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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 449 461 474
Sales growth (%) -0,7 2,9 2,8
EBITDA 57 63 94
EBITDA margin (%) 12,6 13,7 19,7
EBIT adj 17 2 11
EBIT adj margin (%) 3,7 0,5 2,2
Pretax profit -7 -2 11
EPS rep -0,01 0,64 0,02
EPS growth (%) 90,7 4608,8 -96,6
EPS adj 0,05 0 0,02
DPS 0 0,5 0
EV/EBITDA (x) 13,2 5,5 5,8
EV/EBIT adj (x) 45,1 145,1 51,3
P/E (x) -162,8 2,7 79,5
P/E adj (x) 48,9 -523 79,5
EV/sales (x) 1,7 0,8 1,1
FCF yield (%) -4,1 41,6 6,5
Dividend yield (%) 0 29,3 0
Net IB debt/EBITDA -0,2 -4,8 -1,2
SEKm 2019 2020e 2021e
Sales 449 461 474
COGS -615 -180 -180
Gross profit -166 282 294
Other operating items 223 -218 -201
EBITDA 57 63 94
Depreciation on tangibles -9 -10 -10
Depreciation on intangibles -40 -40 -62
EBITA -4 2 11
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 2 11
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 -2 11
Tax 2 0 -2
Net profit -5 -1 8
Minority interest 0 0 0
Net profit discontinued 0 245 0
Net profit to shareholders -5 244 8
EPS -0,01 0,64 0,02
EPS Adj 0,05 0 0,02
Total extraordinary items after tax -20,1 0 0
Tax rate (%) -29,7 -22 -22
Gross margin (%) -37,1 61 62
EBITDA margin (%) 12,6 13,7 19,7
EBITA margin (%) -0,8 0,5 2,2
EBIT margin (%) -0,8 0,5 2,2
Pretax margin (%) -1,5 -0,3 2,2
Net margin (%) -1 -0,3 1,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0,7 2,9 2,8
EBITDA growth (%) 115,2 11,7 48
EBIT growth (%) 95,2 166,6 339
Net profit growth (%) 92 73,1 757,9
EPS growth (%) 90,7 4608,8 -96,6
Profitability 2019 2020 2021
ROE (%) -1 41,6 1,3
ROE Adj (%) 3,2 -0,2 1,3
ROCE (%) -0,7 0,4 1,5
ROCE Adj(%) 3,1 0,4 1,5
ROIC (%) -0,6 0,4 2
ROIC Adj (%) 2,8 0,4 2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 77 63 94
EBITDA Adj margin (%) 17,1 13,7 19,7
EBITA Adj 17 2 11
EBITA Adj margin (%) 3,7 0,5 2,2
EBIT Adj 17 2 11
EBIT Adj margin (%) 3,7 0,5 2,2
Pretax profit Adj 13 -2 11
Net profit Adj 15 -1 8
Net profit to shareholders Adj 15 -1 8
Net Adj margin (%) 3,4 -0,3 1,7
SEKm 2019 2020e 2021e
EBITDA 57 63 94
Net financial items -3 -4 0
Paid tax 0 0 -2
Non-cash items -19 1 0
Cash flow before change in WC 35 60 91
Change in WC -67 77 -1
Operating cash flow 61 47 90
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -90 -76 -79
Acquisitions and disposals 0 305 35
Free cash flow -31 272 43
Dividend paid 0 0 -191
Share issues and buybacks -2 0 0
Other non cash items -51 33 -35
Decrease in net IB debt -91 293 -192
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 66 66 66
Indefinite intangible assets 11 11 11
Definite intangible assets 185 221 237
Tangible fixed assets 30 24 18
Other fixed assets 32 32 32
Fixed assets 375 403 411
Inventories 45 46 47
Receivables 121 129 133
Other current assets 94 0 0
Cash and liquid assets 52 345 153
Total assets 686 923 744
Shareholders equity 464 707 524
Minority 0 0 0
Total equity 464 707 524
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 65 66
Other current liabilities 114 78 81
Total liabilities and equity 686 923 744
Net IB debt -12 -305 -113
Net IB debt excl. pension debt -12 -305 -113
Capital invested 452 403 412
Working capital 109 32 33
EV breakdown 2019 2020 2021
Market cap. diluted (m) 756 653 653
Net IB debt Adj -12 -305 -113
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 745 348 540
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 67,1 57,3 56,9
Capital invested turnover (%) 106,9 108 116,5
Capital employed turnover (%) 85,2 70,1 68,9
Inventories / sales (%) 10,1 9,8 9,9
Customer advances / sales (%) 17,3 20,5 16,8
Payables / sales (%) 13,8 10,9 13,8
Working capital / sales (%) 16,9 15,4 6,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -43,1 -21,5
Net debt / market cap (%) -1,8 -46,7 -17,3
Equity ratio (%) 67,6 76,6 70,5
Net IB debt adj. / equity (%) -2,5 -43,1 -21,5
Current ratio (%) 194,1 338,9 211,5
EBITDA / net interest (%) 1881 1580 0
Net IB debt / EBITDA (%) -20,7 -482,4 -120,5
Interest cover (%) -119,6 60 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 329 383 383
Fully diluted shares Adj 329 383 383
EPS -0,01 0,64 0,02
Dividend per share Adj 0 0,5 0
EPS Adj 0,05 0 0,02
BVPS 1,41 1,85 1,37
BVPS Adj 0,65 1,1 0,58
Net IB debt / share 0,1 -0,7 -0,2
Share price 2,01 1,71 1,71
Market cap. (m) 662 653 653
Valuation 2019 2020 2021
P/E -162,8 2,7 79,5
EV/sales 1,66 0,75 1,14
EV/EBITDA 13,2 5,5 5,8
EV/EBITA -206,8 145,1 51,3
EV/EBIT -206,8 145,1 51,3
Dividend yield (%) 0 29,3 0
FCF yield (%) -4,1 41,6 6,5
P/BVPS 1,63 0,92 1,25
P/BVPS Adj 3,54 1,55 2,95
P/E Adj 48,9 -523 79,5
EV/EBITDA Adj 9,7 5,5 5,8
EV/EBITA Adj 45,1 145,1 51,3
EV/EBIT Adj 45,1 145,1 51,3
EV/cap. employed 1,4 0,4 0,9
Investment ratios 2019 2020 2021
Capex / sales 20,5 17,3 17,4
Capex / depreciation 187,8 161,3 115,1
Capex tangibles / tangible fixed assets 6,5 16,7 22,1
Capex intangibles / definite intangibles 48,8 34,5 33,1
Depreciation on intangibles / definite intangibles 21,5 18,1 26,1
Depreciation on tangibles / tangibles 31,8 40,1 54,1

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 13.6 % 13.3 % 13 Mar 2020
Avanza Pension 5.8 % 5.6 % 29 Feb 2020
Lannebo Fonder 5.3 % 5.1 % 29 Feb 2020
Alecta Pensionsförsäkring 3.2 % 3.1 % 6 Mar 2020
Wilda Go AB 3.0 % 2.9 % 6 Mar 2020
Nordnet Pensionsförsäkring 2.6 % 2.6 % 29 Feb 2020
Nordea Liv & Pension 2.4 % 2.4 % 29 Feb 2020
Net Insight AB 1.8 % 1.8 % 29 Feb 2020
Lars Bergkvist 1.2 % 1.2 % 29 Feb 2020
Hanna Barsum 1.1 % 1.1 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Net Insight

Name Quantity Code Date
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
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

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