Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Briox

Briox

International administration software

Briox develops and sells internet-based ERP system to small and medium-sized enterprises. The offering include software for accounting, bookkeeping, CRM, invoicing, sell-support and time accounting. The company’s programme is completely internet-based, which results in accessibility from anywhere at any time. In addition to this, all data is stored on Briox own servers. Hence, customers do not need to worry about archiving or backing up the data. Commercialization is done through its own website, as well as through accounting firms. Primary markets are Finland and the Baltic countries. Furthermore, Briox is limited to selling its products to countries outside of Sweden.

The digital transformation for small companies should result in a strong demand for Briox’s products. Each new customer is paying a monthly or quarterly fee, in line with the SaaS model, which entails recurring revenues for as long as the customers are using the products. There is also limited variable costs associated with additional customers, which results in a business model with high scalability. In addition, the market is immature and there is consequently good potential for further growth.

The most critical element is Briox’s ability to increase its customer base. A slower customer growth than anticipated would hurt sales, and therefore prolong the time until break-even due to the high scalability in the business model. Even though the market is immature, there are other competitors looking to exploit this fast growing market. Consequently, this could affect the company’s development going forward.

SEKm 2019 2020e 2021e
Sales 4 6 10
Sales growth (%) 31 39,8 85
EBITDA -12 -14 -11
EBITDA margin (%) -301,1 -244,4 -104
EBIT adj -20 -22 -19
EBIT adj margin (%) -496,3 -384,7 -182,2
Pretax profit -20 -22 -19
EPS rep -0,59 -0,6 -0,49
EPS growth (%) 1,3 -2 18
EPS adj -0,59 -0,6 -0,49
DPS 0 0 0
EV/EBITDA (x) -22,2 -21,1 -27,7
EV/EBIT adj (x) -13,5 -13,4 -15,8
P/E (x) -13,7 -13,4 -16,3
P/E adj (x) -13,7 -13,4 -16,3
EV/sales (x) 66,9 51,6 28,8
FCF yield (%) -7,3 -7,3 -5,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,7 0 1
SEKm 2019 2020e 2021e
Sales 4 6 10
COGS 0 0 0
Gross profit 4 6 10
Other operating items -16 -20 -21
EBITDA -12 -14 -11
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -20 -22 -19
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -20 -22 -19
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -22 -19
Tax 0 0 0
Net profit -20 -22 -19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -22 -19
EPS -0,59 -0,6 -0,49
EPS Adj -0,59 -0,6 -0,49
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -301,1 -244,4 -104
EBITA margin (%) -496,3 -384,7 -182,2
EBIT margin (%) -496,3 -384,7 -182,2
Pretax margin (%) -498,6 -384,7 -182,2
Net margin (%) -498,6 -384,7 -182,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 31 39,8 85
EBITDA growth (%) -89,8 -13,4 21,3
EBIT growth (%) -39,5 -8,3 12,4
Net profit growth (%) -36,4 -7,8 12,4
EPS growth (%) 1,3 -2 18
Profitability 2019 2020 2021
ROE (%) -65,6 -84 -99,2
ROE Adj (%) -65,6 -84 -99,2
ROCE (%) -65,3 -84 -99,2
ROCE Adj(%) -65,3 -84 -99,2
ROIC (%) -126 -140,7 -135,6
ROIC Adj (%) -126 -140,7 -135,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj -12 -14 -11
EBITDA Adj margin (%) -301,1 -244,4 -104
EBITA Adj -20 -22 -19
EBITA Adj margin (%) -496,3 -384,7 -182,2
EBIT Adj -20 -22 -19
EBIT Adj margin (%) -496,3 -384,7 -182,2
Pretax profit Adj -20 -22 -19
Net profit Adj -20 -22 -19
Net profit to shareholders Adj -20 -22 -19
Net Adj margin (%) -498,6 -384,7 -182,2
SEKm 2019 2020e 2021e
EBITDA -12 -14 -11
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -13 -14 -11
Change in WC 1 1 4
Operating cash flow -12 -13 -7
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -9 -10
Acquisitions and disposals 0 0 0
Free cash flow -20 -21 -17
Dividend paid 0 0 0
Share issues and buybacks 33 0 28
Other non cash items 0 0 0
Decrease in net IB debt 13 -21 11
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 20
Tangible fixed assets 0 0 1
Other fixed assets 0 0 0
Fixed assets 19 20 21
Inventories 0 0 0
Receivables 2 3 4
Other current assets 0 0 0
Cash and liquid assets 21 0 11
Total assets 42 22 36
Shareholders equity 37 15 23
Minority 0 0 0
Total equity 37 15 23
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 0 0 0
Short-term debt 0 0 0
Accounts payable 5 7 13
Other current liabilities 0 0 0
Total liabilities and equity 23 29 42
Net IB debt -21 0 -11
Net IB debt excl. pension debt -21 0 -11
Capital invested 16 15 13
Working capital -3 -4 -8
EV breakdown 2019 2020 2021
Market cap. diluted (m) 292 292 312
Net IB debt Adj -21 0 -11
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 271 292 301
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 11,4 17,7 36,1
Capital invested turnover (%) 25,4 36,6 74,4
Capital employed turnover (%) 13,2 21,8 54,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 115,3 107,1 93,7
Working capital / sales (%) -69,1 -66 -59,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -57,4 1,6 -45,1
Net debt / market cap (%) -8,5 0,1 -3,4
Equity ratio (%) 87,8 68,2 65
Net IB debt adj. / equity (%) -57,4 1,6 -45,1
Current ratio (%) 452,4 33,6 119,2
EBITDA / net interest (%) -13415,4 0 0
Net IB debt / EBITDA (%) 173,3 -1,8 97,1
Interest cover (%) -22111 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 37 37 39
Fully diluted shares Adj 37 37 39
EPS -0,59 -0,6 -0,49
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,6 -0,49
BVPS 1,01 0,41 0,6
BVPS Adj 0,5 -0,12 0,08
Net IB debt / share -0,6 0 -0,3
Share price 6,85 8 8
Market cap. (m) 250 292 312
Valuation 2019 2020 2021
P/E -13,7 -13,4 -16,3
EV/sales 66,86 51,62 28,77
EV/EBITDA -22,2 -21,1 -27,7
EV/EBITA -13,5 -13,4 -15,8
EV/EBIT -13,5 -13,4 -15,8
Dividend yield (%) 0 0 0
FCF yield (%) -7,3 -7,3 -5,3
P/BVPS 7,93 19,43 13,31
P/BVPS Adj 15,96 -68,9 100,45
P/E Adj -13,7 -13,4 -16,3
EV/EBITDA Adj -22,2 -21,1 -27,7
EV/EBITA Adj -13,5 -13,4 -15,8
EV/EBIT Adj -13,5 -13,4 -15,8
EV/cap. employed 7,4 19,4 12,9
Investment ratios 2019 2020 2021
Capex / sales 194,6 156,8 90,9
Capex / depreciation 99,7 111,7 116,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 42,6 46,1 46,8
Depreciation on intangibles / definite intangibles 42,7 41,2 40,3
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

Briox - Interview with CEO Fredrik Hyltsten (in Swedish)
Briox - Company presentation with CEO Fredrik Hyltsten (in Swedish)

Main shareholders - Briox

Main shareholders Share capital % Voting shares % Verified
Kent Jacobsson 8.2 % 8.2 % 31 Dec 2019
Martin Jönsson 6.0 % 6.0 % 31 Dec 2019
Monitor Erp System AB 5.0 % 5.0 % 31 Dec 2019
Avanza Pension 5.0 % 5.0 % 31 Dec 2019
Oskar I Grästorp AB 4.5 % 4.5 % 31 Dec 2019
Nordnet Pensionsförsäkring 3.4 % 3.4 % 31 Dec 2019
TJ Gruppen AB 3.2 % 3.2 % 31 Dec 2019
Ronny Widerström 1.1 % 1.1 % 31 Dec 2019
Revisorerna I Laholm AB 0.8 % 0.8 % 31 Dec 2019
Acto AS 0.8 % 0.8 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Briox

Name Quantity Code Date
Lars Karlsson - 1 000 SELL 30 Oct 2019
Lars Karlsson - 2 700 SELL 30 Oct 2019
Lars Karlsson - 1 300 SELL 30 Oct 2019
Lars Karlsson - 1 425 SELL 29 Oct 2019
Lars Karlsson - 350 SELL 29 Oct 2019
Lars Karlsson - 1 225 SELL 29 Oct 2019
Lars Karlsson - 3 000 SELL 17 Sep 2019
Lars Karlsson - 4 760 SELL 17 Sep 2019
Lars Karlsson - 800 SELL 17 Sep 2019
Lars Karlsson - 15 500 SELL 17 Sep 2019

Show More