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Viscaria

Viscaria

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Gruvaktiebolaget Viscaria is a Swedish mineral exploration company and its flagship project is re-opening the Viscaria copper mine in Kiruna in northern Sweden. The company is working on obtaining an environmental permit for the Viscaria mine, as well as making preparations for mining operations to commence. At full capacity, the plan is for Viscaria to produce 30,000 tonnes of copper per annum, making it Sweden's second-largest copper mine.

Sustainability information

Weaker demand for Cu in the global market. Protracted process of obtaining acceptance from the land- and environmental permit. Higher than expected costs.

Financials

SEKm 2023 2024e 2025e
Sales 0 0 0
Sales growth (%) N/A N/A N/A
EBITDA -40 -43 -60
EBITDA margin (%) N/A N/A N/A
EBIT adj. -43 -52 -184
EBIT adj. margin (%) N/A N/A N/A
Pretax profit -30 -50 -234
EPS -0,33 -0,46 -1,31
EPS growth (%) 14,8 38,2 N/A
EPS adj. -0,33 -0,46 -1,31
DPS 0 0 0
EV/EBITDA (x) -41,7 -47,7 -65,9
EV/EBIT adj. (x) -39 -38,7 -21,4
P/E (x) -63,7 -46,1 -16,2
P/E adj. (x) -63,7 -46,1 -16,2
EV/sales (x) N/A N/A N/A
FCF yield (%) -17,4 -17 -50,6
Le. adj. FCF yld. (%) -17,4 -17 -50,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 6,1 6,4 -2,6
Le. adj. ND/EBITDA (x) 6,3 6,5 -2,5
SEKm 2023 2024e 2025e
Sales 0 0 0
COGS 0 0 0
Gross profit 0 0 0
Other operating items -40 -43 -60
EBITDA -40 -43 -60
Depreciation and amortisation -3 -10 -124
of which leasing depreciation 0 0 0
EBITA -43 -52 -184
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -43 -52 -184
Net financial items 13 3 -50
Pretax profit -30 -50 -234
Tax 0 0 0
Net profit -30 -50 -234
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -50 -234
EPS -0,33 -0,46 -1,31
EPS adj. -0,33 -0,46 -1,31
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -0,3 0 0
Gross margin (%) N/A N/A N/A
EBITDA margin (%) N/A N/A N/A
EBITA margin (%) N/A N/A N/A
EBIT margin (%) N/A N/A N/A
Pre-tax margin (%) N/A N/A N/A
Net margin (%) N/A N/A N/A
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) N/A N/A N/A
EBITDA growth (%) 170,5 6,2 40,8
EBITA growth (%) 111,9 22,2 251,8
EBIT growth (%) N/A 22,2 N/A
Net profit growth (%) 34,8 65,9 369,6
EPS growth (%) 14,8 38,2 N/A
Profitability N/A N/A N/A
ROE (%) -2,7 -3,5 -10,5
ROE adj. (%) -2,7 -3,5 -10,5
ROCE (%) -2,2 -3,3 -7
ROCE adj. (%) -3,1 -3,3 -7
ROIC (%) -5,1 -4,5 -8,5
ROIC adj. (%) -5,1 -4,5 -8,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -40 -43 -60
EBITDA adj. margin (%) N/A N/A N/A
EBITDA lease adj. -40 -43 -60
EBITDA lease adj. margin (%) N/A N/A N/A
EBITA adj. -43 -52 -184
EBITA adj. margin (%) N/A N/A N/A
EBIT adj. -43 -52 -184
EBIT adj. margin (%) N/A N/A N/A
Pretax profit Adj. -30 -50 -234
Net profit Adj. -30 -50 -234
Net profit to shareholders adj. -30 -50 -234
Net adj. margin (%) N/A N/A N/A
SEKm 2023 2024e 2025e
EBITDA -40 -43 -60
Goodwill N/A N/A N/A
Net financial items 13 3 -50
Other intangible assets 899 1232 1552
Paid tax -1 0 0
Tangible fixed assets 107 133 1509
Non-cash items 3 0 0
Right-of-use asset 6 6 6
Cash flow before change in WC -25 -40 -110
Total other fixed assets 0 0 0
Change in working capital 1 17 4
Fixed assets 1012 1371 3067
Operating cash flow -24 -23 -106
Inventories 0 0 0
Capex tangible fixed assets -50 -36 -1500
Receivables 13 11 12
Capex intangible fixed assets -259 -333 -320
Other current assets 3 3 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 266 292 666
Free cash flow -333 -392 -1926
Total assets 1294 1676 3747
Dividend paid 0 0 0
Shareholders equity 1228 1596 2861
Share issues and buybacks 266 418 1500
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 1228 1596 2861
Other non-cash items 23 0 0
Long-term debt 14 14 814
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 5 5 5
Total other long-term liabilities 0 0 0
Short-term debt N/A N/A N/A
Accounts payable 28 42 48
Other current liabilities 19 19 19
Total liabilities and equity 1294 1676 3747
Net IB debt -247 -272 153
Net IB debt excl. pension debt -247 -272 153
Net IB debt excl. leasing -252 -278 148
Capital employed 1248 1615 3680
Capital invested 981 1323 3015
Working capital -30 -48 -52
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1919 2302 3802
Net IB debt adj. -247 -272 153
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 1672 2030 3956
Total assets turnover (%) 0 0 0
Working capital/sales (%) N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -20,1 -17,1 5,4
Net debt / market cap (%) -12,8 -11,8 4
Equity ratio (%) 94,9 95,2 76,4
Net IB debt adj. / equity (%) -20,1 -17,1 5,4
Current ratio 6,07 4,97 10,17
EBITDA/net interest 3,1 17 1,2
Net IB debt/EBITDA (x) 6,1 6,4 -2,6
Net IB debt/EBITDA lease adj. (x) 6,3 6,5 -2,5
Interest coverage 6,5 13,7 3,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 90 108 179
Diluted shares adj. 90 108 179
EPS -0,33 -0,46 -1,31
Dividend per share 0 0 0
EPS adj. -0,33 -0,46 -1,31
BVPS 13,63 14,76 16,03
BVPS adj. 3,65 3,37 7,33
Net IB debt/share -2,74 -2,52 0,86
Share price 21,3 21,3 21,3
Market cap. (m) 1919 2302 3802
Valuation N/A N/A N/A
P/E (x) -63,7 -46,1 -16,2
EV/sales (x) N/A N/A N/A
EV/EBITDA (x) -41,7 -47,7 -65,9
EV/EBITA (x) -39 -38,7 -21,4
EV/EBIT (x) -39 -38,7 -21,4
Dividend yield (%) 0 0 0
FCF yield (%) -17,4 -17 -50,6
Le. adj. FCF yld. (%) -17,4 -17 -50,6
P/BVPS (x) 1,56 1,44 1,33
P/BVPS adj. (x) 1,56 1,44 1,33
P/E adj. (x) -63,7 -46,1 -16,2
EV/EBITDA adj. (x) -41,7 -47,7 -65,9
EV/EBITA adj. (x) -39 -38,7 -21,4
EV/EBIT adj. (x) -39 -38,7 -21,4
EV/CE (x) 1,3 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) N/A N/A N/A
Capex/depreciation 110,4 37,6 14,6
Capex tangibles / tangible fixed assets 46,4 27,3 99,4
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 2,62 7,36 8,25

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Main shareholders - Viscaria

Main shareholders Share capital % Voting shares % Verified
Thomas von Koch 11.9 % 11.9 % 30 Sep 2024
JRS Asset Management AB Client Account 4.9 % 4.9 % 26 Sep 2024
Swedbank Robur Fonder 3.8 % 3.8 % 30 Nov 2024
Jan Ståhlberg 3.7 % 3.7 % 26 Sep 2024
Håkan Roos (RoosGruppen) 3.6 % 3.6 % 26 Sep 2024
Fjärde AP-fonden 3.6 % 3.6 % 26 Sep 2024
Joheco AB 3.3 % 3.3 % 18 Jul 2024
Avanza Pension 2.8 % 2.8 % 26 Sep 2024
Santhe Dahl 2.6 % 2.6 % 29 Oct 2024
Caps LTD 2.4 % 2.4 % 30 Sep 2024
Source: Holdings by Modular Finance AB