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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 2373 2589
Sales growth (%) 4,2 10,1 9,1
EBITDA 139 196 221
EBITDA margin (%) 6,4 8,2 8,5
EBIT adj 56 100 118
EBIT adj margin (%) 2,6 4,2 4,5
Pretax profit 9 67 81
EPS rep -0,04 1,4 1,71
EPS growth (%) -106 3383,7 22,2
EPS adj 1,22 1,95 2,12
DPS 0,25 0,25 0,47
EV/EBITDA (x) 6,2 6,4 5,4
EV/EBIT adj (x) 15,3 12,5 10,2
P/E (x) -326,6 14,3 11,7
P/E adj (x) 11,4 10,3 9,4
EV/sales (x) 0,4 0,5 0,5
FCF yield (%) 26,6 -5,2 9,9
Dividend yield (%) 1,8 1,3 2,4
Net IB debt/EBITDA 2,9 2,7 2,2
Lease adj. FCF yield (%) 26,6 -5,2 9,9
Lease adj. ND/EBITDA 1,7 1,8 1,4
SEKm 2020 2021e 2022e
Sales 2155 2373 2589
COGS -1200 -1281 -1398
Gross profit 955 1092 1191
Other operating items -816 -897 -970
EBITDA 139 196 221
Depreciation on tangibles -91 -81 -84
Depreciation on intangibles 0 0 0
EBITA 48 108 132
Goodwill impairment charges 0 0 0
Other impairment and amortisation -17 -12 -13
EBIT 31 94 118
Other financial items 0 0 0
Net financial items -22 -28 -36
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 9 67 81
Tax -10 -16 -20
Net profit -1 50 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 50 61
EPS -0,04 1,4 1,71
EPS Adj 1,22 1,95 2,12
Total extraordinary items after tax -25 -6 0
Tax rate (%) -115,7 -24,6 -24,6
Gross margin (%) 44,3 46 46
EBITDA margin (%) 6,4 8,2 8,5
EBITA margin (%) 2,2 4,5 5,1
EBIT margin (%) 1,5 4 4,5
Pretax margin (%) 0,4 2,8 3,1
Net margin (%) -0,1 2,1 2,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 4,2 10,1 9,1
EBITDA growth (%) -7 41,1 13
EBIT growth (%) -44,9 201,2 24,7
Net profit growth (%) -105,9 3684,2 22,2
EPS growth (%) -106 3383,7 22,2
Profitability 2020 2021 2022
ROE (%) -0,3 9,8 10,7
ROE Adj (%) 8,2 13,5 13,2
ROCE (%) 3 8,7 10
ROCE Adj(%) 7,1 10,5 11,2
ROIC (%) -0,5 6,9 7,9
ROIC Adj (%) -0,9 7,4 7,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 164 202 221
EBITDA Adj margin (%) 7,6 8,5 8,5
EBITA Adj 73 114 132
EBITA Adj margin (%) 3,4 4,8 5,1
EBIT Adj 56 100 118
EBIT Adj margin (%) 2,6 4,2 4,5
Pretax profit Adj 50 86 96
Net profit Adj 40 70 76
Net profit to shareholders Adj 40 70 76
Net Adj margin (%) 1,9 2,9 2,9
Depreciation and amortisation -91 -88 -89
Of which leasing depreciation 0 0 0
EO items -25 -6 0
Impairment and PPA amortisation -17 -13 -15
EBITDA lease Adj 164 202 221
EBITDA lease Adj margin (%) 7,6 8,5 8,5
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 139 196 221
Net financial items -22 -28 -36
Paid tax -10 -16 -20
Non-cash items 0 0 0
Cash flow before change in WC 106 152 165
Change in WC 76 -94 -17
Operating cash flow 182 58 147
CAPEX tangible fixed assets -60 -75 -77
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -20 0
Free cash flow 122 -37 71
Dividend paid 0 -9 -17
Share issues and buybacks 0 0 0
Other non cash items -21 -152 -16
Decrease in net IB debt 85 33 56
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 298 339 339
Indefinite intangible assets 0 0 0
Definite intangible assets 98 98 98
Tangible fixed assets 270 290 277
Other fixed assets 27 27 27
Fixed assets 830 948 936
Inventories 342 452 493
Receivables 101 161 162
Other current assets 19 20 20
Cash and liquid assets 121 65 118
Total assets 1414 1646 1730
Shareholders equity 475 553 597
Minority 0 0 0
Total equity 475 553 597
Long-term debt 175 196 196
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 119 129 129
Accounts payable 200 218 238
Other current liabilities 169 235 256
Total liabilities and equity 1414 1646 1730
Net IB debt 406 537 484
Net IB debt excl. pension debt 296 427 374
Capital invested 924 1128 1117
Working capital 94 181 182
EV breakdown 2020 2021 2022
Market cap. diluted (m) 457 716 716
Net IB debt Adj 406 537 484
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 863 1253 1199
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 146,7 155,1 153,3
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 5,8 7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 85,5 97,2 81,1
Net debt / market cap (%) 89 75 67,6
Equity ratio (%) 33,6 33,6 34,5
Net IB debt adj. / equity (%) 85,5 97,2 81,1
Current ratio (%) 110,1 111,8 119,3
EBITDA / net interest (%) 618,8 706 610,2
Net IB debt / EBITDA (%) 292,9 274,5 218,8
Interest cover (%) 213,4 388,7 364,9
Lease liability amortisation 0 0 0
Other intangible assets 98 113 113
Right-of-use asset 138 183 183
Total other fixed assets 27 24 24
Leasing liability 124 168 168
Total other long-term liabilities 43 38 37
Net IB debt excl. leasing 282 369 316
Net IB debt / EBITDA lease Adj (%) 172,3 183 142,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 33 36 36
Fully diluted shares Adj 33 36 36
EPS -0,04 1,4 1,71
Dividend per share Adj 0,3 0,3 0,5
EPS Adj 1,22 1,95 2,12
BVPS 14,49 15,45 16,68
BVPS Adj 2,42 2,83 4,07
Net IB debt / share 12,4 15 13,5
Share price 13,92 20 20
Market cap. (m) 456 716 716
Valuation 2020 2021 2022
P/E -326,6 14,3 11,7
EV/sales 0,4 0,53 0,46
EV/EBITDA 6,2 6,4 5,4
EV/EBITA 18,1 11,6 9,1
EV/EBIT 27,6 13,3 10,2
Dividend yield (%) 1,8 1,3 2,4
FCF yield (%) 26,6 -5,2 9,9
P/BVPS 0,96 1,29 1,2
P/BVPS Adj 5,77 7,05 4,91
P/E Adj 11,4 10,3 9,4
EV/EBITDA Adj 5,3 6,2 5,4
EV/EBITA Adj 11,9 11 9,1
EV/EBIT Adj 15,3 12,5 10,2
EV/cap. employed 0,9 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 2,8 3,2 3
Capex / depreciation 66 85,5 86,4
Capex tangibles / tangible fixed assets 22,2 26 27,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 33,7 30,4 32
Lease adj. FCF yield (%) 26,6 -5,2 9,9

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 20.0 % 20.0 % 27 Apr 2021
Francesco Franzé 10.0 % 10.0 % 10 May 2021
Ritter Beteiligungs Gmbh 8.8 % 8.8 % 25 Jul 2019
Avanza Pension 7.5 % 7.5 % 31 Mar 2021
Nordnet Pensionsförsäkring 7.1 % 7.1 % 31 Mar 2021
Massimiliano Franzé 6.8 % 6.8 % 21 May 2018
Håkan Halén 5.8 % 5.8 % 31 Mar 2021
Svenska Handelsbanken AB for PB 4.9 % 4.9 % 31 Mar 2021
Protector Forsikring ASA 3.1 % 3.1 % 31 Mar 2021
Eugen Steiner 2.8 % 2.8 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Hanza

Name Quantity Code Date
Francesco Franzé + 1 000 BUY 10 May 2021
Francesco Franzé + 100 000 BUY 7 May 2021
Färna Invest AB + 200 000 BUY 27 Apr 2021
Francesco Franzé + 10 000 BUY 27 Apr 2021
Francesco Franzé + 4 387 BUY 27 Apr 2021
Francesco Franzé + 4 000 BUY 26 Mar 2021
Francesco Franzé + 6 408 BUY 25 Mar 2021
Francesco Franzé + 14 360 BUY 24 Mar 2021
Färna Invest AB + 200 000 BUY 22 Mar 2021
Håkan Halén + 20 000 BUY 13 May 2020

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