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Briox

Briox

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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 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.

Financials

SEKm 2022 2023e 2024e
Sales 9 14 19
Sales growth (%) 39,9 57,4 40,5
EBITDA -14 -12 -8
EBITDA margin (%) -162,3 -88,7 -42,2
EBIT adj. -23 -21 -17
EBIT adj. margin (%) -263,5 -153,4 -87,2
Pretax profit -23 -21 -17
EPS -0,4 -0,37 -0,27
EPS growth (%) -11,9 -7,4 -27,8
EPS adj. -0,4 -0,37 -0,27
DPS 0 0 0
EV/EBITDA (x) -12,2 -14,3 -24,3
EV/EBIT adj. (x) -7,5 -8,3 -11,8
P/E (x) -9,3 -10,1 -14
P/E adj. (x) -9,3 -10,1 -14
EV/sales (x) 19,8 12,69 10,26
FCF yield (%) -11,7 -10,2 -8,6
Le. adj. FCF yld. (%) -11,7 -10,2 -8,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,9 3,3 4,9
Le. adj. ND/EBITDA (x) 2,9 3,3 4,9
SEKm 2022 2023e 2024e
Sales 9 14 19
COGS 0 0 0
Gross profit 9 14 19
Other operating items -23 -26 -27
EBITDA -14 -12 -8
Depreciation and amortisation -9 -9 -9
of which leasing depreciation 0 0 0
EBITA -23 -21 -17
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -23 -21 -17
Net financial items 0 0 0
Pretax profit -23 -21 -17
Tax 0 0 0
Net profit -23 -21 -17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -23 -21 -17
EPS -0,4 -0,37 -0,27
EPS adj. -0,4 -0,37 -0,27
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -162,3 -88,7 -42,2
EBITA margin (%) -263,5 -153,4 -87,2
EBIT margin (%) -263,5 -153,4 -87,2
Pre-tax margin (%) -263,4 -154,9 -88,3
Net margin (%) -263,4 -154,9 -88,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 39,9 57,4 40,5
EBITDA growth (%) 21,2 -14 -33,2
EBITA growth (%) 15,7 -8,3 -20,1
EBIT growth (%) 15,7 -8,3 -20,1
Net profit growth (%) 11 -7,4 -19,9
EPS growth (%) -11,9 -7,4 -27,8
Profitability N/A N/A N/A
ROE (%) -44,1 -34,7 -27,3
ROE adj. (%) -44,1 -34,7 -27,3
ROCE (%) -44,1 -34,4 -27
ROCE adj. (%) -44,1 -34,4 -27
ROIC (%) -118,8 -102,2 -74,5
ROIC adj. (%) -118,8 -102,2 -74,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 -12 -8
EBITDA adj. margin (%) -162,3 -88,7 -42,2
EBITDA lease adj. -14 -12 -8
EBITDA lease adj. margin (%) -162,3 -88,7 -42,2
EBITA adj. -23 -21 -17
EBITA adj. margin (%) -263,5 -153,4 -87,2
EBIT adj. -23 -21 -17
EBIT adj. margin (%) -263,5 -153,4 -87,2
Pretax profit Adj. -23 -21 -17
Net profit Adj. -23 -21 -17
Net profit to shareholders adj. -23 -21 -17
Net adj. margin (%) -263,4 -154,9 -88,3
SEKm 2022 2023e 2024e
EBITDA -14 -12 -8
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 23 24 26
Paid tax 0 0 0
Tangible fixed assets 1 1 1
Non-cash items 0 0 0
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -14 -12 -8
Total other fixed assets 0 0 0
Change in working capital 0 1 0
Fixed assets 24 25 28
Operating cash flow -14 -12 -9
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 4 6 8
Capex intangible fixed assets -11 -10 -12
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 40 39
Free cash flow -25 -22 -20
Total assets 68 70 75
Dividend paid N/A N/A N/A
Shareholders equity 61 60 63
Share issues and buybacks 42 20 20
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 61 60 63
Other non-cash items 0 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 7 10 11
Other current liabilities 0 0 0
Total liabilities and equity 68 70 75
Net IB debt -41 -40 -39
Net IB debt excl. pension debt -41 -40 -39
Net IB debt excl. leasing -41 -40 -39
Capital employed 61 60 63
Capital invested 20 21 24
Working capital -3 -4 -4
EV breakdown N/A N/A N/A
Market cap. diluted (m) 212 212 235
Net IB debt adj. -41 -40 -39
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 171 172 196
Total assets turnover (%) 14,9 19,7 26,4
Working capital/sales (%) -37,3 -27,1 -20,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -67,1 -65,7 -62
Net debt / market cap (%) -19,4 -18,6 -16,7
Equity ratio (%) 89,9 86,4 84,7
Net IB debt adj. / equity (%) -67,1 -65,7 -62
Current ratio 6,46 4,74 4,11
EBITDA/net interest 4669,3 60,2 40,2
Net IB debt/EBITDA (x) 2,9 3,3 4,9
Net IB debt/EBITDA lease adj. (x) 2,9 3,3 4,9
Interest coverage 7580,3 104,2 83,2
SEKm 2022 2023e 2024e
Shares outstanding adj. 57 57 64
Diluted shares adj. 57 57 64
EPS -0,4 -0,37 -0,27
Dividend per share 0 0 0
EPS adj. -0,4 -0,37 -0,27
BVPS 1,07 1,05 1
BVPS adj. 0,67 0,63 0,58
Net IB debt/share -0,72 -0,69 -0,62
Share price 3,7 3,7 3,7
Market cap. (m) 212 212 235
Valuation N/A N/A N/A
P/E (x) -9,3 -10,1 -14
EV/sales (x) 19,8 12,69 10,26
EV/EBITDA (x) -12,2 -14,3 -24,3
EV/EBITA (x) -7,5 -8,3 -11,8
EV/EBIT (x) -7,5 -8,3 -11,8
Dividend yield (%) 0 0 0
FCF yield (%) -11,7 -10,2 -8,6
Le. adj. FCF yld. (%) -11,7 -10,2 -8,6
P/BVPS (x) 3,46 3,52 3,71
P/BVPS adj. (x) 5,55 5,84 6,37
P/E adj. (x) -9,3 -10,1 -14
EV/EBITDA adj. (x) -12,2 -14,3 -24,3
EV/EBITA adj. (x) -7,5 -8,3 -11,8
EV/EBIT adj. (x) -7,5 -8,3 -11,8
EV/CE (x) 2,8 2,9 3,1
Investment ratios N/A N/A N/A
Capex/sales (%) 128,4 72,7 61,6
Capex/depreciation 1,3 1,1 1,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 48,1 41,4 44,5
Depreciation on intang / def. intang 38 37 33
Depreciation on tangibles / tangibles 0 0 0

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

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Main shareholders - Briox

Main shareholders Share capital % Voting shares % Verified
Jörgen Persson med bolag 11.4 % 11.4 % 28 Dec 2022
Mikael Lindblom 11.1 % 11.1 % 13 Jun 2022
Martin Jönsson 7.9 % 7.9 % 28 Dec 2022
Kent Jacobsson 5.5 % 5.5 % 28 Dec 2022
Avanza Pension 3.5 % 3.5 % 28 Dec 2022
Oskar i Grästorp AB 3.0 % 3.0 % 28 Dec 2022
Swedbank Försäkring 2.7 % 2.7 % 28 Dec 2022
TJ Gruppen AB 2.6 % 2.6 % 28 Dec 2022
Janine Påhlsson 2.4 % 2.4 % 28 Dec 2022
Nordnet Pensionsförsäkring 2.2 % 2.2 % 28 Dec 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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