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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 11183 11738
Sales growth (%) -1,8 1,2 5
EBITDA 1418 1581 1711
EBITDA margin (%) 12,8 14,1 14,6
EBIT adj 546 694 739
EBIT adj margin (%) 4,9 6,2 6,3
Pretax profit 415 594 612
EPS rep 8,14 11,65 12,15
EPS growth (%) 94,5 43,1 4,3
EPS adj 9,61 13,14 13,62
DPS 1,4 2,9 3,5
EV/EBITDA (x) 5 5,4 4,8
EV/EBIT adj (x) 13 12,3 11
P/E (x) 14,7 14,5 13,9
P/E adj (x) 12,4 12,8 12,4
EV/sales (x) 0,6 0,8 0,7
FCF yield (%) 38 17,9 20,8
Dividend yield (%) 1,2 1,7 2,1
Net IB debt/EBITDA 2,1 1,7 1,3
Lease adj. FCF yield (%) 22,5 6,2 8,7
Lease adj. ND/EBITDA 1,4 0,9 0,4
SEKm 2020 2021e 2022e
Sales 11049 11183 11738
COGS -9479 -9487 -9933
Gross profit 1570 1696 1806
Other operating items -152 -114 -95
EBITDA 1418 1581 1711
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 598 747 791
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 546 694 739
Other financial items 0 0 0
Net financial items -131 -100 -127
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 415 594 612
Tax -123 -177 -178
Net profit 292 417 435
Minority interest -4 -5 -5
Net profit discontinued 0 0 0
Net profit to shareholders 288 412 430
EPS 8,14 11,65 12,15
EPS Adj 9,61 13,14 13,62
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,6 -29,8 -29
Gross margin (%) 14,2 15,2 15,4
EBITDA margin (%) 12,8 14,1 14,6
EBITA margin (%) 5,4 6,7 6,7
EBIT margin (%) 4,9 6,2 6,3
Pretax margin (%) 3,8 5,3 5,2
Net margin (%) 2,6 3,7 3,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,8 1,2 5
EBITDA growth (%) 10,2 11,5 8,2
EBIT growth (%) 52 27,2 6,4
Net profit growth (%) 90,8 42,9 4,2
EPS growth (%) 94,5 43,1 4,3
Profitability 2020 2021 2022
ROE (%) 10,2 13,4 12,6
ROE Adj (%) 12 15,1 14,1
ROCE (%) 7,7 9,7 9,9
ROCE Adj(%) 8,4 10,5 10,6
ROIC (%) 5,9 7,9 8,5
ROIC Adj (%) 5,9 7,9 8,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1418 1581 1711
EBITDA Adj margin (%) 12,8 14,1 14,6
EBITA Adj 598 747 791
EBITA Adj margin (%) 5,4 6,7 6,7
EBIT Adj 546 694 739
EBIT Adj margin (%) 4,9 6,2 6,3
Pretax profit Adj 467 647 664
Net profit Adj 344 469 487
Net profit to shareholders Adj 340 464 482
Net Adj margin (%) 3,1 4,2 4,1
Leasing payments -658 -700 -720
Depreciation and amortisation -820 -835 -920
Of which leasing depreciation -700 -720 -750
EO items 0 0 0
Impairment and PPA amortisation -52 -52 -52
EBITDA lease Adj 760 881 991
EBITDA lease Adj margin (%) 6,9 7,9 8,4
SEKm 2020 2021e 2022e
EBITDA 1418 1581 1711
Net financial items -131 -100 -127
Paid tax -42 -177 -178
Non-cash items 181 -67 -19
Cash flow before change in WC 1426 1237 1387
Change in WC 300 -34 -11
Operating cash flow 1725 1203 1377
CAPEX tangible fixed assets -87 -134 -141
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -30 0 0
Free cash flow 1608 1068 1236
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 519 511 454
Other fixed assets 297 297 297
Fixed assets 5637 5585 5473
Inventories 233 380 399
Receivables 1344 1454 1526
Other current assets 324 391 411
Cash and liquid assets 1101 1420 1834
Total assets 8639 9230 9643
Shareholders equity 2887 3249 3576
Minority 21 26 31
Total equity 2908 3275 3607
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 1622 1702
Other current liabilities 0 0 0
Total liabilities and equity 8639 9230 9643
Net IB debt 2937 2618 2204
Net IB debt excl. pension debt 2937 2618 2204
Capital invested 6140 6188 6107
Working capital 503 604 634
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4229 5954 5954
Net IB debt Adj 2854 2618 2204
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 8572 8159
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,8 125,2 124,4
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 4,9 5,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 101 79,9 61,1
Net debt / market cap (%) 119,2 44 37
Equity ratio (%) 33,7 35,5 37,4
Net IB debt adj. / equity (%) 98,1 79,9 61,1
Current ratio (%) 131,9 145,9 161,7
EBITDA / net interest (%) 1082,2 1581,4 1347,3
Net IB debt / EBITDA (%) 207,1 165,5 128,8
Interest cover (%) 456,3 746,8 622,9
Lease liability amortisation -658 -700 -720
Other intangible assets 672 646 622
Right-of-use asset 1737 1717 1687
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 829 416
Net IB debt / EBITDA lease Adj (%) 140,2 94 41,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 8,14 11,65 12,15
Dividend per share Adj 1,4 2,9 3,5
EPS Adj 9,61 13,14 13,62
BVPS 81,65 91,9 101,15
BVPS Adj 13,39 23,65 32,9
Net IB debt / share 83,1 74 62,3
Share price 69,69 168,4 168,4
Market cap. (m) 2464 5954 5954
Valuation 2020 2021 2022
P/E 14,7 14,5 13,9
EV/sales 0,64 0,77 0,7
EV/EBITDA 5 5,4 4,8
EV/EBITA 11,9 11,5 10,3
EV/EBIT 13 12,3 11
Dividend yield (%) 1,2 1,7 2,1
FCF yield (%) 38 17,9 20,8
P/BVPS 1,46 1,83 1,66
P/BVPS Adj 8,93 7,12 5,12
P/E Adj 12,4 12,8 12,4
EV/EBITDA Adj 5 5,4 4,8
EV/EBITA Adj 11,9 11,5 10,3
EV/EBIT Adj 13 12,3 11
EV/cap. employed 1 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 72,5 117,1 82,9
Capex tangibles / tangible fixed assets 16,8 26,2 31
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,1 22,4 37,4
Lease adj. FCF yield (%) 22,5 6,2 8,7

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 % 30 Apr 2021
Carnegie Fonder 6.6 % 4.5 % 30 Apr 2021
Didner & Gerge Fonder 6.4 % 4.4 % 30 Apr 2021
Svolder 5.9 % 4.0 % 30 Apr 2021
Protector Forsikring ASA 5.7 % 3.9 % 30 Apr 2021
Fjärde AP-fonden 5.3 % 3.6 % 30 Apr 2021
Tredje AP-fonden 2.3 % 1.5 % 30 Apr 2021
ODDO BHF Asset Management 1.3 % 0.9 % 31 Mar 2021
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Jan 2021
Dimensional Fund Advisors 0.6 % 0.4 % 31 Mar 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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