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Napatech

Napatech

Smart network adapter solutions

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.></100>

DKKm 2023 2024e 2025e
Sales 183 161 303
Sales growth (%) 15,2 -11,8 87,8
EBITDA 0 -35 19
EBITDA margin (%) -0,2 -21,6 6,2
EBIT adj. -33 -68 -16
EBIT adj. margin (%) -18 -42,3 -5,3
Pretax profit -36 -66 -11
EPS -0,36 -0,51 -0,09
EPS growth (%) -38,9 45 -82,8
EPS adj. -0,36 -0,51 -0,09
DPS 0 0 0
EV/EBITDA (x) -4507,7 -58,1 112
EV/EBIT adj. (x) -60 -29,6 -131,6
P/E (x) -61,3 -42,3 -246
P/E adj. (x) -61,3 -42,3 -246
EV/sales (x) 10,81 12,55 6,95
FCF yield (%) -0,9 -1,1 -3,8
Le. adj. FCF yld. (%) -0,9 -1,1 -3,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -29,5 3,9 -3
Le. adj. ND/EBITDA (x) -0,4 4,2 -3,2
DKKm 2023 2024e 2025e
Sales 183 161 303
COGS -49 -44 -110
Gross profit 134 117 193
Other operating items -134 -152 -174
EBITDA 0 -35 19
Depreciation and amortisation -32 0 0
of which leasing depreciation -4 0 0
EBITA -33 -68 -16
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -33 -68 -16
Net financial items -4 3 5
Pretax profit -36 -66 -11
Tax 4 14 2
Net profit -32 -51 -9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 -51 -9
EPS -0,36 -0,51 -0,09
EPS adj. -0,36 -0,51 -0,09
Total extraordinary items after tax 0 0 0
Leasing payments -4 0 0
Tax rate (%) 12,2 22 22
Gross margin (%) 73,1 72,8 63,8
EBITDA margin (%) -0,2 -21,6 6,2
EBITA margin (%) -18 -42,3 -5,3
EBIT margin (%) -18 -42,3 -5,3
Pre-tax margin (%) -20 -40,6 -3,7
Net margin (%) -17,5 -31,7 -2,9
Sales growth (%) 15,2 -11,8 87,8
EBITDA growth (%) -97,8 7848,2 -154
EBITA growth (%) -28,8 107,5 -76,6
EBIT growth (%) -28,8 N/A -76,6
Net profit growth (%) -33,7 59,6 -82,8
EPS growth (%) -38,9 45 -82,8
Profitability N/A N/A N/A
ROE (%) -32 -27,8 -3,4
ROE adj. (%) -32 -27,8 -3,4
ROCE (%) -21,4 -26,7 -2,9
ROCE adj. (%) -21,4 -26,7 -2,9
ROIC (%) -23,2 -43,7 -7,6
ROIC adj. (%) -23,2 -43,7 -7,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 0 -35 19
EBITDA adj. margin (%) -0,2 -21,6 6,2
EBITDA lease adj. -4 -35 19
EBITDA lease adj. margin (%) -2,2 -21,6 6,2
EBITA adj. -33 -68 -16
EBITA adj. margin (%) -18 -42,3 -5,3
EBIT adj. -33 -68 -16
EBIT adj. margin (%) -18 -42,3 -5,3
Pretax profit Adj. -36 -66 -11
Net profit Adj. -32 -51 -9
Net profit to shareholders adj. -32 -51 -9
Net adj. margin (%) -17,5 -31,7 -2,9
DKKm 2023 2024e 2025e
EBITDA 0 -35 19
Goodwill 0 0 0
Net financial items -4 3 5
Other intangible assets 41 41 41
Paid tax 4 0 -6
Tangible fixed assets 13 14 16
Non-cash items 6 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 6 -32 17
Total other fixed assets 2 16 25
Change in working capital -13 22 -81
Fixed assets 55 71 81
Operating cash flow -7 -10 -64
Inventories 36 26 83
Capex tangible fixed assets -1 -2 -2
Receivables 62 46 95
Capex intangible fixed assets -9 -12 -16
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 189 104
Free cash flow -18 -23 -81
Total assets 194 332 364
Dividend paid 0 0 0
Shareholders equity 112 256 266
Minority N/A N/A N/A
Share issues and buybacks 54 218 0
Total equity 112 256 266
Leasing liability amortisation 0 0 0
Long-term debt 9 9 9
Other non-cash items -13 -45 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 8 4
Total other long-term liabilities 4 4 4
Short-term debt 36 36 36
Accounts payable 6 5 12
Other current liabilities 17 15 33
Total liabilities and equity 194 332 364
Net IB debt 13 -137 -56
Net IB debt excl. pension debt 13 -137 -56
Net IB debt excl. leasing 2 -145 -60
Capital employed 167 308 315
Capital invested 125 119 210
Working capital 74 52 134
Market cap. diluted (m) 1961 2160 2160
Net IB debt adj. 13 -137 -56
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 1974 2023 2104
Total assets turnover (%) 94,1 61,2 87
Working capital/sales (%) 37,1 39,3 30,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 11,6 -53,5 -20,9
Net debt / market cap (%) 0,7 -6,3 -2,6
Equity ratio (%) 57,5 77 73,2
Net IB debt adj. / equity (%) 11,6 -53,5 -20,9
Current ratio 2,39 4,69 3,52
EBITDA/net interest 0,1 12,7 4
Net IB debt/EBITDA (x) -29,5 3,9 -3
Net IB debt/EBITDA lease adj. (x) -0,4 4,2 -3,2
Interest coverage 8,3 28,7 4,1
DKKm 2023 2024e 2025e
Shares outstanding adj. 90 99 99
Diluted shares adj. 90 99 99
EPS -0,36 -0,51 -0,09
Dividend per share 0 0 0
EPS adj. -0,36 -0,51 -0,09
BVPS 1,24 2,57 2,68
BVPS adj. 0,79 2,17 2,27
Net IB debt/share 0,14 -1,38 -0,56
Share price 34 34 34
Market cap. (m) 1961 2160 2160
P/E (x) -61,3 -42,3 -246
EV/sales (x) 10,81 12,55 6,95
EV/EBITDA (x) -4507,7 -58,1 112
EV/EBITA (x) -60 -29,6 -131,6
EV/EBIT (x) -60 -29,6 -131,6
Dividend yield (%) 0 0 0
FCF yield (%) -0,9 -1,1 -3,8
Le. adj. FCF yld. (%) -0,9 -1,1 -3,8
P/BVPS (x) 17,56 8,45 8,11
P/BVPS adj. (x) 27,56 10,04 9,57
P/E adj. (x) -61,3 -42,3 -246
EV/EBITDA adj. (x) -4507,7 -58,1 112
EV/EBITA adj. (x) -60 -29,6 -131,6
EV/EBIT adj. (x) -60 -29,6 -131,6
EV/CE (x) 11,8 6,6 6,7
Investment ratios N/A N/A N/A
Capex/sales (%) 5,9 8,3 5,7
Capex/depreciation 0,4 N/A N/A
Capex tangibles / tangible fixed assets 11,1 12,1 11,3
Capex intangibles / definite intangibles 22,9 28,9 38,2
Depreciation on intang / def. intang 66 0 0
Depreciation on tangibles / tangibles 18,2 0 0

Equity research

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Media

Napatech - Company presentation with CEO Ray Smets
Napatech - Company presentation with CEO Ray Smets

Main shareholders - Napatech

Main shareholders Share capital % Voting shares % Verified
Sundt AS 12.3 % 12.3 % 1 May 2024
Verdane Capital 9.8 % 9.8 % 22 May 2024
SEB Fonder 8.3 % 8.3 % 30 Apr 2024
NetScout Systems, Inc. 6.9 % 6.9 % 1 May 2024
Ludvig Lorentzen AS 6.6 % 6.6 % 1 May 2024
Arbejdsmarkedets Tillægspension (ATP) 5.8 % 5.8 % 8 May 2024
Brownske Bevegelser AS 3.9 % 3.9 % 1 May 2024
Extellus AS 2.5 % 2.5 % 1 May 2024
SEBinvest 2.1 % 2.1 % 31 Jan 2024
MP Pensjon PK 1.9 % 1.9 % 1 May 2024
Source: Holdings by Modular Finance AB