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Net Insight

Net Insight

Media technology solutions

Net Insight is a media technology company that is driving the transformation of video networks with open IP, virtualised and cloud solutions that enable its customers to simply and cost-effectively create live experiences. Its main customer group consists of global network service providers and broadcasters. With 153 employees, global sales flow through its Media Networks unit (Nimbra).

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 399 372 383
Sales growth (%) -11,1 -6,7 3
EBITDA 55 85 87
EBITDA margin (%) 13,8 22,9 22,6
EBIT adj -5 30 35
EBIT adj margin (%) -1,2 8 9
Pretax profit -10 28 32
EPS rep 0,62 0,18 0,06
EPS growth (%) 5212,4 -71,7 -63,5
EPS adj -0,02 0,06 0,06
DPS 0 0,5 0
EV/EBITDA (x) 6,4 6,2 8,1
EV/EBIT adj (x) -76,5 17,7 20,4
P/E (x) 2,5 13,3 36,4
P/E adj (x) -65,8 39,8 36,4
EV/sales (x) 0,9 1,4 1,8
FCF yield (%) 39,8 14,4 3
Dividend yield (%) 0 21,4 0
Net IB debt/EBITDA -4,6 -4,3 -2,2
Lease adj. FCF yield (%) 38,4 13,4 2,1
Lease adj. ND/EBITDA -5,7 -4,9 -2,6
SEKm 2020 2021e 2022e
Sales 399 372 383
COGS -156 -142 -138
Gross profit 243 230 245
Other operating items -188 -145 -159
EBITDA 55 85 87
Depreciation on tangibles -10 -6 -7
Depreciation on intangibles -39 -37 -34
EBITA -5 30 35
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -5 30 35
Other financial items 0 0 0
Net financial items -5 -1 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -10 28 32
Tax 1 -6 -7
Net profit -9 22 25
Minority interest 0 0 0
Net profit discontinued 247 45 0
Net profit to shareholders 237 67 25
EPS 0,62 0,18 0,06
EPS Adj -0,02 0,06 0,06
Total extraordinary items after tax 0 0 0
Tax rate (%) -5,6 -21,1 -22
Gross margin (%) 61 61,9 64
EBITDA margin (%) 13,8 22,9 22,6
EBITA margin (%) -1,2 8 9
EBIT margin (%) -1,2 8 9
Pretax margin (%) -2,4 7,7 8,2
Net margin (%) -2,3 6 6,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -11,1 -6,7 3
EBITDA growth (%) -2,5 54,2 1,7
EBIT growth (%) -28,1 749,4 15,2
Net profit growth (%) -98 344,5 9,3
EPS growth (%) 5212,4 -71,7 -63,5
Profitability 2020 2021 2022
ROE (%) 41,1 9,3 3,6
ROE Adj (%) -1,6 3,1 3,6
ROCE (%) -0,7 3,8 4,7
ROCE Adj(%) -0,7 3,8 4,7
ROIC (%) -1 5,7 6,8
ROIC Adj (%) -1 5,7 6,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 55 85 87
EBITDA Adj margin (%) 13,8 22,9 22,6
EBITA Adj -5 30 35
EBITA Adj margin (%) -1,2 8 9
EBIT Adj -5 30 35
EBIT Adj margin (%) -1,2 8 9
Pretax profit Adj -10 28 32
Net profit Adj -9 22 25
Net profit to shareholders Adj -9 22 25
Net Adj margin (%) -2,3 6 6,4
Depreciation and amortisation -60 -55 -52
Of which leasing depreciation -11 -11 -11
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 47 77 78
EBITDA lease Adj margin (%) 11,7 20,6 20,3
Leasing payments -9 -9 -9
SEKm 2020 2021e 2022e
EBITDA 55 85 87
Net financial items -5 -1 -3
Paid tax 0 -6 -7
Non-cash items 43 0 0
Cash flow before change in WC 93 78 77
Change in WC -77 47 2
Operating cash flow 16 125 79
CAPEX tangible fixed assets -3 -5 -5
CAPEX intangible fixed assets -75 -58 -59
Acquisitions and disposals 302 67 12
Free cash flow 241 129 27
Dividend paid 0 0 -191
Share issues and buybacks 0 0 0
Other non cash items 11 -8 0
Decrease in net IB debt 240 111 -172
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 58 58 58
Indefinite intangible assets 8 8 8
Definite intangible assets 209 215 229
Tangible fixed assets 25 24 22
Other fixed assets 33 33 33
Fixed assets 378 380 388
Inventories 52 37 38
Receivables 149 115 115
Other current assets 0 0 0
Cash and liquid assets 283 396 223
Total assets 862 928 764
Shareholders equity 693 760 593
Minority 0 0 0
Total equity 693 760 593
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 0 0 0
Accounts payable 17 37 38
Other current liabilities 89 67 69
Total liabilities and equity 862 928 764
Net IB debt -252 -365 -192
Net IB debt excl. pension debt -252 -365 -192
Capital invested 441 395 401
Working capital 95 48 46
EV breakdown 2020 2021 2022
Market cap. diluted (m) 605 896 896
Net IB debt Adj -252 -365 -192
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 353 531 704
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 51,5 41,6 45,3
Capital invested turnover (%) 89,4 92,1 96,8
Capital employed turnover (%) 61,7 48,8 52,2
Inventories / sales (%) 12,2 11,8 10
Customer advances / sales (%) 25,1 20,5 18
Payables / sales (%) 6,6 7,2 10
Working capital / sales (%) 25,7 19,3 12,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -36,4 -48 -32,3
Net debt / market cap (%) -32,8 -40,7 -21,4
Equity ratio (%) 80,3 81,9 77,6
Net IB debt adj. / equity (%) -36,4 -48 -32,3
Current ratio (%) 417,5 479,1 320
EBITDA / net interest (%) 1075 5812,8 2883,5
Net IB debt / EBITDA (%) -456,7 -428,5 -221,6
Interest cover (%) -89,8 2045,8 1150,2
Lease liability amortisation -9 -9 -9
Other intangible assets 217 222 235
Right-of-use asset 45 43 40
Total other fixed assets 33 33 33
Leasing liability 46 46 46
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -265 -378 -205
Net IB debt / EBITDA lease Adj (%) -567,5 -492,9 -262,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS 0,62 0,18 0,06
Dividend per share Adj 0 0,5 0
EPS Adj -0,02 0,06 0,06
BVPS 1,81 1,99 1,55
BVPS Adj 1,11 1,27 0,8
Net IB debt / share -0,6 -0,9 -0,4
Share price 2,01 2,34 2,34
Market cap. (m) 770 896 896
Valuation 2020 2021 2022
P/E 2,5 13,3 36,4
EV/sales 0,88 1,43 1,84
EV/EBITDA 6,4 6,2 8,1
EV/EBITA -76,5 17,7 20,4
EV/EBIT -76,5 17,7 20,4
Dividend yield (%) 0 21,4 0
FCF yield (%) 39,8 14,4 3
P/BVPS 0,87 1,18 1,51
P/BVPS Adj 1,42 1,84 2,91
P/E Adj -65,8 39,8 36,4
EV/EBITDA Adj 6,4 6,2 8,1
EV/EBITA Adj -76,5 17,7 20,4
EV/EBIT Adj -76,5 17,7 20,4
EV/cap. employed 0,5 0,6 1,1
Investment ratios 2020 2021 2022
Capex / sales 19,5 17 16,8
Capex / depreciation 159,8 144,2 157,9
Capex tangibles / tangible fixed assets 12,3 20,8 22,5
Capex intangibles / definite intangibles 35,7 27,2 26,1
Depreciation on intangibles / definite intangibles 18,4 17,7 15
Depreciation on tangibles / tangibles 40,4 25 30,6
Lease adj. FCF yield (%) 38,4 13,4 2,1

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 13.6 % 13.3 % 30 Apr 2021
Lannebo Fonder 5.2 % 5.0 % 31 Mar 2021
Avanza Pension 5.1 % 5.0 % 6 May 2021
Alecta Pensionsförsäkring 3.2 % 3.1 % 30 Apr 2021
Nordnet Pensionsförsäkring 3.1 % 3.1 % 30 Apr 2021
Wilda Go AB 3.0 % 2.9 % 30 Apr 2021
Net Insight AB 1.8 % 1.8 % 30 Apr 2021
Hans Mathias Johansson 1.4 % 1.4 % 30 Apr 2021
Edgar Sesemann 1.3 % 1.3 % 30 Apr 2021
Nordea Liv & Pension 1.2 % 1.2 % 30 Apr 2021
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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