Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Generic

Generic

Specialist in critical communication services

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.

SEKm 2023 2024e 2025e
Sales 143 167 191
Sales growth (%) 11,8 17,1 13,9
EBITDA 29 34 41
EBITDA margin (%) 20,5 20,6 21,5
EBIT adj. 29 34 40
EBIT adj. margin (%) 20,6 20,1 21
Pretax profit 29 35 41
EPS 1,9 2,26 2,65
EPS growth (%) 14 19,2 17,4
EPS adj. 1,95 2,26 2,65
DPS 1,55 1,75 2
EV/EBITDA (x) 17,1 14,3 11,8
EV/EBIT adj. (x) 17,1 14,6 12,1
P/E (x) 22,7 19 16,2
P/E adj. (x) 22 19 16,2
EV/sales (x) 3,52 2,94 2,53
FCF yield (%) 1,3 5,7 5,7
Le. adj. FCF yld. (%) 1,3 5,7 5,7
Dividend yield (%) 3,6 4,1 4,7
Net IB debt/EBITDA (x) -0,9 -1,1 -1,1
Le. adj. ND/EBITDA (x) -0,8 -1,1 -1,1
SEKm 2023 2024e 2025e
Sales 143 167 191
COGS -79 -95 -110
Gross profit 64 72 81
Other operating items -34 -38 -40
EBITDA 29 34 41
Depreciation and amortisation -1 -1 -1
of which leasing depreciation 0 0 0
EBITA 29 34 40
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT 29 34 40
Net financial items 1 1 1
Pretax profit 29 35 41
Tax -6 -7 -8
Net profit 23 28 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 28 33
EPS 1,9 2,26 2,65
EPS adj. 1,95 2,26 2,65
Total extraordinary items after tax -1 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 44,6 43 42,4
EBITDA margin (%) 20,5 20,6 21,5
EBITA margin (%) 20 20,1 21
EBIT margin (%) 20 20,1 21
Pre-tax margin (%) 20,5 20,9 21,5
Net margin (%) 16,3 16,6 17,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 11,8 17,1 13,9
EBITDA growth (%) 9,4 17,3 19,1
EBITA growth (%) 11 17,8 19
EBIT growth (%) 11 17,8 19
Net profit growth (%) 14 19,2 17,4
EPS growth (%) 14 19,2 17,4
Profitability N/A N/A N/A
ROE (%) 54,9 54,7 53,8
ROE adj. (%) 56,5 54,7 53,8
ROCE (%) 71,1 71,5 69,4
ROCE adj. (%) 69,4 66,4 66,1
ROIC (%) 167,7 134,1 159,8
ROIC adj. (%) 172,6 134,1 159,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 30 34 41
EBITDA adj. margin (%) 21,1 20,6 21,5
EBITDA lease adj. 30 34 41
EBITDA lease adj. margin (%) 21,1 20,6 21,5
EBITA adj. 29 34 40
EBITA adj. margin (%) 20,6 20,1 21
EBIT adj. 29 34 40
EBIT adj. margin (%) 20,6 20,1 21
Pretax profit Adj. 30 35 41
Net profit Adj. 24 28 33
Net profit to shareholders adj. 24 28 33
Net adj. margin (%) 16,8 16,6 17,1
SEKm 2023 2024e 2025e
EBITDA 29 34 41
Goodwill 0 0 0
Net financial items 1 1 1
Other intangible assets 5 5 5
Paid tax -6 -7 -8
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 24 29 34
Total other fixed assets 0 0 0
Change in working capital -14 3 -2
Fixed assets 7 7 7
Operating cash flow 10 31 31
Inventories 1 1 1
Capex tangible fixed assets -3 -1 -1
Receivables 45 45 52
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 25 36 45
Free cash flow 7 30 30
Total assets 77 90 105
Dividend paid -15 -19 -22
Shareholders equity 46 55 66
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 46 55 66
Other non-cash items 1 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 25 28 32
Other current liabilities 6 6 6
Total liabilities and equity 77 90 105
Net IB debt -25 -36 -45
Net IB debt excl. pension debt -25 -36 -45
Net IB debt excl. leasing -25 -36 -45
Capital employed 46 55 66
Capital invested 21 19 21
Working capital 14 11 14
EV breakdown N/A N/A N/A
Market cap. diluted (m) 529 529 529
Net IB debt adj. -25 -36 -45
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 503 492 484
Total assets turnover (%) 195,3 200,4 196,2
Working capital/sales (%) 4,9 7,6 6,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,3 -66,1 -68,1
Net debt / market cap (%) -4,8 -6,9 -8,5
Equity ratio (%) 59,9 61,4 63,2
Net IB debt adj. / equity (%) -54,3 -66,1 -68,1
Current ratio 2,27 2,38 2,53
EBITDA/net interest 37,9 26,5 41,1
Net IB debt/EBITDA (x) -0,9 -1,1 -1,1
Net IB debt/EBITDA lease adj. (x) -0,8 -1,1 -1,1
Interest coverage 36,9 25,9 40,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 1,9 2,26 2,65
Dividend per share 1,55 1,75 2
EPS adj. 1,95 2,26 2,65
BVPS 3,78 4,48 5,39
BVPS adj. 3,36 4,07 4,97
Net IB debt/share -2,05 -2,96 -3,66
Share price 43 43 43
Market cap. (m) 529 529 529
Valuation N/A N/A N/A
P/E (x) 22,7 19 16,2
EV/sales (x) 3,52 2,94 2,53
EV/EBITDA (x) 17,1 14,3 11,8
EV/EBITA (x) 17,6 14,6 12,1
EV/EBIT (x) 17,6 14,6 12,1
Dividend yield (%) 3,6 4,1 4,7
FCF yield (%) 1,3 5,7 5,7
Le. adj. FCF yld. (%) 1,3 5,7 5,7
P/BVPS (x) 11,39 9,6 7,98
P/BVPS adj. (x) 12,78 10,57 8,65
P/E adj. (x) 22 19 16,2
EV/EBITDA adj. (x) 16,6 14,3 11,8
EV/EBITA adj. (x) 17,1 14,6 12,1
EV/EBIT adj. (x) 17,1 14,6 12,1
EV/CE (x) 10,8 8,9 7,3
Investment ratios N/A N/A N/A
Capex/sales (%) 2 0,6 0,5
Capex/depreciation 3,5 1,3 1
Capex tangibles / tangible fixed assets 137,7 44,8 44,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 38,79 35,81 44,76

Equity research

Read earlier research

Main shareholders - Generic

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 24.5 % 24.5 % 27 Dec 2023
Hans Krantz 21.8 % 21.8 % 27 Dec 2023
John Löfström 7.0 % 7.0 % 27 Dec 2023
JCE Group 5.6 % 5.6 % 27 Dec 2023
Enter Fonder 4.4 % 4.4 % 31 Jan 2024
Avanza Pension 3.8 % 3.8 % 27 Dec 2023
Berenberg Funds 3.2 % 3.2 % 30 Nov 2023
Jonas Jonsson 2.0 % 2.0 % 27 Dec 2023
Kjell Arvidsson (P&CS Invest AB) 1.9 % 1.9 % 27 Dec 2023
Nordnet Pensionsförsäkring 1.7 % 1.7 % 27 Dec 2023
Source: Holdings by Modular Finance AB