Information about the portfolio companies Ledstiernan reports significant events in the portfolio companies on a continual basis in press releases and interim reports. Financial information is reported every quarter for Polstiernan and annually for the other companies. More information can also be found on Ledstiernan’s and the portfolio companies’ own websites.
The table below shows certain financial data for each portfolio company. All data are in accordance with the portfolio companies’ accounting principles. These accounting principles may diverge from Ledstiernan’s. Financial data from 2008 are preliminary.
Amounts in MSEK
Net sales
EBITDA
EBIT
EBT
2008 prel
2007
2006
2008 prel
2007
2006
2008 prel
2007
2006
2008 prel
2007
2006
Metrima
460,2
267,1
331,1
11,5
-58,5
-81,1
-1,2
-62,7
-119,7
-17,1
-74,7
-138,6
Polstiernan 1)
619
564,1
379,9
89,1
65,7
44,4
52,1
37,4
30,2
47,1
33,9
21,2
Wazoo (Katshing) 2)
74,7
119,7
114
0,8
1
2,1
0,8
0,9
1,8
0,7
0,8
1,6
Venture
Columbitech
11,6
21,9
23,6
-10,3
2,5
8,4
-17,4
-0,9
3,8
-17,4
-1,3
3,1
EasyPark
68,8
51,1
33,6
13,5
5,4
-0,9
13
4,8
-2,3
14,1
4,3
-2,5
Soft Capital 3)
36,8
26,6
-
8,2
-1,5
-
7,1
-2,1
-
6,3
-3,1
-
Sourcebynet 4)
956,2
695,3
-
-
-
-
-
-
-
-
-
-
Voice Provider
25
19,7
16,9
3,5
4
2,8
1,6
-0,3
0,7
0,6
-1,3
0
1) Sales in 2006 for Polstiernan are pro forma.
2) 2008 refers to a shorter fiscal year from 1 May to 31 December 2008. 2007 refers to the split fiscal year 1 May 2007 to 30 April 2008. 2006 refers to 2006/07.
3) Soft Capital started its operations in October 2006.
4) Sourcebynet does not publish the figures for its result.
Valuation of the portfolio companies
Ledstiernan valuates all portfolio companies on a continual basis. The valuations are a part of Ledstiernan’s continual
valuation of the companies and also form a basis for reporting in the Parent Company and in the Group.
In the consolidated accounts all portfolio companies that are not subsidiaries are reported at fair value. Fair value does
not apply to Polstiernan, since it is a subsidiary and is thus included in the consolidated accounts.
Analysis of Ledstiernan
Ledstiernan is a venture capital company that owns shares in companies with operations in widely diverse sectors. One
of the portfolio companies, Polstiernan, is included in the consolidated accounts as a subsidiary, whereas the other
companies are classified as associated companies or financial instruments and are reported at fair value in the consolidated
accounts. These factors make Ledstiernan’s consolidated accounts difficult to analyze.
One way to analyze Ledstiernan in order to assess the value of Ledstiernan’s shares is to analyze the portfolio companies
and make an assessment of the value of 100 percent of the shares in each company. This value is then multiplied by
Ledstiernan’s percentage of the shares in each company to thus obtain an assessment of the market value of Ledstiernan’s
holdings in these companies. Other assets are then added and liabilities in the Parent Company are subtracted. The value thus
obtained is known as net asset value.
- Enterprise value/sales
- Enterprise value/operating result (before and after
depreciation)
- Market capitalization/result after tax (Price/Earnings)
Enterprise value is the market value of a company’s entire “asset side” regardless of whether these assets are financed by equity or debts. Enterprise value in a listed company is generally calculated as the market capitalization (share price multiplied by
the number of shares) plus the company’s net debt (interestbearing liabilities minus interest-bearing assets). The enterprise
value is put in relation to sales and profits which have not been affected by how the company is financed. The value of the shares in a company is affected by how operations are financed and the market capitalization should therefore be analyzed in relation to the result after net financial items and tax. In a valuation based on a comparison of how similar companies are valued it is necessary to consider any differences between the companies such as anticipated growth, future margins, susceptibility to market trends and size.The table below shows the book value of Ledstiernan’s shares in each company and the implicit value of 100 percent of the shares in each company based on Ledstiernan’s book value. The implicit value of the shares plus net debt in each company as per 31 December 2008 gives the corresponding enterprise value.
Polstiernan, Easypark and Soft Capital have achieved a volume in their operations that makes it relevant to put the share value in relation to profits after tax. For the other companies it is relevant above all to look at the enterprise value in relation to sales. Sourcebynet does not publish the figures for its result. The company’s business model is such that the company’s sales contain the value of the articles that the company supplies for its customers.
The company retains a relatively small portion of the total value of the goods as “commission” for its services. This means that the company’s margins are low in relation to booked sales.
Implicit
Implicit
Amounts in MSEK
Book value
value of
asset
2008-12-31
Holdings
Shares
Loans
Total
100% of shares
Net liabilities
value
Implicit multipel
Core holdings
Metrima AB
69,7%
161,7
122,8
284,6
232
167
399
1
EV/SALES
Polstiernan Industri AB
69,0%
49,2
6,0
55,2
71
44
115
3
P/E
Wazoo Holding AB
48,0%
14,7
0,0
14,7
31
-3
27
-
-
Total
-
225,6
128,8
354,5
Ledstiernan Venture
Columbitech AB
20,2%
10,9
0,0
10,9
54
-12
42
4
EV/SALES
EasyPark AS
27,7%
44,6
0,0
44,6
161
-5
156
9
P/E
Soft Capital Investment AB
18,0%
18,0
6,0
24,0
100
4
104
22
P/E
Sourcebynet pte Ltd
8,8%
14,9
0,0
14,9
170
0
170
0
EV/SALES
Voice Provider Holding AB
47,6%
19,0
1,7
20,7
40
11
51
2
EV/SALES
Total
-
107,5
7,7
115,2
-
Other holdings
-
0,1
0,0
0,1
0,1
0,0
0,1
Book value of portfolio companies
-
333,2
136,5
469,7
Adress: Ledstiernan AB,
Malmskillnadsgatan 39,
111 38 Stockholm
