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Urb-it

Urb-it

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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 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.

Financials

SEKm 2022 2023e 2024e
Sales 49 110 264
Sales growth (%) 42,9 124,6 139,8
EBITDA -142 -69 -26
EBITDA margin (%) -289,4 -63,1 -10
EBIT adj. -160 -81 -39
EBIT adj. margin (%) -327,6 -74,1 -14,7
Pretax profit -152 -76 -37
EPS -0,07 -0,03 -0,02
EPS growth (%) -84 -50,2 -51,3
EPS adj. -0,07 -0,04 -0,02
DPS 0 0 0
EV/EBITDA (x) 0,4 -0,6 -3,4
EV/EBIT adj. (x) 0,4 -0,5 -2,3
P/E (x) -0,6 -1,1 -2,3
P/E adj. (x) -0,5 -1,1 -2
EV/sales (x) -1,25 0,37 0,34
FCF yield (%) -204,6 -117,4 -58,6
Le. adj. FCF yld. (%) -204,6 -117,4 -58,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1 0,6 -0,4
Le. adj. ND/EBITDA (x) 0,9 0,5 0,3
SEKm 2022 2023e 2024e
Sales 49 110 264
COGS 0 0 0
Gross profit 49 110 264
Other operating items -191 -179 -290
EBITDA -142 -69 -26
Depreciation and amortisation -12 -6 -7
of which leasing depreciation 0 0 0
EBITA -153 -76 -33
EO Items 7 6 6
Impairment and PPA amortisation 0 0 0
EBIT -153 -76 -33
Net financial items 2 0 -4
Pretax profit -152 -76 -37
Tax 0 0 0
Net profit -152 -76 -37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -152 -76 -37
EPS -0,07 -0,03 -0,02
EPS adj. -0,07 -0,04 -0,02
Total extraordinary items after tax 7 6 6
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -289,4 -63,1 -10
EBITA margin (%) -313,1 -68,7 -12,5
EBIT margin (%) -313,1 -68,7 -12,5
Pre-tax margin (%) -309,8 -68,7 -14
Net margin (%) -309,8 -68,7 -14
Sales growth (%) 42,9 124,6 139,8
EBITDA growth (%) 59,6 -51 -61,9
EBITA growth (%) 53,9 -50,7 -56,3
EBIT growth (%) 53,9 -50,7 -56,3
Net profit growth (%) 50,4 -50,2 -51,3
EPS growth (%) -84 -50,2 -51,3
Profitability N/A N/A N/A
ROE (%) -100,6 -57,6 -49
ROE adj. (%) -105,3 -62,1 -56,8
ROCE (%) -99,2 -57,6 -33
ROCE adj. (%) -103,9 -62,1 -38,9
ROIC (%) -676,9 -183,3 -54,2
ROIC adj. (%) -708,2 -197,5 -63,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -149 -75 -32
EBITDA adj. margin (%) -303,9 -68,4 -12,2
EBITDA lease adj. -149 -75 -32
EBITDA lease adj. margin (%) -303,9 -68,4 -12,2
EBITA adj. -160 -81 -39
EBITA adj. margin (%) -327,6 -74,1 -14,7
EBIT adj. -160 -81 -39
EBIT adj. margin (%) -327,6 -74,1 -14,7
Pretax profit Adj. -159 -81 -43
Net profit Adj. -159 -81 -43
Net profit to shareholders adj. -159 -81 -43
Net adj. margin (%) -324,3 -74,1 -16,2
SEKm 2022 2023e 2024e
EBITDA -142 -69 -26
Goodwill 0 0 0
Net financial items 2 0 -4
Other intangible assets 15 15 15
Paid tax 0 0 0
Tangible fixed assets 25 34 50
Non-cash items -19 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -159 -69 -30
Total other fixed assets 12 12 12
Change in working capital 4 -17 3
Fixed assets 52 61 78
Operating cash flow -155 -86 -27
Inventories 0 0 0
Capex tangible fixed assets -15 -10 -17
Receivables 18 11 20
Capex intangible fixed assets -7 -6 -6
Other current assets 5 16 39
Acquisitions and Disposals 0 0 0
Cash and liquid assets 135 34 33
Free cash flow -177 -101 -51
Total assets 210 122 170
Dividend paid 0 0 0
Shareholders equity 169 93 57
Share issues and buybacks 201 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 169 93 57
Other non-cash items -3 0 0
Long-term debt 0 0 50
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 29 10 23
Other current liabilities 8 15 37
Total liabilities and equity 210 122 170
Net IB debt -141 -39 11
Net IB debt excl. pension debt -141 -39 11
Net IB debt excl. leasing -141 -39 11
Capital employed 169 93 107
Capital invested 28 54 68
Working capital -14 2 -1
Market cap. diluted (m) 86 86 86
Net IB debt adj. -141 -39 11
Market value of minority 0 0 0
Reversal of shares and participations -7 -7 -7
Reversal of conv. debt assumed equity N/A N/A N/A
EV -61 40 91
Total assets turnover (%) 26,4 66,4 180,8
Working capital/sales (%) -25,1 -5,5 0,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -83,2 -42,1 19,9
Net debt / market cap (%) -163 -45,6 13
Equity ratio (%) 80,7 76,7 33,4
Net IB debt adj. / equity (%) -83,2 -42,1 19,9
Current ratio 4,25 2,43 1,54
EBITDA/net interest 88,1 N/A 7
Net IB debt/EBITDA (x) 1 0,6 -0,4
Net IB debt/EBITDA lease adj. (x) 0,9 0,5 -0,3
Interest coverage 72,8 N/A 8,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 2203 2203 2203
Diluted shares adj. 2203 2203 2203
EPS -0,07 -0,03 -0,02
Dividend per share 0 0 0
EPS adj. -0,07 -0,04 -0,02
BVPS 0,08 0,04 0,03
BVPS adj. 0,07 0,04 0,02
Net IB debt/share -0,06 -0,02 0,01
Share price 0,04 0,04 0,04
Market cap. (m) 86 86 86
P/E (x) -0,6 -1,1 -2,3
EV/sales (x) -1,25 0,37 0,34
EV/EBITDA (x) 0,4 -0,6 -3,4
EV/EBITA (x) 0,4 -0,5 -2,8
EV/EBIT (x) 0,4 -0,5 -2,8
Dividend yield (%) 0 0 0
FCF yield (%) -204,6 -117,4 -58,6
Le. adj. FCF yld. (%) -204,6 -117,4 -58,6
P/BVPS (x) 0,51 0,92 1,52
P/BVPS adj. (x) 0,51 0,93 1,54
P/E adj. (x) -0,5 -1,1 -2
EV/EBITDA adj. (x) 0,4 -0,5 -2,8
EV/EBITA adj. (x) 0,4 -0,5 -2,3
EV/EBIT adj. (x) 0,4 -0,5 -2,3
EV/CE (x) -0,4 0,4 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 44,5 14,1 8,8
Capex/depreciation 1,9 2,5 3,5
Capex tangibles / tangible fixed assets 60 28,6 35
Capex intangibles / definite intangibles 1431,3 1195,1 1195,1
Depreciation on intang / def. intang 1508 1124 1131
Depreciation on tangibles / tangibles 17,07 2,13 2,22

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Media

Urb-it - Company presentation with CEO Kevin Kviblad

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Ingka Investments BV 9.1 % 9.1 % 28 Jun 2022
Avanza Pension 9.0 % 9.0 % 28 Dec 2022
Adrigo Asset Management 5.5 % 5.5 % 30 Sep 2022
Consensus Asset Management 4.9 % 4.9 % 31 Jan 2023
Fiducian Group Ltd 4.5 % 4.5 % 28 Dec 2022
Skandia Fonder 3.5 % 3.5 % 28 Feb 2023
Gerald Engström 2.7 % 2.7 % 28 Dec 2022
Svenska Infragruppen AB 1.9 % 1.9 % 28 Dec 2022
Ilija Batljan 1.8 % 1.8 % 28 Dec 2022
Nordnet Pensionsförsäkring 1.6 % 1.6 % 28 Dec 2022
Source: Holdings by Modular Finance AB