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Briox

Briox

International administration software

Briox develops and sells internet-based ERP system to small and medium-sized enterprises. The offering include software for accounting, bookkeeping, CRM, invoicing, sell-support and time accounting. The company’s programme is completely internet-based, which results in accessibility from anywhere at any time. In addition to this, all data is stored on Briox own servers. Hence, customers do not need to worry about archiving or backing up the data. Commercialization is done through its own website, as well as through accounting firms. Primary markets are Finland and the Baltic countries. Furthermore, Briox is limited to selling its products to countries outside of Sweden.

The digital transformation for small companies should result in a strong demand for Briox’s products. Each new customer is paying a monthly or quarterly fee, in line with the SaaS model, which entails recurring revenues for as long as the customers are using the products. There is also limited variable costs associated with additional customers, which results in a business model with high scalability. In addition, the market is immature and there is consequently good potential for further growth.

The most critical element is Briox’s ability to increase its customer base. A slower customer growth than anticipated would hurt sales, and therefore prolong the time until break-even due to the high scalability in the business model. Even though the market is immature, there are other competitors looking to exploit this fast growing market. Consequently, this could affect the company’s development going forward.

SEKm 2021 2022e 2023e
Sales 6 9 15
Sales growth (%) 38,3 49,4 63,5
EBITDA -12 -13 -9
EBITDA margin (%) -187,3 -144,4 -58,4
EBIT adj -20 -22 -17
EBIT adj margin (%) -318,7 -238,6 -115,4
Pretax profit -20 -22 -18
EPS rep -0,45 -0,39 -0,31
EPS growth (%) 29,1 14,1 20,4
EPS adj -0,45 -0,39 -0,31
DPS 0 0 0
EV/EBITDA (x) -15,4 -16,4 -27
EV/EBIT adj (x) -9,1 -9,9 -13,7
P/E (x) -9,9 -11,8 -14,9
P/E adj (x) -9,9 -11,8 -14,9
EV/sales (x) 28,9 23,7 15,8
FCF yield (%) -10,5 -8,6 -7,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,1 3,2 2,7
Lease adj. FCF yield (%) -10,5 -8,6 -7,4
Lease adj. ND/EBITDA 2,1 3,2 2,7
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Sales 6 9 15
COGS 0 0 0
Gross profit 6 9 15
Other operating items -18 -23 -24
EBITDA -12 -13 -9
Depreciation on tangibles 0 0 0
Depreciation on intangibles -8 -8 -8
EBITA -20 -22 -17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -20 -22 -17
Other financial items 0 0 0
Net financial items -1 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -22 -18
Tax 0 0 0
Net profit -20 -22 -18
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -20 -22 -18
EPS -0,45 -0,39 -0,31
EPS Adj -0,45 -0,39 -0,31
Total extraordinary items after tax 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -187,3 -144,4 -58,4
EBITA margin (%) -318,7 -238,6 -115,4
EBIT margin (%) -318,7 -238,6 -115,4
Pretax margin (%) -331,8 -239,6 -116,7
Net margin (%) -332 -239,6 -116,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 38,3 49,4 63,5
EBITDA growth (%) 23,7 -15,2 33,9
EBIT growth (%) 14,8 -11,9 20,9
Net profit growth (%) 11,8 -7,9 20,4
EPS growth (%) 29,1 14,1 20,4
Profitability 2021 2022 2023
ROE (%) -73,7 -42,6 -33,2
ROE Adj (%) -73,7 -42,6 -33,2
ROCE (%) -70,7 -42,4 -32,8
ROCE Adj(%) -70,7 -42,4 -32,8
ROIC (%) -133,3 -119,5 -89
ROIC Adj (%) -133,3 -119,5 -89
Adj earnings numbers 2021 2022 2023
EBITDA Adj -12 -13 -9
EBITDA Adj margin (%) -187,3 -144,4 -58,4
EBITA Adj -20 -22 -17
EBITA Adj margin (%) -318,7 -238,6 -115,4
EBIT Adj -20 -22 -17
EBIT Adj margin (%) -318,7 -238,6 -115,4
Pretax profit Adj -20 -22 -18
Net profit Adj -20 -22 -18
Net profit to shareholders Adj -20 -22 -18
Net Adj margin (%) -332 -239,6 -116,7
Depreciation and amortisation -8 -9 -9
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -12 -13 -9
EBITDA lease Adj margin (%) -187,3 -144,4 -58,4
SEKm 2021 2022e 2023e
EBITDA -12 -13 -9
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 2 0 0
Cash flow before change in WC -10 -13 -9
Change in WC 0 1 1
Operating cash flow -11 -13 -8
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -11 -10 -11
Acquisitions and disposals 0 0 0
Free cash flow -21 -23 -19
Dividend paid 0 0 0
Share issues and buybacks 51 42 0
Other non cash items -8 0 0
Decrease in net IB debt -19 15 1
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 19 19 19
Tangible fixed assets 0 0 1
Other fixed assets 0 0 0
Fixed assets 21 22 25
Inventories 0 0 0
Receivables 3 4 6
Other current assets 0 0 0
Cash and liquid assets 24 43 24
Total assets 48 69 55
Shareholders equity 42 62 44
Minority 0 0 0
Total equity 42 62 44
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 6 7 11
Other current liabilities 0 0 0
Total liabilities and equity 48 69 55
Net IB debt -24 -43 -24
Net IB debt excl. pension debt -24 -43 -24
Capital invested 18 19 20
Working capital -3 -4 -4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 202 262 262
Net IB debt Adj -24 -43 -24
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 178 218 238
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 17,5 15,8 24,3
Capital invested turnover (%) 33 62,5 196,6
Capital employed turnover (%) 17,7 25,3 39,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 160,4 174,7 153,7
Working capital / sales (%) -85 -36,2 -26,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -56,7 -69,8 -53,8
Net debt / market cap (%) -8,5 -16,5 -9,1
Equity ratio (%) 88,3 89,4 80,8
Net IB debt adj. / equity (%) -56,7 -69,8 -53,8
Current ratio (%) 474,3 636,6 284
EBITDA / net interest (%) -1422,9 -13314,3 -4398,2
Net IB debt / EBITDA (%) 206,1 324,3 270,9
Interest cover (%) -2420,9 -21993,3 -8698,2
Lease liability amortisation 0 0 0
Other intangible assets 21 22 24
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -24 -43 -24
Net IB debt / EBITDA lease Adj (%) 206,1 324,3 270,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 43 57 57
Fully diluted shares Adj 45 57 57
EPS -0,45 -0,39 -0,31
Dividend per share Adj 0 0 0
EPS Adj -0,45 -0,39 -0,31
BVPS 0,97 1,08 0,77
BVPS Adj 0,48 0,7 0,35
Net IB debt / share -0,6 -0,8 -0,4
Share price 6,46 4,58 4,58
Market cap. (m) 279 262 262
Valuation 2021 2022 2023
P/E -9,9 -11,8 -14,9
EV/sales 28,86 23,7 15,78
EV/EBITDA -15,4 -16,4 -27
EV/EBITA -9,1 -9,9 -13,7
EV/EBIT -9,1 -9,9 -13,7
Dividend yield (%) 0 0 0
FCF yield (%) -10,5 -8,6 -7,4
P/BVPS 4,57 4,23 5,91
P/BVPS Adj 9,22 6,57 12,96
P/E Adj -9,9 -11,8 -14,9
EV/EBITDA Adj -15,4 -16,4 -27
EV/EBITA Adj -9,1 -9,9 -13,7
EV/EBIT Adj -9,1 -9,9 -13,7
EV/cap. employed 4,2 3,5 5,4
Investment ratios 2021 2022 2023
Capex / sales 170,8 106,1 74
Capex / depreciation 130 112,7 129,7
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 49,9 44,4 46,4
Depreciation on intangibles / definite intangibles 38,3 39,4 35,7
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) -10,5 -8,6 -7,4

Equity research

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Media

Briox - Company presentation with CEO Johan Nordqvist & Chairman of the Board Erik Hammarberg
Briox - Company presentation with CEO Johan Nordqvist & CMO Jenny Karlsson

Main shareholders - Briox

Main shareholders Share capital % Voting shares % Verified
Jörgen Persson med bolag 11.3 % 11.3 % 28 Jun 2022
Mikael Lindblom 11.0 % 11.0 % 13 Jun 2022
Martin Jönsson 7.9 % 7.9 % 28 Jun 2022
Kent Jacobsson 5.5 % 5.5 % 28 Jun 2022
Avanza Pension 3.5 % 3.5 % 28 Jun 2022
Oskar i Grästorp AB 3.0 % 3.0 % 28 Jun 2022
Swedbank Försäkring 2.7 % 2.7 % 28 Jun 2022
TJ Gruppen AB 2.6 % 2.6 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.2 % 2.2 % 28 Jun 2022
Johannes Klintenheim 0.8 % 0.8 % 28 Jun 2022
Source: Holdings by Modular Finance AB

Insider list - Briox

Name Quantity Code Date
Martin Jönsson + 100 000 BUY 14 Jun 2022
Johan Nordqvist + 6 758 BUY 13 Jun 2022
Erik Hammarberg + 900 000 BUY 13 Jun 2022
Johan Rutgersson + 42 177 BUY 13 Jun 2022
Mikael Lindblom +5 338 262 SUBS 13 Jun 2022
Johan Rutgersson -1 000 000 SELL 13 Jun 2022
Mikael Lindblom +5 338 261 SUBS 13 Jun 2022
Martin Jönsson + 1 770 BUY 8 Jun 2022
Martin Jönsson +1 603 938 BUY 8 Jun 2022
Martin Jönsson + 31 439 BUY 8 Jun 2022

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