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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, Germany and Great Britain. 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 2018 2019e 2020e
Sales 3 4 6
Sales growth (%) 94,3 22,2 69,4
EBITDA -6 -6 -6
EBITDA margin (%) -207,8 -171,1 -87,4
EBIT adj -14 -15 -14
EBIT adj margin (%) -466,1 -397,1 -223,1
Pretax profit -15 -15 -14
EPS rep -0,59 -0,49 -0,43
EPS growth (%) 36,7 16,6 12,7
EPS adj -0,59 -0,49 -0,43
DPS 0 0 0
EV/EBITDA (x) -24,9 -28,6 -35,9
EV/EBIT adj (x) -11,1 -12,3 -14
P/E (x) -10 -12,5 -14,4
P/E adj (x) -10 -12,5 -14,4
EV/sales (x) 51,7 48,9 31,3
FCF yield (%) -9,9 -8 -6,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,3 0,5 0,8
SEKm 2018 2019e 2020e
Sales 3 4 6
COGS 0 0 0
Gross profit 3 4 6
Other operating items -10 -10 -12
EBITDA -6 -6 -6
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -9 -9
EBITA -14 -15 -14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 -15 -14
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 -15 -15 -14
Tax 0 0 0
Net profit -15 -15 -14
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -15 -14
EPS -0,59 -0,49 -0,43
EPS Adj -0,59 -0,49 -0,43
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -207,8 -171,1 -87,4
EBITA margin (%) -466,1 -397,1 -223,1
EBIT margin (%) -466,1 -397,1 -223,1
Pretax margin (%) -478,6 -397,1 -223,1
Net margin (%) -478,6 -397,1 -223,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 94,3 22,2 69,4
EBITDA growth (%) 19,1 -0,7 13,5
EBIT growth (%) 18,6 -4,1 4,8
Net profit growth (%) 20,5 -1,4 4,8
EPS growth (%) 36,7 16,6 12,7
Profitability 2018 2019 2020
ROE (%) -66,9 -67,4 -71
ROE Adj (%) -66,9 -67,4 -71
ROCE (%) -89,6 -92,2 -88,9
ROCE Adj(%) -89,6 -92,2 -88,9
ROIC (%) -89,6 -92,2 -88,9
ROIC Adj (%) -89,6 -92,2 -88,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj -6 -6 -6
EBITDA Adj margin (%) -207,8 -171,1 -87,4
EBITA Adj -14 -15 -14
EBITA Adj margin (%) -466,1 -397,1 -223,1
EBIT Adj -14 -15 -14
EBIT Adj margin (%) -466,1 -397,1 -223,1
Pretax profit Adj -15 -15 -14
Net profit Adj -15 -15 -14
Net profit to shareholders Adj -15 -15 -14
Net Adj margin (%) -478,6 -397,1 -223,1
SEKm 2018 2019e 2020e
EBITDA -6 -6 -6
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -7 -6 -6
Change in WC 0 0 1
Operating cash flow -6 -6 -5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -9 -9
Acquisitions and disposals 0 0 0
Free cash flow -15 -15 -14
Dividend paid 0 0 0
Share issues and buybacks 20 10 15
Other non cash items 0 0 0
Decrease in net IB debt 5 -5 1
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 18 19 19
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 19 19 19
Inventories 0 0 0
Receivables 2 2 3
Other current assets 0 0 0
Cash and liquid assets 9 3 5
Total assets 29 25 28
Shareholders equity 25 20 20
Minority 0 0 0
Total equity 25 20 20
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 4 5 7
Other current liabilities 0 0 0
Total liabilities and equity 22 23 29
Net IB debt -9 -3 -5
Net IB debt excl. pension debt -9 -3 -5
Capital invested 16 16 16
Working capital -3 -3 -4
EV breakdown 2018 2019 2020
Market cap. diluted (m) 169 189 205
Net IB debt Adj -9 -3 -5
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 160 185 201
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 11,8 14,1 24,5
Capital invested turnover (%) 19,2 23,2 39,8
Capital employed turnover (%) 19,2 23,2 39,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 130,6 122,4 94,3
Working capital / sales (%) -82 -73,4 -52,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -17,4 -22,7
Net debt / market cap (%) -5,1 -1,8 -2,3
Equity ratio (%) 85,5 79,7 74,4
Net IB debt adj. / equity (%) -34,5 -17,4 -22,7
Current ratio (%) 242,5 108,2 114,1
EBITDA / net interest (%) -1661,8 0 0
Net IB debt / EBITDA (%) 132,9 53,1 83
Interest cover (%) -3727,6 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 30 33
Fully diluted shares Adj 29 30 33
EPS -0,59 -0,49 -0,43
Dividend per share Adj 0 0 0
EPS Adj -0,59 -0,49 -0,43
BVPS 0,87 0,65 0,62
BVPS Adj 0,22 0,03 0,04
Net IB debt / share -0,3 -0,1 -0,1
Share price 5,81 6,2 6,2
Market cap. (m) 166 189 205
Valuation 2018 2019 2020
P/E -10 -12,5 -14,4
EV/sales 51,73 48,92 31,33
EV/EBITDA -24,9 -28,6 -35,9
EV/EBITA -11,1 -12,3 -14
EV/EBIT -11,1 -12,3 -14
Dividend yield (%) 0 0 0
FCF yield (%) -9,9 -8 -6,7
P/BVPS 6,8 9,53 10,03
P/BVPS Adj 26,63 223,1 141,6
P/E Adj -10 -12,5 -14,4
EV/EBITDA Adj -24,9 -28,6 -35,9
EV/EBITA Adj -11,1 -12,3 -14
EV/EBIT Adj -11,1 -12,3 -14
EV/cap. employed 9,9 11,3 12,7
Investment ratios 2018 2019 2020
Capex / sales 268 241,4 137,6
Capex / depreciation 103,8 106,8 101,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,9 48,2 46,3
Depreciation on intangibles / definite intangibles 43,3 45,2 45,7
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders

Briox

Main shareholders Share capital % Voting shares % Verified
Kent Jacobsson 8.6 % 8.6 % 31 Mar 2019
Martin Jönsson 6.1 % 6.1 % 31 Mar 2019
Avanza Pension 5.7 % 5.7 % 31 Mar 2019
Monitor Erp System AB 4.9 % 4.9 % 31 Mar 2019
Oskar I Grästorp AB 4.8 % 4.8 % 31 Mar 2019
Nordnet Pensionsförsäkring 3.4 % 3.4 % 31 Mar 2019
Ronny Widerström 1.2 % 1.2 % 31 Mar 2019
Revisorerna I Laholm AB 1.0 % 1.0 % 31 Mar 2019
Acto AS 1.0 % 1.0 % 31 Mar 2019
Lars Karlsson 1.0 % 1.0 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Briox

Name Quantity Code Date
Johan Rutgersson + 40 000 BUY 27 Sep 2018
Johan Rutgersson + 40 000 BUY 27 Sep 2018
Johan Rutgersson + 40 000 BUY 27 Sep 2018
Arnäs Förvaltning AB - 40 000 SELL 27 Sep 2018
Jens Hans-Ola Collskog + 8 296 BUY 15 Jun 2018
Arnäs Förvaltning AB + 95 986 BUY 15 Jun 2018
Johan Rutgersson + 4 046 BUY 15 Jun 2018
Arnäs Förvaltning AB + 95 986 BUY 15 Jun 2018
Jens Hans-Ola Collskog + 25 000 BUY 23 Mar 2018
Johan Rutgersson + 25 000 BUY 9 Mar 2018

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