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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 10959 11147
Sales growth (%) 4,8 -2,6 1,7
EBITDA 1286 1330 1548
EBITDA margin (%) 11,4 12,1 13,9
EBIT adj 509 455 632
EBIT adj margin (%) 4,5 4,2 5,7
Pretax profit 216 331 532
EPS rep 4,19 6,3 10,53
EPS growth (%) -41,6 50,4 67,3
EPS adj 9,96 7,77 12
DPS 0 1,4 2,9
EV/EBITDA (x) 5,5 5,1 4,2
EV/EBIT adj (x) 13,8 14,8 10,2
P/E (x) 20,8 13,6 8,1
P/E adj (x) 8,8 11 7,1
EV/sales (x) 0,6 0,6 0,6
FCF yield (%) 38,9 31,7 34,2
Dividend yield (%) 0 1,6 3,4
Net IB debt/EBITDA 3,1 2,8 2,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 11254 10959 11147
COGS -9780 -9443 -9450
Gross profit 1474 1516 1697
Other operating items -188 -186 -149
EBITDA 1286 1330 1548
Depreciation on tangibles -196 -142 -192
Depreciation on intangibles 0 0 0
EBITA 413 507 684
Goodwill impairment charges 0 0 0
Other impairment and amortisation -54 -52 -52
EBIT 359 455 632
Other financial items 0 0 0
Net financial items -143 -124 -100
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 216 331 532
Tax -63 -104 -154
Net profit 153 227 377
Minority interest -5 -4 -5
Net profit discontinued 0 0 0
Net profit to shareholders 148 223 372
EPS 4,19 6,3 10,53
EPS Adj 9,96 7,77 12
Total extraordinary items after tax -150 0 0
Tax rate (%) -29,2 -31,5 -29
Gross margin (%) 13,1 13,8 15,2
EBITDA margin (%) 11,4 12,1 13,9
EBITA margin (%) 3,7 4,6 6,1
EBIT margin (%) 3,2 4,2 5,7
Pretax margin (%) 1,9 3 4,8
Net margin (%) 1,4 2,1 3,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,8 -2,6 1,7
EBITDA growth (%) 77,4 3,4 16,4
EBIT growth (%) -21,8 26,7 38,9
Net profit growth (%) -40,7 48,1 66,5
EPS growth (%) -41,6 50,4 67,3
Profitability 2019 2020 2021
ROE (%) 5,4 7,7 11,8
ROE Adj (%) 12,9 9,5 13,5
ROCE (%) 5,4 6,1 8,1
ROCE Adj(%) 8,4 6,8 8,8
ROIC (%) 4,1 4,5 6,5
ROIC Adj (%) 5,8 4,5 6,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1436 1330 1548
EBITDA Adj margin (%) 12,8 12,1 13,9
EBITA Adj 563 507 684
EBITA Adj margin (%) 5 4,6 6,1
EBIT Adj 509 455 632
EBIT Adj margin (%) 4,5 4,2 5,7
Pretax profit Adj 420 383 584
Net profit Adj 357 279 429
Net profit to shareholders Adj 352 275 424
Net Adj margin (%) 3,2 2,5 3,9
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1286 1330 1548
Net financial items -143 -124 -100
Paid tax -114 -104 -154
Non-cash items 126 12 -8
Cash flow before change in WC 1155 1113 1286
Change in WC 182 -70 -87
Operating cash flow 1337 1043 1199
CAPEX tangible fixed assets -133 -88 -167
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 1199 956 1031
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 262 252
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 2480 2480 2480
Indefinite intangible assets 749 715 696
Definite intangible assets 0 0 0
Tangible fixed assets 296 224 166
Other fixed assets 311 311 311
Fixed assets 6026 5919 5900
Inventories 335 482 490
Receivables 1740 1677 1761
Other current assets 448 436 444
Cash and liquid assets 655 917 1169
Total assets 9204 9431 9764
Shareholders equity 2767 2989 3312
Minority 10 14 19
Total equity 2777 3004 3332
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 1611 1616
Other current liabilities 0 0 0
Total liabilities and equity 9204 9431 9764
Net IB debt 3961 3699 3447
Net IB debt excl. pension debt 3961 3699 3447
Capital invested 6952 6903 6979
Working capital 926 984 1079
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3083 3020 3020
Net IB debt Adj 3961 3699 3447
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 6719 6467
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 132,9 117,6 116,2
Capital invested turnover (%) 181,6 158,2 160,6
Capital employed turnover (%) 168,5 146 143,2
Inventories / sales (%) 3,6 3,7 4,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,1 14,6 14,5
Working capital / sales (%) 9,3 8,7 9,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 142,6 123,2 103,5
Net debt / market cap (%) 131,8 122,5 114,2
Equity ratio (%) 30,2 31,9 34,1
Net IB debt adj. / equity (%) 142,6 123,2 103,5
Current ratio (%) 120,7 132,6 145,6
EBITDA / net interest (%) 899,3 1072,4 1547,6
Net IB debt / EBITDA (%) 308 278,2 222,8
Interest cover (%) 288,8 408,7 683,6
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 6,3 10,53
Dividend per share Adj 0 1,4 2,9
EPS Adj 9,96 7,77 12
BVPS 78,25 84,54 93,68
BVPS Adj 8,11 14,4 23,54
Net IB debt / share 112 104,6 97,5
Share price 85,02 85,4 85,4
Market cap. (m) 3006 3020 3020
Valuation 2019 2020 2021
P/E 20,8 13,6 8,1
EV/sales 0,63 0,61 0,58
EV/EBITDA 5,5 5,1 4,2
EV/EBITA 17,1 13,3 9,5
EV/EBIT 19,6 14,8 10,2
Dividend yield (%) 0 1,6 3,4
FCF yield (%) 38,9 31,7 34,2
P/BVPS 1,11 1,01 0,91
P/BVPS Adj 10,76 5,93 3,63
P/E Adj 8,8 11 7,1
EV/EBITDA Adj 4,9 5,1 4,2
EV/EBITA Adj 12,5 13,3 9,5
EV/EBIT Adj 13,8 14,8 10,2
EV/cap. employed 1 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 1,2 0,8 1,5
Capex / depreciation 67,9 61,7 87,1
Capex tangibles / tangible fixed assets 44,9 39,1 100,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 66,2 63,4 115,7
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 Sep 2020
Carnegie Fonder 6.8 % 4.6 % 31 Oct 2020
Didner & Gerge Fonder 6.6 % 4.5 % 31 Oct 2020
Svolder 5.8 % 4.0 % 30 Sep 2020
Protector Forsikring ASA 5.5 % 3.8 % 16 Oct 2020
Fjärde AP-fonden 5.3 % 3.6 % 30 Sep 2020
Tredje AP-fonden 1.4 % 1.0 % 30 Sep 2020
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Jul 2020
Dan Olsson 0.8 % 0.6 % 30 Sep 2020
Avanza Pension 0.8 % 0.5 % 30 Sep 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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