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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 2019 2020e 2021e
Sales 2068 2190 2356
Sales growth (%) 14,2 5,9 7,6
EBITDA 149 140 190
EBITDA margin (%) 7,2 6,4 8,1
EBIT adj 76 61 91
EBIT adj margin (%) 3,7 2,8 3,9
Pretax profit 32 12 62
EPS rep 0,72 0,12 1,38
EPS growth (%) -3,2 -83,1 1039,7
EPS adj 1,63 1,41 1,76
DPS 0,25 0,24 0,04
EV/EBITDA (x) 6,8 6,4 4,3
EV/EBIT adj (x) 13,3 14,5 9,1
P/E (x) 21,9 115,5 10,1
P/E adj (x) 9,6 9,9 7,9
EV/sales (x) 0,5 0,4 0,4
FCF yield (%) -3 21,3 13,6
Dividend yield (%) 1,6 1,7 0,3
Net IB debt/EBITDA 3,3 3 1,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 2068 2190 2356
COGS -1121 -1226 -1290
Gross profit 947 964 1066
Other operating items -798 -825 -876
EBITDA 149 140 190
Depreciation on tangibles -81 -89 -86
Depreciation on intangibles 0 0 0
EBITA 68 50 104
Goodwill impairment charges 0 0 0
Other impairment and amortisation -11 -16 -13
EBIT 57 34 91
Other financial items 0 0 0
Net financial items -25 -22 -29
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 32 12 62
Tax -9 -8 -16
Net profit 24 4 47
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 24 4 47
EPS 0,72 0,12 1,38
EPS Adj 1,63 1,41 1,76
Total extraordinary items after tax -19,2 -27,5 0
Tax rate (%) -26,9 -64,9 -25
Gross margin (%) 45,8 44 45,2
EBITDA margin (%) 7,2 6,4 8,1
EBITA margin (%) 3,3 2,3 4,4
EBIT margin (%) 2,7 1,5 3,9
Pretax margin (%) 1,6 0,5 2,6
Net margin (%) 1,1 0,2 2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,2 5,9 7,6
EBITDA growth (%) 31,6 -6,3 36,2
EBIT growth (%) 5 -40,3 168,5
Net profit growth (%) 13,5 -82,6 1039,7
EPS growth (%) -3,2 -83,1 1039,7
Profitability 2019 2020 2021
ROE (%) 5,2 0,8 8,9
ROE Adj (%) 11,9 9,6 11,4
ROCE (%) 6,4 3,2 8,4
ROCE Adj(%) 9,9 7,3 9,6
ROIC (%) 4,9 1,2 6,9
ROIC Adj (%) 6,6 2,1 6,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 168 167 190
EBITDA Adj margin (%) 8,1 7,6 8,1
EBITA Adj 87 78 104
EBITA Adj margin (%) 4,2 3,5 4,4
EBIT Adj 76 61 91
EBIT Adj margin (%) 3,7 2,8 3,9
Pretax profit Adj 63 55 75
Net profit Adj 54 48 60
Net profit to shareholders Adj 54 48 60
Net Adj margin (%) 2,6 2,2 2,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 149 140 190
Net financial items -25 -22 -29
Paid tax -9 -8 -16
Non-cash items 0 0 0
Cash flow before change in WC 116 110 146
Change in WC 6 69 -6
Operating cash flow 122 179 140
CAPEX tangible fixed assets -51 -75 -75
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -87 -3 0
Free cash flow -15 101 64
Dividend paid -8 0 -1
Share issues and buybacks 0 0 0
Other non cash items -308 -74 0
Decrease in net IB debt -272 77 63
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 299 304 304
Indefinite intangible assets 0 0 0
Definite intangible assets 113 103 103
Tangible fixed assets 279 285 275
Other fixed assets 32 27 27
Fixed assets 866 859 849
Inventories 423 460 495
Receivables 150 166 143
Other current assets 17 18 18
Cash and liquid assets 67 149 212
Total assets 1523 1652 1717
Shareholders equity 498 501 546
Minority 0 0 0
Total equity 498 501 546
Long-term debt 210 187 187
Pension debt 109 114 114
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 46 86 76
Short-term debt 101 135 135
Accounts payable 232 294 310
Other current liabilities 190 208 223
Total liabilities and equity 1523 1652 1717
Net IB debt 491 414 351
Net IB debt excl. pension debt 382 300 237
Capital invested 1034 1001 973
Working capital 169 142 124
EV breakdown 2019 2020 2021
Market cap. diluted (m) 516 474 474
Net IB debt Adj 491 414 351
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 1007 888 825
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 157,9 137,9 139,9
Capital invested turnover (%) 244,3 215,2 238,8
Capital employed turnover (%) 234,6 206,7 216,9
Inventories / sales (%) 17,2 20,2 20,3
Customer advances / sales (%) 2,4 2,6 2,7
Payables / sales (%) 10,9 12 12,8
Working capital / sales (%) 5,1 7,1 5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 98,6 82,7 64,3
Net debt / market cap (%) 94,6 87,3 74
Equity ratio (%) 32,7 30,3 31,8
Net IB debt adj. / equity (%) 98,6 82,7 64,3
Current ratio (%) 115,7 115,9 121,6
EBITDA / net interest (%) 608,2 627,8 662,6
Net IB debt / EBITDA (%) 329,5 296,5 184,6
Interest cover (%) 277,1 225,5 362,7
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 33 34 34
Fully diluted shares Adj 33 34 34
EPS 0,72 0,12 1,38
Dividend per share Adj 0,2 0,2 0
EPS Adj 1,63 1,41 1,76
BVPS 15,09 14,73 16,07
BVPS Adj 2,59 2,74 4,08
Net IB debt / share 14,9 12,2 10,3
Share price 15,73 13,95 13,95
Market cap. (m) 519 474 474
Valuation 2019 2020 2021
P/E 21,9 115,5 10,1
EV/sales 0,49 0,41 0,35
EV/EBITDA 6,8 6,4 4,3
EV/EBITA 14,8 17,7 7,9
EV/EBIT 17,7 26,2 9,1
Dividend yield (%) 1,6 1,7 0,3
FCF yield (%) -3 21,3 13,6
P/BVPS 1,04 0,95 0,87
P/BVPS Adj 6,04 5,09 3,42
P/E Adj 9,6 9,9 7,9
EV/EBITDA Adj 6 5,3 4,3
EV/EBITA Adj 11,6 11,4 7,9
EV/EBIT Adj 13,3 14,5 9,1
EV/cap. employed 1 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 2,4 3,4 3,2
Capex / depreciation 62,3 83,7 87,8
Capex tangibles / tangible fixed assets 18,1 26,3 27,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 29,1 31,4 31,3
N/A N/A N/A

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 % 30 Sep 2020
Francesco Franzé 10.1 % 10.1 % 12 May 2020
Ritter Beteiligungs Gmbh 8.8 % 8.8 % 25 Jul 2019
Nordnet Pensionsförsäkring 7.8 % 7.8 % 30 Sep 2020
Avanza Pension 7.8 % 7.8 % 30 Sep 2020
Massimiliano Franzé 6.8 % 6.8 % 21 May 2018
Håkan Halén 6.1 % 6.1 % 30 Sep 2020
Svenska Handelsbanken AB for PB 5.2 % 5.2 % 30 Sep 2020
Lannebo Fonder 3.9 % 3.9 % 30 Sep 2020
Eugen Steiner 3.5 % 3.5 % 30 Sep 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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