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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 466 489 513
Sales growth (%) 3,3 4,9 4,9
EBITDA 71 86 97
EBITDA margin (%) 15,1 17,5 18,9
EBIT adj -8 5 14
EBIT adj margin (%) -1,8 1 2,7
Pretax profit -9 5 14
EPS rep -0,02 0,01 0,03
EPS growth (%) 88,4 159,3 177,8
EPS adj -0,02 0,01 0,03
DPS 0 0 0
EV/EBITDA (x) 11,7 9,9 9
EV/EBIT adj (x) -101,5 168,6 62,4
P/E (x) -128,3 216,4 77,9
P/E adj (x) -128,3 216,4 77,9
EV/sales (x) 1,8 1,7 1,7
FCF yield (%) -2,3 -0,8 -0,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,3 0 0,2
SEKm 2019 2020e 2021e
Sales 466 489 513
COGS -188 -191 -195
Gross profit 279 298 318
Other operating items -208 -213 -221
EBITDA 71 86 97
Depreciation on tangibles -9 -10 -10
Depreciation on intangibles -58 -60 -62
EBITA -8 5 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -8 5 14
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -9 5 14
Tax 2 -1 -3
Net profit -7 4 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -7 4 11
EPS -0,02 0,01 0,03
EPS Adj -0,02 0,01 0,03
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,9 -22 -22
Gross margin (%) 59,8 61 62
EBITDA margin (%) 15,1 17,5 18,9
EBITA margin (%) -1,8 1 2,7
EBIT margin (%) -1,8 1 2,7
Pretax margin (%) -1,9 1 2,7
Net margin (%) -1,4 0,8 2,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 3,3 4,9 4,9
EBITDA growth (%) 168,6 21,5 13
EBIT growth (%) 89,1 161,8 177,8
Net profit growth (%) 88,6 159,3 177,8
EPS growth (%) 88,4 159,3 177,8
Profitability 2019 2020 2021
ROE (%) -1,3 0,8 2,2
ROE Adj (%) -1,3 0,8 2,2
ROCE (%) -1,5 0,9 2,4
ROCE Adj(%) -1,5 0,9 2,4
ROIC (%) -1,4 0,8 2,2
ROIC Adj (%) -1,4 0,8 2,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 71 86 97
EBITDA Adj margin (%) 15,1 17,5 18,9
EBITA Adj -8 5 14
EBITA Adj margin (%) -1,8 1 2,7
EBIT Adj -8 5 14
EBIT Adj margin (%) -1,8 1 2,7
Pretax profit Adj -9 5 14
Net profit Adj -7 4 11
Net profit to shareholders Adj -7 4 11
Net Adj margin (%) -1,4 0,8 2,1
SEKm 2019 2020e 2021e
EBITDA 71 86 97
Net financial items -1 0 0
Paid tax 2 -1 -3
Non-cash items 0 0 0
Cash flow before change in WC 72 85 94
Change in WC -9 -3 -3
Operating cash flow 63 82 91
CAPEX tangible fixed assets -2 -5 -5
CAPEX intangible fixed assets -80 -84 -89
Acquisitions and disposals 0 0 0
Free cash flow -19 -7 -2
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -53 -4 -11
Decrease in net IB debt -84 -22 -24
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 63 63 63
Indefinite intangible assets 14 14 14
Definite intangible assets 256 280 307
Tangible fixed assets 26 22 17
Other fixed assets 35 35 35
Fixed assets 455 475 496
Inventories 44 46 49
Receivables 135 142 149
Other current assets 0 0 0
Cash and liquid assets 68 46 22
Total assets 703 709 716
Shareholders equity 494 494 494
Minority 0 0 0
Total equity 494 494 494
Long-term debt 18 18 18
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 4 4 4
Accounts payable 79 83 87
Other current liabilities 49 51 54
Total liabilities and equity 697 650 703
Net IB debt -23 -1 24
Net IB debt excl. pension debt -23 -1 24
Capital invested 474 495 520
Working capital 54 56 59
EV breakdown 2019 2020 2021
Market cap. diluted (m) 852 852 852
Net IB debt Adj -23 -1 24
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 829 851 875
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 68,9 69,3 72
Capital invested turnover (%) 108 101 101,1
Capital employed turnover (%) 85,5 85,1 89,3
Inventories / sales (%) 9,7 9,3 9,3
Customer advances / sales (%) 9,7 9,8 9,8
Payables / sales (%) 17,9 16,6 16,6
Working capital / sales (%) 10,5 11,2 11,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -4,6 -0,2 4,8
Net debt / market cap (%) -2,9 -0,1 2,8
Equity ratio (%) 70,2 69,6 69
Net IB debt adj. / equity (%) -4,6 -0,2 4,8
Current ratio (%) 175,3 159 142,5
EBITDA / net interest (%) 10653,2 0 0
Net IB debt / EBITDA (%) -32,1 -0,9 24,5
Interest cover (%) -1232,2 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS -0,02 0,01 0,03
Dividend per share Adj 0 0 0
EPS Adj -0,02 0,01 0,03
BVPS 1,29 1,29 1,29
BVPS Adj 0,46 0,39 0,32
Net IB debt / share 0 0,1 0,2
Share price 2,01 2,23 2,23
Market cap. (m) 770 852 852
Valuation 2019 2020 2021
P/E -128,3 216,4 77,9
EV/sales 1,78 1,74 1,71
EV/EBITDA 11,7 9,9 9
EV/EBITA -101,5 168,6 62,4
EV/EBIT -101,5 168,6 62,4
Dividend yield (%) 0 0 0
FCF yield (%) -2,3 -0,8 -0,3
P/BVPS 1,72 1,72 1,72
P/BVPS Adj 4,88 5,66 6,88
P/E Adj -128,3 216,4 77,9
EV/EBITDA Adj 11,7 9,9 9
EV/EBITA Adj -101,5 168,6 62,4
EV/EBIT Adj -101,5 168,6 62,4
EV/cap. employed 1,4 1,5 1,5
Investment ratios 2019 2020 2021
Capex / sales 17,7 18,2 18,2
Capex / depreciation 121,7 127,6 130,2
Capex tangibles / tangible fixed assets 7,6 23,2 30,2
Capex intangibles / definite intangibles 31,4 30 28,9
Depreciation on intangibles / definite intangibles 22,8 21,4 20,2
Depreciation on tangibles / tangibles 35,6 45,2 59,9

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 12.3 % 12.0 % 31 Dec 2019
Alecta Pensionsförsäkring 6.2 % 6.0 % 31 Dec 2019
Avanza Pension 5.7 % 5.6 % 31 Dec 2019
Lannebo Fonder 5.3 % 5.1 % 30 Nov 2019
Nordnet Pensionsförsäkring 2.7 % 2.6 % 31 Dec 2019
Nordea Liv & Pension 2.2 % 2.1 % 31 Dec 2019
Net Insight AB 1.8 % 1.8 % 31 Dec 2019
Lars Bergkvist 1.4 % 1.4 % 31 Dec 2019
Hanna Barsum 1.1 % 1.1 % 31 Dec 2019
Bajram Nuhi 0.8 % 0.8 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Net Insight

Name Quantity Code Date
Erik Mathias Berg + 30 000 BUY 29 Nov 2018
Henrik Sund + 400 000 BUY 21 Nov 2018
H-Sund Consulting AB + 100 000 BUY 15 Nov 2018
H-Sund Consulting AB + 150 000 BUY 14 Nov 2018
H-Sund Consulting AB + 150 000 BUY 14 Nov 2018
Margot Gunilla Fransson + 138 000 BUY 15 Aug 2018
Gustav Grundström + 25 000 BUY 27 Jul 2018
Per Bengtsson Bourn + 20 000 BUY 23 Jul 2018
Gustav Grundström + 150 000 BUY 18 Jun 2018
Marcus Sandberg + 150 000 BUY 18 Jun 2018

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