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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 2336 2441
Sales growth (%) 14,2 13 4,5
EBITDA 149 190 206
EBITDA margin (%) 7,2 8,1 8,4
EBIT adj 76 90 101
EBIT adj margin (%) 3,7 3,8 4,1
Pretax profit 32 52 62
EPS rep 0,72 1,12 1,33
EPS growth (%) -3,2 56,9 18,7
EPS adj 1,62 1,55 1,78
DPS 0,25 0,24 0,38
EV/EBITDA (x) 6,8 4,2 3,7
EV/EBIT adj (x) 13,3 9 7,6
P/E (x) 21,9 9,8 8,3
P/E adj (x) 9,6 7,1 6,2
EV/sales (x) 0,5 0,3 0,3
FCF yield (%) -3 20,5 22,8
Dividend yield (%) 1,6 2,2 3,4
Net IB debt/EBITDA 3,3 2,3 1,9
SEKm 2019 2020e 2021e
Sales 2068 2336 2441
COGS 947 1075 1122
Gross profit 3014 3411 3564
Other operating items -2865 -3221 -3358
EBITDA 149 190 206
Depreciation on tangibles -81 -86 -90
Depreciation on intangibles 0 0 0
EBITA 68 104 116
Goodwill impairment charges 0 0 0
Other impairment and amortisation -11 -14 -15
EBIT 57 90 101
Other financial items 0 0 0
Net financial items -25 -37 -39
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 32 52 62
Tax -9 -15 -18
Net profit 24 37 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 24 37 44
EPS 0,72 1,12 1,33
EPS Adj 1,62 1,55 1,78
Total extraordinary items after tax -19,2 0 0
Tax rate (%) -26,9 -29 -29
Gross margin (%) 145,8 146 146
EBITDA margin (%) 7,2 8,1 8,4
EBITA margin (%) 3,3 4,4 4,7
EBIT margin (%) 2,7 3,8 4,1
Pretax margin (%) 1,6 2,2 2,5
Net margin (%) 1,1 1,6 1,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 14,2 13 4,5
EBITDA growth (%) 31,6 27,5 8,4
EBIT growth (%) 5 57,6 12,7
Net profit growth (%) 13,5 56,9 18,7
EPS growth (%) -3,2 56,9 18,7
Profitability 2019 2020 2021
ROE (%) 5,2 7,2 8,1
ROE Adj (%) 11,8 10 10,8
ROCE (%) 6,4 8,3 8,9
ROCE Adj(%) 9,8 9,6 10,2
ROIC (%) 4,9 6,2 7,1
ROIC Adj (%) 6,6 6,2 7,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 168 190 206
EBITDA Adj margin (%) 8,1 8,1 8,4
EBITA Adj 87 104 116
EBITA Adj margin (%) 4,2 4,4 4,7
EBIT Adj 76 90 101
EBIT Adj margin (%) 3,7 3,8 4,1
Pretax profit Adj 62 66 77
Net profit Adj 54 51 59
Net profit to shareholders Adj 54 51 59
Net Adj margin (%) 2,6 2,2 2,4
SEKm 2019 2020e 2021e
EBITDA 149 190 206
Net financial items -25 -37 -39
Paid tax -9 -15 -18
Non-cash items 0 0 0
Cash flow before change in WC 116 137 149
Change in WC -127 9 -3
Operating cash flow 122 150 160
CAPEX tangible fixed assets -51 -76 -77
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -87 0 0
Free cash flow -15 75 83
Dividend paid -8 -8 -12
Share issues and buybacks 0 0 0
Other non cash items -308 -37 -36
Decrease in net IB debt -272 49 41
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 299 299 299
Indefinite intangible assets 0 0 0
Definite intangible assets 113 113 113
Tangible fixed assets 279 268 255
Other fixed assets 32 32 32
Fixed assets 866 855 842
Inventories 423 467 488
Receivables 150 165 165
Other current assets 17 17 17
Cash and liquid assets 67 133 203
Total assets 1523 1638 1717
Shareholders equity 498 527 558
Minority 0 0 0
Total equity 498 527 558
Long-term debt 210 228 257
Pension debt 109 109 109
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 46 46 46
Short-term debt 101 101 101
Accounts payable 232 270 278
Other current liabilities 190 220 230
Total liabilities and equity 1523 1638 1717
Net IB debt 491 442 401
Net IB debt excl. pension debt 382 333 292
Capital invested 1034 1015 1005
Working capital 169 160 163
EV breakdown 2019 2020 2021
Market cap. diluted (m) 516 363 363
Net IB debt Adj 491 442 401
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 805 764
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 157,9 147,8 145,5
Capital invested turnover (%) 244,3 228 241,7
Capital employed turnover (%) 234,6 216,5 215,5
Inventories / sales (%) 17,2 19 19,6
Customer advances / sales (%) 2,4 2,5 2,6
Payables / sales (%) 10,9 10,7 11,2
Working capital / sales (%) 5,1 7 6,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 98,6 84 71,8
Net debt / market cap (%) 94,6 121,9 110,5
Equity ratio (%) 32,7 32,2 32,5
Net IB debt adj. / equity (%) 98,6 84 71,8
Current ratio (%) 115,7 123,1 133,6
EBITDA / net interest (%) 608,2 508,3 527,2
Net IB debt / EBITDA (%) 329,5 232,8 194,7
Interest cover (%) 275,9 277 295,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS 0,72 1,12 1,33
Dividend per share Adj 0,2 0,2 0,4
EPS Adj 1,62 1,55 1,78
BVPS 15,09 15,97 16,93
BVPS Adj 2,59 3,47 4,43
Net IB debt / share 14,9 13,4 12,2
Share price 15,73 11 11
Market cap. (m) 519 363 363
Valuation 2019 2020 2021
P/E 21,9 9,8 8,3
EV/sales 0,49 0,34 0,31
EV/EBITDA 6,8 4,2 3,7
EV/EBITA 14,9 7,8 6,6
EV/EBIT 17,7 9 7,6
Dividend yield (%) 1,6 2,2 3,4
FCF yield (%) -3 20,5 22,8
P/BVPS 1,04 0,69 0,65
P/BVPS Adj 6,04 3,17 2,49
P/E Adj 9,6 7,1 6,2
EV/EBITDA Adj 6 4,2 3,7
EV/EBITA Adj 11,6 7,8 6,6
EV/EBIT Adj 13,3 9 7,6
EV/cap. employed 1 0,7 0,7
Investment ratios 2019 2020 2021
Capex / sales 2,4 3,2 3,2
Capex / depreciation 62 87,5 85,8
Capex tangibles / tangible fixed assets 18,1 28,2 30,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 29,2 32,3 35,4

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 % 25 Mar 2020
Francesco Franzé 10.1 % 10.1 % 23 Mar 2020
Ritter Beteiligungs Gmbh 8.8 % 8.8 % 25 Jul 2019
Nordnet Pensionsförsäkring 7.6 % 7.6 % 31 Dec 2019
Avanza Pension 7.6 % 7.6 % 31 Dec 2019
Massimiliano Franzé 6.8 % 6.8 % 21 May 2018
Håkan Halén 5.9 % 5.9 % 31 Dec 2019
Svenska Handelsbanken AB for PB 5.2 % 5.2 % 31 Dec 2019
Lannebo Fonder 4.6 % 4.6 % 31 Dec 2019
Eugen Steiner 3.5 % 3.5 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Hanza

Name Quantity Code Date
Färna Invest AB + 274 507 BUY 25 Mar 2020
Francesco Franzé + 6 139 BUY 23 Mar 2020
Erik Ivar Bertil Stenfors + 2 000 BUY 17 Mar 2020
Erik Ivar Bertil Stenfors + 8 000 BUY 12 Mar 2020
Färna Invest AB + 511 459 BUY 25 Nov 2019
Färna Invest AB + 160 591 BUY 22 Nov 2019
Erik Ivar Bertil Stenfors + 10 000 BUY 18 Nov 2019
Erik Ivar Bertil Stenfors + 3 844 BUY 18 Nov 2019
Erik Ivar Bertil Stenfors + 5 000 BUY 15 Nov 2019
Erik Ivar Bertil Stenfors + 10 000 BUY 15 Nov 2019

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