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Napatech

Napatech

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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.

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>

Financials

DKKm 2022 2023e 2024e
Sales 159 184 232
Sales growth (%) -18,8 16,2 26
EBITDA -20 -9 11
EBITDA margin (%) -12,7 -5,1 4,7
EBIT adj. -46 -41 -25
EBIT adj. margin (%) -29,1 -22,2 -10,6
Pretax profit -44 -42 -27
EPS -0,58 -0,37 -0,23
EPS growth (%) -220 -36,9 -36,7
EPS adj. -0,58 -0,37 -0,23
DPS 0 0 0
EV/EBITDA (x) -29,6 -67 60,7
EV/EBIT adj. (x) -12,9 -15,3 -26,6
P/E (x) -11,6 -18,4 -29
P/E adj. (x) -11,6 -18,4 -29
EV/sales (x) 3,76 3,41 2,83
FCF yield (%) -10,1 -7 -4,7
Le. adj. FCF yld. (%) -10,1 -7 -4,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -1,8 -2,9 5,2
Le. adj. ND/EBITDA (x) 1,3 2,1 5,5
DKKm 2022 2023e 2024e
Sales 159 184 232
COGS -69 -55 -72
Gross profit 90 130 160
Other operating items -110 -139 -149
EBITDA -20 -9 11
Depreciation and amortisation -26 -32 -36
of which leasing depreciation -3 -2 -1
EBITA -46 -41 -25
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -46 -41 -25
Net financial items 2 -1 -2
Pretax profit -44 -42 -27
Tax -4 9 6
Net profit -48 -33 -21
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 -33 -21
EPS -0,58 -0,37 -0,23
EPS adj. -0,58 -0,37 -0,23
Total extraordinary items after tax 0 0 0
Leasing payments -3 -2 -1
Tax rate (%) -9,3 22 22
Gross margin (%) 56,5 70,3 68,9
EBITDA margin (%) -12,7 -5,1 4,7
EBITA margin (%) -29,1 -22,2 -10,6
EBIT margin (%) -29,1 -22,2 -10,6
Pre-tax margin (%) -27,8 -22,8 -11,4
Net margin (%) -30,4 -17,8 -8,9
Sales growth (%) -18,8 16,2 26
EBITDA growth (%) -138 -53,4 -215,3
EBITA growth (%) -250,7 -11,3 -39,8
EBIT growth (%) -250,7 -11,3 -39,8
Net profit growth (%) -220 -32,2 -36,7
EPS growth (%) -220 -36,9 -36,7
Profitability N/A N/A N/A
ROE (%) -43,5 -33,6 -21,5
ROE adj. (%) -43,5 -33,6 -21,5
ROCE (%) -29,7 -27,4 -15,1
ROCE adj. (%) -29,7 -27,4 -15,1
ROIC (%) -43 -24,7 -13,9
ROIC adj. (%) -43 -24,7 -13,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -20 -9 11
EBITDA adj. margin (%) -12,7 -5,1 4,7
EBITDA lease adj. -23 -12 10
EBITDA lease adj. margin (%) -14,8 -6,2 4,1
EBITA adj. -46 -41 -25
EBITA adj. margin (%) -29,1 -22,2 -10,6
EBIT adj. -46 -41 -25
EBIT adj. margin (%) -29,1 -22,2 -10,6
Pretax profit Adj. -44 -42 -27
Net profit Adj. -48 -33 -21
Net profit to shareholders adj. -48 -33 -21
Net adj. margin (%) -30,4 -17,8 -8,9
DKKm 2022 2023e 2024e
EBITDA -20 -9 11
Goodwill 0 0 0
Net financial items 2 -1 -2
Other intangible assets 56 70 72
Paid tax 0 0 -1
Tangible fixed assets 11 11 12
Non-cash items 11 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -7 -10 8
Total other fixed assets 1 11 17
Change in working capital -17 15 1
Fixed assets 68 92 101
Operating cash flow -24 4 9
Inventories 39 17 38
Capex tangible fixed assets -2 -6 -6
Receivables 74 55 42
Capex intangible fixed assets -30 -41 -31
Other current assets 1 0 1
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 19 16
Free cash flow -57 -42 -28
Total assets 194 184 198
Dividend paid 0 0 0
Shareholders equity 88 107 86
Share issues and buybacks -3 51 0
Minority N/A N/A N/A
Leasing liability amortisation 0 0 0
Total equity 88 107 86
Other non-cash items 0 0 0
Long-term debt 10 10 10
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 3 3
Total other long-term liabilities 5 5 5
Short-term debt 34 34 59
Accounts payable 12 11 14
Other current liabilities 41 15 21
Total liabilities and equity 194 184 198
Net IB debt 37 28 56
Net IB debt excl. pension debt 37 28 56
Net IB debt excl. leasing 32 24 52
Capital employed 137 154 158
Capital invested 125 134 142
Working capital 61 46 46
Market cap. diluted (m) 559 601 601
Net IB debt adj. 37 28 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 596 629 657
Total assets turnover (%) 85,6 97,5 121,7
Working capital/sales (%) 33,3 29,2 19,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 41,4 25,9 64,8
Net debt / market cap (%) 6,5 4,6 9,3
Equity ratio (%) 45,5 58 43,5
Net IB debt adj. / equity (%) 41,4 25,9 64,8
Current ratio 1,46 1,54 1,03
EBITDA/net interest 9,8 9,5 5,7
Net IB debt/EBITDA (x) -1,8 -2,9 5,2
Net IB debt/EBITDA lease adj. (x) -1,3 -2,1 5,5
Interest coverage 27,7 18,3 7,5
DKKm 2022 2023e 2024e
Shares outstanding adj. 83 89 89
Diluted shares adj. 83 89 89
EPS -0,58 -0,37 -0,23
Dividend per share 0 0 0
EPS adj. -0,58 -0,37 -0,23
BVPS 1,06 1,19 0,96
BVPS adj. 0,39 0,41 0,16
Net IB debt/share 0,44 0,31 0,62
Share price 10,2 10,2 10,2
Market cap. (m) 559 601 601
P/E (x) -11,6 -18,4 -29
EV/sales (x) 3,76 3,41 2,83
EV/EBITDA (x) -29,6 -67 60,7
EV/EBITA (x) -12,9 -15,3 -26,6
EV/EBIT (x) -12,9 -15,3 -26,6
Dividend yield (%) 0 0 0
FCF yield (%) -10,1 -7 -4,7
Le. adj. FCF yld. (%) -10,1 -7 -4,7
P/BVPS (x) 6,34 5,63 6,99
P/BVPS adj. (x) 17,25 16,55 42,28
P/E adj. (x) -11,6 -18,4 -29
EV/EBITDA adj. (x) -29,6 -67 60,7
EV/EBITA adj. (x) -12,9 -15,3 -26,6
EV/EBIT adj. (x) -12,9 -15,3 -26,6
EV/CE (x) 4,4 4,1 4,2
Investment ratios N/A N/A N/A
Capex/sales (%) 20,6 25,3 16
Capex/depreciation 1,4 1,6 1,1
Capex tangibles / tangible fixed assets 22 52,5 51,2
Capex intangibles / definite intangibles 54,3 57,8 43,4
Depreciation on intang / def. intang 35 37 42
Depreciation on tangibles / tangibles 32,06 29,15 37,85

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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
Verdane Capital 27.2 % 27.2 % 1 Mar 2023
Sundt AS 10.4 % 10.4 % 1 Mar 2023
SEB Fonder 7.8 % 7.8 % 28 Feb 2023
Ludvig Lorentzen AS 7.2 % 7.2 % 1 Mar 2023
Arbejdsmarkedets Tillægspension (ATP) 4.8 % 4.8 % 1 Mar 2023
Brownske Bevegelser AS 3.3 % 3.3 % 1 Mar 2023
SEBinvest 2.7 % 2.7 % 30 Nov 2022
MP Pensjon PK 2.4 % 2.4 % 1 Mar 2023
Nordnet Bank AB 1.8 % 1.8 % 1 Mar 2023
Herald Investment Management 1.8 % 1.8 % 31 Dec 2021
Source: Holdings by Modular Finance AB