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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

Catalyst Potential is a Premium members feature in Redeye Universe.

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Redeye Rating

Tomas Otterbeck

Equity Analyst

tomas.otterbeck@redeye.se

+46854501330

Company Quality

  • 8.5
  • 9.0
  • 7.0
  • 6.5
  • 6.0

Leadership

Exclusive for members
Fördömlig ledning med god historisk anknytning till bolaget. VD har jobbat på Cinnober de senaste 12 åren samt en av grundarna Penter Lenti jobbar nu som CTO. Bolaget har levererat en CAGR om 14 procent i omsättningstillväxt utan några nyemissioner och ledningen har lyckats finansiera sin tillväxt med sitt befintliga kassaflöde. Cinnober har haft några byten i ledningen men har ändå kunnat identifiera marknadstrender i tid och får nu kontrakt av investeringarna inom clearingsystemen.

Ownership

Exclusive for members

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Profit outlook

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Profitability

Exclusive for members

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

Exclusive for members

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Fair Value Range

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Catalyst Potential

Impact

Timeframe

Short
Mid
Long

Company description

Cinnober is fundamentally a software company with about 65 percent recurring revenues. The company supplies mainly clearing and trading systems, with some of the world's largest exchanges among its customers. Right now Cinnober is advantageously positioned for the regulatory consequences of the Markets in Financial Instruments Directive (MiFID) in Europe, the new MiFID II regulatory framework, which is expected to enter into force in 2018, and the Dodd-Frank regulations in the United States. Read more...
Cinnober is fundamentally a software company with about 65 percent recurring revenues. The company supplies mainly clearing and trading systems, with some of the world's largest exchanges among its customers. Right now Cinnober is advantageously positioned for the regulatory consequences of the Markets in Financial Instruments Directive (MiFID) in Europe, the new MiFID II regulatory framework, which is expected to enter into force in 2018, and the Dodd-Frank regulations in the United States. These regulations are giving rise to additional requirements for transparency, security and risk management that are driving demand for Cinnober’s innovative solutions.

Clearing systems are increasingly required by the European Market Infrastructure Regulation (EMIR), and the company has therefore shifted its focus to real-time clearing solutions. Cinnober is a market leader in this segment and is a competitive supplier to exchanges and clearing houses. Cinnober will in future stand on four legs, with two of these being clearing systems and trading systems. The two new legs are reporting services and client clearing. The reporting services are provided by its subsidiary Boat, and find their raison d'être in the new regulations brought about by MiFID II. Less...

TODAY

Day High
252.50
252.50
1.50
+ 0.6%
Day Low
250.00
Day Open
243.00
Prev Close
243.00
VWAP
250.5
Volume
1K
Turnover
0.259M
Top Broker
ENS
VWAP
248.2
Avg Volume
20K
Avg Turnover
5.065M
Top Brokers
AVA/UBS

52 WEEK SUMMARY

Price Range
Beta
n/a
Market Cap
1,876.7M
Total Return
141.0%
Trailing P/E
228.1
Div Yield
0.8%
Shares Outstanding
7.5M
Next Earnings Date
4 May
Stock Exchange
First North Stockholm

Identify and measure trend strength in stocks with our Momentum tool to identify potential entry and exit signals. The tool provides a set of the most simple but powerful indicators that identify whether a stock is under sell or buy pressure.

Relative Price Strength
Rel Price Chg 3 Months 20.6%
Rel Price Chg 12 Months 103.5%
Volume Trend
Avg Vol 10 vs 60 Days -8.1%
Price vs...
52-Week High -12.3%
50-Day Moving Average -3.8%
200-Day Moving Average 22.9%

Historic pricing of Cinnober Financial Technology

Last price: 252.50 SEK

Loading data...

Prev Close [[ prevClose|number:2 ]] SEK Change [[ changeValue|number:2 ]] %
High [[ highValue|number:2 ]] SEK Avg Daily Volume [[ avgVolume|number:0 ]] Shares
Low [[ lowValue|number:2 ]] SEK Avg Daily Turnover [[ graphAvgTurnover|number:2 ]] SEK

Management

Veronica Augustsson, CEO
Johan Rönnestig (tf), CFO

Executive Board

Nils Robert Persson, Chairman of the board
Nils-Robert Persson
Patrik Enblad
Cecilia Lager
Peter Lenti
Staffan Persson
Helena Westin

Last updated: 2017-03-07 Source: Redeye

Major Holders

Owner Equity Votes
Nils-Robert Persson (inkl familj och bolag) 16.3%
18.6%
Gunnar Lindell (inkl bolag) 7.8%
8.9%
Nortal Capital AB 6.4%
7.3%
Peter Lenti (inkl familj) 4.3%
5.0%
Peter Snellman (inkl familj) 4.3%
4.9%
Swedbank Robur Ny Teknik 4.1%
4.7%
Unionen 3.5%
4.0%
Humle Fonder 2.9%
3.3%
Patrik Enblad 2.4%
2.8%
Magnus Grafström 2.3%
2.6%

Last updated: 2017-03-07 Source: Redeye

Insider transaction summary

Total insider purchases and sales reported

Timeframe Transactions Net Shares
Last 12 Weeks

0 Purchases

+ 0

0 Sales

- 0

Last 24 Weeks

0 Purchases

+ 0

0 Sales

- 0

Most recent insider transactions

Exclusive for members
Report Date Name Position Transaction Shares Chg Est Value (SEK)
2015-12-15 Svensson, Kim ANB Sale + 100 127
2015-12-15 Kvist, Sture ANB Sale + 79 77
2015-12-15 Kvist, Kim ANB Sale + 81 136
2015-12-15 Svensson, Kim ANB Sale + 60 57
2015-12-15 Svensson, Sture ANB Sale + 45 106

Source: Millistream – FI

More
  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (SEK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (SEKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (SEKm)
  • Capital employed (SEKm)
  • Capital turnover rate
Previous year Next year
2014
  • 1.2%
  • -2.6%
  • -2.1%
  • -0.3%
  • -1.3%
  • 0.5%
  • 0.21
  • 0.21
  • 0.00
  • -8.27
  • 6.5M
  • 1,597.9
  • 1,216.3
  • 1,216.3
  • 5.9
  • 5.8
  • -1,673.9
  • -439.0
  • 14.0
  • 48.8%
  • 0.0%
  • -54
  • 63
  • 1.1
2015
  • 8.4%
  • 19.3%
  • 16.7%
  • 6.3%
  • 5.5%
  • 2.7%
  • 1.34
  • 1.34
  • 1.00
  • -8.88
  • 6.5M
  • 1,594.0
  • 187.8
  • 187.8
  • 5.1
  • 5.0
  • 79.4
  • 89.9
  • 18.2
  • 43.2%
  • 0.0%
  • -58
  • 31
  • 1.5
2016
  • 7.9%
  • 10.1%
  • 20.1%
  • 3.2%
  • 2.6%
  • 2.0%
  • 1.10
  • 1.10
  • 2.00
  • -8.13
  • 6.5M
  • 1,598.9
  • 229.5
  • 229.5
  • 4.6
  • 4.5
  • 139.0
  • 171.9
  • 18.0
  • 35.3%
  • 1.0%
  • -53
  • 37
  • 1.4
2017E
  • 18.5%
  • 23.1%
  • 94.7%
  • 10.7%
  • 10.1%
  • 8.0%
  • 4.78
  • 4.78
  • 2.00
  • -33.93
  • 7.5M
  • 1,634.2
  • 52.8
  • 52.8
  • 3.7
  • 3.7
  • 34.4
  • 36.3
  • 5.6
  • 61.4%
  • 0.0%
  • -254
  • 40
  • 0.9
2018E
  • 16.6%
  • 21.3%
  • 126.1%
  • 12.6%
  • 12.0%
  • 9.8%
  • 6.97
  • 6.97
  • 2.00
  • -38.65
  • 7.5M
  • 1,598.9
  • 36.2
  • 36.2
  • 3.5
  • 3.0
  • 23.8
  • 25.0
  • 5.7
  • 57.2%
  • 0.0%
  • -289
  • 41
  • 0.9
2019E
  • 19.7%
  • 25.2%
  • 165.9%
  • 14.6%
  • 14.0%
  • 11.2%
  • 9.47
  • 9.47
  • 2.00
  • -29.09
  • 7.5M
  • 1,670.4
  • 26.7
  • 26.7
  • 3.0
  • 2.7
  • 18.2
  • 18.9
  • 4.9
  • 66.4%
  • 0.0%
  • -218
  • 169
  • 1.1
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014
  • 278
  • -279
  • -1
  • -3
  • 0
  • 0
  • -4
  • 0
  • 4
  • 0
  • 1
  • 1
  • 1
2015
  • 321
  • -301
  • 20
  • -2
  • 0
  • 0
  • 18
  • 0
  • -3
  • 2
  • 15
  • -6
  • 9
2016
  • 356
  • -344
  • 12
  • -2
  • 0
  • 0
  • 9
  • 0
  • 1
  • 0
  • 11
  • -3
  • 7
2017E
  • 7
  • 10
  • 2
  • 0
  • 5
  • 10
  • 4
  • 3
  • 4
  • 9
  • 0
  • 1
  • 3
Q1E
  • 0
  • 1
  • 7
  • 6
  • 3
  • 3
  • 8
  • 6
  • 8
  • 4
  • 9
  • 10
  • 4
Q2E
  • 9
  • 9
  • 10
  • 5
  • 1
  • 0
  • 3
  • 6
  • 2
  • 2
  • 5
  • 6
  • 8
Q3E
  • 6
  • 0
  • 6
  • 0
  • 10
  • 9
  • 10
  • 5
  • 4
  • 2
  • 9
  • 7
  • 6
Q4E
  • 3
  • 2
  • 3
  • 1
  • 8
  • 10
  • 9
  • 2
  • 2
  • 8
  • 10
  • 7
  • 8
2017E
  • 6
  • 10
  • 0
  • 3
  • 2
  • 3
  • 7
  • 5
  • 2
  • 9
  • 1
  • 4
  • 4
2018E
  • 5
  • 9
  • 9
  • 5
  • 9
  • 8
  • 8
  • 1
  • 8
  • 5
  • 6
  • 8
  • 0
Q1E
  • 4
  • 0
  • 6
  • 2
  • 5
  • 10
  • 9
  • 8
  • 5
  • 0
  • 3
  • 1
  • 5
Q2E
  • 2
  • 3
  • 4
  • 7
  • 2
  • 5
  • 1
  • 7
  • 0
  • 8
  • 5
  • 9
  • 5
Q3E
  • 8
  • 3
  • 7
  • 5
  • 8
  • 4
  • 9
  • 9
  • 3
  • 4
  • 6
  • 0
  • 4
Q4E
  • 2
  • 3
  • 7
  • 0
  • 1
  • 6
  • 5
  • 4
  • 5
  • 6
  • 10
  • 1
  • 8
2018E
  • 3
  • 4
  • 1
  • 4
  • 0
  • 4
  • 6
  • 6
  • 6
  • 5
  • 2
  • 9
  • 8
2019E
  • 8
  • 9
  • 4
  • 8
  • 6
  • 8
  • 9
  • 7
  • 3
  • 3
  • 0
  • 6
  • 4
Previous year Next year
    (SEKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014
  • 54
  • 80
  • 0
  • 65
  • 199
  • 6
  • 0
  • 37
  • 0
  • 0
  • 0
  • 0
  • 43
  • 0
  • 243
  • 0
  • 23
  • 101
  • 124
  • 0
  • 0
  • 0
  • 124
  • 0
  • 0
  • 118
  • 0
  • 118
  • 243
2015
  • 58
  • 109
  • 0
  • 35
  • 202
  • 6
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
  • 8
  • 1
  • 211
  • 0
  • 112
  • 7
  • 119
  • 0
  • 0
  • 0
  • 119
  • 0
  • 0
  • 91
  • 0
  • 91
  • 211
2016
  • 71
  • 142
  • 0
  • 35
  • 248
  • 8
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
  • 10
  • 1
  • 259
  • 18
  • 142
  • 7
  • 168
  • 0
  • 0
  • 0
  • 168
  • 0
  • 0
  • 92
  • 0
  • 92
  • 259
2017E
  • 2
  • 5
  • 4
  • 7
  • 9
  • 10
  • 1
  • 8
  • 9
  • 4
  • 1
  • 6
  • 1
  • 8
  • 5
  • 8
  • 8
  • 8
  • 10
  • 9
  • 2
  • 8
  • 10
  • 3
  • 7
  • 8
  • 0
  • 4
  • 6
2018E
  • 7
  • 9
  • 8
  • 4
  • 0
  • 5
  • 1
  • 3
  • 7
  • 10
  • 7
  • 3
  • 2
  • 5
  • 4
  • 0
  • 10
  • 6
  • 0
  • 1
  • 2
  • 10
  • 2
  • 1
  • 0
  • 4
  • 9
  • 7
  • 8
2019E
  • 4
  • 8
  • 3
  • 8
  • 7
  • 10
  • 2
  • 4
  • 1
  • 0
  • 4
  • 4
  • 1
  • 3
  • 3
  • 4
  • 2
  • 6
  • 0
  • 5
  • 4
  • 0
  • 6
  • 6
  • 10
  • 2
  • 10
  • 9
  • 3
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014
  • 278
  • -279
  • -3
  • -4
  • 1
  • -3
  • 3
  • 0
  • 63
  • -2
  • 61
2015
  • 321
  • -301
  • -2
  • 18
  • -7
  • 11
  • 2
  • 13
  • -4
  • 34
  • 42
2016
  • 356
  • -344
  • -2
  • 9
  • -3
  • 6
  • 2
  • 9
  • -3
  • -5
  • 1
2017E
  • 3
  • 7
  • 4
  • 10
  • 8
  • 1
  • 0
  • 4
  • 0
  • 4
  • 5
2018E
  • 3
  • 4
  • 0
  • 0
  • 10
  • 10
  • 10
  • 6
  • 1
  • 3
  • 4
2019E
  • 4
  • 2
  • 9
  • 4
  • 7
  • 2
  • 7
  • 0
  • 10
  • 8
  • 10
Previous year Next year
More