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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 2020 2021e 2022e
Sales 384 408 426
Sales growth (%) -14,4 6,2 4,5
EBITDA 58 78 87
EBITDA margin (%) 15,2 19,2 20,4
EBIT adj 0 16 24
EBIT adj margin (%) -0,1 3,9 5,7
Pretax profit -4 16 24
EPS rep 0,63 0,03 0,05
EPS growth (%) 5307,8 -94,8 52,3
EPS adj -0,01 0,03 0,05
DPS 0,5 0 0
EV/EBITDA (x) 6,1 7,2 6,7
EV/EBIT adj (x) -1198,8 35,3 23,8
P/E (x) 2,7 51,7 33,9
P/E adj (x) -232 51,7 33,9
EV/sales (x) 0,9 1,4 1,4
FCF yield (%) 40,3 3,6 -1,2
Dividend yield (%) 29,6 0 0
Net IB debt/EBITDA -5 -1 -0,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 384 408 426
COGS -148 -147 -150
Gross profit 236 260 276
Other operating items -177 -182 -189
EBITDA 58 78 87
Depreciation on tangibles -11 -11 -11
Depreciation on intangibles -37 -40 -40
EBITA -1 16 24
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -1 16 24
Other financial items 0 0 0
Net financial items -3 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -4 16 24
Tax 1 -4 -5
Net profit -3 13 19
Minority interest 0 0 0
Net profit discontinued 245 0 0
Net profit to shareholders 242 13 19
EPS 0,63 0,03 0,05
EPS Adj -0,01 0,03 0,05
Total extraordinary items after tax -0,4 0 0
Tax rate (%) -23,2 -22 -22
Gross margin (%) 61,4 63,9 64,9
EBITDA margin (%) 15,2 19,2 20,4
EBITA margin (%) -0,2 3,9 5,7
EBIT margin (%) -0,2 3,9 5,7
Pretax margin (%) -1,1 3,9 5,7
Net margin (%) -0,8 3,1 4,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -14,4 6,2 4,5
EBITDA growth (%) 3 33,9 11,4
EBIT growth (%) 80,7 2407,5 52,3
Net profit growth (%) 31,4 492,6 52,3
EPS growth (%) 5307,8 -94,8 52,3
Profitability 2020 2021 2022
ROE (%) 41,4 2 3,6
ROE Adj (%) -0,5 2 3,6
ROCE (%) -0,1 2,3 4
ROCE Adj(%) 0 2,3 4
ROIC (%) -0,1 2,9 4,1
ROIC Adj (%) -0,1 2,9 4,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 59 78 87
EBITDA Adj margin (%) 15,3 19,2 20,4
EBITA Adj 0 16 24
EBITA Adj margin (%) -0,1 3,9 5,7
EBIT Adj 0 16 24
EBIT Adj margin (%) -0,1 3,9 5,7
Pretax profit Adj -4 16 24
Net profit Adj -3 13 19
Net profit to shareholders Adj -3 13 19
Net Adj margin (%) -0,7 3,1 4,5
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 58 78 87
Net financial items -3 0 0
Paid tax 1 -4 -5
Non-cash items 2 0 0
Cash flow before change in WC 58 75 82
Change in WC -8 -2 -1
Operating cash flow 50 73 80
CAPEX tangible fixed assets -4 -4 -4
CAPEX intangible fixed assets -90 -81 -84
Acquisitions and disposals 305 35 0
Free cash flow 261 23 -8
Dividend paid 0 -191 0
Share issues and buybacks 0 0 0
Other non cash items 32 -35 0
Decrease in net IB debt 281 -212 -17
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 66 66 66
Indefinite intangible assets 11 11 11
Definite intangible assets 237 278 322
Tangible fixed assets 23 16 9
Other fixed assets 32 32 32
Fixed assets 418 449 484
Inventories 38 41 43
Receivables 107 114 119
Other current assets 0 0 0
Cash and liquid assets 333 122 105
Total assets 897 726 751
Shareholders equity 706 527 546
Minority 0 0 0
Total equity 706 527 546
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 54 57 60
Other current liabilities 65 69 72
Total liabilities and equity 897 726 751
Net IB debt -293 -81 -65
Net IB debt excl. pension debt -293 -81 -65
Capital invested 413 446 481
Working capital 27 29 30
EV breakdown 2020 2021 2022
Market cap. diluted (m) 647 647 647
Net IB debt Adj -293 -81 -65
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 354 566 582
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 48,5 50,2 57,7
Capital invested turnover (%) 88,8 94,9 91,9
Capital employed turnover (%) 58,4 59,2 69,9
Inventories / sales (%) 10,8 9,7 9,8
Customer advances / sales (%) 23 16,5 16,6
Payables / sales (%) 11,7 13,6 13,7
Working capital / sales (%) 17,8 6,8 6,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -41,5 -15,4 -11,8
Net debt / market cap (%) -38 -12,5 -10
Equity ratio (%) 78,6 72,6 72,7
Net IB debt adj. / equity (%) -41,5 -15,4 -11,8
Current ratio (%) 369,9 202 187,2
EBITDA / net interest (%) 1687,5 0 0
Net IB debt / EBITDA (%) -502,2 -103,9 -74,2
Interest cover (%) -20,1 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS 0,63 0,03 0,05
Dividend per share Adj 0,5 0 0
EPS Adj -0,01 0,03 0,05
BVPS 1,84 1,38 1,43
BVPS Adj 1,05 0,48 0,41
Net IB debt / share -0,7 -0,1 -0,1
Share price 2,01 1,69 1,69
Market cap. (m) 770 647 647
Valuation 2020 2021 2022
P/E 2,7 51,7 33,9
EV/sales 0,92 1,39 1,37
EV/EBITDA 6,1 7,2 6,7
EV/EBITA -509,2 35,3 23,8
EV/EBIT -509,2 35,3 23,8
Dividend yield (%) 29,6 0 0
FCF yield (%) 40,3 3,6 -1,2
P/BVPS 0,92 1,23 1,19
P/BVPS Adj 1,61 3,53 4,09
P/E Adj -232 51,7 33,9
EV/EBITDA Adj 6 7,2 6,7
EV/EBITA Adj -1198,8 35,3 23,8
EV/EBIT Adj -1198,8 35,3 23,8
EV/cap. employed 0,5 0,9 0,9
Investment ratios 2020 2021 2022
Capex / sales 24,4 20,8 20,7
Capex / depreciation 196,1 166,7 172,2
Capex tangibles / tangible fixed assets 17,4 24,6 44,8
Capex intangibles / definite intangibles 37,9 29,1 26,2
Depreciation on intangibles / definite intangibles 15,7 14,4 12,4
Depreciation on tangibles / tangibles 45,6 66,5 126,5
N/A N/A N/A

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 13.6 % 13.3 % 31 Dec 2020
Avanza Pension 5.4 % 5.3 % 31 Dec 2020
Lannebo Fonder 5.2 % 5.0 % 30 Nov 2020
Alecta Pensionsförsäkring 3.2 % 3.1 % 31 Dec 2020
Nordnet Pensionsförsäkring 3.0 % 3.0 % 31 Dec 2020
Wilda Go AB 3.0 % 2.9 % 31 Dec 2020
Net Insight AB 1.8 % 1.8 % 31 Dec 2020
Edgar Sesemann 1.2 % 1.2 % 31 Dec 2020
Nordea Liv & Pension 1.2 % 1.1 % 31 Dec 2020
Hanna Barsum 1.1 % 1.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Net Insight

Name Quantity Code Date
Mårten Blixt + 300 000 BUY 19 Nov 2020
Christer Bohm + 200 000 BUY 19 Nov 2020
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

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