Netum Group

2.94 EUR

+3.52 %

NETUM

First North Finland

IT Services

Technology

1,709 following

+3.52%

-2.65%

+4.26%

+1.38%

+8.09%

+12.21%

+10.11%

-35.38%

-33.93%

www.netum.fi/en

Netum operates in the IT sector. The company specializes in the development of software solutions. The software is self-developed and is mainly used for the design and implementation of software, management and monitoring of information systems, cyber security solutions, and for IT management. The customers consist of corporate customers operating in a number of sectors. In addition to the main business, various value-added services are offered. The largest operations are in the Nordic region.

P/E (adj.) (24e)

12.35

EV/EBIT (adj.) (24e)

8.92

EV/S (24e)

0.97

Dividend yield-% (24e)

4.76 %

Target price

3.50 EUR

Recommendation

Accumulate

Updated

5.11.2024

First North Finland

NETUM

Daily low / high price

2.8 / 2.94 EUR

Market cap

37.59M EUR

Turnover

6.13K EUR

Volume

2.2K

Business risk

Valuation risk

Current

Joni Grönqvist

Analyst

Latest videos

Netum, Webcast, Q2'24

2024-08-20

It-konsultbolagen i Finland

2022-03-14

Financial calendar

Annual report

2025-02-25

General meeting

2025-03-25

Business review

2025-04-29

Interim report

2025-08-19

Business review

2025-11-04

Income statement

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Revenue	17.5	22.4	29.1	37.1	44.4	45.5	48.2	50.4
growth-%	31.1 %	27.7 %	30.2 %	27.2 %	19.7 %	2.6 %	5.8 %	4.7 %
EBITDA	3.3	3.4	2.8	2.6	5.1	4.9	5.3	5.7
EBIT (adj.)	3.1	3.1	2.5	2.8	4.8	4.7	5.1	5.5
EBIT	2.0	1.9	0.8	-0.2	1.6	1.4	1.8	2.2
Profit before taxes	1.8	0.9	0.6	-0.7	0.6	0.7	1.3	2.0
Net income	1.3	0.5	0.2	-1.1	-0.2	-0.1	0.4	1.5
EPS (adj.)	0.24	0.23	0.17	0.16	0.24	0.25	0.29	0.38
growth-%	162.8 %	-4.5 %	-26.8 %	-6.0 %	51.8 %	5.5 %	17.0 %	30.1 %
Dividend	0.05	0.11	0.11	0.00	0.14	0.16	0.18	0.20
Dividend ratio	32.8 %	239.9 %	700.7 %		-789.6 %	-1,571.8 %	554.2 %	165.4 %

Profitability and return on capital

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
EBITDA-%	18.6 %	15.2 %	9.7 %	7.1 %	11.4 %	10.8 %	11.0 %	11.2 %
EBIT-% (adj.)	17.6 %	13.9 %	8.7 %	7.4 %	10.9 %	10.4 %	10.6 %	10.8 %
EBIT-%	11.5 %	8.5 %	2.6 %	-0.6 %	3.6 %	3.1 %	3.7 %	4.3 %
ROE	30.8 %	6.1 %	1.5 %	-8.7 %	-1.8 %	-1.1 %	4.2 %	17.6 %
ROI	22.5 %	15.5 %	5.1 %	-1.3 %	7.7 %	8.0 %	12.1 %	18.3 %

Valuation

	2020	2021	2022	2023	2024e	2025e	2026e	2027e
Share price (EUR)	3.20	4.46	3.55	2.62	2.94	2.94	2.94	2.94
Shares	9.0	11.5	11.7	12.6	12.6	12.6	12.6	12.6
Market cap	28.8	51.4	41.6	33.1	37.1	37.1	37.1	37.1
Enterprise value	31.5	52.4	40.5	42.0	43.2	42.0	40.6	38.1
EV/S	1.8	2.3	1.4	1.1	1.0	0.9	0.8	0.8
EV/EBITDA	9.7	15.4	14.4	16.1	8.5	8.5	7.7	6.7
EV/EBIT (adj.)	10.2	16.8	16.0	15.3	8.9	8.9	8.0	7.0
EV/EBIT	15.6	27.4	53.2	-	26.8	29.5	22.7	17.7
P/E (adj.)	13.4	19.6	21.3	16.7	12.4	11.7	10.0	7.7
P/E	22.2	97.3	226.1	-	-	-	90.5	24.3
P/B	5.6	4.2	3.5	2.6	3.0	3.5	4.1	4.5
P/S	1.6	2.3	1.4	0.9	0.8	0.8	0.8	0.7
Dividend yield	1.5 %	2.5 %	3.1 %		4.8 %	5.4 %	6.1 %	6.8 %
Equity ratio	42.1 %	60.6 %	59.6 %	38.9 %	41.4 %	38.7 %	36.0 %	36.9 %
Gearing ratio	53.9 %	7.4 %	-9.2 %	69.8 %	48.1 %	46.0 %	37.9 %	11.7 %

Quarter data

	Q4/23	2023	Q1/24	Q2/24	Q3/24	Q4/24e	2024e	Q1/25e	Q2/25e
Revenue	11.7	37.1	11.4	11.3	9.7	11.9	44.4	11.5	11.7
EBITDA	1.1	2.6	1.5	0.9	1.4	1.2	5.1	1.2	1.2
EBIT	0.0	-0.2	0.6	0.1	0.6	0.3	1.6	0.4	0.3
Profit before taxes	-0.2	-0.7	0.4	-0.1	0.3	0.0	0.6	0.2	0.1
Net income	-0.3	-1.1	0.1	-0.3	0.1	-0.1	-0.2	-0.0	-0.1

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Regulatory press release11/8/2024, 8:30 AM

Netum Group

2.94

EUR