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Bredband2

Bredband2

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Broadband via fiber network

Bredband2 supplies broadband, IP Telephony, data storage and safety solutions through the fiber network. In addition, the company offers co-location for webservers, e-mail and other operation-critical systems with associated network services such as Internet and VPN. The customer base is mainly private clients, but Bredband2 also offers a variety of different products to companies. Today, Bredband2 is primarily operating in the open city networks, where there is free competition between different operators.

The main risks for Bredband2 are 1) generic product, which makes price an important factor for customers. 2) Market maturity and increased competition, mainly from bigger players, could cause decline in growth without increased margins. 3) High dependence to the net owners, and their continued investments in market expansion.

Financials

SEKm 2022 2023e 2024e
Sales 1531 1578 1646
Sales growth (%) 1,3 3,1 4,3
EBITDA 241 253 269
EBITDA margin (%) 15,8 16 16,3
EBIT adj. 95 111 136
EBIT adj. margin (%) 6,2 7,1 8,2
Pretax profit 84 102 128
EPS 0,08 0,09 0,1
EPS growth (%) -10,2 15,9 18,7
EPS adj. 0,11 0,11 0,12
DPS 0,08 0,1 0,13
EV/EBITDA (x) 5,9 5,4 5
EV/EBIT adj. (x) 14,9 12,3 10
P/E (x) 17,1 14,7 12,4
P/E adj. (x) 12,2 11,4 10,6
EV/sales (x) 0,93 0,87 0,82
FCF yield (%) 16,4 16,8 17,1
Le. adj. FCF yld. (%) 8,9 9,5 9,7
Dividend yield (%) 6,2 7,7 10
Net IB debt/EBITDA (x) 0,7 0,5 0,4
Le. adj. ND/EBITDA (x) 0,6 0,8 0,9
SEKm 2022 2023e 2024e
Sales 1531 1578 1646
COGS -996 -1024 -1060
Gross profit 536 554 586
Other operating items -295 -301 -317
EBITDA 241 253 269
Depreciation and amortisation -112 -111 -111
of which leasing depreciation -92 -92 -92
EBITA 129 141 158
EO Items 0 0 0
Impairment and PPA amortisation -34 -30 -22
EBIT 95 111 136
Net financial items -10 -9 -8
Pretax profit 84 102 128
Tax -11 -18 -27
Net profit 73 84 100
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 73 84 100
EPS 0,08 0,09 0,1
EPS adj. 0,11 0,11 0,12
Total extraordinary items after tax 0 0 0
Leasing payments -92 -92 -92
Tax rate (%) 13,6 17,6 21,4
Gross margin (%) 35 35,1 35,6
EBITDA margin (%) 15,8 16 16,3
EBITA margin (%) 8,4 9 9,6
EBIT margin (%) 6,2 7,1 8,2
Pre-tax margin (%) 5,5 6,5 7,8
Net margin (%) 4,8 5,4 6,1
Sales growth (%) 1,3 3,1 4,3
EBITDA growth (%) 9,9 4,8 6,4
EBITA growth (%) 4,8 9,8 11,4
EBIT growth (%) 1 17,6 21,6
Net profit growth (%) -10,2 15,9 18,7
EPS growth (%) -10,2 15,9 18,7
Profitability N/A N/A N/A
ROE (%) 13,7 15,8 18,5
ROE adj. (%) 20,1 21,4 22,6
ROCE (%) 11,1 13,1 15,9
ROCE adj. (%) 15,1 16,7 18,4
ROIC (%) 15,8 17 18,7
ROIC adj. (%) 15,8 17 18,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 241 253 269
EBITDA adj. margin (%) 15,8 16 16,3
EBITDA lease adj. 149 161 177
EBITDA lease adj. margin (%) 9,7 10,2 10,7
EBITA adj. 129 141 158
EBITA adj. margin (%) 8,4 9 9,6
EBIT adj. 95 111 136
EBIT adj. margin (%) 6,2 7,1 8,2
Pretax profit Adj. 118 132 150
Net profit Adj. 107 114 122
Net profit to shareholders adj. 107 114 122
Net adj. margin (%) 7 7,3 7,4
SEKm 2022 2023e 2024e
EBITDA 241 253 269
Goodwill 653 653 653
Net financial items -10 -9 -8
Other intangible assets 109 92 81
Paid tax -11 -18 -27
Tangible fixed assets 42 45 50
Non-cash items 5 0 0
Right-of-use asset 272 272 272
Cash flow before change in WC 225 226 234
Total other fixed assets 24 24 24
Change in working capital 33 19 15
Fixed assets 1100 1085 1080
Operating cash flow 258 244 249
Inventories 0 0 0
Capex tangible fixed assets -30 -17 -18
Receivables 92 95 99
Capex intangible fixed assets -24 -17 -18
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 117 158 183
Free cash flow 204 210 213
Total assets 1309 1338 1362
Dividend paid -77 -77 -96
Shareholders equity 531 539 543
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -92 -92 -92
Total equity 531 539 543
Other non-cash items -34 0 0
Long-term debt 32 32 32
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 261 261 261
Total other long-term liabilities 21 21 21
Short-term debt 22 22 22
Accounts payable 165 169 176
Other current liabilities 278 295 307
Total liabilities and equity 1309 1338 1362
Net IB debt 173 132 107
Net IB debt excl. pension debt 173 132 107
Net IB debt excl. leasing -88 -129 -154
Capital employed 845 853 858
Capital invested 704 671 651
Working capital -351 -369 -384
Market cap. diluted (m) 1244 1244 1244
Net IB debt adj. 173 132 107
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 1417 1376 1351
Total assets turnover (%) 115,9 119,2 121,9
Working capital/sales (%) -22 -22,8 -22,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,6 24,5 19,7
Net debt / market cap (%) 13,9 10,6 8,6
Equity ratio (%) 40,6 40,3 39,9
Net IB debt adj. / equity (%) 32,6 24,5 19,7
Current ratio 0,45 0,52 0,56
EBITDA/net interest 23,1 28,1 33,6
Net IB debt/EBITDA (x) 0,7 0,5 0,4
Net IB debt/EBITDA lease adj. (x) -0,6 -0,8 -0,9
Interest coverage 12,3 15,7 19,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 957 957 957
Diluted shares adj. 957 957 957
EPS 0,08 0,09 0,1
Dividend per share 0,08 0,1 0,13
EPS adj. 0,11 0,11 0,12
BVPS 0,55 0,56 0,57
BVPS adj. -0,24 -0,22 -0,2
Net IB debt/share 0,18 0,14 0,11
Share price 1,3 1,3 1,3
Market cap. (m) 1244 1244 1244
P/E (x) 17,1 14,7 12,4
EV/sales (x) 0,93 0,87 0,82
EV/EBITDA (x) 5,9 5,4 5
EV/EBITA (x) 11 9,7 8,6
EV/EBIT (x) 14,9 12,3 10
Dividend yield (%) 6,2 7,7 10
FCF yield (%) 16,4 16,8 17,1
Le. adj. FCF yld. (%) 8,9 9,5 9,7
P/BVPS (x) 2,34 2,31 2,29
P/BVPS adj. (x) -10,21 -10,92 -11,37
P/E adj. (x) 12,2 11,4 10,6
EV/EBITDA adj. (x) 5,9 5,4 5
EV/EBITA adj. (x) 11 9,7 8,6
EV/EBIT adj. (x) 14,9 12,3 10
EV/CE (x) 1,7 1,6 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 3,5 2,2 2,2
Capex/depreciation 2,7 1,8 1,9
Capex tangibles / tangible fixed assets 70,5 38,9 36
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 47,7 43,31 38,4

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Media

Bredband2 - Company presentation with CEO Daniel Krook (in Swedish)
Bredband2 - Company presentation with CEO Daniel Krook (in Swedish)

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Main shareholders - Bredband2

Main shareholders Share capital % Voting shares % Verified
Anders Lövgren 13.5 % 13.5 % 28 Dec 2022
Alcur Fonder 10.8 % 10.8 % 31 Jan 2023
Mark Hauschildt 9.7 % 9.7 % 28 Dec 2022
ODIN Fonder 9.1 % 9.1 % 28 Feb 2023
Aeternum Capital AS 3.2 % 3.2 % 28 Dec 2022
Avanza Pension 2.9 % 2.9 % 28 Dec 2022
BI Asset Mgmt Fondsmaeglerselskab A/S 2.8 % 2.8 % 28 Sep 2022
Nordnet Pensionsförsäkring 2.2 % 2.2 % 28 Dec 2022
Berenberg Funds 2.1 % 2.1 % 28 Sep 2022
Ulf Östberg 2.0 % 2.0 % 28 Jun 2022
Source: Holdings by Modular Finance AB

Insider list - Bredband2

Name Quantity Code Date
Daniel Krook + 200 000 BUY 15 Mar 2023
Karin Zingmark + 97 800 BUY 14 Feb 2023
Karin Zingmark + 2 200 BUY 14 Feb 2023
ID 1 AB + 2 755 BUY 13 Feb 2023
ID 1 AB + 100 000 BUY 13 Feb 2023
Rolf Johansson + 500 000 BUY 13 Feb 2023
ID 1 AB + 169 354 BUY 13 Feb 2023
ID 1 AB + 100 000 BUY 10 Feb 2023
ID 1 AB + 25 000 BUY 10 Feb 2023
ID 1 AB + 20 000 BUY 10 Feb 2023

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