Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

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 11279 11742
Sales growth (%) 15 5 4,1
EBITDA 726 1423 1497
EBITDA margin (%) 6,8 12,6 12,8
EBIT adj 459 557 634
EBIT adj margin (%) 4,3 4,9 5,4
Pretax profit 366 414 495
EPS rep 7,33 8,37 9,94
EPS growth (%) 57 14,3 18,8
EPS adj 9,11 9,88 11,36
DPS 2,9 3,1 3,3
EV/EBITDA (x) 7,7 4,7 4,5
EV/EBIT adj (x) 12,2 12,1 10,6
P/E (x) 11,9 9,9 8,3
P/E adj (x) 9,6 8,4 7,3
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 10,3 52 27,5
Dividend yield (%) 3,3 3,8 4
Net IB debt/EBITDA 3,5 2,7 2,5
SEKm 2018 2019e 2020e
Sales 10742 11279 11742
COGS -9331 -9663 -10045
Gross profit 1411 1616 1698
Other operating items -685 -193 -200
EBITDA 726 1423 1497
Depreciation on tangibles -204 -234 -235
Depreciation on intangibles 0 0 0
EBITA 522 610 684
Goodwill impairment charges 0 0 0
Other impairment and amortisation -63 -54 -50
EBIT 459 557 634
Other financial items 0 0 0
Net financial items -93 -143 -139
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 366 414 495
Tax -107 -118 -144
Net profit 259 296 352
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 259 296 352
EPS 7,33 8,37 9,94
EPS Adj 9,11 9,88 11,36
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,2 -28,5 -29
Gross margin (%) 13,1 14,3 14,5
EBITDA margin (%) 6,8 12,6 12,8
EBITA margin (%) 4,9 5,4 5,8
EBIT margin (%) 4,3 4,9 5,4
Pretax margin (%) 3,4 3,7 4,2
Net margin (%) 2,4 2,6 3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15 5 4,1
EBITDA growth (%) 29 96 5,2
EBIT growth (%) 49 21,3 13,9
Net profit growth (%) 57 14,3 18,8
EPS growth (%) 57 14,3 18,8
Profitability 2018 2019 2020
ROE (%) 10 10,3 11,2
ROE Adj (%) 12,5 12,2 12,8
ROCE (%) 7,8 7,9 7,6
ROCE Adj(%) 8,9 8,6 8,2
ROIC (%) 6 6,4 6,3
ROIC Adj (%) 6 6,4 6,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 726 1423 1497
EBITDA Adj margin (%) 6,8 12,6 12,8
EBITA Adj 522 610 684
EBITA Adj margin (%) 4,9 5,4 5,8
EBIT Adj 459 557 634
EBIT Adj margin (%) 4,3 4,9 5,4
Pretax profit Adj 429 467 545
Net profit Adj 322 349 402
Net profit to shareholders Adj 322 349 402
Net Adj margin (%) 3 3,1 3,4
SEKm 2018 2019e 2020e
EBITDA 726 1423 1497
Net financial items -93 -143 -139
Paid tax -127 -119 -144
Non-cash items 7 94 0
Cash flow before change in WC 513 1255 1215
Change in WC -57 396 -265
Operating cash flow 456 1651 950
CAPEX tangible fixed assets -161 -126 -147
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 24 -5 0
Free cash flow 319 1519 803
Dividend paid -93 -104 -110
Share issues and buybacks 0 0 0
Other non cash items -91 -2089 -97
Decrease in net IB debt 126 -1250 18
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 3218 3308 3258
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 789 614 526
Other fixed assets 267 279 376
Fixed assets 4274 6243 6202
Inventories 468 519 587
Receivables 2273 1949 2227
Other current assets 0 0 0
Cash and liquid assets 722 1371 1388
Total assets 7737 10082 10405
Shareholders equity 2707 3029 3271
Minority 0 0 0
Total equity 2707 3029 3271
Long-term debt 2442 2401 2401
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 199 201 201
Short-term debt 819 716 716
Accounts payable 1569 1692 1773
Other current liabilities 0 0 0
Total liabilities and equity 6781 7408 7737
Net IB debt 2539 3789 3772
Net IB debt excl. pension debt 2539 3789 3772
Capital invested 5446 7019 7244
Working capital 1172 776 1041
EV breakdown 2018 2019 2020
Market cap. diluted (m) 3083 2921 2921
Net IB debt Adj 2539 3789 3771
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 6710 6692
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 141,9 126,6 114,6
Capital invested turnover (%) 199,5 181 164,7
Capital employed turnover (%) 182,6 159,3 141,3
Inventories / sales (%) 4 4,4 4,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,8 14,5 14,8
Working capital / sales (%) 10,6 8,6 7,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 93,8 125,1 115,3
Net debt / market cap (%) 88,8 129,7 129,1
Equity ratio (%) 35 30 31,4
Net IB debt adj. / equity (%) 93,8 125,1 115,3
Current ratio (%) 145 127,7 136,1
EBITDA / net interest (%) 780,6 997 1078,6
Net IB debt / EBITDA (%) 349,8 266,3 251,9
Interest cover (%) 561,3 427,6 492,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 7,33 8,37 9,94
Dividend per share Adj 2,9 3,1 3,3
EPS Adj 9,11 9,88 11,36
BVPS 76,56 85,67 92,51
BVPS Adj -14,45 -7,88 0,38
Net IB debt / share 71,8 107,2 106,7
Share price 80,84 82,6 82,6
Market cap. (m) 2858 2921 2921
Valuation 2018 2019 2020
P/E 11,9 9,9 8,3
EV/sales 0,52 0,59 0,57
EV/EBITDA 7,7 4,7 4,5
EV/EBITA 10,8 11 9,8
EV/EBIT 12,2 12,1 10,6
Dividend yield (%) 3,3 3,8 4
FCF yield (%) 10,3 52 27,5
P/BVPS 1,14 0,96 0,89
P/BVPS Adj -6,03 -10,49 216,72
P/E Adj 9,6 8,4 7,3
EV/EBITDA Adj 7,7 4,7 4,5
EV/EBITA Adj 10,8 11 9,8
EV/EBIT Adj 12,2 12,1 10,6
EV/cap. employed 0,9 0,8 0,8
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,1 1,3
Capex / depreciation 78,9 54 62,5
Capex tangibles / tangible fixed assets 20,4 20,6 27,9
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 38,1 44,7

Equity research

Read earlier research

Media

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

View more media

Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 30 Sep 2019
Carnegie Fonder 8.6 % 5.9 % 30 Sep 2019
Didner & Gerge Fonder 7.8 % 5.3 % 31 Oct 2019
Svolder 5.1 % 3.5 % 30 Oct 2019
Fjärde AP-fonden 4.4 % 3.0 % 30 Sep 2019
Lannebo Fonder 2.6 % 1.8 % 30 Sep 2019
Protector Forsikring ASA 1.8 % 1.2 % 30 Sep 2019
Tredje AP-fonden 1.3 % 0.9 % 30 Sep 2019
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Jul 2019
Dan Olsson 0.8 % 0.6 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Elanders

Name Quantity Code Date
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
Anne Cathrine Lenerius + 1 555 SUBS 7 Oct 2016
Nina Bennet - 1 SELL 7 Oct 2016
Anne Cathrine Lenerius + 1 555 SUBS 7 Oct 2016

Show More