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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 2020 2021e 2022e
Sales 4 6 11
Sales growth (%) 10 40,1 76,7
EBITDA -15 -15 -11
EBITDA margin (%) -339,6 -232,6 -103,2
EBIT adj -23 -23 -20
EBIT adj margin (%) -517,2 -363,8 -179,3
Pretax profit -23 -23 -20
EPS rep -0,64 -0,55 -0,45
EPS growth (%) -8,6 13,9 17,4
EPS adj -0,64 -0,55 -0,45
DPS 0 0 0
EV/EBITDA (x) -24,7 -21,3 -28,7
EV/EBIT adj (x) -16,2 -13,6 -16,5
P/E (x) -16,2 -14,3 -17,3
P/E adj (x) -16,2 -14,3 -17,3
EV/sales (x) 83,8 49,6 29,6
FCF yield (%) -6,1 -6,2 -4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,1 1,2 1,6
Lease adj. FCF yield (%) -6,1 -6,2 -4
Lease adj. ND/EBITDA 0,1 1,2 1,6
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 4 6 11
COGS 0 0 0
Gross profit 4 6 11
Other operating items -20 -21 -22
EBITDA -15 -15 -11
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -23 -23 -20
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -23 -23 -20
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 -23 -23 -20
Tax 0 0 0
Net profit -23 -23 -20
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -23 -23 -20
EPS -0,64 -0,55 -0,45
EPS Adj -0,64 -0,55 -0,45
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,4 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -339,6 -232,6 -103,2
EBITA margin (%) -517,2 -363,8 -179,3
EBIT margin (%) -517,2 -363,8 -179,3
Pretax margin (%) -518,2 -367 -181,1
Net margin (%) -520,3 -367 -181,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 10 40,1 76,7
EBITDA growth (%) -24,1 4,1 21,6
EBIT growth (%) -14,7 1,5 12,9
Net profit growth (%) -14,8 1,2 12,8
EPS growth (%) -8,6 13,9 17,4
Profitability 2020 2021 2022
ROE (%) -92 -116,7 -86,2
ROE Adj (%) -92 -116,7 -86,2
ROCE (%) -91,4 -92,2 -70,2
ROCE Adj(%) -91,4 -92,2 -70,2
ROIC (%) -171,4 -227,2 -352,5
ROIC Adj (%) -171,4 -227,2 -352,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj -15 -15 -11
EBITDA Adj margin (%) -339,6 -232,6 -103,2
EBITA Adj -23 -23 -20
EBITA Adj margin (%) -517,2 -363,8 -179,3
EBIT Adj -23 -23 -20
EBIT Adj margin (%) -517,2 -363,8 -179,3
Pretax profit Adj -23 -23 -20
Net profit Adj -23 -23 -20
Net profit to shareholders Adj -23 -23 -20
Net Adj margin (%) -520,3 -367 -181,1
Depreciation and amortisation -8 -8 -8
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -15 -15 -11
EBITDA lease Adj margin (%) -339,6 -232,6 -103,2
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA -15 -15 -11
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -15 -15 -12
Change in WC 0 3 7
Operating cash flow -15 -12 -5
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -8 -8 -9
Acquisitions and disposals 0 0 0
Free cash flow -23 -20 -14
Dividend paid 0 0 0
Share issues and buybacks 0 35 15
Other non cash items 4 0 0
Decrease in net IB debt -19 15 1
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 19
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 19 19 20
Inventories 0 0 0
Receivables 2 2 4
Other current assets 0 0 0
Cash and liquid assets 2 27 18
Total assets 23 48 42
Shareholders equity 14 26 21
Minority 0 0 0
Total equity 14 26 21
Long-term debt 0 10 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 9 13 21
Other current liabilities 0 0 0
Total liabilities and equity 23 48 42
Net IB debt -2 -17 -18
Net IB debt excl. pension debt -2 -17 -18
Capital invested 11 9 3
Working capital -7 -10 -17
EV breakdown 2020 2021 2022
Market cap. diluted (m) 376 327 345
Net IB debt Adj -2 -17 -18
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 374 310 327
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 13,8 17,6 24,5
Capital invested turnover (%) 33 62,5 196,6
Capital employed turnover (%) 17,7 25,3 39,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 160,4 174,7 153,7
Working capital / sales (%) -117,9 -141,5 -123,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -16,7 -66,3 -87,6
Net debt / market cap (%) -0,6 -5,2 -5,3
Equity ratio (%) 59,8 53,1 49,3
Net IB debt adj. / equity (%) -16,7 -66,3 -87,6
Current ratio (%) 43,6 232,5 105,4
EBITDA / net interest (%) -36946,3 -7267,2 -5696,4
Net IB debt / EBITDA (%) 15 117,1 159,1
Interest cover (%) -56265,9 -11367,2 -9896,4
Lease liability amortisation 0 0 0
Other intangible assets 19 19 19
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -2 -17 -18
Net IB debt / EBITDA lease Adj (%) 15 117,1 159,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 37 42 44
Fully diluted shares Adj 37 42 44
EPS -0,64 -0,55 -0,45
Dividend per share Adj 0 0 0
EPS Adj -0,64 -0,55 -0,45
BVPS 0,37 0,61 0,47
BVPS Adj -0,14 0,17 0,03
Net IB debt / share -0,1 -0,4 -0,4
Share price 10,22 7,8 7,8
Market cap. (m) 373 327 345
Valuation 2020 2021 2022
P/E -16,2 -14,3 -17,3
EV/sales 83,85 49,61 29,62
EV/EBITDA -24,7 -21,3 -28,7
EV/EBITA -16,2 -13,6 -16,5
EV/EBIT -16,2 -13,6 -16,5
Dividend yield (%) 0 0 0
FCF yield (%) -6,1 -6,2 -4
P/BVPS 27,63 12,73 16,68
P/BVPS Adj -75,24 46,88 236,17
P/E Adj -16,2 -14,3 -17,3
EV/EBITDA Adj -24,7 -21,3 -28,7
EV/EBITA Adj -16,2 -13,6 -16,5
EV/EBIT Adj -16,2 -13,6 -16,5
EV/cap. employed 27,5 8,7 15,8
Investment ratios 2020 2021 2022
Capex / sales 179 133 82
Capex / depreciation 100,8 101,4 107,8
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 42,9 44,4 47,1
Depreciation on intangibles / definite intangibles 42,5 43,8 43,7
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -6,1 -6,2 -4
N/A N/A N/A

Equity research

Read earlier research

Media

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

Main shareholders - Briox

Main shareholders Share capital % Voting shares % Verified
Kent Jacobsson 8.3 % 8.3 % 31 Dec 2020
Jörgen Persson med Bolag 7.9 % 7.9 % 31 Dec 2020
Martin Jönsson 6.1 % 6.1 % 31 Dec 2020
Oskar I Grästorp AB 4.5 % 4.5 % 31 Dec 2020
Avanza Pension 4.3 % 4.3 % 31 Dec 2020
Nordnet Pensionsförsäkring 3.4 % 3.4 % 31 Dec 2020
TJ Gruppen AB 3.2 % 3.2 % 31 Dec 2020
Ronny Widerström 1.1 % 1.1 % 31 Dec 2020
Acto AS 0.8 % 0.8 % 31 Dec 2020
Svarte Redovisning & Revision AB 0.8 % 0.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Briox

Name Quantity Code Date
Daniel Oliveira De Sousa + 26 000 BUY 25 Aug 2020
Helena Westin + 1 000 BUY 4 May 2020
Lars Karlsson - 20 000 SELL 12 Mar 2020
Lars Karlsson - 2 000 SELL 12 Mar 2020
Lars Karlsson - 4 951 SELL 11 Mar 2020
Lars Karlsson - 10 000 SELL 11 Mar 2020
Lars Karlsson - 5 000 SELL 11 Mar 2020
Lars Karlsson - 2 700 SELL 30 Oct 2019
Lars Karlsson - 1 300 SELL 30 Oct 2019
Lars Karlsson - 1 000 SELL 30 Oct 2019

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