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Napatech

Napatech

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Napatech is a tech company that develops and markets smart network adaptors and related solutions (both software and hardware). It sells primarily to large global OEMs (+140 customers), which then sell to end-users. The end-users of Napatech solutions are typically large firms within sectors such as telecommunications, financial services, and governments.

Sustainability information

Napatech is a small company (<100 employees), which faces major global competition. it is uncertain whether napatech will be able to grow with the market. also, napatech needs to ramp-up and establish new market verticals in order to achieve double-digit growth over time, and its ability to achieve this is uncertain.>

Financials

DKKm 2024 2025e 2026e
Sales 115 335 754
Sales growth (%) -37,2 192,4 124,8
EBITDA -88 21 191
EBITDA margin (%) -77 6,2 25,4
EBIT adj. -119 -12 158
EBIT adj. margin (%) -104 -3,5 20,9
Pretax profit -121 -11 160
EPS -1,15 -0,08 1,26
EPS growth (%) N/A -92,8 -1615,3
EPS adj. -1,15 -0,08 1,26
DPS 0 0 0
EV/EBITDA (x) -18,9 83,2 8,2
EV/EBIT adj. (x) -14 -147,2 9,9
P/E (x) -14,8 -205,2 13,5
P/E adj. (x) -14,8 -205,2 13,5
EV/sales (x) 14,54 5,12 2,08
FCF yield (%) -6,5 -3 9,1
Le. adj. FCF yld. (%) -6,5 -3 9,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,2 1,4 -0,6
Le. adj. ND/EBITDA (x) 0,3 1,3 -0,7
DKKm 2024 2025e 2026e
Sales 115 335 754
COGS -35 -122 -312
Gross profit 80 213 441
Other operating items -168 -192 -250
EBITDA -88 21 191
Depreciation and amortisation 0 0 0
of which leasing depreciation 0 0 0
EBITA -119 -12 158
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -119 -12 158
Net financial items -1 1 2
Pretax profit -121 -11 160
Tax 7 2 -35
Net profit -114 -8 125
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -114 -8 125
EPS -1,15 -0,08 1,26
EPS adj. -1,15 -0,08 1,26
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 5,6 22 22
Gross margin (%) 69,7 63,6 58,5
EBITDA margin (%) -77 6,2 25,4
EBITA margin (%) -104 -3,5 20,9
EBIT margin (%) -104 -3,5 20,9
Pre-tax margin (%) -105,1 -3,1 21,2
Net margin (%) -99,3 -2,5 16,5
Sales growth (%) -37,2 192,4 124,8
EBITDA growth (%) 20051,9 -123,4 827,2
EBITA growth (%) 262,7 -90,2 -1452,2
EBIT growth (%) N/A -90,2 -1452,2
Net profit growth (%) 255,7 -92,8 -1615,3
EPS growth (%) N/A -92,8 -1615,3
Profitability N/A N/A N/A
ROE (%) -86,3 -5,1 51,7
ROE adj. (%) -86,3 -5,1 51,7
ROCE (%) -63,7 -4 56,2
ROCE adj. (%) -63,7 -4 56,2
ROIC (%) -87,9 -5,5 63,4
ROIC adj. (%) -87,9 -5,5 63,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -88 21 191
EBITDA adj. margin (%) -77 6,2 25,4
EBITDA lease adj. -88 21 191
EBITDA lease adj. margin (%) -77 6,2 25,4
EBITA adj. -119 -12 158
EBITA adj. margin (%) -104 -3,5 20,9
EBIT adj. -119 -12 158
EBIT adj. margin (%) -104 -3,5 20,9
Pretax profit Adj. -121 -11 160
Net profit Adj. -114 -8 125
Net profit to shareholders adj. -114 -8 125
Net adj. margin (%) -99,3 -2,5 16,5
DKKm 2024 2025e 2026e
EBITDA -88 21 191
Goodwill 0 0 0
Net financial items -1 1 2
Other intangible assets 27 27 27
Paid tax 0 -7 -35
Tangible fixed assets 17 22 28
Non-cash items 9 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -80 15 158
Total other fixed assets 8 17 17
Change in working capital -18 -51 12
Fixed assets 51 66 72
Operating cash flow -98 -36 171
Inventories 58 164 263
Capex tangible fixed assets -5 -6 -6
Receivables 60 145 219
Capex intangible fixed assets -6 -8 -11
Other current assets 4 17 27
Acquisitions and Disposals 0 0 0
Cash and liquid assets 69 17 171
Free cash flow -110 -50 153
Total assets 243 410 751
Dividend paid 0 0 0
Shareholders equity 152 168 315
Minority N/A N/A N/A
Share issues and buybacks 147 0 0
Total equity 152 168 315
Leasing liability amortisation 0 0 0
Long-term debt 8 8 8
Other non-cash items -11 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 6 4 4
Total other long-term liabilities 12 12 12
Short-term debt 36 36 36
Accounts payable 16 125 289
Other current liabilities 14 58 89
Total liabilities and equity 243 410 751
Net IB debt -20 30 -124
Net IB debt excl. pension debt -20 30 -124
Net IB debt excl. leasing -26 26 -128
Capital employed 201 215 362
Capital invested 132 197 191
Working capital 92 143 131
Market cap. diluted (m) 1688 1688 1688
Net IB debt adj. -20 30 -124
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1668 1718 1564
Total assets turnover (%) 52,5 102,8 129,8
Working capital/sales (%) 72,8 35,1 18,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -13,4 17,6 -39,4
Net debt / market cap (%) -1,2 1,8 -7,3
Equity ratio (%) 62,7 40,9 41,9
Net IB debt adj. / equity (%) -13,4 17,6 -39,4
Current ratio 2,92 1,57 1,64
EBITDA/net interest 70,9 18,5 91,2
Net IB debt/EBITDA (x) 0,2 1,4 -0,6
Net IB debt/EBITDA lease adj. (x) 0,3 1,3 -0,7
Interest coverage 34,4 3,9 75
DKKm 2024 2025e 2026e
Shares outstanding adj. 99 99 99
Diluted shares adj. 99 99 99
EPS -1,15 -0,08 1,26
Dividend per share 0 0 0
EPS adj. -1,15 -0,08 1,26
BVPS 1,53 1,69 3,17
BVPS adj. 1,26 1,42 2,9
Net IB debt/share -0,21 0,3 -1,25
Share price 27,3 27,3 27,3
Market cap. (m) 1688 1688 1688
P/E (x) -14,8 -205,2 13,5
EV/sales (x) 14,54 5,12 2,08
EV/EBITDA (x) -18,9 83,2 8,2
EV/EBITA (x) -14 -147,2 9,9
EV/EBIT (x) -14 -147,2 9,9
Dividend yield (%) 0 0 0
FCF yield (%) -6,5 -3 9,1
Le. adj. FCF yld. (%) -6,5 -3 9,1
P/BVPS (x) 11,1 10,06 5,36
P/BVPS adj. (x) 13,47 11,97 5,86
P/E adj. (x) -14,8 -205,2 13,5
EV/EBITDA adj. (x) -18,9 83,2 8,2
EV/EBITA adj. (x) -14 -147,2 9,9
EV/EBIT adj. (x) -14 -147,2 9,9
EV/CE (x) 8,3 8 4,3
Investment ratios N/A N/A N/A
Capex/sales (%) 9,8 4,2 2,3
Capex/depreciation N/A N/A N/A
Capex tangibles / tangible fixed assets 30,5 25,8 20,7
Capex intangibles / definite intangibles 23 31,5 42,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

Napatech - Company presentation with CFO Heine Thorsgaard
Napatech - Company presentation with CEO Ray Smets

Main shareholders - Napatech

Main shareholders Share capital % Voting shares % Verified
Sundt AS 12.5 % 12.5 % 30 Oct 2024
SEB Investment Management 9.8 % 9.8 % 30 Nov 2024
Verdane Capital 9.7 % 9.7 % 30 Oct 2024
NetScout Systems, Inc. 6.2 % 6.2 % 30 Oct 2024
Arbejdsmarkedets Tillægspension (ATP) 5.8 % 5.8 % 30 Oct 2024
DNB Asset Management SA 4.2 % 4.2 % 30 Nov 2024
Extellus AS 4.0 % 4.0 % 30 Oct 2024
Brownske Bevegelser AS 3.9 % 3.9 % 30 Oct 2024
Nils Andreas Foldal 2.0 % 2.0 % 30 Oct 2024
Herald Investment Management 1.8 % 1.8 % 30 Sep 2024
Source: Holdings by Modular Finance AB