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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 10978 11580
Sales growth (%) -1,8 -0,6 5,5
EBITDA 1418 1555 1686
EBITDA margin (%) 12,8 14,2 14,6
EBIT adj 546 655 714
EBIT adj margin (%) 4,9 6 6,2
Pretax profit 415 555 587
EPS rep 8,14 11,01 11,64
EPS growth (%) 94,5 35,2 5,7
EPS adj 9,61 12,48 13,11
DPS 1,4 2,9 3,5
EV/EBITDA (x) 5 5,7 5
EV/EBIT adj (x) 13 13,6 11,9
P/E (x) 14,7 15,9 15
P/E adj (x) 12,4 14 13,4
EV/sales (x) 0,6 0,8 0,7
FCF yield (%) 38 14,3 19,7
Dividend yield (%) 1,2 1,7 2
Net IB debt/EBITDA 2 1,7 1,4
N/A N/A N/A
Lease adj. FCF yield (%) 22,5 3 8
Lease adj. ND/EBITDA 1,5 1,1 0,6
SEKm 2020 2021e 2022e
Sales 11049 10978 11580
COGS -9479 -9337 -9782
Gross profit 1570 1641 1798
Other operating items -152 -86 -113
EBITDA 1418 1555 1686
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 598 707 766
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 546 655 714
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 415 555 587
Tax -123 -161 -170
Net profit 292 394 416
Minority interest -4 -5 -5
Net profit discontinued 0 0 0
Net profit to shareholders 288 389 411
EPS 8,14 11,01 11,64
EPS Adj 9,61 12,48 13,11
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,6 -29 -29
Gross margin (%) 14,2 15 15,5
EBITDA margin (%) 12,8 14,2 14,6
EBITA margin (%) 5,4 6,4 6,6
EBIT margin (%) 4,9 6 6,2
Pretax margin (%) 3,8 5,1 5,1
Net margin (%) 2,6 3,6 3,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,8 -0,6 5,5
EBITDA growth (%) 10,2 9,7 8,4
EBIT growth (%) 52 20,1 8,9
Net profit growth (%) 90,8 35,1 5,6
EPS growth (%) 94,5 35,2 5,7
Profitability 2020 2021 2022
ROE (%) 10,2 12,7 12,1
ROE Adj (%) 12 14,4 13,7
ROCE (%) 7,7 9,3 9,7
ROCE Adj(%) 8,4 10,1 10,4
ROIC (%) 6 7,7 8,3
ROIC Adj (%) 6 7,7 8,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1418 1555 1686
EBITDA Adj margin (%) 12,8 14,2 14,6
EBITA Adj 598 707 766
EBITA Adj margin (%) 5,4 6,4 6,6
EBIT Adj 546 655 714
EBIT Adj margin (%) 4,9 6 6,2
Pretax profit Adj 467 607 639
Net profit Adj 344 446 468
Net profit to shareholders Adj 340 441 463
Net Adj margin (%) 3,1 4,1 4
N/A N/A N/A
Depreciation and amortisation -820 -848 -920
Of which leasing depreciation -700 -748 -750
EO items 0 0 0
Impairment and PPA amortisation -52 -52 -52
EBITDA lease Adj 760 855 966
EBITDA lease Adj margin (%) 6,9 7,8 8,3
SEKm 2020 2021e 2022e
EBITDA 1418 1555 1686
Net financial items -131 -100 -127
Paid tax -42 -161 -170
Non-cash items -9 -60 -21
Cash flow before change in WC 1236 1234 1367
Change in WC 489 -220 -11
Operating cash flow 1725 1015 1356
CAPEX tangible fixed assets -87 -132 -139
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -30 0 0
Free cash flow 1608 883 1217
Dividend paid 0 -50 -103
Share issues and buybacks 0 0 0
Other non cash items 183 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 283 288 230
Other fixed assets 297 297 297
Fixed assets 5637 5569 5456
Inventories 233 373 394
Receivables 1344 1427 1505
Other current assets 324 384 405
Cash and liquid assets 1101 1246 1641
Total assets 8639 9000 9401
Shareholders equity 2898 3237 3546
Minority 10 15 20
Total equity 2908 3253 3567
Long-term debt 2124 2124 2124
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 100 100 100
Accounts payable 1588 1592 1679
Other current liabilities 0 0 0
Total liabilities and equity 8639 9000 9401
Net IB debt 2854 2709 2314
Net IB debt excl. pension debt 2854 2709 2314
Capital invested 5950 6162 6081
Working capital 313 593 625
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4229 6188 6188
Net IB debt Adj 2854 2709 2314
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 8896 8502
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,8 124,5 125,9
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 (%) 5,6 4,1 5,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 98,1 83,3 64,9
Net debt / market cap (%) 115,8 43,8 37,4
Equity ratio (%) 33,7 36,1 37,9
Net IB debt adj. / equity (%) 98,1 83,3 64,9
Current ratio (%) 132 150,6 166,7
EBITDA / net interest (%) 1082,2 1555,5 1327,2
Net IB debt / EBITDA (%) 201,3 174,1 137,3
Interest cover (%) 456,3 707,5 602,8
N/A N/A N/A
Lease liability amortisation -658 -700 -720
Other intangible assets 672 646 622
Right-of-use asset 1972 1924 1894
Total other fixed assets 297 297 297
Leasing liability 1731 1731 1731
Total other long-term liabilities 188 200 200
Net IB debt excl. leasing 1123 978 583
Net IB debt / EBITDA lease Adj (%) 147,8 114,3 60,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 8,14 11,01 11,64
Dividend per share Adj 1,4 2,9 3,5
EPS Adj 9,61 12,48 13,11
BVPS 81,95 91,56 100,3
BVPS Adj 13,71 23,32 32,05
Net IB debt / share 80,7 76,6 65,5
Share price 69,69 175 175
Market cap. (m) 2464 6188 6188
Valuation 2020 2021 2022
P/E 14,7 15,9 15
EV/sales 0,64 0,81 0,73
EV/EBITDA 5 5,7 5
EV/EBITA 11,9 12,6 11,1
EV/EBIT 13 13,6 11,9
Dividend yield (%) 1,2 1,7 2
FCF yield (%) 38 14,3 19,7
P/BVPS 1,46 1,91 1,74
P/BVPS Adj 8,73 7,5 5,46
P/E Adj 12,4 14 13,4
EV/EBITDA Adj 5 5,7 5
EV/EBITA Adj 11,9 12,6 11,1
EV/EBIT Adj 13 13,6 11,9
EV/cap. employed 1 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 0,8 1,2 1,2
Capex / depreciation 72,5 131,7 81,7
Capex tangibles / tangible fixed assets 30,7 45,7 60,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 42,4 34,7 74,1
N/A N/A N/A
Lease adj. FCF yield (%) 22,5 3 8

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 % 28 Feb 2021
Carnegie Fonder 6.7 % 4.6 % 28 Feb 2021
Didner & Gerge Fonder 6.6 % 4.5 % 28 Feb 2021
Protector Forsikring ASA 6.5 % 4.5 % 28 Feb 2021
Svolder 5.9 % 4.0 % 28 Feb 2021
Fjärde AP-fonden 5.3 % 3.6 % 28 Feb 2021
Tredje AP-fonden 1.9 % 1.3 % 28 Feb 2021
Canaccord Genuity Wealth Management 0.9 % 0.6 % 30 Nov 2020
Avanza Pension 0.6 % 0.4 % 28 Feb 2021
Dimensional Fund Advisors 0.6 % 0.4 % 31 Jan 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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