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Studsvik

Studsvik

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.

We believe that the key opportunities for Studsvik are mainly driven by an increase in demand for Studsvik's offerings in the Asian and Middle East regions. Further construction of nuclear power plants increases the chance for new FSBS-licenses, which in turn increases demand for consultancy services and leads to higher utilization. Furthermore, as nuclear power plants are mostly under decommissioning in Europe and the US, a further expansion and offerings to the oil and gas markets will be an opportunity for Studsvik.

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.

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 7 -1,7 7,5
Lease adj. ND/EBITDA -0,7 -0,2 -0,5
Sales 798 814 851
Sales growth (%) 10,6 2 4,6
EBITDA 97 84 106
EBITDA margin (%) 12,1 10,3 12,4
EBIT adj 54 61 77
EBIT adj margin (%) 6,8 7,4 9
Pretax profit 77 53 72
EPS rep 7,65 5,15 7,87
EPS growth (%) 78,7 -32,7 52,8
EPS adj 3,82 5,15 7,87
DPS 2 3 4
EV/EBITDA (x) 8,4 9,9 7,5
EV/EBIT adj (x) 15 13,8 10,4
P/E (x) 13,6 20 13,1
P/E adj (x) 27,3 20 13,1
EV/sales (x) 1 1 0,9
FCF yield (%) 7 -1,7 7,5
Dividend yield (%) 1,9 2,9 3,9
Net IB debt/EBITDA -0,5 -0,2 -0,5
SEKm 2021 2022e 2023e
Depreciation and amortisation -11 -24 -29
Of which leasing depreciation 0 0 0
EO items 32 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 84 106
EBITDA lease Adj margin (%) 8,1 10,3 12,4
Sales 798 814 851
COGS -591 -590 -570
Gross profit 207 224 281
Other operating items -111 -140 -175
EBITDA 97 84 106
Depreciation on tangibles -25 -28 -29
Depreciation on intangibles 0 0 0
EBITA 86 61 77
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 86 61 77
Other financial items 0 0 0
Net financial items -8 -8 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 77 53 72
Tax -14 -10 -7
Net profit 63 42 65
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 63 42 65
EPS 7,65 5,15 7,87
EPS Adj 3,82 5,15 7,87
Total extraordinary items after tax 31,5 0 0
Tax rate (%) -18,6 -19,8 -10
Gross margin (%) 25,9 27,5 33
EBITDA margin (%) 12,1 10,3 12,4
EBITA margin (%) 10,7 7,4 9
EBIT margin (%) 10,7 7,4 9
Pretax margin (%) 9,7 6,5 8,4
Net margin (%) 7,9 5,2 7,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 10,6 2 4,6
EBITDA growth (%) 36,9 -12,7 25,6
EBIT growth (%) 86,1 -29,3 26,9
Net profit growth (%) 78,7 -32,7 52,8
EPS growth (%) 78,7 -32,7 52,8
Profitability 2021 2022 2023
ROE (%) 18 10,6 14,9
ROE Adj (%) 9 10,6 14,9
ROCE (%) 19,8 13,1 15,5
ROCE Adj(%) 12,5 13,1 15,5
ROIC (%) 20,5 13,1 17,3
ROIC Adj (%) 12,9 13,1 17,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 65 84 106
EBITDA Adj margin (%) 8,1 10,3 12,4
EBITA Adj 54 61 77
EBITA Adj margin (%) 6,8 7,4 9
EBIT Adj 54 61 77
EBIT Adj margin (%) 6,8 7,4 9
Pretax profit Adj 46 53 72
Net profit Adj 31 42 65
Net profit to shareholders Adj 31 42 65
Net Adj margin (%) 3,9 5,2 7,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 214 214 214
Leasing liability 0 0 0
Total other long-term liabilities 229 229 229
Net IB debt excl. leasing -45 -14 -53
Net IB debt / EBITDA lease Adj (%) -69,1 -16,8 -49,8
EBITDA 97 84 106
Net financial items -8 -8 -5
Paid tax -14 -10 -7
Non-cash items 0 0 0
Cash flow before change in WC 74 66 94
Change in WC 26 -40 0
Operating cash flow 100 26 93
CAPEX tangible fixed assets -40 -40 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 60 -14 63
Dividend paid -8 -16 -25
Share issues and buybacks 0 0 0
Other non cash items -74 0 0
Decrease in net IB debt 31 32 36
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 190 190 190
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 199 216 217
Other fixed assets 184 184 184
Fixed assets 603 620 621
Inventories 0 0 0
Receivables 225 252 264
Other current assets 0 0 0
Cash and liquid assets 108 78 116
Total assets 937 950 1001
Shareholders equity 387 413 453
Minority 0 0 0
Total equity 387 413 453
Long-term debt 64 64 64
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 156 156 156
Short-term debt 0 0 0
Accounts payable 257 244 255
Other current liabilities 0 0 0
Total liabilities and equity 937 950 1001
Net IB debt -45 -14 -53
Net IB debt excl. pension debt -45 -14 -53
Capital invested 343 399 401
Working capital -32 8 9
EV breakdown 2021 2022 2023
Market cap. diluted (m) 856 848 848
Net IB debt Adj -45 -14 -53
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 811 834 795
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 94,1 86,3 87,3
Capital invested turnover (%) 132,7 139,9 148
Capital employed turnover (%) 162,8 159,8 157,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,7 29 28,8
Working capital / sales (%) -2,4 -1,5 1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -11,6 -3,4 -11,6
Net debt / market cap (%) -6,2 -1,7 -6,2
Equity ratio (%) 41,4 43,5 45,3
Net IB debt adj. / equity (%) -11,6 -3,4 -11,6
Current ratio (%) 129,6 135,1 148,8
EBITDA / net interest (%) 1162,7 1080 2116,5
Net IB debt / EBITDA (%) -46,5 -16,8 -49,8
Interest cover (%) 1031,3 776,1 1536,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 7 -1,7 7,5
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 7,65 5,15 7,87
Dividend per share Adj 2 3 4
EPS Adj 3,82 5,15 7,87
BVPS 47,14 50,29 55,15
BVPS Adj 24,04 27,19 32,06
Net IB debt / share -5,5 -1,7 -6,4
Share price 88,2 103,2 103,2
Market cap. (m) 725 848 848
Valuation 2021 2022 2023
P/E 13,6 20 13,1
EV/sales 1,02 1,02 0,93
EV/EBITDA 8,4 9,9 7,5
EV/EBITA 9,5 13,8 10,4
EV/EBIT 9,5 13,8 10,4
Dividend yield (%) 1,9 2,9 3,9
FCF yield (%) 7 -1,7 7,5
P/BVPS 2,21 2,05 1,87
P/BVPS Adj 4,33 3,8 3,22
P/E Adj 27,3 20 13,1
EV/EBITDA Adj 12,5 9,9 7,5
EV/EBITA Adj 15 13,8 10,4
EV/EBIT Adj 15 13,8 10,4
EV/cap. employed 1,8 1,7 1,5
Investment ratios 2021 2022 2023
Capex / sales 5 4,9 3,5
Capex / depreciation 367 168,8 103,4
Capex tangibles / tangible fixed assets 20,1 18,5 13,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 5,5 11 13,4

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Media

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

Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 16.3 % 16.3 % 28 Jun 2022
Anna Karinen 15.6 % 15.6 % 28 Jun 2022
Peter Gyllenhammar 15.2 % 15.2 % 23 May 2022
Avanza Pension 4.6 % 4.6 % 28 Jun 2022
Familjen Girell 4.4 % 4.4 % 28 Jun 2022
Quaero Capital S.A 4.1 % 4.1 % 31 Mar 2022
Lena Karinen 3.2 % 3.2 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.9 % 2.9 % 28 Jun 2022
Malte Edenius 2.8 % 2.8 % 9 Aug 2022
Leif Lundin 2.5 % 2.5 % 28 Jun 2022
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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