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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 2018 2019e 2020e
Sales 452 466 489
Sales growth (%) 5,8 3,3 4,9
EBITDA 26 71 86
EBITDA margin (%) 5,8 15,1 17,5
EBIT adj -37 -8 5
EBIT adj margin (%) -8,1 -1,8 1
Pretax profit -74 -9 5
EPS rep -0,15 -0,02 0,01
EPS growth (%) -1716,7 88,4 159,3
EPS adj -0,05 -0,02 0,01
DPS 0 0 0
EV/EBITDA (x) 35,6 12,7 10,7
EV/EBIT adj (x) -25,7 -109,7 181,9
P/E (x) -17,9 -138,4 233,4
P/E adj (x) -53,2 -138,4 233,4
EV/sales (x) 2,1 1,9 1,9
FCF yield (%) -8,1 -2,1 -0,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -4 -0,3 0
SEKm 2018 2019e 2020e
Sales 452 466 489
COGS -189 -188 -191
Gross profit 262 279 298
Other operating items -236 -208 -213
EBITDA 26 71 86
Depreciation on tangibles -43 -9 -10
Depreciation on intangibles -58 -58 -60
EBITA -75 -8 5
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -75 -8 5
Other financial items 0 0 0
Net financial items 1 -1 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -74 -9 5
Tax 16 2 -1
Net profit -58 -7 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -58 -7 4
EPS -0,15 -0,02 0,01
EPS Adj -0,05 -0,02 0,01
Total extraordinary items after tax -38,6 0 0
Tax rate (%) -21 -24,9 -22
Gross margin (%) 58,1 59,8 61
EBITDA margin (%) 5,8 15,1 17,5
EBITA margin (%) -16,6 -1,8 1
EBIT margin (%) -16,6 -1,8 1
Pretax margin (%) -16,3 -1,9 1
Net margin (%) -12,9 -1,4 0,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 5,8 3,3 4,9
EBITDA growth (%) -58,7 168,6 21,5
EBIT growth (%) -901,3 89,1 161,8
Net profit growth (%) -1716,7 88,6 159,3
EPS growth (%) -1716,7 88,4 159,3
Profitability 2018 2019 2020
ROE (%) -11,2 -1,3 0,8
ROE Adj (%) -3,8 -1,3 0,8
ROCE (%) -13,8 -1,5 0,9
ROCE Adj(%) -6,7 -1,5 0,9
ROIC (%) -15,4 -1,4 0,8
ROIC Adj (%) -7,5 -1,4 0,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 65 71 86
EBITDA Adj margin (%) 14,4 15,1 17,5
EBITA Adj -37 -8 5
EBITA Adj margin (%) -8,1 -1,8 1
EBIT Adj -37 -8 5
EBIT Adj margin (%) -8,1 -1,8 1
Pretax profit Adj -35 -9 5
Net profit Adj -20 -7 4
Net profit to shareholders Adj -20 -7 4
Net Adj margin (%) -4,3 -1,4 0,8
SEKm 2018 2019e 2020e
EBITDA 26 71 86
Net financial items 1 -1 0
Paid tax 0 2 -1
Non-cash items -7 0 0
Cash flow before change in WC 21 72 85
Change in WC 2 -9 -3
Operating cash flow 23 63 82
CAPEX tangible fixed assets -32 -2 -5
CAPEX intangible fixed assets -76 -80 -84
Acquisitions and disposals 0 0 0
Free cash flow -85 -19 -7
Dividend paid 0 0 0
Share issues and buybacks -1 0 0
Other non cash items 8 -53 -4
Decrease in net IB debt -81 -84 -22
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 63 63 63
Indefinite intangible assets 14 14 14
Definite intangible assets 234 256 280
Tangible fixed assets 34 26 22
Other fixed assets 35 35 35
Fixed assets 381 455 475
Inventories 46 44 46
Receivables 130 135 142
Other current assets 0 0 0
Cash and liquid assets 93 68 46
Total assets 650 703 709
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 88 79 83
Other current liabilities 46 49 51
Total liabilities and equity 730 697 650
Net IB debt -106 -23 -1
Net IB debt excl. pension debt -106 -23 -1
Capital invested 390 474 495
Working capital 45 54 56
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1043 919 919
Net IB debt Adj -106 -23 -1
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 937 896 918
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 67 68,9 69,3
Capital invested turnover (%) 117,2 108 101
Capital employed turnover (%) 83 85,5 85,1
Inventories / sales (%) 10 9,7 9,3
Customer advances / sales (%) 10 9,7 9,8
Payables / sales (%) 17,9 17,9 16,6
Working capital / sales (%) 10,1 10,5 11,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -21,5 -4,6 -0,2
Net debt / market cap (%) -6,9 -2,5 -0,1
Equity ratio (%) 76 70,2 69,6
Net IB debt adj. / equity (%) -21,5 -4,6 -0,2
Current ratio (%) 194,9 175,3 159
EBITDA / net interest (%) -1878,6 10653,2 0
Net IB debt / EBITDA (%) -404,3 -32,1 -0,9
Interest cover (%) 5364,3 -1232,2 N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 390 383 383
Fully diluted shares Adj 390 383 383
EPS -0,15 -0,02 0,01
Dividend per share Adj 0 0 0
EPS Adj -0,05 -0,02 0,01
BVPS 1,27 1,29 1,29
BVPS Adj 0,5 0,46 0,39
Net IB debt / share -0,2 0 0,1
Share price 3,93 2,4 2,4
Market cap. (m) 1533 919 919
Valuation 2018 2019 2020
P/E -17,9 -138,4 233,4
EV/sales 2,07 1,92 1,88
EV/EBITDA 35,6 12,7 10,7
EV/EBITA -12,5 -109,7 181,9
EV/EBIT -12,5 -109,7 181,9
Dividend yield (%) 0 0 0
FCF yield (%) -8,1 -2,1 -0,8
P/BVPS 2,11 1,86 1,86
P/BVPS Adj 5,31 5,26 6,1
P/E Adj -53,2 -138,4 233,4
EV/EBITDA Adj 14,4 12,7 10,7
EV/EBITA Adj -25,7 -109,7 181,9
EV/EBIT Adj -25,7 -109,7 181,9
EV/cap. employed 1,8 1,6 1,6
Investment ratios 2018 2019 2020
Capex / sales 23,8 17,7 18,2
Capex / depreciation 105,9 121,7 127,6
Capex tangibles / tangible fixed assets 94,3 7,6 23,2
Capex intangibles / definite intangibles 32,4 31,4 30
Depreciation on intangibles / definite intangibles 25 22,8 21,4
Depreciation on tangibles / tangibles 128,1 35,6 45,2

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 12.3 % 12.0 % 30 Nov 2019
Alecta Pensionsförsäkring 6.2 % 6.0 % 30 Nov 2019
Avanza Pension 5.4 % 5.3 % 30 Nov 2019
Lannebo Fonder 5.3 % 5.1 % 31 Oct 2019
Nordnet Pensionsförsäkring 2.8 % 2.7 % 30 Nov 2019
Net Insight AB 1.8 % 1.8 % 30 Nov 2019
Lars Bergkvist 1.5 % 1.5 % 30 Nov 2019
Handelsbanken Fonder 1.3 % 1.3 % 30 Nov 2019
Nordea Liv & Pension 1.2 % 1.1 % 30 Nov 2019
Hanna Barsum 1.1 % 1.1 % 30 Nov 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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