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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 11622 12195
Sales growth (%) 15 8,2 4,9
EBITDA 726 1552 1678
EBITDA margin (%) 6,8 13,4 13,8
EBIT adj 459 570 642
EBIT adj margin (%) 4,3 4,9 5,3
Pretax profit 366 416 493
EPS rep 7,33 8,3 9,9
EPS growth (%) 57 13,4 19,2
EPS adj 9,11 10,09 11,73
DPS 2,9 2,95 3
EV/EBITDA (x) 7,7 4,3 3,7
EV/EBIT adj (x) 12,2 11,7 9,8
P/E (x) 11,9 9,6 8,1
P/E adj (x) 9,6 7,9 6,8
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 10,3 47,8 40,7
Dividend yield (%) 3,3 3,7 3,8
Net IB debt/EBITDA 3,5 2,5 2,1
SEKm 2018 2019e 2020e
Sales 10742 11622 12195
COGS -9331 -10013 -10450
Gross profit 1411 1610 1745
Other operating items -685 -58 -67
EBITDA 726 1552 1678
Depreciation on tangibles -204 -919 -972
Depreciation on intangibles 0 0 0
EBITA 522 633 706
Goodwill impairment charges 0 0 0
Other impairment and amortisation -63 -63 -65
EBIT 459 570 642
Other financial items 0 0 0
Net financial items -93 -154 -149
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 416 493
Tax -107 -123 -143
Net profit 259 294 350
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 259 294 350
EPS 7,33 8,3 9,9
EPS Adj 9,11 10,09 11,73
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -29,4 -29
Gross margin (%) 13,1 13,9 14,3
EBITDA margin (%) 6,8 13,4 13,8
EBITA margin (%) 4,9 5,4 5,8
EBIT margin (%) 4,3 4,9 5,3
Pretax margin (%) 3,4 3,6 4
Net margin (%) 2,4 2,5 2,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15 8,2 4,9
EBITDA growth (%) 29 113,8 8,1
EBIT growth (%) 49 24,1 12,6
Net profit growth (%) 57 13,4 19,2
EPS growth (%) 57 13,4 19,2
Profitability 2018 2019 2020
ROE (%) 10 10 10,7
ROE Adj (%) 12,5 12,2 12,6
ROCE (%) 7,8 8 7,7
ROCE Adj(%) 8,9 8,9 8,4
ROIC (%) 6,5 6,9 6,9
ROIC Adj (%) 6,5 6,9 6,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 726 1552 1678
EBITDA Adj margin (%) 6,8 13,4 13,8
EBITA Adj 522 633 706
EBITA Adj margin (%) 4,9 5,4 5,8
EBIT Adj 459 570 642
EBIT Adj margin (%) 4,3 4,9 5,3
Pretax profit Adj 429 479 558
Net profit Adj 322 357 415
Net profit to shareholders Adj 322 357 415
Net Adj margin (%) 3 3,1 3,4
SEKm 2018 2019e 2020e
EBITDA 726 1552 1678
Net financial items -93 -154 -149
Paid tax -127 -125 -143
Non-cash items -171 -16 0
Cash flow before change in WC 335 1258 1387
Change in WC 121 242 -82
Operating cash flow 456 1500 1305
CAPEX tangible fixed assets -161 -143 -152
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 24 -5 0
Free cash flow 319 1352 1153
Dividend paid -93 -98 -104
Share issues and buybacks 0 0 0
Other non cash items -100 -2581 -646
Decrease in net IB debt 126 -1326 402
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 3218 3202 3137
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 789 2674 2582
Other fixed assets 267 374 292
Fixed assets 4274 6249 6011
Inventories 468 535 610
Receivables 1762 1627 1732
Other current assets 511 557 557
Cash and liquid assets 722 1224 1626
Total assets 7737 10192 10535
Shareholders equity 2707 3159 3405
Minority 0 0 0
Total equity 2707 3159 3405
Long-term debt 2442 3833 3833
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 199 200 200
Short-term debt 819 1256 1256
Accounts payable 1569 1743 1841
Other current liabilities 0 0 0
Total liabilities and equity 6781 7408 7737
Net IB debt 2539 3865 3463
Net IB debt excl. pension debt 2539 3865 3463
Capital invested 4935 6668 6511
Working capital 661 418 500
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3083 2829 2829
Net IB debt Adj 2539 3865 3463
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 6694 6291
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 141,9 129,7 117,7
Capital invested turnover (%) 216,4 200,3 185,1
Capital employed turnover (%) 182,6 163,5 145,7
Inventories / sales (%) 4 4,3 4,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 14,3 14,7
Working capital / sales (%) 6,7 4,6 3,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 93,8 122,3 101,7
Net debt / market cap (%) 88,8 136,7 122,4
Equity ratio (%) 35 31 32,3
Net IB debt adj. / equity (%) 93,8 122,3 101,7
Current ratio (%) 145 131,4 146,1
EBITDA / net interest (%) 780,6 1009,8 1127
Net IB debt / EBITDA (%) 349,8 249 206,3
Interest cover (%) 561,3 411,9 474,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 7,33 8,3 9,9
Dividend per share Adj 2,9 3 3
EPS Adj 9,11 10,09 11,73
BVPS 76,56 89,35 96,3
BVPS Adj -14,45 -1,2 7,57
Net IB debt / share 71,8 109,3 97,9
Share price 80,84 80 80
Market cap. (m) 2858 2829 2829
Valuation 2018 2019 2020
P/E 11,9 9,6 8,1
EV/sales 0,52 0,58 0,52
EV/EBITDA 7,7 4,3 3,7
EV/EBITA 10,8 10,6 8,9
EV/EBIT 12,2 11,7 9,8
Dividend yield (%) 3,3 3,7 3,8
FCF yield (%) 10,3 47,8 40,7
P/BVPS 1,14 0,9 0,83
P/BVPS Adj -6,03 -66,59 10,56
P/E Adj 9,6 7,9 6,8
EV/EBITDA Adj 7,7 4,3 3,7
EV/EBITA Adj 10,8 10,6 8,9
EV/EBIT Adj 12,2 11,7 9,8
EV/cap. employed 0,9 0,8 0,7
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,2 1,2
Capex / depreciation 78,9 15,6 15,7
Capex tangibles / tangible fixed assets 20,4 5,4 5,9
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 34,4 37,6

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Main shareholders

Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 31 Mar 2019
Carnegie Fonder 9.3 % 6.3 % 30 Apr 2019
Didner & Gerge Fonder 7.7 % 5.3 % 31 Mar 2019
Lannebo Fonder 6.9 % 4.7 % 31 Mar 2019
Fjärde AP-fonden 3.3 % 2.2 % 31 Mar 2019
Protector Forsikring ASA 1.8 % 1.2 % 31 Mar 2019
Tredje AP-fonden 1.3 % 0.9 % 31 Mar 2019
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Jan 2019
Dan Olsson 0.8 % 0.6 % 31 Mar 2019
Dimensional Fund Advisors 0.6 % 0.4 % 31 Mar 2019
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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