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Briox

Briox

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Briox develops and sells internet-based ERP system to small and medium-sized enterprises. The offering include software for accounting, bookkeeping, CRM, invoicing, sell-support and time accounting. The company’s programme is completely internet-based, which results in accessibility from anywhere at any time. In addition to this, all data is stored on Briox own servers. Hence, customers do not need to worry about archiving or backing up the data. Commercialization is done through its own website, as well as through accounting firms. Primary markets are Finland and the Baltic countries. Furthermore, Briox is limited to selling its products to countries outside of Sweden.

The most critical element is Briox’s ability to increase its customer base. A slower customer growth than anticipated would hurt sales, and therefore prolong the time until break-even due to the high scalability in the business model. Even though the market is immature, there are other competitors looking to exploit this fast growing market. Consequently, this could affect the company’s development going forward.

Financials

SEKm 2024 2025e 2026e
Sales 17 22 N/A
Sales growth (%) 38 28,6 -100
EBITDA -12 -7 N/A
EBITDA margin (%) -69,7 -34,1 N/A
EBIT adj. -20 -16 0
EBIT adj. margin (%) -120,3 -73,5 N/A
Pretax profit -21 -16 0
EPS -0,32 -0,25 N/A
EPS growth (%) -22,4 -21,2 -100
EPS adj. -0,32 -0,25 N/A
DPS 0 0 N/A
EV/EBITDA (x) -14,8 -26,3 N/A
EV/EBIT adj. (x) -8,6 -12,2 N/A
P/E (x) -10 -12,6 N/A
P/E adj. (x) -10 -12,6 N/A
EV/sales (x) 10,33 8,99 N/A
FCF yield (%) -11,7 -10,1 0
Le. adj. FCF yld. (%) -11,7 -10,1 0
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,5 1,2 N/A
Le. adj. ND/EBITDA (x) 2,5 1,2 N/A
SEKm 2024 2025e 2026e
Sales 17 22 N/A
COGS 0 0 N/A
Gross profit 17 22 0
Other operating items -29 -29 0
EBITDA -12 -7 N/A
Depreciation and amortisation -9 -9 0
of which leasing depreciation 0 0 N/A
EBITA -20 -16 N/A
EO Items 0 0 N/A
Impairment and PPA amortisation 0 0 0
EBIT -20 -16 N/A
Net financial items 0 0 N/A
Pretax profit -21 -16 0
Tax 0 0 N/A
Net profit -21 -16 0
Minority interest 0 0 N/A
Net profit discontinued 0 0 N/A
Net profit to shareholders -21 -16 0
EPS -0,32 -0,25 N/A
EPS adj. -0,32 -0,25 N/A
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 N/A
Tax rate (%) 0 0 N/A
Gross margin (%) 100 100 N/A
EBITDA margin (%) -69,7 -34,1 N/A
EBITA margin (%) -120,3 -73,5 N/A
EBIT margin (%) -120,3 -73,5 N/A
Pre-tax margin (%) -121,4 -74,4 N/A
Net margin (%) -121,4 -74,4 N/A
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 38 28,6 -100
EBITDA growth (%) -13,6 -37 -100
EBITA growth (%) -13 -21,4 -100
EBIT growth (%) -13 -21,4 -100
Net profit growth (%) -12,1 -21,2 -100
EPS growth (%) -22,4 -21,2 -100
Profitability N/A N/A N/A
ROE (%) -36 -33,2 0
ROE adj. (%) -36 -33,2 0
ROCE (%) -35,6 -32,8 0
ROCE adj. (%) -35,6 -32,8 0
ROIC (%) -80,6 -54,7 N/A
ROIC adj. (%) -80,6 -54,7 N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -12 -7 0
EBITDA adj. margin (%) -69,7 -34,1 N/A
EBITDA lease adj. -12 -7 N/A
EBITDA lease adj. margin (%) -69,7 -34,1 N/A
EBITA adj. -20 -16 0
EBITA adj. margin (%) -120,3 -73,5 N/A
EBIT adj. -20 -16 0
EBIT adj. margin (%) -120,3 -73,5 N/A
Pretax profit Adj. -21 -16 0
Net profit Adj. -21 -16 0
Net profit to shareholders adj. -21 -16 0
Net adj. margin (%) -121,4 -74,4 N/A
SEKm 2024 2025e 2026e
EBITDA -12 -7 N/A
Goodwill 0 0 N/A
Net financial items 0 0 N/A
Other intangible assets 28 31 0
Paid tax 0 0 N/A
Tangible fixed assets 2 3 N/A
Non-cash items 0 0 N/A
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -12 -8 0
Total other fixed assets 0 0 0
Change in working capital 0 -1 0
Fixed assets 30 34 0
Operating cash flow -12 -9 N/A
Inventories 0 0 N/A
Capex tangible fixed assets 0 0 N/A
Receivables 7 9 N/A
Capex intangible fixed assets -12 -12 N/A
Other current assets 0 0 N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 30 9 N/A
Free cash flow -24 -21 0
Total assets 67 52 0
Dividend paid N/A N/A N/A
Shareholders equity 57 41 0
Share issues and buybacks 20 0 0
Minority 0 0 N/A
Leasing liability amortisation 0 0 N/A
Total equity 57 41 0
Other non-cash items 0 0 -9
Long-term debt 0 0 N/A
Pension debt 0 0 N/A
Convertible debt 0 0 N/A
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 N/A
Accounts payable 10 11 N/A
Other current liabilities 0 0 0
Total liabilities and equity 67 52 0
Net IB debt -30 -9 0
Net IB debt excl. pension debt -30 -9 0
Net IB debt excl. leasing -30 -9 0
Capital employed 57 41 0
Capital invested 27 32 0
Working capital -3 -2 0
EV breakdown N/A N/A N/A
Market cap. diluted (m) 206 206 0
Net IB debt adj. -30 -9 N/A
Market value of minority 0 0 N/A
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 176 196 0
Total assets turnover (%) 25,4 36,7 0
Working capital/sales (%) -20,3 -12,2 N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -52,6 -22,6 N/A
Net debt / market cap (%) -14,6 -4,5 N/A
Equity ratio (%) 84,8 78,9 N/A
Net IB debt adj. / equity (%) -52,6 -22,6 N/A
Current ratio 3,62 1,66 N/A
EBITDA/net interest 59,2 37,3 N/A
Net IB debt/EBITDA (x) 2,5 1,2 N/A
Net IB debt/EBITDA lease adj. (x) 2,5 1,2 N/A
Interest coverage 102,2 80,3 N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 65 65 N/A
Diluted shares adj. 65 65 0
EPS -0,32 -0,25 N/A
Dividend per share 0 0 N/A
EPS adj. -0,32 -0,25 N/A
BVPS 0,88 0,63 N/A
BVPS adj. 0,44 0,15 N/A
Net IB debt/share -0,46 -0,14 N/A
Share price 3,17 3,17 3,17
Market cap. (m) 206 206 0
Valuation N/A N/A N/A
P/E (x) -10 -12,6 N/A
EV/sales (x) 10,33 8,99 N/A
EV/EBITDA (x) -14,8 -26,3 N/A
EV/EBITA (x) -8,6 -12,2 N/A
EV/EBIT (x) -8,6 -12,2 N/A
Dividend yield (%) 0 0 0
FCF yield (%) -11,7 -10,1 0
Le. adj. FCF yld. (%) -11,7 -10,1 0
P/BVPS (x) 3,6 5,04 N/A
P/BVPS adj. (x) 7,19 21,16 3,17
P/E adj. (x) -10 -12,6 N/A
EV/EBITDA adj. (x) -14,8 -26,3 N/A
EV/EBITA adj. (x) -8,6 -12,2 N/A
EV/EBIT adj. (x) -8,6 -12,2 N/A
EV/CE (x) 3,1 4,8 N/A
Investment ratios N/A N/A N/A
Capex/sales (%) 68,5 54,4 N/A
Capex/depreciation 1,4 1,4 N/A
Capex tangibles / tangible fixed assets 0 0 N/A
Capex intangibles / definite intangibles 40,9 38,2 N/A
Depreciation on intang / def. intang 30 28 N/A
Depreciation on tangibles / tangibles 0 0 N/A

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Media

Briox - Company presentation with CEO Johan Nordqvist & Chairman of the Board Erik Hammarberg
Briox - Company presentation with CEO Johan Nordqvist & Chairman of the Board Erik Hammarberg

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Main shareholders - Briox

Main shareholders Share capital % Voting shares % Verified
Kent Jacobsson 8.8 % 8.8 %
Avanza Pension 6.2 % 6.2 %
Martin Jönsson 5.4 % 5.4 %
Oskar i Grästorp AB 4.9 % 4.9 %
Nordnet Pensionsförsäkring 3.3 % 3.3 %
Rothesay Ltd 2.2 % 2.2 %
Ronny Widerström 1.3 % 1.3 %
Acto AS 1.3 % 1.3 %
Monitor Erp System AB 1.1 % 1.1 %
Lars Karlsson 1.0 % 1.0 %