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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 2019 2020e 2021e
Sales 11254 11041 11428
Sales growth (%) 4,8 -1,9 3,5
EBITDA 1286 1273 1541
EBITDA margin (%) 11,4 11,5 13,5
EBIT adj 509 361 579
EBIT adj margin (%) 4,5 3,3 5,1
Pretax profit 216 229 452
EPS rep 4,19 4,31 8,93
EPS growth (%) -41,6 3 107,1
EPS adj 9,96 5,78 10,4
DPS 0 1,4 2,9
EV/EBITDA (x) 5,5 4,9 3,9
EV/EBIT adj (x) 13,8 17,1 10,3
P/E (x) 20,8 16 7,7
P/E adj (x) 8,8 11,9 6,6
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 38,9 37,5 40,8
Dividend yield (%) 0 2 4,2
Net IB debt/EBITDA 3,1 2,9 2,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 11254 11041 11428
COGS -9780 -9532 -9677
Gross profit 1474 1510 1752
Other operating items -188 -237 -211
EBITDA 1286 1273 1541
Depreciation on tangibles -196 -170 -170
Depreciation on intangibles 0 0 0
EBITA 413 413 631
Goodwill impairment charges 0 0 0
Other impairment and amortisation -54 -52 -52
EBIT 359 361 579
Other financial items 0 0 0
Net financial items -143 -133 -127
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 229 452
Tax -63 -72 -131
Net profit 153 156 321
Minority interest -5 -4 -5
Net profit discontinued 0 0 0
Net profit to shareholders 148 152 316
EPS 4,19 4,31 8,93
EPS Adj 9,96 5,78 10,4
Total extraordinary items after tax -150 0 0
Tax rate (%) -29,2 -31,6 -29
Gross margin (%) 13,1 13,7 15,3
EBITDA margin (%) 11,4 11,5 13,5
EBITA margin (%) 3,7 3,7 5,5
EBIT margin (%) 3,2 3,3 5,1
Pretax margin (%) 1,9 2,1 4
Net margin (%) 1,4 1,4 2,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,8 -1,9 3,5
EBITDA growth (%) 77,4 -1 21
EBIT growth (%) -21,8 0,6 60,2
Net profit growth (%) -40,7 2,2 105
EPS growth (%) -41,6 3 107,1
Profitability 2019 2020 2021
ROE (%) 5,4 5,4 10,3
ROE Adj (%) 12,9 7,2 12
ROCE (%) 5,4 4,8 7,5
ROCE Adj(%) 8,4 5,5 8,2
ROIC (%) 4,1 3,6 6
ROIC Adj (%) 5,8 3,6 6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1436 1273 1541
EBITDA Adj margin (%) 12,8 11,5 13,5
EBITA Adj 563 413 631
EBITA Adj margin (%) 5 3,7 5,5
EBIT Adj 509 361 579
EBIT Adj margin (%) 4,5 3,3 5,1
Pretax profit Adj 420 281 504
Net profit Adj 357 208 373
Net profit to shareholders Adj 352 204 368
Net Adj margin (%) 3,2 1,9 3,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1286 1273 1541
Net financial items -143 -133 -127
Paid tax -114 -72 -131
Non-cash items 126 8 -15
Cash flow before change in WC 1155 1077 1267
Change in WC 182 -74 -99
Operating cash flow 1337 1003 1168
CAPEX tangible fixed assets -133 -88 -171
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 1199 914 997
Dividend paid -104 0 -50
Share issues and buybacks 0 0 0
Other non cash items -1851 0 0
Decrease in net IB debt -1422 220 217
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 2480 2480 2480
Indefinite intangible assets 749 715 697
Definite intangible assets 0 0 0
Tangible fixed assets 296 197 164
Other fixed assets 311 311 311
Fixed assets 6026 5882 5822
Inventories 335 486 503
Receivables 1740 1689 1806
Other current assets 448 440 455
Cash and liquid assets 655 875 1093
Total assets 9204 9373 9678
Shareholders equity 2767 2919 3185
Minority 10 14 19
Total equity 2777 2933 3205
Long-term debt 2135 2135 2135
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 214 200 200
Short-term debt 438 438 438
Accounts payable 1597 1623 1657
Other current liabilities 0 0 0
Total liabilities and equity 9204 9373 9678
Net IB debt 3961 3741 3523
Net IB debt excl. pension debt 3961 3741 3523
Capital invested 6952 6874 6928
Working capital 926 992 1106
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3083 2440 2440
Net IB debt Adj 3961 3741 3523
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 7044 6180 5963
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 132,9 118,9 120
Capital invested turnover (%) 181,6 159,7 165,6
Capital employed turnover (%) 168,5 147,8 148,7
Inventories / sales (%) 3,6 3,7 4,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,1 14,6 14,4
Working capital / sales (%) 9,3 8,7 9,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 142,6 127,5 110
Net debt / market cap (%) 131,8 153,3 144,4
Equity ratio (%) 30,2 31,3 33,1
Net IB debt adj. / equity (%) 142,6 127,5 110
Current ratio (%) 120,7 131,2 143,1
EBITDA / net interest (%) 899,3 960,9 1213,1
Net IB debt / EBITDA (%) 308 293,8 228,7
Interest cover (%) 288,8 311,8 496,6
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 4,19 4,31 8,93
Dividend per share Adj 0 1,4 2,9
EPS Adj 9,96 5,78 10,4
BVPS 78,25 82,56 90,09
BVPS Adj 8,11 12,42 19,95
Net IB debt / share 112 105,8 99,7
Share price 85,02 69 69
Market cap. (m) 3006 2440 2440
Valuation 2019 2020 2021
P/E 20,8 16 7,7
EV/sales 0,63 0,56 0,52
EV/EBITDA 5,5 4,9 3,9
EV/EBITA 17,1 15 9,5
EV/EBIT 19,6 17,1 10,3
Dividend yield (%) 0 2 4,2
FCF yield (%) 38,9 37,5 40,8
P/BVPS 1,11 0,84 0,77
P/BVPS Adj 10,76 5,56 3,46
P/E Adj 8,8 11,9 6,6
EV/EBITDA Adj 4,9 4,9 3,9
EV/EBITA Adj 12,5 15 9,5
EV/EBIT Adj 13,8 17,1 10,3
EV/cap. employed 1 0,8 0,8
Investment ratios 2019 2020 2021
Capex / sales 1,2 0,8 1,5
Capex / depreciation 67,9 52 100,8
Capex tangibles / tangible fixed assets 44,9 44,9 104,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 66,2 86,4 103,8
N/A N/A N/A

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 Jun 2020
Carnegie Fonder 8.9 % 6.1 % 31 Aug 2020
Didner & Gerge Fonder 6.6 % 4.5 % 31 Aug 2020
Svolder 5.6 % 3.8 % 31 Aug 2020
Fjärde AP-fonden 5.5 % 3.8 % 30 Jun 2020
Protector Forsikring ASA 3.6 % 2.5 % 30 Jun 2020
Tredje AP-fonden 1.4 % 1.0 % 30 Jun 2020
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 May 2020
Dan Olsson 0.8 % 0.6 % 30 Jun 2020
Avanza Pension 0.8 % 0.6 % 30 Jun 2020
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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