 000 BUY 14 Sep 2020
Jan Thomas Michael Samuelsson + 13 000 BUY 4 Sep 2020
Jan Barchan + 57 870 BUY 17 Jun 2020
Mikael Karlsson + 1 001 BUY 14 Aug 2019
Mikael Karlsson + 1 902 BUY 6 Aug 2019
Mikael Karlsson + 199 BUY 5 Aug 2019
Claes Engvall + 1 600 BUY 1 Aug 2019
Camilla Hoflund + 8 200 BUY 30 Jul 2019
Jan Thomas Michael Samuelsson + 2 905 BUY 17 Dec 2018

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