Osakesijoittaminen

Carasent ASA, Nordic SaaS

Hello,

Have anyone here in Finland looked at Carasent? It is a company listed in Norway but the company is just a holding company that owns Evimeria EMR AB.

Evimeria is a SaaS-company that has developed a cloud-based EMR (Electric Medical Record) for the private health care market and target primary care and specialty care clinics. As of today the company has 384 customers in Sweden and plans to enter the Norwegian market in 2020.

The company is currently enjoying strong growth and grew 53% in Q3 and has grown 49% YTD with strong profitability. In Q3 the EBITDA-margin was 28,0% with a Revenue of just SEK 15m or approx. EUR 1,5m, so this is a very scalable business.

Their targets for 2019 is to grow sales by >50% and EBITDA with >100% which they are in-line with. I believe they can grow at 35-40% in 2020 and believe their revenue in 2020 can be around SEK ~80m with an EBITDA of 23-24m. This would equal around an EV/EBITDA of 17x which for me is ok for a company growing >30% with 90% recurring revenues and also a very scalable business model.

The market cap as of today is a little bit more than NOK 400m. The chairman holds around 20% of the shares, the CEO of Evimeria ~10% and other insiders around 20%. So around half of the shares are owned by insiders. Another interesting owner for you Finnish guys is Aktia Nordic Micro Cap who owns 3,68% of the shares since August 2019.

Lets start a discussion around the share!

13 tykkäystä

Onko kukaan perehtynyt tähän firmaan tarkemmin? Vaikuttaisi erittäin mielenkiintoiselta yritykseltä. Hyvin kasvavaa ja skaalautuvaa bisnestä Evimerialla. Kysyntä vetää myös ilmeisesti hyvin. Lykkäsivät Norjaan menoa tälle vuodelle, koska Ruotsissa oli tarpeeksi tekemistä. Minkähän kokoiset markkinat tälläiselle pelurille on, kun keskittyvät pelkästään pohjoismaihin?

Report today.

Sales grew 44% in the fourth quarter with an adjusted EBITA of 5,5m or a margin of 37,2%.

They also released their guidance for 2020 and stated that they expect revenues to grow ~40% in 2020 with an EBITDA-margin of 35-40%. This would imply a valuation of 7,2x EV/Sales or 19x EV/EBITDA on 2020E. Not too much for a company growing at this pace?

4 tykkäystä

Interesting. What p/e the stock is trading?

P/E is hard to calculate since it’s a holding company that is listed. I prefer EV/EBIT which shooul be 26-27x for 2020E.