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Urb-it

Urb-it

Urb-it offers green last-mile deliveries across France and the UK through its couriers, for e-commerce, retail and the on-demand market. The couriers deliver to the end-customer by bike, cargo bike, public transport, or on foot. The company was founded in 2014 in Sweden, where it also has its headquarters. It is a certified B Corporation due to its impact and continuous innovation in sustainable logistics. Its partners are divided into two segments: carriers and retailers. Carriers are defined as delivery companies, whereas retailers are defined as brick-and-mortar stores and pure play e-commerce companies.

The company is likely to benefit from the Urban Access Regulations in Europe and the implementation of LEZ (low emission zones), which could increase the demand for Urb-it’s offering. Moreover, the underlying market for last-mile deliveries is growing rapidly and is anticipated to continue doing so. If the company can increase its share of retail customers, it is likely that its margins will improve.

The company has not yet been profitable and is highly dependent on an improvement in its contribution margin and continued growth in volumes. It currently has a high cash burn rate, and it is a small player in a large and competitive market where competitors could emerge. Additionally, its partnerships with carriers and retailers generally span 1.5-2 years to begin with, so there is a risk of the partnerships not being extended after this period.

SEKm 2021 2022e 2023e
Sales 34 108 328
Sales growth (%) 172,9 216,3 202,6
EBITDA -89 -123 -35
EBITDA margin (%) -259,3 -113,3 -10,7
EBIT adj -100 -132 -41
EBIT adj margin (%) -290,7 -121,6 -12,6
Pretax profit -101 -130 -45
EPS rep -0,46 -0,5 -0,17
EPS growth (%) -11,8 -7,4 65,5
EPS adj -0,46 -0,5 -0,17
DPS 0 0 0
EV/EBITDA (x) -11,1 -6,5 -24,5
EV/EBIT adj (x) -9,9 -6,1 -20,8
P/E (x) -10,2 -6,7 -19,4
P/E adj (x) -10,2 -6,7 -19,4
EV/sales (x) 28,8 7,4 2,6
FCF yield (%) -10,3 -16,5 -6,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 0,6 0,3
Lease adj. FCF yield (%) -10,3 -16,5 -6,9
Lease adj. ND/EBITDA 1,3 0,6 0,3
SEKm 2021 2022e 2023e
Sales 34 108 328
COGS 0 0 0
Gross profit 34 108 328
Other operating items -123 -231 -363
EBITDA -89 -123 -35
Depreciation and amortisation -11 -9 -6
Of which leasing depreciation 0 0 0
EBITA -100 -132 -41
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -100 -132 -41
Net financial items -1 2 -4
Pretax profit -101 -130 -45
Tax 0 0 0
Net profit -101 -130 -45
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -101 -130 -45
EPS -0,46 -0,5 -0,17
EPS Adj -0,46 -0,5 -0,17
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -259,3 -113,3 -10,7
EBITA margin (%) -290,7 -121,6 -12,6
EBIT margin (%) -290,7 -121,6 -12,6
Pretax margin (%) -294,5 -119,7 -13,7
Net margin (%) -294,5 -119,7 -13,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 172,9 216,3 202,6
EBITDA growth (%) -101 -38,2 71,5
EBIT growth (%) -74,9 -32,3 68,7
Net profit growth (%) -55,4 -28,6 65,5
EPS growth (%) -11,8 -7,4 65,5
Profitability 2021 2022 2023
ROE (%) -103,8 -111,8 -58,1
ROE Adj (%) -103,8 -111,8 -58,1
ROCE (%) -83 -109,5 -53,5
ROCE Adj(%) -83 -109,5 -53,5
ROIC (%) -179 -591,8 -117,1
ROIC Adj (%) -179 -591,8 -117,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj -89 -123 -35
EBITDA Adj margin (%) -259,3 -113,3 -10,7
EBITDA lease Adj -89 -123 -35
EBITDA lease Adj margin (%) -259,3 -113,3 -10,7
EBITA Adj -100 -132 -41
EBITA Adj margin (%) -290,7 -121,6 -12,6
EBIT Adj -100 -132 -41
EBIT Adj margin (%) -290,7 -121,6 -12,6
Pretax profit Adj -101 -130 -45
Net profit Adj -101 -130 -45
Net profit to shareholders Adj -101 -130 -45
Net Adj margin (%) -294,5 -119,7 -13,7
SEKm 2021 2022e 2023e
EBITDA -89 -123 -35
Net financial items -1 2 -4
Paid tax 0 0 0
Non-cash items 3 -26 -28
Cash flow before change in WC -87 -147 -66
Change in WC 2 17 22
Operating cash flow -86 -129 -44
CAPEX tangible fixed assets -12 -8 -9
CAPEX intangible fixed assets -9 -6 -7
Acquisitions and disposals 0 0 0
Free cash flow -107 -144 -60
Dividend paid 0 0 0
Share issues and buybacks 254 100 0
Lease liability amortisation 0 0 0
Other non cash items -10 10 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 15 14 16
Tangible fixed assets 12 20 29
Right-of-use asset 0 0 0
Total other fixed assets 3 3 3
Fixed assets 31 37 48
Inventories 0 0 0
Receivables 16 17 25
Other current assets 3 13 41
Cash and liquid assets 112 69 9
Total assets 162 137 122
Shareholders equity 133 100 55
Minority 0 0 0
Total equity 133 100 55
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 0 0 0
Accounts payable 16 19 12
Other current liabilities 13 18 55
Total liabilities and equity 162 137 122
Net IB debt -116 -72 -12
Net IB debt excl. pension debt -116 -72 -12
Net IB debt excl. leasing -116 -72 -12
Capital invested 17 28 43
Working capital -10 -7 -2
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1104 869 869
Net IB debt Adj -116 -72 -12
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 989 797 858
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 25,1 72,5 253,2
Working capital / sales (%) 94 -8 -1,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -87,2 -72,3 -21,6
Net debt / market cap (%) -13,4 -8,3 -1,4
Equity ratio (%) 82 72,6 44,9
Net IB debt adj. / equity (%) -87,2 -72,3 -21,6
Current ratio (%) 450,5 265 110,5
EBITDA / net interest (%) -6778,1 -6045,7 -990,9
Net IB debt / EBITDA (%) 130,2 58,6 33,8
Net IB debt / EBITDA lease Adj (%) 130,2 58,6 33,8
Interest cover (%) -4490,2 -4769,4 -1167,6
SEKm 2021 2022e 2023e
Shares outstanding adj. 234 262 262
Fully diluted shares Adj 234 262 262
EPS -0,46 -0,5 -0,17
Dividend per share Adj 0 0 0
EPS Adj -0,46 -0,5 -0,17
BVPS 0,57 0,38 0,21
BVPS Adj 0,56 0,38 0,21
Net IB debt / share -0,5 -0,3 0
Share price 3,68 3,32 3,32
Market cap. (m) 863 869 869
Valuation 2021 2022 2023
P/E -10,2 -6,7 -19,4
EV/sales 28,85 7,36 2,61
EV/EBITDA -11,1 -6,5 -24,5
EV/EBITA -9,9 -6,1 -20,8
EV/EBIT -9,9 -6,1 -20,8
Dividend yield (%) 0 0 0
FCF yield (%) -10,3 -16,5 -6,9
Lease adj. FCF yield (%) -10,3 -16,5 -6,9
P/BVPS 8,32 8,73 15,89
P/BVPS Adj 8,35 8,78 16,03
P/E Adj -10,2 -6,7 -19,4
EV/EBITDA Adj -11,1 -6,5 -24,5
EV/EBITA Adj -9,9 -6,1 -20,8
EV/EBIT Adj -9,9 -6,1 -20,8
EV/cap. employed 7,5 8 15,7
Investment ratios 2021 2022 2023
Capex / sales 61,3 13,4 5
Capex / depreciation 195 162,4 262,9
Capex tangibles / tangible fixed assets 99,9 39,4 32,2
Capex intangibles / definite intangibles 1781 1321,5 1435,6
Depreciation on intangibles / definite intangibles 2045,8 1639,9 1143,4
Depreciation on tangibles / tangibles 6,2 4,6 2,2

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Lage Jonason 33.8 % 33.8 % 2 May 2022
Ingka Investments BV 9.2 % 9.2 % 31 Mar 2022
Fjärde AP-fonden 7.5 % 7.5 % 31 Mar 2022
Handelsbanken Fonder 5.5 % 5.5 % 30 Apr 2022
Erik Mitteregger 5.5 % 5.5 % 31 Mar 2022
Consensus Asset Management 4.3 % 4.3 % 30 Apr 2022
Adrigo Asset Management 4.2 % 4.2 % 31 Oct 2021
Fiducian Group Ltd 4.2 % 4.2 % 31 Mar 2022
Skandia Fonder 3.4 % 3.4 % 30 Apr 2022
Gerald Engström 2.9 % 2.9 % 31 Mar 2022
Source: Holdings by Modular Finance AB