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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 116 187 505
Sales growth (%) -36,3 60,4 170,7
EBITDA -86 -38 93
EBITDA margin (%) -74,1 -20,3 18,4
EBIT adj. -116 -68 61
EBIT adj. margin (%) -99,3 -36,6 12,1
Pretax profit -117 -67 62
EPS -1,12 -0,53 0,49
EPS growth (%) N/A -52,8 -191,8
EPS adj. -1,12 -0,53 0,49
DPS 0 0 0
EV/EBITDA (x) -14,7 -34,3 14
EV/EBIT adj. (x) -10,9 -19 21,3
P/E (x) N/A N/A 26,5
P/E adj. (x) N/A N/A 26,5
EV/sales (x) 10,87 6,97 2,59
FCF yield (%) -8,9 -2,8 -0,5
Le. adj. FCF yld. (%) -8,9 -2,8 -0,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,1 -0,6 0,3
Le. adj. ND/EBITDA (x) 0,2 -0,4 0,3
DKKm 2024 2025e 2026e
Sales 116 187 505
COGS -37 -51 -203
Gross profit 79 136 302
Other operating items -166 -174 -209
EBITDA -86 -38 93
Depreciation and amortisation 0 0 0
of which leasing depreciation 0 0 0
EBITA -116 -68 61
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -116 -68 61
Net financial items -2 1 0
Pretax profit -117 -67 62
Tax 6 15 -14
Net profit -111 -53 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -111 -53 48
EPS -1,12 -0,53 0,49
EPS adj. -1,12 -0,53 0,49
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 5 22 22
Gross margin (%) 68,2 72,9 59,8
EBITDA margin (%) -74,1 -20,3 18,4
EBITA margin (%) -99,3 -36,6 12,1
EBIT margin (%) -99,3 -36,6 12,1
Pre-tax margin (%) -100,6 -36,1 12,2
Net margin (%) -95,6 -28,1 9,5
Sales growth (%) -36,3 60,4 170,7
EBITDA growth (%) 19592,5 -56 -345,4
EBITA growth (%) 251,3 -40,8 -189,7
EBIT growth (%) N/A -40,8 -189,7
Net profit growth (%) 247,5 -52,8 -191,8
EPS growth (%) N/A -52,8 -191,8
Profitability N/A N/A N/A
ROE (%) -83,9 -37,9 30,3
ROE adj. (%) -83,9 -37,9 30,3
ROCE (%) -60,8 -34,4 30,9
ROCE adj. (%) -60,8 -34,4 30,9
ROIC (%) -82,5 -37 25,8
ROIC adj. (%) -82,5 -37 25,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -86 -38 93
EBITDA adj. margin (%) -74,1 -20,3 18,4
EBITDA lease adj. -86 -38 93
EBITDA lease adj. margin (%) -74,1 -20,3 18,4
EBITA adj. -116 -68 61
EBITA adj. margin (%) -99,3 -36,6 12,1
EBIT adj. -116 -68 61
EBIT adj. margin (%) -99,3 -36,6 12,1
Pretax profit Adj. -117 -67 62
Net profit Adj. -111 -53 48
Net profit to shareholders adj. -111 -53 48
Net adj. margin (%) -95,6 -28,1 9,5
DKKm 2024 2025e 2026e
EBITDA -86 -38 93
Goodwill 0 0 0
Net financial items -2 1 0
Other intangible assets 25 25 25
Paid tax 5 0 -17
Tangible fixed assets 14 19 24
Non-cash items 12 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -71 -37 77
Total other fixed assets 2 16 20
Change in working capital -32 14 -69
Fixed assets 41 61 69
Operating cash flow -103 -23 8
Inventories 70 45 223
Capex tangible fixed assets -4 -5 -5
Receivables 49 70 168
Capex intangible fixed assets -6 -8 -9
Other current assets 5 9 26
Acquisitions and Disposals 0 0 0
Cash and liquid assets 64 26 16
Free cash flow -114 -35 -7
Total assets 230 211 502
Dividend paid 0 0 0
Shareholders equity 153 124 194
Minority 0 0 0
Share issues and buybacks 147 0 0
Total equity 153 124 194
Leasing liability amortisation 0 0 0
Long-term debt 7 7 7
Other non-cash items -10 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 10 6 3
Total other long-term liabilities 6 6 6
Short-term debt 36 36 36
Accounts payable 6 10 111
Other current liabilities 12 22 144
Total liabilities and equity 230 211 502
Net IB debt -12 23 30
Net IB debt excl. pension debt -12 23 30
Net IB debt excl. leasing -21 17 27
Capital employed 206 173 240
Capital invested 141 147 224
Working capital 107 92 161
Market cap. diluted (m) 1277 1277 1277
Net IB debt adj. -12 23 30
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 1265 1301 1307
Total assets turnover (%) 54,9 84,7 141,8
Working capital/sales (%) 77,7 53,2 25,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7,8 18,8 15,3
Net debt / market cap (%) -0,9 1,8 2,3
Equity ratio (%) 66,7 58,6 38,7
Net IB debt adj. / equity (%) -7,8 18,8 15,3
Current ratio 3,49 2,21 1,49
EBITDA/net interest 57,2 34,3 221,1
Net IB debt/EBITDA (x) 0,1 -0,6 0,3
Net IB debt/EBITDA lease adj. (x) 0,2 -0,4 0,3
Interest coverage 29,6 30,4 29,8
DKKm 2024 2025e 2026e
Shares outstanding adj. 99 99 99
Diluted shares adj. 99 99 99
EPS -1,12 -0,53 0,49
Dividend per share 0 0 0
EPS adj. -1,12 -0,53 0,49
BVPS 1,55 1,25 1,96
BVPS adj. 1,29 0,99 1,7
Net IB debt/share -0,12 0,23 0,3
Share price 20,5 20,5 20,5
Market cap. (m) 1277 1277 1277
P/E (x) N/A N/A 26,5
EV/sales (x) 10,87 6,97 2,59
EV/EBITDA (x) -14,7 -34,3 14
EV/EBITA (x) -10,9 -19 21,3
EV/EBIT (x) -10,9 -19 21,3
Dividend yield (%) 0 0 0
FCF yield (%) -8,9 -2,8 -0,5
Le. adj. FCF yld. (%) -8,9 -2,8 -0,5
P/BVPS (x) 8,33 10,32 6,58
P/BVPS adj. (x) 9,95 12,95 7,55
P/E adj. (x) N/A N/A 26,5
EV/EBITDA adj. (x) -14,7 -34,3 14
EV/EBITA adj. (x) -10,9 -19 21,3
EV/EBIT adj. (x) -10,9 -19 21,3
EV/CE (x) 6,1 7,5 5,4
Investment ratios N/A N/A N/A
Capex/sales (%) 9,2 6,7 2,8
Capex/depreciation N/A N/A N/A
Capex tangibles / tangible fixed assets 30,8 25,3 20,2
Capex intangibles / definite intangibles 24,9 30,4 37,7
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 12.6 % 12.6 % 5 Mar 2025
SEB Funds 10.1 % 10.1 % 30 Apr 2025
Verdane Capital 9.7 % 9.7 % 5 Mar 2025
NetScout Systems, Inc. 6.2 % 6.2 % 29 Jan 2025
Arbejdsmarkedets Tillægspension (ATP) 5.8 % 5.8 % 5 Mar 2025
DNB Asset Management SA 4.2 % 4.2 % 31 Mar 2025
Extellus AS 4.0 % 4.0 % 5 Mar 2025
Brownske Bevegelser AS 4.0 % 4.0 % 5 Mar 2025
Nils Andreas Foldal 2.0 % 2.0 % 5 Mar 2025
Herald Investment Management 1.8 % 1.8 % 30 Sep 2024
Source: Holdings by Modular Finance AB