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Elanders

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 2019 2020e 2021e
Sales 11279 11742 12072
Sales growth (%) 5 4,1 2,8
EBITDA 1423 1497 1573
EBITDA margin (%) 12,6 12,8 13
EBIT adj 557 634 703
EBIT adj margin (%) 4,9 5,4 5,8
Pretax profit 414 495 564
EPS rep 8,37 9,94 11,32
EPS growth (%) 14,3 18,8 13,9
EPS adj 9,88 11,36 12,74
DPS 3,1 3,3 3,5
EV/EBITDA (x) 4,8 4,6 4,1
EV/EBIT adj (x) 12,3 10,8 9,2
P/E (x) 10,4 8,7 7,7
P/E adj (x) 8,8 7,7 6,8
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 49,4 26,1 35
Dividend yield (%) 3,6 3,8 4
Net IB debt/EBITDA 2,7 2,5 2,2
SEKm 2019 2020e 2021e
Sales 11279 11742 12072
COGS -9663 -10045 -10263
Gross profit 1616 1698 1809
Other operating items -193 -200 -237
EBITDA 1423 1497 1573
Depreciation on tangibles -234 -235 -241
Depreciation on intangibles 0 0 0
EBITA 610 684 753
Goodwill impairment charges 0 0 0
Other impairment and amortisation -54 -50 -50
EBIT 557 634 703
Other financial items 0 0 0
Net financial items -143 -139 -139
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 414 495 564
Tax -118 -144 -164
Net profit 296 352 400
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 296 352 400
EPS 8,37 9,94 11,32
EPS Adj 9,88 11,36 12,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -28,5 -29 -29
Gross margin (%) 14,3 14,5 15
EBITDA margin (%) 12,6 12,8 13
EBITA margin (%) 5,4 5,8 6,2
EBIT margin (%) 4,9 5,4 5,8
Pretax margin (%) 3,7 4,2 4,7
Net margin (%) 2,6 3 3,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 5 4,1 2,8
EBITDA growth (%) 96 5,2 5
EBIT growth (%) 21,3 13,9 10,8
Net profit growth (%) 14,3 18,8 13,9
EPS growth (%) 14,3 18,8 13,9
Profitability 2019 2020 2021
ROE (%) 10,3 11,2 11,7
ROE Adj (%) 12,2 12,8 13,2
ROCE (%) 7,9 7,6 8,2
ROCE Adj(%) 8,6 8,2 8,8
ROIC (%) 6,4 6,3 6,9
ROIC Adj (%) 6,4 6,3 6,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1423 1497 1573
EBITDA Adj margin (%) 12,6 12,8 13
EBITA Adj 610 684 753
EBITA Adj margin (%) 5,4 5,8 6,2
EBIT Adj 557 634 703
EBIT Adj margin (%) 4,9 5,4 5,8
Pretax profit Adj 467 545 614
Net profit Adj 349 402 450
Net profit to shareholders Adj 349 402 450
Net Adj margin (%) 3,1 3,4 3,7
SEKm 2019 2020e 2021e
EBITDA 1423 1497 1573
Net financial items -143 -139 -139
Paid tax -119 -144 -164
Non-cash items 94 0 0
Cash flow before change in WC 1255 1215 1270
Change in WC 396 -265 -38
Operating cash flow 1651 950 1233
CAPEX tangible fixed assets -126 -147 -157
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 1519 803 1076
Dividend paid -104 -110 -117
Share issues and buybacks 0 0 0
Other non cash items -2089 -97 0
Decrease in net IB debt -1250 18 381
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 3308 3258 3208
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 614 526 441
Other fixed assets 279 376 376
Fixed assets 6243 6202 6068
Inventories 519 587 628
Receivables 1949 2227 2286
Other current assets 0 0 0
Cash and liquid assets 1371 1388 1769
Total assets 10082 10405 10751
Shareholders equity 3029 3271 3555
Minority 0 0 0
Total equity 3029 3271 3555
Long-term debt 2401 2401 2401
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 201 201 201
Short-term debt 716 716 716
Accounts payable 1692 1773 1835
Other current liabilities 0 0 0
Total liabilities and equity 7408 7737 10082
Net IB debt 3789 3772 3391
Net IB debt excl. pension debt 3789 3772 3391
Capital invested 7019 7244 7147
Working capital 776 1041 1079
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3076 3076 3076
Net IB debt Adj 3789 3771 3391
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 6865 6847 6467
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 126,6 114,6 114,1
Capital invested turnover (%) 181 164,7 167,8
Capital employed turnover (%) 159,3 141,3 140,8
Inventories / sales (%) 4,4 4,7 5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,5 14,8 14,9
Working capital / sales (%) 8,6 7,7 8,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 125,1 115,3 95,4
Net debt / market cap (%) 126,1 122,6 110,2
Equity ratio (%) 30 31,4 33,1
Net IB debt adj. / equity (%) 125,1 115,3 95,4
Current ratio (%) 127,7 136,1 148,7
EBITDA / net interest (%) 997 1078,6 1132,7
Net IB debt / EBITDA (%) 266,3 251,9 215,6
Interest cover (%) 427,6 492,7 542,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 8,37 9,94 11,32
Dividend per share Adj 3,1 3,3 3,5
EPS Adj 9,88 11,36 12,74
BVPS 85,67 92,51 100,53
BVPS Adj -7,88 0,38 9,82
Net IB debt / share 107,2 106,7 95,9
Share price 85,02 87 87
Market cap. (m) 3006 3076 3076
Valuation 2019 2020 2021
P/E 10,4 8,7 7,7
EV/sales 0,61 0,58 0,54
EV/EBITDA 4,8 4,6 4,1
EV/EBITA 11,3 10 8,6
EV/EBIT 12,3 10,8 9,2
Dividend yield (%) 3,6 3,8 4
FCF yield (%) 49,4 26,1 35
P/BVPS 1,02 0,94 0,87
P/BVPS Adj -11,04 228,27 8,86
P/E Adj 8,8 7,7 6,8
EV/EBITDA Adj 4,8 4,6 4,1
EV/EBITA Adj 11,3 10 8,6
EV/EBIT Adj 12,3 10,8 9,2
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 1,1 1,3 1,3
Capex / depreciation 54 62,5 65
Capex tangibles / tangible fixed assets 20,6 27,9 35,6
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 38,1 44,7 54,7

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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 Dec 2019
Carnegie Fonder 8.6 % 5.9 % 31 Dec 2019
Didner & Gerge Fonder 7.8 % 5.4 % 31 Dec 2019
Svolder 5.4 % 3.7 % 31 Dec 2019
Fjärde AP-fonden 4.4 % 3.0 % 31 Dec 2019
Lannebo Fonder 2.0 % 1.4 % 31 Dec 2019
Protector Forsikring ASA 1.9 % 1.3 % 31 Dec 2019
Tredje AP-fonden 1.2 % 0.8 % 31 Dec 2019
Canaccord Genuity Wealth Management 0.9 % 0.6 % 30 Sep 2019
Dan Olsson 0.8 % 0.6 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Elanders

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

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