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 143 173 198
Sales growth (%) 11,8 20,7 14,9
EBITDA 29 33 40
EBITDA margin (%) 20,5 18,9 20
EBIT adj. 29 32 39
EBIT adj. margin (%) 20,6 18,4 19,5
Pretax profit 29 33 40
EPS 1,9 2,12 2,57
EPS growth (%) 14 11,8 21,2
EPS adj. 1,95 2,12 2,57
DPS 1,55 1,75 2
EV/EBITDA (x) 20,2 18 14,5
EV/EBIT adj. (x) 20,2 18,4 14,9
P/E (x) 26,6 23,8 19,6
P/E adj. (x) 25,8 23,8 19,6
EV/sales (x) 4,15 3,39 2,91
FCF yield (%) 1,1 4,5 4,7
Le. adj. FCF yld. (%) 1,1 4,5 4,7
Dividend yield (%) 3,1 3,5 4
Net IB debt/EBITDA (x) -0,9 -1 -1
Le. adj. ND/EBITDA (x) -0,8 -1 -1
SEKm 2023 2024e 2025e
Sales 143 173 198
COGS -79 -103 -119
Gross profit 64 70 79
Other operating items -34 -37 -39
EBITDA 29 33 40
Depreciation and amortisation -1 -1 -1
of which leasing depreciation 0 0 0
EBITA 29 32 39
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT 29 32 39
Net financial items 1 1 1
Pretax profit 29 33 40
Tax -6 -7 -8
Net profit 23 26 32
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 26 32
EPS 1,9 2,12 2,57
EPS adj. 1,95 2,12 2,57
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 40,5 39,9
EBITDA margin (%) 20,5 18,9 20
EBITA margin (%) 20 18,4 19,5
EBIT margin (%) 20 18,4 19,5
Pre-tax margin (%) 20,5 19 20
Net margin (%) 16,3 15,1 15,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 11,8 20,7 14,9
EBITDA growth (%) 9,4 10,8 22,2
EBITA growth (%) 11 11 22,1
EBIT growth (%) 11 11 22,1
Net profit growth (%) 14 11,8 21,2
EPS growth (%) 14 11,8 21,2
Profitability N/A N/A N/A
ROE (%) 54,9 52,2 54,1
ROE adj. (%) 56,5 52,2 54,1
ROCE (%) 71,1 67,9 69,8
ROCE adj. (%) 69,4 63,7 66,4
ROIC (%) 167,7 124,7 149,5
ROIC adj. (%) 172,6 124,7 149,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 30 33 40
EBITDA adj. margin (%) 21,1 18,9 20
EBITDA lease adj. 30 33 40
EBITDA lease adj. margin (%) 21,1 18,9 20
EBITA adj. 29 32 39
EBITA adj. margin (%) 20,6 18,4 19,5
EBIT adj. 29 32 39
EBIT adj. margin (%) 20,6 18,4 19,5
Pretax profit Adj. 30 33 40
Net profit Adj. 24 26 32
Net profit to shareholders adj. 24 26 32
Net adj. margin (%) 16,8 15,1 15,9
SEKm 2023 2024e 2025e
EBITDA 29 33 40
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 27 33
Total other fixed assets 0 0 0
Change in working capital -14 2 -3
Fixed assets 7 7 7
Operating cash flow 10 29 30
Inventories 1 1 1
Capex tangible fixed assets -3 -1 -1
Receivables 45 47 54
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 25 34 41
Free cash flow 7 28 29
Total assets 77 89 103
Dividend paid -15 -19 -22
Shareholders equity 46 53 63
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 46 53 63
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 29 34
Other current liabilities 6 6 6
Total liabilities and equity 77 89 103
Net IB debt -25 -34 -41
Net IB debt excl. pension debt -25 -34 -41
Net IB debt excl. leasing -25 -34 -41
Capital employed 46 53 63
Capital invested 21 19 22
Working capital 14 12 15
EV breakdown N/A N/A N/A
Market cap. diluted (m) 620 620 620
Net IB debt adj. -25 -34 -41
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 594 585 578
Total assets turnover (%) 195,3 207,7 206,5
Working capital/sales (%) 4,9 7,5 6,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,3 -63,9 -65,4
Net debt / market cap (%) -4,1 -5,5 -6,7
Equity ratio (%) 59,9 60 61,4
Net IB debt adj. / equity (%) -54,3 -63,9 -65,4
Current ratio 2,27 2,3 2,41
EBITDA/net interest 37,9 31,1 39,8
Net IB debt/EBITDA (x) -0,9 -1 -1
Net IB debt/EBITDA lease adj. (x) -0,8 -1 -1
Interest coverage 36,9 30,3 38,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 1,9 2,12 2,57
Dividend per share 1,55 1,75 2
EPS adj. 1,95 2,12 2,57
BVPS 3,78 4,34 5,16
BVPS adj. 3,36 3,93 4,75
Net IB debt/share -2,05 -2,77 -3,37
Share price 50,4 50,4 50,4
Market cap. (m) 620 620 620
Valuation N/A N/A N/A
P/E (x) 26,6 23,8 19,6
EV/sales (x) 4,15 3,39 2,91
EV/EBITDA (x) 20,2 18 14,5
EV/EBITA (x) 20,8 18,4 14,9
EV/EBIT (x) 20,8 18,4 14,9
Dividend yield (%) 3,1 3,5 4
FCF yield (%) 1,1 4,5 4,7
Le. adj. FCF yld. (%) 1,1 4,5 4,7
P/BVPS (x) 13,35 11,61 9,77
P/BVPS adj. (x) 14,98 12,83 10,61
P/E adj. (x) 25,8 23,8 19,6
EV/EBITDA adj. (x) 19,7 18 14,5
EV/EBITA adj. (x) 20,2 18,4 14,9
EV/EBIT adj. (x) 20,2 18,4 14,9
EV/CE (x) 12,8 11 9,1
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 % 26 Mar 2024
Hans Krantz 21.8 % 21.8 % 26 Mar 2024
John Löfström 7.3 % 7.3 % 26 Mar 2024
JCE Group 6.1 % 6.1 % 26 Mar 2024
Enter Fonder 4.4 % 4.4 % 30 Apr 2024
Avanza Pension 4.1 % 4.1 % 26 Mar 2024
Berenberg Funds 3.2 % 3.2 % 29 Feb 2024
Jonas Jonsson 2.1 % 2.1 % 26 Mar 2024
Kjell Arvidsson (P&CS Invest AB) 1.9 % 1.9 % 26 Mar 2024
Nordnet Pensionsförsäkring 1.9 % 1.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB