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Net Insight

Net Insight

Media technology solutions

Net Insight is a media technology company focusing on media networks, resource optimisation and streaming solutions. Net Insight strives to be a key partner to its customers and a leader in the media industry’s transition towards an improved media experience for end-users at lower cost. Its main customer group consists of network service providers and broadcasters. With 220 employees, sales stem from a global basis and through three business units covering media networks, resource optimisation and to-consumer live streaming.

Net Insight develops solutions to produce, contribute and distribute media content for service providers and broadcasters. These are facing a challenging market requiring more content production at higher quality and less resources. This is exactly what Net Insight helps out with, through its media networks, resource optimisation and to-consumer streaming solutions. The market trends should be in favour of Net Insight’s role in the value chain and its product offering.

As many other technology companies, Net Insight is operating in an ever changing industry with movements between old and new technologies. This could result in the company’s offering going from highly important to almost obsolete over a short period in time, and also create an environment with new competitors occuring. Sales stem from a global basis which also adds risk from a global investment appetite and FX movements.

SEKm 2019 2020e 2021e
Sales 449 393 437
Sales growth (%) -0,7 -12,4 11,1
EBITDA 57 71 86
EBITDA margin (%) 12,6 18,2 19,6
EBIT adj 17 13 25
EBIT adj margin (%) 3,7 3,4 5,7
Pretax profit -7 9 25
EPS rep -0,01 0,66 0,05
EPS growth (%) 92 5527,5 -92,3
EPS adj 0,04 0,02 0,05
DPS 0 0,5 0
EV/EBITDA (x) 15,3 7,5 8,7
EV/EBIT adj (x) 52,7 39,8 30,3
P/E (x) -189,6 3,3 43,5
P/E adj (x) 57 113,4 43,5
EV/sales (x) 1,9 1,4 1,7
FCF yield (%) -3,5 32,4 2,6
Dividend yield (%) 0 22,8 0
Net IB debt/EBITDA -0,2 -4,3 -1,1
SEKm 2019 2020e 2021e
Sales 449 393 437
COGS -615 -145 -157
Gross profit -166 248 280
Other operating items 223 -176 -194
EBITDA 57 71 86
Depreciation on tangibles -9 -10 -10
Depreciation on intangibles -40 -37 -40
EBITA -4 13 25
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 13 25
Other financial items 0 0 0
Net financial items -3 -4 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -7 9 25
Tax 2 -2 -5
Net profit -5 7 19
Minority interest 0 0 0
Net profit discontinued 0 245 0
Net profit to shareholders -5 252 19
EPS -0,01 0,66 0,05
EPS Adj 0,04 0,02 0,05
Total extraordinary items after tax -20,1 -0,4 0
Tax rate (%) -29,7 -21,8 -22
Gross margin (%) -37,1 63,1 64,1
EBITDA margin (%) 12,6 18,2 19,6
EBITA margin (%) -0,8 3,3 5,7
EBIT margin (%) -0,8 3,3 5,7
Pretax margin (%) -1,5 2,3 5,7
Net margin (%) -1 1,8 4,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0,7 -12,4 11,1
EBITDA growth (%) 115,2 26,1 20,1
EBIT growth (%) 95,2 463,3 89,2
Net profit growth (%) 92 251 175,3
EPS growth (%) 92 5527,5 -92,3
Profitability 2019 2020 2021
ROE (%) -1 42,7 3,1
ROE Adj (%) 3,2 1,3 3,1
ROCE (%) -0,7 2 3,5
ROCE Adj(%) 3,1 2 3,5
ROIC (%) -0,6 2,4 4,5
ROIC Adj (%) 2,8 2,4 4,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 77 72 86
EBITDA Adj margin (%) 17,1 18,3 19,6
EBITA Adj 17 13 25
EBITA Adj margin (%) 3,7 3,4 5,7
EBIT Adj 17 13 25
EBIT Adj margin (%) 3,7 3,4 5,7
Pretax profit Adj 13 9 25
Net profit Adj 15 7 19
Net profit to shareholders Adj 15 7 19
Net Adj margin (%) 3,4 1,9 4,4
SEKm 2019 2020e 2021e
EBITDA 57 71 86
Net financial items -3 -4 0
Paid tax 0 -2 -5
Non-cash items -19 2 0
Cash flow before change in WC 35 68 80
Change in WC 26 -9 -3
Operating cash flow 61 59 77
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -90 -88 -86
Acquisitions and disposals 0 305 35
Free cash flow -31 272 22
Dividend paid 0 0 -191
Share issues and buybacks -2 0 0
Other non cash items -51 32 -35
Decrease in net IB debt -91 292 -213
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 66 66 66
Indefinite intangible assets 11 11 11
Definite intangible assets 185 235 281
Tangible fixed assets 30 24 18
Other fixed assets 32 32 32
Fixed assets 375 417 455
Inventories 45 39 44
Receivables 121 110 122
Other current assets 94 0 0
Cash and liquid assets 52 344 131
Total assets 686 910 752
Shareholders equity 464 716 544
Minority 0 0 0
Total equity 464 716 544
Long-term debt 21 21 21
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 36 55 61
Other current liabilities 114 67 74
Total liabilities and equity 686 910 752
Net IB debt -12 -304 -91
Net IB debt excl. pension debt -12 -304 -91
Capital invested 452 412 453
Working capital 109 28 31
EV breakdown 2019 2020 2021
Market cap. diluted (m) 880 840 840
Net IB debt Adj -12 -304 -91
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 869 536 749
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 67,1 49,2 52,5
Capital invested turnover (%) 106,9 91 101
Capital employed turnover (%) 85,2 59,3 62,2
Inventories / sales (%) 10,1 10,7 9,5
Customer advances / sales (%) 17,3 22,6 16,2
Payables / sales (%) 13,8 11,6 13,3
Working capital / sales (%) 16,9 17,4 6,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -42,4 -16,7
Net debt / market cap (%) -1,5 -36,2 -10,8
Equity ratio (%) 67,6 78,6 72,3
Net IB debt adj. / equity (%) -2,5 -42,4 -16,7
Current ratio (%) 194,1 372,8 203,6
EBITDA / net interest (%) 1881 1732,5 0
Net IB debt / EBITDA (%) -20,7 -425,6 -105,8
Interest cover (%) -119,6 317,5 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS -0,01 0,66 0,05
Dividend per share Adj 0 0,5 0
EPS Adj 0,04 0,02 0,05
BVPS 1,21 1,87 1,42
BVPS Adj 0,56 1,08 0,51
Net IB debt / share 0,1 -0,7 -0,2
Share price 2,01 2,19 2,19
Market cap. (m) 771 840 840
Valuation 2019 2020 2021
P/E -189,6 3,3 43,5
EV/sales 1,94 1,36 1,72
EV/EBITDA 15,3 7,5 8,7
EV/EBITA -241,3 41 30,3
EV/EBIT -241,3 41 30,3
Dividend yield (%) 0 22,8 0
FCF yield (%) -3,5 32,4 2,6
P/BVPS 1,9 1,17 1,55
P/BVPS Adj 4,12 2,02 4,27
P/E Adj 57 113,4 43,5
EV/EBITDA Adj 11,3 7,5 8,7
EV/EBITA Adj 52,7 39,8 30,3
EV/EBIT Adj 52,7 39,8 30,3
EV/cap. employed 1,6 0,7 1,2
Investment ratios 2019 2020 2021
Capex / sales 20,5 23,3 20,7
Capex / depreciation 187,8 194,5 181,6
Capex tangibles / tangible fixed assets 6,5 16,9 22,4
Capex intangibles / definite intangibles 48,8 37,3 30,7
Depreciation on intangibles / definite intangibles 21,5 15,8 14,2
Depreciation on tangibles / tangibles 31,8 41,9 55

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 13.6 % 13.3 % 31 Jul 2020
Avanza Pension 5.4 % 5.2 % 31 Jul 2020
Lannebo Fonder 5.2 % 5.0 % 30 Jun 2020
Alecta Pensionsförsäkring 3.2 % 3.1 % 31 Jul 2020
Wilda Go AB 3.0 % 2.9 % 31 Jul 2020
Nordnet Pensionsförsäkring 2.9 % 2.8 % 31 Jul 2020
Net Insight AB 1.8 % 1.8 % 31 Jul 2020
Nordea Liv & Pension 1.2 % 1.1 % 31 Jul 2020
Hanna Barsum 1.1 % 1.1 % 31 Jul 2020
Edgar Sesemann 1.0 % 1.0 % 31 Jul 2020
Source: Holdings by Modular Finance AB

Insider list - Net Insight

Name Quantity Code Date
Ulrik Rohne + 300 000 BUY 9 Jun 2020
Crister Fritzson + 400 000 BUY 9 Jun 2020
Katarina Kerstin Dufvenmark + 300 000 BUY 9 Jun 2020
Jan Thorsten Hugo Barchan + 959 329 BUY 13 Mar 2020
Jan Thorsten Hugo Barchan +2 131 358 BUY 12 Mar 2020
Jan Thorsten Hugo Barchan +2 009 390 BUY 11 Mar 2020
Crister Fritzson +11 715 000 BUY 6 Mar 2020
Per Bengtsson Bourn + 40 000 BUY 17 Feb 2020
Erik Mathias Berg + 30 000 BUY 29 Nov 2018
Henrik Sund + 400 000 BUY 21 Nov 2018

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