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Napatech

Napatech

DKKm 2020 2021e 2022e
Sales 194 214 274
Sales growth (%) 13,8 10,1 28
EBITDA 35 45 65
EBITDA margin (%) 18,2 21,3 23,6
EBIT adj 10 23 37
EBIT adj margin (%) 5,2 10,6 13,6
Pretax profit 5 24 37
EPS rep 0,12 0,24 0,35
EPS growth (%) 170,7 105,8 46,1
EPS adj 0,12 0,24 0,35
DPS 0 0 0
EV/EBITDA (x) 18,6 23,8 16,2
EV/EBIT adj (x) 65,4 47,8 28,2
P/E (x) 73,4 57,1 39,1
P/E adj (x) 73,4 57,1 39,1
EV/sales (x) 3,4 5,1 3,8
FCF yield (%) 4,4 0,1 3,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,3 -1,1 -1,3
Lease adj. FCF yield (%) 3,9 0 3,1
Lease adj. ND/EBITDA -1,7 -1,3 -1,5
DKKm 2020 2021e 2022e
Sales 194 214 274
COGS -55 -63 -81
Gross profit 139 151 192
Other operating items -104 -106 -128
EBITDA 35 45 65
Depreciation on tangibles 0 0 0
Depreciation on intangibles -24 -22 -26
EBITA 10 23 37
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 10 23 37
Other financial items 0 0 0
Net financial items -5 1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 5 24 37
Tax 5 -4 -8
Net profit 10 20 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 20 29
EPS 0,12 0,24 0,35
EPS Adj 0,12 0,24 0,35
Total extraordinary items after tax 0 0 0
Tax rate (%) 89,2 -17,6 -22
Gross margin (%) 71,5 70,8 70,3
EBITDA margin (%) 18,2 21,3 23,6
EBITA margin (%) 5,2 10,6 13,6
EBIT margin (%) 5,2 10,6 13,6
Pretax margin (%) 2,6 11,2 13,5
Net margin (%) 4,9 9,3 10,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 13,8 10,1 28
EBITDA growth (%) 131,5 28,6 41,9
EBIT growth (%) 200 124,6 63,9
Net profit growth (%) 170,7 105,8 46,1
EPS growth (%) 170,7 105,8 46,1
Profitability 2020 2021 2022
ROE (%) 11,4 19,4 21,7
ROE Adj (%) 11,4 19,4 21,7
ROCE (%) 10,1 20,3 25,1
ROCE Adj(%) 10,1 20,3 25,1
ROIC (%) 32,5 32,5 44,2
ROIC Adj (%) 32,5 32,5 44,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 35 45 65
EBITDA Adj margin (%) 18,2 21,3 23,6
EBITA Adj 10 23 37
EBITA Adj margin (%) 5,2 10,6 13,6
EBIT Adj 10 23 37
EBIT Adj margin (%) 5,2 10,6 13,6
Pretax profit Adj 5 24 37
Net profit Adj 10 20 29
Net profit to shareholders Adj 10 20 29
Net Adj margin (%) 4,9 9,3 10,6
Depreciation and amortisation -25 -23 -27
Of which leasing depreciation -2 -1 -1
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 33 44 63
EBITDA lease Adj margin (%) 17,1 20,5 23
Leasing payments -2 -2 -1
DKKm 2020 2021e 2022e
EBITDA 35 45 65
Net financial items -5 1 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 30 47 64
Change in WC 17 -20 -1
Operating cash flow 48 26 64
CAPEX tangible fixed assets -1 0 0
CAPEX intangible fixed assets -15 -25 -27
Acquisitions and disposals 0 0 0
Free cash flow 31 1 36
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 8 -3 -1
Decrease in net IB debt 28 7 32
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 35 36 37
Tangible fixed assets 2 2 2
Other fixed assets 6 6 6
Fixed assets 52 55 55
Inventories 19 18 17
Receivables 19 33 42
Other current assets 0 0 0
Cash and liquid assets 63 60 95
Total assets 153 165 209
Shareholders equity 90 115 152
Minority 0 0 0
Total equity 90 115 152
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 6 6 6
Short-term debt 13 10 10
Accounts payable 33 26 33
Other current liabilities 2 7 8
Total liabilities and equity 153 172 217
Net IB debt -47 -48 -84
Net IB debt excl. pension debt -47 -48 -84
Capital invested 49 66 65
Working capital 3 18 17
EV breakdown 2020 2021 2022
Market cap. diluted (m) 706 1130 1130
Net IB debt Adj -47 -48 -84
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 659 1082 1046
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,2 134,5 146,5
Capital invested turnover (%) 331,3 405,6 453
Capital employed turnover (%) 163,9 177,9 180,4
Inventories / sales (%) 7,4 7,3 5,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 13,4 10,6
Working capital / sales (%) 4,3 4,9 6,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -52,1 -42,1 -55,7
Net debt / market cap (%) -10,6 -4,3 -7,5
Equity ratio (%) 58,8 69,3 72,7
Net IB debt adj. / equity (%) -52,1 -42,1 -55,7
Current ratio (%) 200,9 243,3 281,8
EBITDA / net interest (%) 706,7 -3344,7 107273
Net IB debt / EBITDA (%) -132,2 -106,1 -130,9
Interest cover (%) 174,3 3007,3 4624,9
Lease liability amortisation -4 -2 -1
Other intangible assets 35 39 40
Right-of-use asset 9 8 7
Total other fixed assets 6 6 6
Leasing liability 10 8 7
Total other long-term liabilities 6 6 6
Net IB debt excl. leasing -57 -57 -92
Net IB debt / EBITDA lease Adj (%) -170,6 -129,5 -145,4
DKKm 2020 2021e 2022e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 0,12 0,24 0,35
Dividend per share Adj 0 0 0
EPS Adj 0,12 0,24 0,35
BVPS 1,08 1,38 1,83
BVPS Adj 0,66 0,92 1,35
Net IB debt / share -0,6 -0,6 -1
Share price 5,29 13,61 13,61
Market cap. (m) 440 1130 1130
Valuation 2020 2021 2022
P/E 73,4 57,1 39,1
EV/sales 3,39 5,06 3,82
EV/EBITDA 18,6 23,8 16,2
EV/EBITA 65,4 47,8 28,2
EV/EBIT 65,4 47,8 28,2
Dividend yield (%) 0 0 0
FCF yield (%) 4,4 0,1 3,2
P/BVPS 7,86 9,86 7,45
P/BVPS Adj 12,84 14,84 10,08
P/E Adj 73,4 57,1 39,1
EV/EBITDA Adj 18,6 23,8 16,2
EV/EBITA Adj 65,4 47,8 28,2
EV/EBIT Adj 65,4 47,8 28,2
EV/cap. employed 5,9 8,1 6,2
Investment ratios 2020 2021 2022
Capex / sales 8,4 11,7 10
Capex / depreciation 69 116,5 104,3
Capex tangibles / tangible fixed assets 78,7 25,4 0
Capex intangibles / definite intangibles 43,2 63,9 69,1
Depreciation on intangibles / definite intangibles 67,7 55,9 66,2
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 3,9 0 3,1

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

38,9

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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28,3

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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3,8

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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7,4