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Generic

Generic

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Generic Sweden AB, founded in 1993, engages in the provision of telecommunication services. The company specializes in critical communications through its own radio network and telecom operator. Simply explained, the company’s customers require a reliable network in the event of emergencies and other overloads, something that cannot be offered by regular telecommunication operators. The customers are found in social-critical functions like the police, emergency services, hospitals and municipalities.

After selling the consultancy business, Generic now operates only with its telecom system. The risk of not delivering an innovative product that customers are satisfied with is now larger, and can potentially lead to losing segments of its customers. Additionally, weaker future cash flows could lead to financial distress and/or lower or no dividend payout.

Financials

SEKm 2024 2025e 2026e
Sales 177 191 214
Sales growth (%) 23,9 7,9 11,9
EBITDA 34 45 52
EBITDA margin (%) 19,3 23,5 24,2
EBIT adj. 33 44 51
EBIT adj. margin (%) 18,8 23,1 23,8
Pretax profit 34 45 52
EPS 2,22 2,92 3,34
EPS growth (%) 16,9 31,5 14,4
EPS adj. 2,22 2,92 3,34
DPS 1,6 1,9 2,2
EV/EBITDA (x) 20 14,9 12,7
EV/EBIT adj. (x) 20,6 15,2 12,9
P/E (x) 26,7 20,3 17,7
P/E adj. (x) 26,7 20,3 17,7
EV/sales (x) 3,87 3,52 3,07
FCF yield (%) 4,8 4,7 5,4
Le. adj. FCF yld. (%) 4,8 4,7 5,4
Dividend yield (%) 2,7 3,2 3,7
Net IB debt/EBITDA (x) -1,2 -1,2 -1,4
Le. adj. ND/EBITDA (x) -1,2 -1,2 -1,4
SEKm 2024 2025e 2026e
Sales 177 191 214
COGS -104 -106 -117
Gross profit 73 86 97
Other operating items -39 -41 -45
EBITDA 34 45 52
Depreciation and amortisation -1 -1 -1
of which leasing depreciation 0 0 0
EBITA 33 44 51
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 33 44 51
Net financial items 1 1 1
Pretax profit 34 45 52
Tax -7 -9 -11
Net profit 27 36 41
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 27 36 41
EPS 2,22 2,92 3,34
EPS adj. 2,22 2,92 3,34
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 41,2 44,8 45,2
EBITDA margin (%) 19,3 23,5 24,2
EBITA margin (%) 18,8 23,1 23,8
EBIT margin (%) 18,8 23,1 23,8
Pre-tax margin (%) 19,4 23,6 24,1
Net margin (%) 15,4 18,7 19,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 23,9 7,9 11,9
EBITDA growth (%) 16,6 31,4 15,2
EBITA growth (%) 16,5 32,7 15
EBIT growth (%) 16,5 32,7 15
Net profit growth (%) 16,9 31,5 14,4
EPS growth (%) 16,9 31,5 14,4
Profitability N/A N/A N/A
ROE (%) 53,6 56,6 51,1
ROE adj. (%) 53,6 56,6 51,1
ROCE (%) 69,6 72,8 65,4
ROCE adj. (%) 65,6 69,8 63,4
ROIC (%) 147,6 225,6 232,6
ROIC adj. (%) 147,6 225,6 232,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 34 45 52
EBITDA adj. margin (%) 19,3 23,5 24,2
EBITDA lease adj. 34 45 52
EBITDA lease adj. margin (%) 19,3 23,5 24,2
EBITA adj. 33 44 51
EBITA adj. margin (%) 18,8 23,1 23,8
EBIT adj. 33 44 51
EBIT adj. margin (%) 18,8 23,1 23,8
Pretax profit Adj. 34 45 52
Net profit Adj. 27 36 41
Net profit to shareholders adj. 27 36 41
Net adj. margin (%) 15,4 18,7 19,2
SEKm 2024 2025e 2026e
EBITDA 34 45 52
Goodwill 0 0 0
Net financial items 1 1 1
Other intangible assets 7 7 7
Paid tax -7 -9 -11
Tangible fixed assets 2 2 2
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 28 37 42
Total other fixed assets 0 0 0
Change in working capital 8 -2 -2
Fixed assets 8 9 9
Operating cash flow 36 35 40
Inventories 0 1 1
Receivables 40 42 47
Capex tangible fixed assets -1 -1 -1
Other current assets 0 0 0
Capex intangible fixed assets 0 0 0
Cash and liquid assets 41 55 71
Acquisitions and Disposals 0 0 0
Total assets 89 106 128
Free cash flow 35 34 39
Shareholders equity 55 71 89
Dividend paid -19 -20 -23
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 55 71 89
Leasing liability amortisation 0 0 0
Long-term debt 0 0 0
Other non-cash items -1 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 27 29 32
Other current liabilities 6 6 6
Total liabilities and equity 89 106 128
Net IB debt -41 -55 -71
Net IB debt excl. pension debt -41 -55 -71
Net IB debt excl. leasing -41 -55 -71
Capital employed 55 71 89
Capital invested 15 17 18
Working capital 6 8 10
EV breakdown N/A N/A N/A
Market cap. diluted (m) 728 728 728
Net IB debt adj. -41 -55 -71
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 687 673 657
Total assets turnover (%) 213,1 195,8 183
Working capital/sales (%) 5,8 3,7 4,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -73,6 -76,9 -79,5
Net debt / market cap (%) -5,6 -7,5 -9,7
Equity ratio (%) 62,1 67,1 69,8
Net IB debt adj. / equity (%) -73,6 -76,9 -79,5
Current ratio 2,39 2,79 3,09
EBITDA/net interest 33,1 48,4 64,8
Net IB debt/EBITDA (x) -1,2 -1,2 -1,4
Net IB debt/EBITDA lease adj. (x) -1,2 -1,2 -1,4
Interest coverage 32,2 47,5 63,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 2,22 2,92 3,34
Dividend per share 1,6 1,9 2,2
EPS adj. 2,22 2,92 3,34
BVPS 4,49 5,81 7,25
BVPS adj. 3,94 5,26 6,7
Net IB debt/share -3,3 -4,47 -5,76
Share price 59,2 59,2 59,2
Market cap. (m) 728 728 728
Valuation N/A N/A N/A
P/E (x) 26,7 20,3 17,7
EV/sales (x) 3,87 3,52 3,07
EV/EBITDA (x) 20 14,9 12,7
EV/EBITA (x) 20,6 15,2 12,9
EV/EBIT (x) 20,6 15,2 12,9
Dividend yield (%) 2,7 3,2 3,7
FCF yield (%) 4,8 4,7 5,4
Le. adj. FCF yld. (%) 4,8 4,7 5,4
P/BVPS (x) 13,18 10,19 8,17
P/BVPS adj. (x) 15,01 11,25 8,84
P/E adj. (x) 26,7 20,3 17,7
EV/EBITDA adj. (x) 20 14,9 12,7
EV/EBITA adj. (x) 20,6 15,2 12,9
EV/EBIT adj. (x) 20,6 15,2 12,9
EV/CE (x) 12,4 9,4 7,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,5 0,5
Capex/depreciation 1 1,3 1
Capex tangibles / tangible fixed assets 63,5 56,4 56,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 60,55 45,1 56,37

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Main shareholders - Generic

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 24.5 % 24.5 % 26 Jun 2025
Hans Krantz 19.0 % 19.0 % 26 Jun 2025
JCE Group 7.1 % 7.1 % 26 Jun 2025
Avanza Pension 5.9 % 5.9 % 26 Jun 2025
John Löfström 5.7 % 5.7 % 26 Jun 2025
Pareto Asset Management 4.4 % 4.4 % 30 Jun 2025
Nordnet Pensionsförsäkring 3.7 % 3.7 % 26 Jun 2025
Jonas Jonsson 2.4 % 2.4 % 26 Jun 2025
Kjell Arvidsson (P&CS Invest AB) 1.8 % 1.8 % 26 Jun 2025
Mandarine Gestion 1.1 % 1.1 % 30 Apr 2025
Source: Holdings by Modular Finance AB