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Elanders

Supply Chain Management

Elanders operates three business areas: Print & Packaging, which mainly focuses on customised paper solutions, E-commerce, which is a photo book business, and Supply Chain Solutions, which now is the largest segment and offers various solutions ranging from logistics solutions to outsourcing of global deliveries including procurement, warehousing, configuration, production, distribution, order management, payment solutions and after-sales services.

The practice of outsourcing production and other asset-heavy activities in order to streamline organisations is a development that is likely to continue. Increasing digitalisation gives the opportunity to harness data that potentially could be leveraged.

The supply chain business is asset-heavy and demand is cyclical. Outsourcing is a competitive market and the margin is in the single digits, making it vulnerable in economic downturns.

SEKm 2018 2019e 2020e
Sales 10742 11051 11543
Sales growth (%) 15 2,9 4,5
EBITDA 726 1541 1624
EBITDA margin (%) 6,8 13,9 14,1
EBIT adj 459 590 643
EBIT adj margin (%) 4,3 5,3 5,6
Pretax profit 366 497 552
EPS rep 7,33 10,02 11,09
EPS growth (%) 57 36,8 10,7
EPS adj 9,11 11,9 13,05
DPS 2,9 2,95 3
EV/EBITDA (x) 7,7 4,1 4,1
EV/EBIT adj (x) 12,2 10,8 10,3
P/E (x) 11,9 8,9 8,1
P/E adj (x) 9,6 7,5 6,9
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 10,3 24,4 14,4
Dividend yield (%) 3,3 3,3 3,4
Net IB debt/EBITDA 3,5 2,1 2,2
SEKm 2018 2019e 2020e
Sales 10742 11051 11543
COGS -9331 -9506 -9871
Gross profit 1411 1545 1672
Other operating items -685 -5 -48
EBITDA 726 1541 1624
Depreciation on tangibles -204 -884 -912
Depreciation on intangibles 0 0 0
EBITA 522 657 712
Goodwill impairment charges 0 0 0
Other impairment and amortisation -63 -66 -69
EBIT 459 590 643
Other financial items 0 0 0
Net financial items -93 -93 -91
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 497 552
Tax -107 -143 -160
Net profit 259 354 392
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 259 354 392
EPS 7,33 10,02 11,09
EPS Adj 9,11 11,9 13,05
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -28,8 -29
Gross margin (%) 13,1 14 14,5
EBITDA margin (%) 6,8 13,9 14,1
EBITA margin (%) 4,9 5,9 6,2
EBIT margin (%) 4,3 5,3 5,6
Pretax margin (%) 3,4 4,5 4,8
Net margin (%) 2,4 3,2 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15 2,9 4,5
EBITDA growth (%) 29 112,2 5,4
EBIT growth (%) 49 28,6 8,9
Net profit growth (%) 57 36,8 10,7
EPS growth (%) 57 36,8 10,7
Profitability 2018 2019 2020
ROE (%) 10 12,1 11,9
ROE Adj (%) 12,5 14,4 14
ROCE (%) 8,9 10,2 9,7
ROCE Adj(%) 10,1 11,3 10,7
ROIC (%) 6,9 8,2 8,4
ROIC Adj (%) 6,9 8,2 8,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 726 1541 1624
EBITDA Adj margin (%) 6,8 13,9 14,1
EBITA Adj 522 657 712
EBITA Adj margin (%) 4,9 5,9 6,2
EBIT Adj 459 590 643
EBIT Adj margin (%) 4,3 5,3 5,6
Pretax profit Adj 429 564 622
Net profit Adj 322 421 461
Net profit to shareholders Adj 322 421 461
Net Adj margin (%) 3 3,8 4
SEKm 2018 2019e 2020e
EBITDA 726 1541 1624
Net financial items -93 -93 -91
Paid tax -127 -143 -160
Non-cash items -171 -658 -681
Cash flow before change in WC 335 647 692
Change in WC 121 263 -75
Operating cash flow 456 910 617
CAPEX tangible fixed assets -161 -137 -162
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 24 0 0
Free cash flow 319 773 455
Dividend paid -93 -98 -104
Share issues and buybacks 0 0 0
Other non cash items -100 -1351 -628
Decrease in net IB debt 126 -676 -277
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 3218 3152 3082
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 789 1980 1841
Other fixed assets 267 528 1226
Fixed assets 4274 5660 6150
Inventories 468 508 577
Receivables 1762 1547 1639
Other current assets 511 511 511
Cash and liquid assets 722 1984 1707
Total assets 7737 10211 10584
Shareholders equity 2707 3155 3443
Minority 0 0 0
Total equity 2707 3155 3443
Long-term debt 2442 3796 3796
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 199 199 199
Short-term debt 819 1403 1403
Accounts payable 1569 1658 1743
Other current liabilities 0 0 0
Total liabilities and equity 6781 7408 7737
Net IB debt 2539 3215 3492
Net IB debt excl. pension debt 2539 3215 3492
Capital invested 4668 5529 5397
Working capital 661 398 473
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3083 3161 3161
Net IB debt Adj 2539 3215 3492
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 5622 6376 6653
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 141,9 123,1 111
Capital invested turnover (%) 228,2 216,7 211,3
Capital employed turnover (%) 207,3 190,3 173,5
Inventories / sales (%) 4 4,4 4,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 14,6 14,7
Working capital / sales (%) 6,7 4,8 3,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 93,8 101,9 101,4
Net debt / market cap (%) 88,8 101,7 110,5
Equity ratio (%) 35 30,9 32,5
Net IB debt adj. / equity (%) 93,8 101,9 101,4
Current ratio (%) 145 148,7 140,9
EBITDA / net interest (%) 780,6 1656,8 1793,5
Net IB debt / EBITDA (%) 349,8 208,7 215
Interest cover (%) 561,3 706,1 786,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 7,33 10,02 11,09
Dividend per share Adj 2,9 3 3
EPS Adj 9,11 11,9 13,05
BVPS 76,56 89,23 97,37
BVPS Adj -14,45 0,09 10,19
Net IB debt / share 71,8 90,9 98,8
Share price 80,84 89,4 89,4
Market cap. (m) 2858 3161 3161
Valuation 2018 2019 2020
P/E 11,9 8,9 8,1
EV/sales 0,52 0,58 0,58
EV/EBITDA 7,7 4,1 4,1
EV/EBITA 10,8 9,7 9,3
EV/EBIT 12,2 10,8 10,3
Dividend yield (%) 3,3 3,3 3,4
FCF yield (%) 10,3 24,4 14,4
P/BVPS 1,14 1 0,92
P/BVPS Adj -6,03 988,84 8,77
P/E Adj 9,6 7,5 6,9
EV/EBITDA Adj 7,7 4,1 4,1
EV/EBITA Adj 10,8 9,7 9,3
EV/EBIT Adj 12,2 10,8 10,3
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,2 1,4
Capex / depreciation 78,9 15,5 17,7
Capex tangibles / tangible fixed assets 20,4 6,9 8,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 25,9 44,7 49,5

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Main shareholders

Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 31 Dec 2018
Carnegie Fonder 9.1 % 6.2 % 28 Feb 2019
Didner & Gerge Fonder 7.7 % 5.2 % 31 Dec 2018
Lannebo Fonder 7.2 % 4.9 % 31 Dec 2018
Fjärde AP-fonden 3.3 % 2.2 % 31 Dec 2018
Protector Forsikring ASA 1.8 % 1.2 % 31 Dec 2018
Tredje AP-fonden 1.3 % 0.9 % 31 Dec 2018
Canaccord Genuity Wealth Management 0.9 % 0.6 % 30 Nov 2018
Dan Olsson 0.8 % 0.6 % 31 Dec 2018
Per Anders Bendt 0.6 % 0.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Elanders

Name Quantity Code Date
Anne Lenerius + 671 BUY 23 Jul 2018
Sommer Peter - 600 000 SELL 17 Nov 2016
Carl Bennet AB -4 325 000 SELL 17 Nov 2016
Sommer Peter + 192 666 BUY 19 Oct 2016
CAROLINE EKELUND SUNDEWALL + 1 666 TECKN 17 Oct 2016
Anne Cathrine Lenerius + 1 555 TECKN 7 Oct 2016
Nina Bennet - 1 SELL 7 Oct 2016
Anne Cathrine Lenerius + 1 555 TECKN 7 Oct 2016
Anne Cathrine Lenerius + 1 555 TECKN 7 Oct 2016
Carl Bennet AB + 453 703 TECKN 6 Oct 2016

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