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Generic

Specialist in critical communication services

Generic Sweden AB, founded in 1993, engages in the provision of telecommunication services. The company specializes in critical communications through its own radio network and telecom operator. Simply explained, the company’s customers require a reliable network in the event of emergencies and other overloads, something that cannot be offered by regular telecommunication operators. The customers are found in social-critical functions like the police, emergency services, hospitals and municipalities.

A key opportunity for Generic lies within its ability to generate higher volumes on newly developed solutions for its customers. More demand from sectors that are in need of making their businesses more efficient and digital is an opportunity. Furthermore, the firm has a scalable business model.

After selling the consultancy business, Generic now operates only with its telecom system. The risk of not delivering an innovative product that customers are satisfied with is now larger, and can potentially lead to losing segments of its customers. Additionally, weaker future cash flows could lead to financial distress and/or lower or no dividend payout.

SEKm 2018 2019e 2020e
Sales 60 66 70
Sales growth (%) 13,8 9,9 5,9
EBITDA 10 11 12
EBITDA margin (%) 16,4 16,3 16,8
EBIT adj 9 9 10
EBIT adj margin (%) 14,3 14,3 14,9
Pretax profit 9 9 10
EPS rep 0,55 0,6 0,66
EPS growth (%) 205,8 9,1 10,2
EPS adj 0,55 0,6 0,66
DPS 0,8 0,3 0,35
EV/EBITDA (x) 6,9 9,4 8,2
EV/EBIT adj (x) 8 10,6 9,2
P/E (x) 13,1 15,7 14,2
P/E adj (x) 13,1 15,7 14,2
EV/sales (x) 1,1 1,5 1,4
FCF yield (%) 15,8 4,1 7
Dividend yield (%) 11,1 3,2 3,7
Net IB debt/EBITDA -2,2 -1,4 -1,7
SEKm 2018 2019e 2020e
Sales 60 66 70
COGS -27 -29 -32
Gross profit 33 37 38
Other operating items -23 -26 -26
EBITDA 10 11 12
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles 0 0 0
EBITA 9 9 10
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 9 9 10
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 9 9 10
Tax -2 -2 -2
Net profit 7 7 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 7 7 8
EPS 0,55 0,6 0,66
EPS Adj 0,55 0,6 0,66
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,3 -22 -22
Gross margin (%) 54,5 55,4 54,5
EBITDA margin (%) 16,4 16,3 16,8
EBITA margin (%) 14,3 14,3 14,9
EBIT margin (%) 14,3 14,3 14,9
Pretax margin (%) 14,5 14,3 14,9
Net margin (%) 11,2 11,2 11,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 13,8 9,9 5,9
EBITDA growth (%) 74,7 9,3 9
EBIT growth (%) 76,2 10,2 10,2
Net profit growth (%) 47,2 9,1 10,2
EPS growth (%) 205,8 9,1 10,2
Profitability 2018 2019 2020
ROE (%) 21,9 27,6 29,4
ROE Adj (%) 21,9 27,6 29,4
ROCE (%) 27,8 31,9 31
ROCE Adj(%) 27,8 31,9 31
ROIC (%) 44,4 64,3 78,3
ROIC Adj (%) 44,4 64,3 78,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 10 11 12
EBITDA Adj margin (%) 16,4 16,3 16,8
EBITA Adj 9 9 10
EBITA Adj margin (%) 14,3 14,3 14,9
EBIT Adj 9 9 10
EBIT Adj margin (%) 14,3 14,3 14,9
Pretax profit Adj 9 9 10
Net profit Adj 7 7 8
Net profit to shareholders Adj 7 7 8
Net Adj margin (%) 11,2 11,2 11,6
SEKm 2018 2019e 2020e
Total assets 46 45 50
Shareholders equity 28 25 30
Minority 0 0 0
Total equity 28 25 30
Long-term debt 0 0 0
Pension debt 0 6 6
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 12 13 14
Other current liabilities 6 0 0
Total liabilities and equity 69 51 46
Net IB debt -21 -15 -19
Net IB debt excl. pension debt -21 -21 -25
Capital invested 13 10 10
Working capital 2 5 5
EV breakdown 2018 2019 2020
Market cap. diluted (m) 89 116 116
Net IB debt Adj -20 -15 -19
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 68 101 96
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 123,1 145,3 148
Capital invested turnover (%) 400,9 576,1 674,2
Capital employed turnover (%) 195,1 222,7 207,8
Inventories / sales (%) 0,4 0,4 0,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,9 19,3 19,4
Working capital / sales (%) 7,4 5,3 7,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -76,7 -59,2 -65,3
Net debt / market cap (%) -28,9 -13 -16,8
Equity ratio (%) 60,3 57 59,9
Net IB debt adj. / equity (%) -73,1 -59,2 -65,3
Current ratio (%) 188,9 296,9 319,8
EBITDA / net interest (%) -7924,2 0 0
Net IB debt / EBITDA (%) -217,5 -139,9 -166,3
Interest cover (%) -6908,9 N/A N/A
EBITDA 10 11 12
Net financial items 0 0 0
Paid tax -2 -2 -2
Non-cash items 0 0 0
Cash flow before change in WC 8 9 9
Change in WC 5 -3 0
Operating cash flow 13 6 9
CAPEX tangible fixed assets 1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 14 5 8
Dividend paid -4 -10 -4
Share issues and buybacks 0 0 0
Other non cash items -11 -1 0
Decrease in net IB debt -1 -6 4
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 6 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 4 4 4
Other fixed assets 1 1 1
Fixed assets 12 5 5
Inventories 0 0 0
Receivables 14 18 19
Other current assets 0 0 0
Cash and liquid assets 20 21 25
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 0,55 0,6 0,66
Dividend per share Adj 0,8 0,3 0,3
EPS Adj 0,55 0,6 0,66
BVPS 2,27 2,07 2,43
BVPS Adj 1,76 2,03 2,39
Net IB debt / share -1,7 -1,2 -1,6
Share price 6,02 9,4 9,4
Market cap. (m) 74 116 116
Valuation 2018 2019 2020
P/E 13,1 15,7 14,2
EV/sales 1,13 1,52 1,38
EV/EBITDA 6,9 9,4 8,2
EV/EBITA 8 10,6 9,2
EV/EBIT 8 10,6 9,2
Dividend yield (%) 11,1 3,2 3,7
FCF yield (%) 15,8 4,1 7
P/BVPS 3,18 4,55 3,87
P/BVPS Adj 4,09 4,62 3,93
P/E Adj 13,1 15,7 14,2
EV/EBITDA Adj 6,9 9,4 8,2
EV/EBITA Adj 8 10,6 9,2
EV/EBIT Adj 8 10,6 9,2
EV/cap. employed 2,4 3,2 2,7
Investment ratios 2018 2019 2020
Capex / sales -2,3 1,5 1,4
Capex / depreciation -108,7 76,9 76,9
Capex tangibles / tangible fixed assets -31,8 25 27
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 29,2 32,5 35,1

Equity research

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Main shareholders

Generic

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 23.5 % 23.5 % 1 Jul 2019
Krantz & Svedberg 19.1 % 19.1 % 1 Jul 2019
Kh Förvaltning I Lund AB 15.5 % 15.5 % 1 Jul 2019
Fredrik Svedberg 10.4 % 10.4 % 15 Jul 2019
Kjell Arvidsson 2.3 % 2.3 % 30 Jun 2019
Tobias Järvström 2.3 % 2.3 % 30 Jun 2019
Arne Lindberg 1.9 % 1.9 % 30 Jun 2019
Nordnet Pensionsförsäkring 1.7 % 1.7 % 30 Jun 2019
Avanza Pension 1.6 % 1.6 % 30 Jun 2019
Jan Jensen 1.4 % 1.4 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Generic

Name Quantity Code Date
Hans Krantz +1 900 000 BUY 1 Jul 2019
A. Hans Krantz B.Fredrik Svedberg -1 900 000 SELL 1 Jul 2019
A. Hans Krantz B.Fredrik Svedberg -1 900 000 SELL 1 Jul 2019
Fredrik Svedberg +1 900 000 BUY 1 Jul 2019
Fredrik Svedberg - 400 000 SELL 1 Jul 2019
Jonas Jegerborn + 50 000 BUY 8 Jan 2019
Gustav Rehnman Molander + 4 000 BUY 18 Dec 2018
HF Förvaltning i Malmö AB - 50 000 SELL 10 Apr 2018
HF Förvaltning i Malmö AB - 50 000 SELL 10 Apr 2018
TUVSTEDT, GÖRAN + 2 000 BUY 17 Jul 2008

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