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Elanders

Elanders

Supply Chain Management

Elanders operates two business areas: Supply Chain solutions and Print & Packaging. Supply Chain solutions 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. Print & Packaging mainly focuses on customized paper solutions.

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 2020 2021e 2022e
Sales 11049 11432 12180
Sales growth (%) -1,8 3,5 6,5
EBITDA 1418 1467 1589
EBITDA margin (%) 12,8 12,8 13
EBIT adj 546 613 715
EBIT adj margin (%) 4,9 5,4 5,9
Pretax profit 415 518 620
EPS rep 8,14 10,11 12,1
EPS growth (%) 94,5 24,1 19,7
EPS adj 9,61 11,67 13,63
DPS 1,4 2,9 3,5
EV/EBITDA (x) 5 5,8 5,1
EV/EBIT adj (x) 13 13,9 11,4
P/E (x) 14,7 16,5 13,8
P/E adj (x) 12,4 14,3 12,2
EV/sales (x) 0,6 0,7 0,7
FCF yield (%) 38 17,8 19,1
Dividend yield (%) 1,2 1,7 2,1
Net IB debt/EBITDA 2,1 1,8 1,4
Lease adj. FCF yield (%) 22,5 6,6 7,6
Lease adj. ND/EBITDA 1,4 1 0,5
SEKm 2020 2021e 2022e
Sales 11049 11432 12180
COGS -9479 -9799 -10374
Gross profit 1570 1633 1805
Other operating items -152 -166 -217
EBITDA 1418 1467 1589
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 598 668 769
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 546 613 715
Other financial items 0 0 0
Net financial items -131 -95 -95
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 415 518 620
Tax -123 -153 -186
Net profit 292 364 434
Minority interest -4 -7 -6
Net profit discontinued 0 0 0
Net profit to shareholders 288 357 428
EPS 8,14 10,11 12,1
EPS Adj 9,61 11,67 13,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,6 -29,6 -30
Gross margin (%) 14,2 14,3 14,8
EBITDA margin (%) 12,8 12,8 13
EBITA margin (%) 5,4 5,8 6,3
EBIT margin (%) 4,9 5,4 5,9
Pretax margin (%) 3,8 4,5 5,1
Net margin (%) 2,6 3,2 3,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,8 3,5 6,5
EBITDA growth (%) 10,2 3,5 8,3
EBIT growth (%) 52 12,3 16,7
Net profit growth (%) 90,8 24,8 19,1
EPS growth (%) 94,5 24,1 19,7
Profitability 2020 2021 2022
ROE (%) 10,2 11,8 12,7
ROE Adj (%) 12 13,6 14,4
ROCE (%) 7,7 8,6 9,6
ROCE Adj(%) 8,4 9,4 10,4
ROIC (%) 5,9 7 8,2
ROIC Adj (%) 5,9 7 8,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1418 1467 1589
EBITDA Adj margin (%) 12,8 12,8 13
EBITA Adj 598 668 769
EBITA Adj margin (%) 5,4 5,8 6,3
EBIT Adj 546 613 715
EBIT Adj margin (%) 4,9 5,4 5,9
Pretax profit Adj 467 573 674
Net profit Adj 344 420 488
Net profit to shareholders Adj 340 413 482
Net Adj margin (%) 3,1 3,7 4
Leasing payments -658 -660 -680
Depreciation and amortisation -820 -799 -820
Of which leasing depreciation -700 -636 -650
EO items 0 0 0
Impairment and PPA amortisation -52 -55 -54
EBITDA lease Adj 760 807 909
EBITDA lease Adj margin (%) 6,9 7,1 7,5
SEKm 2020 2021e 2022e
EBITDA 1418 1467 1589
Net financial items -131 -95 -95
Paid tax -42 -153 -186
Non-cash items 181 -53 -25
Cash flow before change in WC 1425 1165 1283
Change in WC 300 18 -10
Operating cash flow 1725 1184 1273
CAPEX tangible fixed assets -87 -137 -146
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -30 0 0
Free cash flow 1608 1046 1127
Dividend paid 0 -50 -103
Share issues and buybacks 0 0 0
Other non cash items -7 0 0
Decrease in net IB debt 1107 145 394
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2413 2413 2413
Indefinite intangible assets 672 646 622
Definite intangible assets 0 0 0
Tangible fixed assets 519 466 413
Other fixed assets 297 297 297
Fixed assets 5637 5581 5533
Inventories 233 389 414
Receivables 1344 1429 1522
Other current assets 324 377 402
Cash and liquid assets 1101 1438 1782
Total assets 8639 9214 9653
Shareholders equity 2887 3195 3520
Minority 21 28 34
Total equity 2908 3223 3554
Long-term debt 1981 1981 1981
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 188 200 200
Short-term debt 269 269 269
Accounts payable 1398 1658 1766
Other current liabilities 0 0 0
Total liabilities and equity 8639 9214 9653
Net IB debt 2937 2600 2256
Net IB debt excl. pension debt 2937 2600 2256
Capital invested 6140 6118 6105
Working capital 503 537 572
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4229 5891 5891
Net IB debt Adj 2854 2600 2256
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 7083 8490 8146
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,8 128,1 129,1
Capital invested turnover (%) 171,3 181,3 189,2
Capital employed turnover (%) 155 156 157,2
Inventories / sales (%) 2,6 2,8 3,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,4 14,5 14,1
Working capital / sales (%) 6,5 4,5 4,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 101 80,7 63,5
Net debt / market cap (%) 119,2 44,1 38,3
Equity ratio (%) 33,7 35 36,8
Net IB debt adj. / equity (%) 98,1 80,7 63,5
Current ratio (%) 131,9 143,3 155,9
EBITDA / net interest (%) 1082,2 1544 1672,5
Net IB debt / EBITDA (%) 207,1 177,2 142
Interest cover (%) 456,3 703,2 809,3
Lease liability amortisation -658 -660 -680
Other intangible assets 672 644 619
Right-of-use asset 1737 1761 1791
Total other fixed assets 297 297 297
Leasing liability 1789 1789 1789
Total other long-term liabilities 296 296 296
Net IB debt excl. leasing 1065 811 467
Net IB debt / EBITDA lease Adj (%) 140,2 100,5 51,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 8,14 10,11 12,1
Dividend per share Adj 1,4 2,9 3,5
EPS Adj 9,61 11,67 13,63
BVPS 81,65 90,36 99,56
BVPS Adj 13,39 22,1 31,3
Net IB debt / share 83,1 73,5 63,8
Share price 69,69 166,6 166,6
Market cap. (m) 2464 5891 5891
Valuation 2020 2021 2022
P/E 14,7 16,5 13,8
EV/sales 0,64 0,74 0,67
EV/EBITDA 5 5,8 5,1
EV/EBITA 11,9 12,7 10,6
EV/EBIT 13 13,9 11,4
Dividend yield (%) 1,2 1,7 2,1
FCF yield (%) 38 17,8 19,1
P/BVPS 1,46 1,84 1,67
P/BVPS Adj 8,93 7,54 5,32
P/E Adj 12,4 14,3 12,2
EV/EBITDA Adj 5 5,8 5,1
EV/EBITA Adj 11,9 12,7 10,6
EV/EBIT Adj 13 13,9 11,4
EV/cap. employed 1 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 72,5 84,3 86
Capex tangibles / tangible fixed assets 16,8 29,5 35,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,1 35 41,2
Lease adj. FCF yield (%) 22,5 6,6 7,6

Equity research

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Media

Elanders - Interview with CEO Magnus Nilsson
Elanders - Company presentation with CEO Magnus Nilsson

Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 31 Oct 2021
Didner & Gerge Fonder 6.4 % 4.4 % 31 Oct 2021
Svolder 6.3 % 4.3 % 31 Oct 2021
Carnegie Fonder 5.8 % 3.9 % 31 Oct 2021
Protector Forsikring ASA 5.4 % 3.7 % 31 Oct 2021
Fjärde AP-fonden 5.3 % 3.6 % 31 Oct 2021
Tredje AP-fonden 2.3 % 1.5 % 31 Oct 2021
ODDO BHF Asset Management 1.8 % 1.2 % 31 Oct 2021
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Aug 2021
Dimensional Fund Advisors 0.8 % 0.5 % 31 Oct 2021
Source: Holdings by Modular Finance AB

Insider list - Elanders

Name Quantity Code Date
Magnus Nilsson + 6 000 BUY 12 Mar 2020
Johan Erik Stern + 3 000 BUY 12 Dec 2019
Magnus Nilsson + 9 000 BUY 23 Oct 2019
Caroline Ekelund Sundewall + 1 334 BUY 11 Jun 2019
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 SUBS 17 Oct 2016
Nina Bennet - 1 SELL 7 Oct 2016

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