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Lammhults

Scandinavian design with a global audience

Lammhults Design Group's business concept is to create positive experiences through modern interiors. The group comprises two business areas: Office & Home Interiors, which develops, produces and markets products for interiors in public and domestic settings, and Public Interiors, which develops, markets and sells interiors and product solutions for public environments. The foundation of the business is based on consumer insight, innovation, design management, sustainability and strong brands. In 2017 sales were SEK 720m with EBIT of SEK 37m. Financial targets include sales growth of 10%, EBIT margin >8%. The shares are listed on Nasdaq OMX Small Cap.

Strong brand awareness and early involvement in project businesses with long lead times have the potential to boost sales. Recently, internal efficiency actions have also been performed. Moreover, the competitive landscape consists of a lot of family businesses and Lammhults' strategy is to keep acquiring companies with strong brands and diversified product portfolios. In the past years, the group successfully acquired Ragnars Inredningar and Morgana.

The main risk for Lammhults Design Group is the macro development in the markets in which it operates. Demand for furniture and furnishings is correlated with the construction and real estate market and in general, order intake arises 12 to 18 months after construction starts, as interior design is the final phase before construction projects are completed.

SEKm 2018 2019e 2020e
Sales 965 976 1010
Sales growth (%) 0,4 1,1 3,5
EBITDA 74 101 110
EBITDA margin (%) 7,7 10,3 10,9
EBIT adj 61 72 81
EBIT adj margin (%) 6,3 7,3 8
Pretax profit 36 68 77
EPS rep 5,72 6,45 7,01
EPS growth (%) 44,2 12,7 8,8
EPS adj 7,6 6,45 7,01
DPS 2 2,5 2,75
EV/EBITDA (x) 6,3 4,9 4,2
EV/EBIT adj (x) 7,7 6,9 5,8
P/E (x) 7,2 7,1 6,6
P/E adj (x) 5,4 7,1 6,6
EV/sales (x) 0,5 0,5 0,5
FCF yield (%) 17,9 9,8 12,5
Dividend yield (%) 4,9 5,4 6
Net IB debt/EBITDA 1,6 1 0,6
SEKm 2018 2019e 2020e
Sales 965 976 1010
COGS -630 -633 -653
Gross profit 334 342 356
Other operating items -260 -242 -247
EBITDA 74 101 110
Depreciation on tangibles -29 -29 -29
Depreciation on intangibles 0 0 0
EBITA 45 72 81
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 45 72 81
Other financial items 0 0 0
Net financial items -9 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 36 68 77
Tax 13 -14 -18
Net profit 48 54 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 54 59
EPS 5,72 6,45 7,01
EPS Adj 7,6 6,45 7,01
Total extraordinary items after tax -15,9 0 0
Tax rate (%) 35,7 -20 -23,5
Gross margin (%) 34,7 35,1 35,3
EBITDA margin (%) 7,7 10,3 10,9
EBITA margin (%) 4,7 7,3 8
EBIT margin (%) 4,7 7,3 8
Pretax margin (%) 3,7 7 7,7
Net margin (%) 5 5,6 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 0,4 1,1 3,5
EBITDA growth (%) 7,8 35,4 9,2
EBIT growth (%) -6,3 59,1 12,9
Net profit growth (%) 44,2 12,7 8,8
EPS growth (%) 44,2 12,7 8,8
Profitability 2018 2019 2020
ROE (%) 10,8 11,5 11,6
ROE Adj (%) 14,3 11,5 11,6
ROCE (%) 7,7 12,3 13,6
ROCE Adj(%) 10,4 12,3 13,6
ROIC (%) 10 9,4 10
ROIC Adj (%) 13,5 9,4 10
Adj earnings numbers 2018 2019 2020
EBITDA Adj 90 101 110
EBITDA Adj margin (%) 9,4 10,3 10,9
EBITA Adj 61 72 81
EBITA Adj margin (%) 6,3 7,3 8
EBIT Adj 61 72 81
EBIT Adj margin (%) 6,3 7,3 8
Pretax profit Adj 52 68 77
Net profit Adj 64 54 59
Net profit to shareholders Adj 64 54 59
Net Adj margin (%) 6,7 5,6 5,9
SEKm 2018 2019e 2020e
EBITDA 74 101 110
Net financial items -9 -4 -3
Paid tax 13 -14 -18
Non-cash items 0 0 0
Cash flow before change in WC 78 83 88
Change in WC 28 -18 -15
Operating cash flow 90 65 74
CAPEX tangible fixed assets -29 -27 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 62 38 48
Dividend paid -17 -17 -21
Share issues and buybacks 0 0 0
Other non cash items -2 -1 0
Decrease in net IB debt 43 21 27
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 342 342 342
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 173 172 168
Other fixed assets 8 8 8
Fixed assets 524 522 518
Inventories 103 108 112
Receivables 180 195 212
Other current assets 0 0 0
Cash and liquid assets 23 43 71
Total assets 829 868 913
Shareholders equity 457 494 532
Minority 0 0 0
Total equity 457 494 532
Long-term debt 148 148 148
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 0 0 0
Accounts payable 200 202 209
Other current liabilities 0 0 0
Total liabilities and equity 846 852 829
Net IB debt 117 97 69
Net IB debt excl. pension debt 117 97 69
Capital invested 598 615 625
Working capital 82 101 115
EV breakdown 2018 2019 2020
Market cap. diluted (m) 346 389 389
Net IB debt Adj 125 105 78
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 471 493 466
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 114,8 114,9 113,3
Capital invested turnover (%) 158,1 160,9 162,9
Capital employed turnover (%) 164,4 167,5 169,4
Inventories / sales (%) 11,2 10,8 10,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,8 20,6 20,4
Working capital / sales (%) 10 9,4 10,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 25,7 19,6 13,1
Net debt / market cap (%) 30 24,9 17,9
Equity ratio (%) 55,1 56,9 58,3
Net IB debt adj. / equity (%) 27,5 21,2 14,6
Current ratio (%) 152,6 171,1 188,9
EBITDA / net interest (%) 790,4 2845,7 3263,7
Net IB debt / EBITDA (%) 157,9 96,2 63,2
Interest cover (%) 478,7 2025,5 2402
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 5,72 6,45 7,01
Dividend per share Adj 2 2,5 2,8
EPS Adj 7,6 6,45 7,01
BVPS 54,04 58,47 62,99
BVPS Adj 13,53 17,96 22,48
Net IB debt / share 13,9 11,5 8,2
Share price 46,29 46 46
Market cap. (m) 391 389 389
Valuation 2018 2019 2020
P/E 7,2 7,1 6,6
EV/sales 0,49 0,51 0,46
EV/EBITDA 6,3 4,9 4,2
EV/EBITA 10,5 6,9 5,8
EV/EBIT 10,5 6,9 5,8
Dividend yield (%) 4,9 5,4 6
FCF yield (%) 17,9 9,8 12,5
P/BVPS 0,76 0,79 0,73
P/BVPS Adj 3,02 2,56 2,05
P/E Adj 5,4 7,1 6,6
EV/EBITDA Adj 5,2 4,9 4,2
EV/EBITA Adj 7,7 6,9 5,8
EV/EBIT Adj 7,7 6,9 5,8
EV/cap. employed 0,8 0,8 0,8
Investment ratios 2018 2019 2020
Capex / sales 3 2,8 2,5
Capex / depreciation 98 94,2 87
Capex tangibles / tangible fixed assets 16,6 15,9 15
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 16,9 16,9 17,3

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Main shareholders

Lammhults

Main shareholders Share capital % Voting shares % Verified
Anders Hultman & Yngve Conradsson 21.4 % 28.7 % 31 Dec 2018
Jerry Fredriksson 5.5 % 22.2 % 31 Dec 2018
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 31 Dec 2018
Avanza Pension 6.4 % 2.9 % 31 Dec 2018
Marie Louise Sjöberg 1.1 % 2.7 % 31 Dec 2018
Thomas Krishan 4.2 % 1.9 % 31 Dec 2018
Spiltan Fonder 4.1 % 1.9 % 28 Feb 2019
Patrik Enblad 2.7 % 1.2 % 31 Dec 2018
Nordnet Pensionsförsäkring 2.4 % 1.1 % 31 Dec 2018
Lars & Kersti Bülow 2.4 % 1.1 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Lammhults

Name Quantity Code Date
Johan Karl Gustav Ragnar - 2 000 SELL 12 Mar 2019
Johan Karl Gustav Ragnar - 663 SELL 11 Mar 2019
Johan Karl Gustav Ragnar - 3 000 SELL 11 Feb 2019
Johan Karl Gustav Ragnar - 2 000 SELL 11 Feb 2019
Johan Karl Gustav Ragnar - 5 500 SELL 8 Feb 2019
Johan Karl Gustav Ragnar - 2 000 SELL 6 Feb 2019
Johan Karl Gustav Ragnar - 3 700 SELL 6 Feb 2019
Johan Karl Gustav Ragnar - 1 554 SELL 5 Feb 2019
Johan Karl Gustav Ragnar - 2 500 SELL 16 Jan 2019
Johan Karl Gustav Ragnar - 15 SELL 11 Jan 2019

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