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Hanza

Hanza

Complete manufacturing solution

HANZA is a manufacturing company founded in 2008 with the vision “all you need is one”. This means that it aims to provide a complete manufacturing solution for its clients. The company's manufacturing expertise spans over solutions within mechanics, electronics, cabling and assembly. HANZA’s production sites are formed as clusters serving customers at a local level, with operations in the Nordic, Baltics, Asia and Central Europe.

The biggest opportunity for the industry in general is the near-sourcing trend that has hit the market. Partly for environmental reasons, but also for cost and efficiency purposes, companies are moving back their outsourcing activities to more proximate sites. For HANZA in particular, the main opportunity lies in its expansion to new markets, with Germany as the most recent through the acquisition of RITTER Technologies. The German economy is the largest in Europe, and the fourth-largest in the world.

HANZA’s biggest risk is its exposure towards the overall economic cycle. In a recession, we expect that it will be difficult for HANZA to maintain its 10% sales growth target. Increased competition and consequent price pressure might affect the group negatively. Furthermore, it could be difficult for the company to find and hire the right competence during high-growth periods.

SEKm 2020 2021e 2022e
Sales 2155 2272 2429
Sales growth (%) 4,2 5,4 6,9
EBITDA 139 183 206
EBITDA margin (%) 6,4 8 8,5
EBIT adj 56 90 109
EBIT adj margin (%) 2,6 3,9 4,5
Pretax profit 9 61 75
EPS rep -0,04 1,34 1,65
EPS growth (%) -105,8 3362,8 22,4
EPS adj 1,18 1,71 2,04
DPS 0,25 -0,01 0,45
EV/EBITDA (x) 6,3 4,9 4,1
EV/EBIT adj (x) 15,6 10,1 7,8
P/E (x) -338,6 11,6 9,5
P/E adj (x) 11,8 9,1 7,7
EV/sales (x) 0,4 0,4 0,3
FCF yield (%) 25,7 6,1 13,5
Dividend yield (%) 1,8 -0,1 2,9
Net IB debt/EBITDA 2,9 2 1,5
N/A N/A N/A
Lease adj. FCF yield (%) 25,7 6,1 13,5
Lease adj. ND/EBITDA 1,7 1,4 0,9
SEKm 2020 2021e 2022e
Sales 2155 2272 2429
COGS -1200 -1232 -1312
Gross profit 955 1040 1117
Other operating items -816 -857 -912
EBITDA 139 183 206
Depreciation on tangibles -91 -81 -84
Depreciation on intangibles 0 0 0
EBITA 48 102 122
Goodwill impairment charges 0 0 0
Other impairment and amortisation -17 -12 -13
EBIT 31 90 109
Other financial items 0 0 0
Net financial items -22 -29 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 9 61 75
Tax -10 -15 -19
Net profit -1 46 56
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 46 56
EPS -0,04 1,34 1,65
EPS Adj 1,18 1,71 2,04
Total extraordinary items after tax -25 0 0
Tax rate (%) -115,7 -25 -25
Gross margin (%) 44,3 45,8 46
EBITDA margin (%) 6,4 8 8,5
EBITA margin (%) 2,2 4,5 5
EBIT margin (%) 1,5 3,9 4,5
Pretax margin (%) 0,4 2,7 3,1
Net margin (%) -0,1 2 2,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 4,2 5,4 6,9
EBITDA growth (%) -7 31,8 12,6
EBIT growth (%) -44,9 186,2 21,2
Net profit growth (%) -105,9 3362,8 22,4
EPS growth (%) -105,8 3362,8 22,4
Profitability 2020 2021 2022
ROE (%) -0,3 9,2 10,3
ROE Adj (%) 8,2 11,7 12,8
ROCE (%) 3 8,7 10,2
ROCE Adj(%) 7,1 10 11,4
ROIC (%) -0,5 7,2 8,7
ROIC Adj (%) -0,9 7,2 8,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 164 183 206
EBITDA Adj margin (%) 7,6 8 8,5
EBITA Adj 73 102 122
EBITA Adj margin (%) 3,4 4,5 5
EBIT Adj 56 90 109
EBIT Adj margin (%) 2,6 3,9 4,5
Pretax profit Adj 50 73 88
Net profit Adj 40 58 69
Net profit to shareholders Adj 40 58 69
Net Adj margin (%) 1,9 2,6 2,9
N/A N/A N/A
Depreciation and amortisation -91 -81 -84
Of which leasing depreciation 0 0 0
EO items -25 0 0
Impairment and PPA amortisation -17 -12 -13
EBITDA lease Adj 164 183 206
EBITDA lease Adj margin (%) 7,6 8 8,5
SEKm 2020 2021e 2022e
EBITDA 139 183 206
Net financial items -22 -29 -34
Paid tax -10 -15 -19
Non-cash items 0 0 0
Cash flow before change in WC 106 139 153
Change in WC 76 -33 -5
Operating cash flow 182 105 148
CAPEX tangible fixed assets -60 -73 -76
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 122 32 72
Dividend paid 0 0 -15
Share issues and buybacks 0 0 0
Other non cash items -21 -14 -14
Decrease in net IB debt 85 33 56
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 298 298 298
Indefinite intangible assets 0 0 0
Definite intangible assets 98 98 98
Tangible fixed assets 270 262 254
Other fixed assets 27 27 27
Fixed assets 830 823 815
Inventories 342 361 386
Receivables 101 128 125
Other current assets 19 19 19
Cash and liquid assets 121 154 210
Total assets 1414 1485 1555
Shareholders equity 475 521 562
Minority 0 0 0
Total equity 475 521 562
Long-term debt 175 175 175
Pension debt 110 110 110
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 43 50 54
Short-term debt 119 119 119
Accounts payable 200 209 223
Other current liabilities 169 177 189
Total liabilities and equity 1414 1485 1555
Net IB debt 406 373 317
Net IB debt excl. pension debt 296 263 207
Capital invested 924 944 933
Working capital 94 122 118
EV breakdown 2020 2021 2022
Market cap. diluted (m) 474 530 530
Net IB debt Adj 406 373 317
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 880 903 847
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 146,7 156,7 159,8
Capital invested turnover (%) 220 243,1 258,7
Capital employed turnover (%) 209,4 221,5 227,3
Inventories / sales (%) 17,8 15,5 15,4
Customer advances / sales (%) 2,2 2 1,9
Payables / sales (%) 10 9 8,9
Working capital / sales (%) 6,1 4,8 4,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 85,5 71,6 56,5
Net debt / market cap (%) 85,8 70,4 59,8
Equity ratio (%) 33,6 35,1 36,1
Net IB debt adj. / equity (%) 85,5 71,6 56,5
Current ratio (%) 110,1 120,9 129,1
EBITDA / net interest (%) 618,8 637,2 605
Net IB debt / EBITDA (%) 292,9 204,1 154,2
Interest cover (%) 213,4 356 358,5
N/A N/A N/A
Lease liability amortisation 0 0 0
Other intangible assets 98 98 98
Right-of-use asset 138 138 138
Total other fixed assets 27 27 27
Leasing liability 124 124 124
Total other long-term liabilities 43 50 54
Net IB debt excl. leasing 282 249 193
Net IB debt / EBITDA lease Adj (%) 172,3 136,3 93,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 34 34 34
Fully diluted shares Adj 34 34 34
EPS -0,04 1,34 1,65
Dividend per share Adj 0,3 0 0,5
EPS Adj 1,18 1,71 2,04
BVPS 13,98 15,33 16,53
BVPS Adj 2,33 3,69 4,88
Net IB debt / share 11,9 11 9,3
Share price 13,92 15,6 15,6
Market cap. (m) 473 530 530
Valuation 2020 2021 2022
P/E -338,6 11,6 9,5
EV/sales 0,41 0,4 0,35
EV/EBITDA 6,3 4,9 4,1
EV/EBITA 18,4 8,8 6,9
EV/EBIT 28,1 10,1 7,8
Dividend yield (%) 1,8 -0,1 2,9
FCF yield (%) 25,7 6,1 13,5
P/BVPS 1 1,02 0,94
P/BVPS Adj 5,99 4,23 3,19
P/E Adj 11,8 9,1 7,7
EV/EBITDA Adj 5,4 4,9 4,1
EV/EBITA Adj 12,1 8,8 6,9
EV/EBIT Adj 15,6 10,1 7,8
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2020 2021 2022
Capex / sales 2,8 3,2 3,1
Capex / depreciation 66 90,6 91
Capex tangibles / tangible fixed assets 22,2 27,9 30
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 33,7 30,8 32,9
N/A N/A N/A
Lease adj. FCF yield (%) 25,7 6,1 13,5

Equity research

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Media

Hanza - Company presentation with CEO Erik Stenfors & CFO Lars Åkerblom

Main shareholders - Hanza

Main shareholders Share capital % Voting shares % Verified
Gerald Engström 19.9 % 19.9 % 31 Dec 2020
Francesco Franzé 10.1 % 10.1 % 12 May 2020
Ritter Beteiligungs Gmbh 8.8 % 8.8 % 25 Jul 2019
Avanza Pension 7.9 % 7.9 % 31 Dec 2020
Nordnet Pensionsförsäkring 7.9 % 7.9 % 31 Dec 2020
Massimiliano Franzé 6.8 % 6.8 % 21 May 2018
Håkan Halén 6.1 % 6.1 % 31 Dec 2020
Svenska Handelsbanken AB for PB 5.2 % 5.2 % 31 Dec 2020
Eugen Steiner 3.4 % 3.4 % 31 Dec 2020
Protector Forsikring ASA 3.2 % 3.2 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Hanza

Name Quantity Code Date
Håkan Halén + 20 000 BUY 13 May 2020
Francesco Franzé + 5 000 BUY 12 May 2020
Andreas Nordin + 250 000 ALTM 12 May 2020
Erik Ivar Bertil Stenfors + 350 000 ALTM 12 May 2020
Francesco Franzé - 5 000 SELL 11 May 2020
Francesco Franzé + 5 000 BUY 11 May 2020
Håkan Halén + 20 000 BUY 5 May 2020
Håkan Halén + 20 000 BUY 4 May 2020
Färna Invest AB + 274 507 BUY 25 Mar 2020
Francesco Franzé + 6 139 BUY 23 Mar 2020

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