Wall To Wall Group Ab Class A · OMXSTO:WTW_A
Wall To Wall Group Ab Class A — Tebede — Investor Presentation (November 2023)
21 slides from Wall To Wall Group Ab Class A's investor presentation, November 2023
Slide 1: Investor presentation November 2023
Investor presentation November 2023
Slide 2: From SPAC to operational company
From SPAC to operational company Historical milestones tbd30 founded, one of tbd30 listed on Nasdaq Acquisition of Closing of the transaction Developing tbd30 renamed Tebede, Sweden’s first SPACs Stockholm, search Spolargruppen and de- and listing tbd30 on First Spolargruppen into the back on Nasdaq
Slide 3: Spolargruppen has a comprehensive portfolio
Spolargruppen has a comprehensive portfolio… …offering sustainable mainly indoor infrastructure services to a wide array of property owners ~95% >70% ~68% ~525 B2B customers revenue from repeat share of revenue employees Housing cooperative customers1 from relining Duct sealing Mixed use Rental Real
Slide 4: A well defined strategic ambition and orientation
…and a well defined strategic ambition and orientation Strategic ambition and financial targets Business orientation • Nordic market leader within pipe flushing, relining, maintenance and • Focus on property owners and their specifiers, inside or in sealing of ventilation ducts, and with other compl
Slide 5: Addressable market expected to grow ~12% p.a.
Addressable market expected to grow ~12% p.a… …reaching a market size of SEK 12.5bn in 2026 Nordic addressable market Key market drivers SEKbn • Large # of properties in need of renovation, increased CAGR number of water damages, higher use of relining for ~12% 2022-26 pipe renovations, more focus o
Slide 6: Highlights Q3 2023
Highlights Q3 2023 Spolargruppen • Strong growth and improved adj. EBITA-margin in a seasonally slower quarter NET REVENUE BRIDGE 3Q23 VS 3Q22 (MSEK) • Proforma growth 18.5% (15.9% currency adjusted), adj. EBITA-margin 6.2% (2.1%), 7.9% excl. 250,0 impact from greenfield activities 5,2 233,0 8,4 • C
Slide 7: Seasonality over the year
Seasonality over the year Q1 and Q3 slower, Q2 and Q4 stronger 300,0 25,0% 250,0 20,0% 200,0 15,0% 150,0 10,0% 100,0 5,0% 50,0 0,0 0,0% Q1 Q2 Q3 Q4 Net sales 2021 Net sales 2022 Net sales 2023 Adj. EBITA-margin 2021 Adj. EBITA-margin 2022 Adj. EBITA-margin 2023 PF growth QoQ MSEK Note: Spolargruppen
Slide 8: Share data
Share data Note! Some non-recorded changes since end of quarter Note! Dilution significantly reduced Number of shares and warrants in the below table adjusted for the result of the offering to repurchase 30 September 2023 warrants of series 2021:2 and 2021:3 in return for class A shares, which was c
Slide 9: The potential in Tebede as an investment
The potential in Tebedeas an investment
Slide 10: Tebede as an investment
Tebede as an investment “Tebede focus on sustainable A glimpse into the future, where to go from here mainly indoor infrastructure services to a wide array of property owners” • Tebede, via Spolargruppen, strives to become a dominant force on the Nordic market in pipe flushing, relining, maintenance
Slide 11: A substantial acquisition pipeline has been established
Tebede as an investment A substantial pipeline has been established since May last year +150 SEK ~7bn SEK ~3bn +30 companies in pipeline revenue in gross in targeted pipeline bids presented pipeline ~45 ~20 companies in 9 2 companies analyzed progressed acquisitions new geographies in-depth discussi
Slide 12: An acquisition model has been established
Tebede as an investment An acquisition model has been established there reinvestment constitutes a large proportion of the purchase price and ensures continued alignment of interest • Cash component at closing, 30-40% of total purchase price • Financed through own cash or debt Cash • Newly issued sh
Slide 13: Simulation: general assumptions (example, no forecast)
EXAMPLE – NO FORECAST Tebede as an investment A simulation (no forecast) on how it could play out based on certain general assumptions* General assumptions q Spolargruppen reaches its financial profitability targets over time (>15%) with organic growth in line with market q Activity at parent level
Slide 14: Simulation outcome
EXAMPLE – NO FORECAST Tebede as an investment Simulation outcome • Full-year sales in 2028 -> SEK 4.8bn • Full-year adj. EBITA -> SEK 0,7bn, adj. EBITA margin close to 15% • Up to 2028, companies with total sales of SEK 2.5bn acquired • Dilution due to new shares incl. exercise of wts 22.6% • Cumula
Slide 15: Alternative simulation
EXAMPLE – NO FORECAST Tebede as an investment Alternative simulation For comparison, an alternative scenario can be simulated where existing business develops as previously described, with acquisitions added in the same way as outlined there, but where acquisitions have an initial adj. EBITA margin
Slide 16: Disclaimer
Disclaimer IMPORTANT INFORMATION You must read the following information before continuing. The following applies to this document, and the information herein (collectively, the “Information”). This document has been prepared by Tebede AB (the “Company”). By accessing the Information, you agree to b
Slide 17: Appendix
g» Tebede APPENDIX
Slide 18: Spolargruppen in brief
Spolargruppen in brief Well defined strategy to create a Nordic market leader About Spolargruppen Geographical footprint Highlights Locations • Spolargruppen is the overall Nordic leader within property pipe relining and HQ flushing SEK ~1,0bn • Spolargruppen has a diversified customer base of housi
Slide 19: Proforma and IFRS-adjusted historical performance
Proforma and IFRS-adjusted historical performance Tebede Spolargruppen Profroma and IFRS-adjusted historic performance MSEK Current period Current period Last year period YTD LTM 2022 2023-07-01 2023-07-01 2022-07-01 2023-01-01 2022-10-01 2022-01-01 - 2023-09-30 - 2023-09-30 - 2022-09-30 - 2023-09-3
Slide 20: Proforma and IFRS-adjusted historical performance
Proforma and IFRS-adjusted historical performance Spolargruppen Isolated Quarters Rolling 12-months Proforma and IFRS-adjusted historic performance Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Slide 21: Acquisitions to date
Acquisitions to date +20 add-on acquisitions completed since inception to date 2023 Sukitus 2022 2021 2020 Skånska Spolarna 2019 Göteborg Högtrycks -spolarna D