Malmbergs Elektriska AB (publ)

Malmbergs Elektriska AB (publ) has a liquidity position that is medium in risk, with a current ratio of 3.48, indicating the company can cover its short-term liabilities more than three times over. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints. The debt-to-equity ratio of 0.3 suggests a relatively conservative capital structure, with debt accounting for a small portion of total equity.

Profitability metrics are weak, with a return on equity of -0.031 and a return on assets of -0.0209, both of which are negative and indicate the company is not generating returns for its shareholders or asset base. These figures are below the typical expectations for the electrical components and equipment industry, which generally requires strong operational efficiency to maintain profitability.

The company's revenue is concentrated in the Nordic region, with no disclosed segment breakdown, making it difficult to assess geographic diversification. The lack of segment data also limits the ability to evaluate the performance of different product lines or customer bases.

Growth trajectory appears to be negative, with the company reporting a revenue of 118,744,000 SEK, which is significantly lower than the analyst estimate of 612,525,000 SEK. This discrepancy suggests a potential issue with the company's ability to meet market expectations or a misalignment in analyst forecasts.

Risk factors include a negative net cash position and the potential for liquidity constraints, which could impact the company's ability to fund operations and invest in growth opportunities. The risk of dilution is currently low, but the company's negative operating cash flow of -4,397,000 SEK and free cash flow of 170,000 SEK indicate that it may need to seek additional financing in the future.

Recent events include the latest financial report showing a significant decline in revenue and profitability, with a net loss of 10,547,000 SEK. The company's operating income was also negative at -9,884,000 SEK, highlighting the challenges it faces in maintaining operational efficiency and cost control.

Free cash flow improved significantly to 26 million SEK in 2019, demonstrating enhanced cash generation capabilities despite operating losses.

The company maintains a manageable debt-to-equity ratio of 0.3, which is below the cohort median of 0.24.

Long-term debt decreased slightly from 87.8 million SEK in 2019 compared to higher levels in previous years.

Dilution risk is assessed as low, suggesting limited immediate threat to existing shareholder equity value from share issuance.

Credit risk is rated as low, indicating a relatively stable profile regarding the company's ability to meet debt obligations.

Cash conversion ratio of 0.42 is below the cohort median of 0.89, highlighting inferior cash generation efficiency.

Revenue kr 112.6M, −6,0% YoY; Operating income +42,3% YoY.

• ▍Revenue kr 112.6M, −6,0% YoY
• ▍Operating income +42,3% YoY
• ▍Net income +54,2% YoY
• ▍Free cash flow +115,3% YoY
• ▍Net margin -2.9%

Revenue kr 134.0M, −10,7% YoY; Operating income +222,4% YoY.

• ▍Revenue kr 134.0M, −10,7% YoY
• ▍Operating income +222,4% YoY
• ▍Net income +259,0% YoY
• ▍Free cash flow +57,2% YoY
• ▍Net margin 5.1%

Revenue kr 102.5M, −9,3% YoY; Operating income +54,7% YoY.

• ▍Revenue kr 102.5M, −9,3% YoY
• ▍Operating income +54,7% YoY
• ▍Net income +42,3% YoY
• ▍Free cash flow +19,4% YoY
• ▍Net margin -2.7%

Revenue kr 103.2M, −13,1% YoY; Operating income −20,2% YoY.

• ▍Revenue kr 103.2M, −13,1% YoY
• ▍Operating income −20,2% YoY
• ▍Net income −17,2% YoY
• ▍Free cash flow −1 592,9% YoY
• ▍Net margin -12.0%

Revenue kr 119.8M; Operating income -kr 4.1M.

• ▍Revenue kr 119.8M
• ▍Operating income -kr 4.1M
• ▍Net margin -5.9%

Revenue kr 150.0M; Operating income -kr 5.6M.

• ▍Revenue kr 150.0M
• ▍Operating income -kr 5.6M
• ▍Net margin -2.9%

Revenue kr 113.1M; Operating income -kr 4.3M.

• ▍Revenue kr 113.1M
• ▍Operating income -kr 4.3M
• ▍Net margin -4.3%

Revenue kr 118.7M; Operating income -kr 9.9M.

• ▍Revenue kr 118.7M
• ▍Operating income -kr 9.9M
• ▍Net margin -8.9%

Revenue kr 459.5M, −11,0% YoY; Operating income +56,2% YoY.

• ▍Revenue kr 459.5M, −11,0% YoY
• ▍Operating income +56,2% YoY
• ▍Net income +36,9% YoY
• ▍Free cash flow +2 386,3% YoY
• ▍Net margin -3.4%

Revenue kr 516.5M, −13,7% YoY; Operating income −320,6% YoY.

• ▍Revenue kr 516.5M, −13,7% YoY
• ▍Operating income −320,6% YoY
• ▍Net income −353,6% YoY
• ▍Free cash flow −96,8% YoY
• ▍Net margin -4.7%