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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 177 198 222
Sales growth (%) 23,9 11,9 12
EBITDA 34 43 49
EBITDA margin (%) 19,3 21,8 22,2
EBIT adj. 33 42 48
EBIT adj. margin (%) 18,8 21,4 21,8
Pretax profit 34 44 49
EPS 2,22 2,81 3,18
EPS growth (%) 16,9 26,9 12,9
EPS adj. 2,22 2,81 3,18
DPS 1,6 1,9 2,2
EV/EBITDA (x) 20,9 16,3 14
EV/EBIT adj. (x) 21,5 16,6 14,3
P/E (x) 27,8 21,9 19,4
P/E adj. (x) 27,8 21,9 19,4
EV/sales (x) 4,04 3,55 3,11
FCF yield (%) 4,6 4,2 4,9
Le. adj. FCF yld. (%) 4,6 4,2 4,9
Dividend yield (%) 2,6 3,1 3,6
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 177 198 222
COGS -104 -115 -128
Gross profit 73 83 94
Other operating items -39 -40 -44
EBITDA 34 43 49
Depreciation and amortisation -1 -1 -1
of which leasing depreciation 0 0 0
EBITA 33 42 48
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 33 42 48
Net financial items 1 1 1
Pretax profit 34 44 49
Tax -7 -9 -10
Net profit 27 35 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 27 35 39
EPS 2,22 2,81 3,18
EPS adj. 2,22 2,81 3,18
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 42 42,2
EBITDA margin (%) 19,3 21,8 22,2
EBITA margin (%) 18,8 21,4 21,8
EBIT margin (%) 18,8 21,4 21,8
Pre-tax margin (%) 19,4 22 22,1
Net margin (%) 15,4 17,4 17,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 23,9 11,9 12
EBITDA growth (%) 16,6 26 14,4
EBITA growth (%) 16,5 27,2 14,2
EBIT growth (%) 16,5 27,2 14,2
Net profit growth (%) 16,9 26,9 12,9
EPS growth (%) 16,9 26,9 12,9
Profitability N/A N/A N/A
ROE (%) 53,6 55,2 50,1
ROE adj. (%) 53,6 55,2 50,1
ROCE (%) 69,6 71,4 64,1
ROCE adj. (%) 65,6 67,6 62
ROIC (%) 147,6 212,6 214,3
ROIC adj. (%) 147,6 212,6 214,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 34 43 49
EBITDA adj. margin (%) 19,3 21,8 22,2
EBITDA lease adj. 34 43 49
EBITDA lease adj. margin (%) 19,3 21,8 22,2
EBITA adj. 33 42 48
EBITA adj. margin (%) 18,8 21,4 21,8
EBIT adj. 33 42 48
EBIT adj. margin (%) 18,8 21,4 21,8
Pretax profit Adj. 34 44 49
Net profit Adj. 27 35 39
Net profit to shareholders adj. 27 35 39
Net adj. margin (%) 15,4 17,4 17,6
SEKm 2024 2025e 2026e
EBITDA 34 43 49
Goodwill 0 0 0
Net financial items 1 1 1
Other intangible assets 7 7 7
Paid tax -7 -9 -10
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 35 40
Total other fixed assets 0 0 0
Change in working capital 8 -2 -2
Fixed assets 8 9 9
Operating cash flow 36 33 38
Inventories 0 1 1
Capex tangible fixed assets -1 -1 -1
Receivables 40 44 49
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 41 53 67
Free cash flow 35 32 37
Total assets 89 106 126
Dividend paid -19 -20 -23
Shareholders equity 55 70 86
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 55 70 86
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 27 30 33
Other current liabilities 6 6 6
Total liabilities and equity 89 106 126
Net IB debt -41 -53 -67
Net IB debt excl. pension debt -41 -53 -67
Net IB debt excl. leasing -41 -53 -67
Capital employed 55 70 86
Capital invested 15 17 19
Working capital 6 9 10
EV breakdown N/A N/A N/A
Market cap. diluted (m) 757 757 757
Net IB debt adj. -41 -53 -67
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 717 704 690
Total assets turnover (%) 213,1 203,2 191,7
Working capital/sales (%) 5,8 3,7 4,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -73,6 -75,7 -78,1
Net debt / market cap (%) -5,4 -7 -8,9
Equity ratio (%) 62,1 66 68,4
Net IB debt adj. / equity (%) -73,6 -75,7 -78,1
Current ratio 2,39 2,71 2,95
EBITDA/net interest 33,1 36 61,7
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 35,3 60,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 2,22 2,81 3,18
Dividend per share 1,6 1,9 2,2
EPS adj. 2,22 2,81 3,18
BVPS 4,49 5,71 6,98
BVPS adj. 3,94 5,16 6,44
Net IB debt/share -3,3 -4,32 -5,45
Share price 61,6 61,6 61,6
Market cap. (m) 757 757 757
Valuation N/A N/A N/A
P/E (x) 27,8 21,9 19,4
EV/sales (x) 4,04 3,55 3,11
EV/EBITDA (x) 20,9 16,3 14
EV/EBITA (x) 21,5 16,6 14,3
EV/EBIT (x) 21,5 16,6 14,3
Dividend yield (%) 2,6 3,1 3,6
FCF yield (%) 4,6 4,2 4,9
Le. adj. FCF yld. (%) 4,6 4,2 4,9
P/BVPS (x) 13,71 10,79 8,82
P/BVPS adj. (x) 15,62 11,94 9,57
P/E adj. (x) 27,8 21,9 19,4
EV/EBITDA adj. (x) 20,9 16,3 14
EV/EBITA adj. (x) 21,5 16,6 14,3
EV/EBIT adj. (x) 21,5 16,6 14,3
EV/CE (x) 13 10 8
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 % 27 Mar 2025
Hans Krantz 21.8 % 21.8 % 27 Mar 2025
JCE Group 6.7 % 6.7 % 27 Mar 2025
Avanza Pension 6.6 % 6.6 % 27 Mar 2025
John Löfström 6.2 % 6.2 % 27 Mar 2025
Enter Fonder 4.4 % 4.4 % 31 Mar 2025
Jonas Jonsson 2.4 % 2.4 % 27 Mar 2025
Kjell Arvidsson (P&CS Invest AB) 1.8 % 1.8 % 27 Mar 2025
Nordnet Pensionsförsäkring 1.5 % 1.5 % 27 Mar 2025
Proprius Partners Oy 1.0 % 1.0 % 27 Mar 2025
Source: Holdings by Modular Finance AB