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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 11791 12373
Sales growth (%) 15 9,8 4,9
EBITDA 726 1453 1687
EBITDA margin (%) 6,8 12,3 13,6
EBIT adj 459 575 651
EBIT adj margin (%) 4,3 4,9 5,3
Pretax profit 366 435 514
EPS rep 7,33 8,69 10,32
EPS growth (%) 57 18,6 18,8
EPS adj 9,11 10,12 11,74
DPS 2,9 3,1 3,3
EV/EBITDA (x) 7,7 4,9 4
EV/EBIT adj (x) 12,2 12,3 10,5
P/E (x) 11,9 10,1 8,5
P/E adj (x) 9,6 8,6 7,4
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 10,3 40,6 32,5
Dividend yield (%) 3,3 3,5 3,8
Net IB debt/EBITDA 3,5 2,7 2,2
SEKm 2018 2019e 2020e
Sales 10742 11791 12373
COGS -9331 -10161 -10602
Gross profit 1411 1631 1771
Other operating items -685 -177 -84
EBITDA 726 1453 1687
Depreciation on tangibles -204 -827 -986
Depreciation on intangibles 0 0 0
EBITA 522 626 701
Goodwill impairment charges 0 0 0
Other impairment and amortisation -63 -51 -50
EBIT 459 575 651
Other financial items 0 0 0
Net financial items -93 -140 -137
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 435 514
Tax -107 -128 -149
Net profit 259 307 365
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 259 307 365
EPS 7,33 8,69 10,32
EPS Adj 9,11 10,12 11,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -29,4 -29
Gross margin (%) 13,1 13,8 14,3
EBITDA margin (%) 6,8 12,3 13,6
EBITA margin (%) 4,9 5,3 5,7
EBIT margin (%) 4,3 4,9 5,3
Pretax margin (%) 3,4 3,7 4,2
Net margin (%) 2,4 2,6 2,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15 9,8 4,9
EBITDA growth (%) 29 100,2 16,1
EBIT growth (%) 49 25,3 13,2
Net profit growth (%) 57 18,6 18,8
EPS growth (%) 57 18,6 18,8
Profitability 2018 2019 2020
ROE (%) 10 10,4 11
ROE Adj (%) 12,5 12,2 12,6
ROCE (%) 7,8 8,1 7,8
ROCE Adj(%) 8,9 8,8 8,4
ROIC (%) 6 6,3 6,3
ROIC Adj (%) 6 6,3 6,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 726 1453 1687
EBITDA Adj margin (%) 6,8 12,3 13,6
EBITA Adj 522 626 701
EBITA Adj margin (%) 4,9 5,3 5,7
EBIT Adj 459 575 651
EBIT Adj margin (%) 4,3 4,9 5,3
Pretax profit Adj 429 486 564
Net profit Adj 322 358 415
Net profit to shareholders Adj 322 358 415
Net Adj margin (%) 3 3 3,4
SEKm 2018 2019e 2020e
EBITDA 726 1453 1687
Net financial items -93 -140 -137
Paid tax -127 -130 -149
Non-cash items 7 30 -160
Cash flow before change in WC 513 1214 1241
Change in WC -57 190 -83
Operating cash flow 456 1404 1158
CAPEX tangible fixed assets -161 -145 -155
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 24 -5 0
Free cash flow 319 1254 1003
Dividend paid -93 -103 -110
Share issues and buybacks 0 0 0
Other non cash items -100 -2579 -644
Decrease in net IB debt 126 -1428 249
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 3218 3215 3165
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 789 2672 2580
Other fixed assets 267 477 543
Fixed assets 4274 6364 6287
Inventories 468 542 619
Receivables 2273 2208 2314
Other current assets 0 0 0
Cash and liquid assets 722 1121 1371
Total assets 7737 10236 10591
Shareholders equity 2707 3178 3433
Minority 0 0 0
Total equity 2707 3178 3433
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 1769 1868
Other current liabilities 0 0 0
Total liabilities and equity 6781 7408 7737
Net IB debt 2539 3968 3718
Net IB debt excl. pension debt 2539 3968 3718
Capital invested 5446 7346 7352
Working capital 1172 981 1064
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3083 3090 3090
Net IB debt Adj 2539 3967 3718
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 7058 6808
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 141,9 131,2 118,8
Capital invested turnover (%) 199,5 184,4 168,4
Capital employed turnover (%) 182,6 165,7 147,4
Inventories / sales (%) 4 4,3 4,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 14,2 14,7
Working capital / sales (%) 10,6 9,1 8,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 93,8 124,9 108,3
Net debt / market cap (%) 88,8 128,4 120,3
Equity ratio (%) 35 31 32,4
Net IB debt adj. / equity (%) 93,8 124,8 108,3
Current ratio (%) 145 128 137,7
EBITDA / net interest (%) 780,6 1038,2 1229,1
Net IB debt / EBITDA (%) 349,8 273 220,3
Interest cover (%) 561,3 447,1 510,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 7,33 8,69 10,32
Dividend per share Adj 2,9 3,1 3,3
EPS Adj 9,11 10,12 11,74
BVPS 76,56 89,88 97,1
BVPS Adj -14,45 -1,04 7,6
Net IB debt / share 71,8 112,2 105,2
Share price 80,84 87,4 87,4
Market cap. (m) 2858 3090 3090
Valuation 2018 2019 2020
P/E 11,9 10,1 8,5
EV/sales 0,52 0,6 0,55
EV/EBITDA 7,7 4,9 4
EV/EBITA 10,8 11,3 9,7
EV/EBIT 12,2 12,3 10,5
Dividend yield (%) 3,3 3,5 3,8
FCF yield (%) 10,3 40,6 32,5
P/BVPS 1,14 0,97 0,9
P/BVPS Adj -6,03 -84,21 11,5
P/E Adj 9,6 8,6 7,4
EV/EBITDA Adj 7,7 4,9 4
EV/EBITA Adj 10,8 11,3 9,7
EV/EBIT Adj 12,2 12,3 10,5
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,2 1,3
Capex / depreciation 78,9 17,5 15,7
Capex tangibles / tangible fixed assets 20,4 5,4 6
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 31 38,2

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Elanders - Intervju med VD Magnus Nilsson
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Main shareholders

Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 30 Jun 2019
Carnegie Fonder 8.6 % 5.9 % 30 Jun 2019
Didner & Gerge Fonder 7.8 % 5.3 % 30 Jun 2019
Fjärde AP-fonden 4.1 % 2.8 % 30 Jun 2019
Lannebo Fonder 3.8 % 2.6 % 30 Jun 2019
Svolder 2.8 % 1.9 % 30 Jun 2019
Protector Forsikring ASA 1.7 % 1.1 % 30 Jun 2019
Tredje AP-fonden 1.3 % 0.9 % 30 Jun 2019
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Mar 2019
Dan Olsson 0.8 % 0.6 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Elanders

Name Quantity Code Date
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 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

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