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JLT Mobile Computers

Rugged computers for demanding environments

JLT Mobile Computers is a Swedish company that develops computers for tough environments. Most sales are done through a well-developed network of partners, with the main markets being Europe and the US. The computers are made for customers with high demand of functionality and reliability in robust surroundings, e.g. industries such as mining, forest, storage, logistics and military. Moisture, dust and high vibration are typical characteristics of these extreme conditions. The computers are usually mounted on a wall or docked in a vehicle.

Due to its customers’ high demand for performance and functionality, JLT has been able to establish itself in the high-end segment. The company has a strong reputation for the high quality of its products, and we believe it has the foundation to maintain that. Sales are often generated in cycles, but a broadened customer base could even out revenues. This could be done through its well-established distribution network. Furthermore, digitalization is driving potential expansion into other sectors, e.g. agriculture.

We are identifying two primary risks for JLT: 1) Increased competition. If the competitor’s product standards would reach JLT’s levels, there is a risk of price pressure and furthermore a weakened market position for JLT. 2) Sales are mainly in cyclical sectors, which means that revenues might be negatively affected as investments in cyclical sectors decreases. Even though the costs for JLT’s products are low in comparison with costs associated with other investments (i.e. total capex), customers are generally doing these investments in tandem.

SEKm 2018 2019e 2020e
Sales 130 141 146
Sales growth (%) 15,2 8,1 4
EBITDA 15 15 16
EBITDA margin (%) 11,6 11 11,2
EBIT adj 13 13 14
EBIT adj margin (%) 9,8 9,6 9,8
Pretax profit 12 14 14
EPS rep 0,33 0,36 0,38
EPS growth (%) 39,5 8,4 3,9
EPS adj 0,33 0,36 0,38
DPS 0,22 0,25 0,27
EV/EBITDA (x) 4,8 6,7 6,1
EV/EBIT adj (x) 5,7 7,7 7
P/E (x) 11,8 14 13,5
P/E adj (x) 11,8 14 13,5
EV/sales (x) 0,6 0,7 0,7
FCF yield (%) 12,2 8,4 8,3
Dividend yield (%) 5,6 4,9 5,3
Net IB debt/EBITDA -2,9 -3 -3,1
SEKm 2018 2019e 2020e
Sales 130 141 146
COGS -70 -80 -81
Gross profit 60 61 65
Other operating items -45 -46 -49
EBITDA 15 15 16
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 13 13 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 13 13 14
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 12 14 14
Tax -3 -3 -3
Net profit 10 11 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 11 11
EPS 0,33 0,36 0,38
EPS Adj 0,33 0,36 0,38
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -22,4 -22
Gross margin (%) 46,5 43,4 44,5
EBITDA margin (%) 11,6 11 11,2
EBITA margin (%) 9,8 9,6 9,8
EBIT margin (%) 9,8 9,6 9,8
Pretax margin (%) 9,5 9,8 9,8
Net margin (%) 7,5 7,6 7,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,2 8,1 4
EBITDA growth (%) 45,2 2,3 6,3
EBIT growth (%) 38 5,8 6,5
Net profit growth (%) 42 9,6 3,9
EPS growth (%) 39,5 8,4 3,9
Profitability 2018 2019 2020
ROE (%) 19,4 19,2 18,7
ROE Adj (%) 19,4 19,2 18,7
ROCE (%) 25,1 24 24
ROCE Adj(%) 25,1 24 24
ROIC (%) 60,1 84,5 86,8
ROIC Adj (%) 60,1 84,5 86,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 15 15 16
EBITDA Adj margin (%) 11,6 11 11,2
EBITA Adj 13 13 14
EBITA Adj margin (%) 9,8 9,6 9,8
EBIT Adj 13 13 14
EBIT Adj margin (%) 9,8 9,6 9,8
Pretax profit Adj 12 14 14
Net profit Adj 10 11 11
Net profit to shareholders Adj 10 11 11
Net Adj margin (%) 7,5 7,6 7,6
SEKm 2018 2019e 2020e
EBITDA 15 15 16
Net financial items 0 0 0
Paid tax -3 -3 -3
Non-cash items 0 0 0
Cash flow before change in WC 12 13 13
Change in WC 7 -2 -2
Operating cash flow 14 13 13
CAPEX tangible fixed assets 0 0 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 14 13 13
Dividend paid -4 -6 -7
Share issues and buybacks 0 0 0
Other non cash items 7 -3 -2
Decrease in net IB debt 17 3 4
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 5 3 2
Definite intangible assets 0 0 0
Tangible fixed assets 1 0 0
Other fixed assets 0 0 0
Fixed assets 5 4 2
Inventories 19 21 22
Receivables 23 23 24
Other current assets 0 0 0
Cash and liquid assets 44 47 50
Total assets 91 95 99
Shareholders equity 54 58 62
Minority 0 0 0
Total equity 54 58 62
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 2 2 2
Short-term debt 0 0 0
Accounts payable 35 35 35
Other current liabilities 0 0 0
Total liabilities and equity 75 75 91
Net IB debt -44 -47 -51
Net IB debt excl. pension debt -44 -47 -51
Capital invested 12 13 13
Working capital 7 9 11
EV breakdown 2018 2019 2020
Market cap. diluted (m) 116 151 151
Net IB debt Adj -44 -47 -50
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 73 104 100
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 156,8 151,5 151,2
Capital invested turnover (%) 778,4 1138,1 1137
Capital employed turnover (%) 257,4 251,4 245,2
Inventories / sales (%) 15,4 14,2 14,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,8 24,9 24
Working capital / sales (%) 8,2 5,7 6,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -81 -81,4 -82,1
Net debt / market cap (%) -36,7 -32,5 -35
Equity ratio (%) 59,6 60,9 62,4
Net IB debt adj. / equity (%) -81 -81,1 -81,8
Current ratio (%) 245,8 259,6 274,6
EBITDA / net interest (%) 5033,3 -3860,4 0
Net IB debt / EBITDA (%) -290,7 -303,8 -308,4
Interest cover (%) 4233,3 -3360,4 N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 29 29 29
Fully diluted shares Adj 30 30 30
EPS 0,33 0,36 0,38
Dividend per share Adj 0,2 0,3 0,3
EPS Adj 0,33 0,36 0,38
BVPS 1,9 2,02 2,16
BVPS Adj 1,9 2,02 2,16
Net IB debt / share -1,5 -1,6 -1,8
Share price 4,19 5,06 5,06
Market cap. (m) 120 144 144
Valuation 2018 2019 2020
P/E 11,8 14 13,5
EV/sales 0,56 0,74 0,69
EV/EBITDA 4,8 6,7 6,1
EV/EBITA 5,7 7,7 7
EV/EBIT 5,7 7,7 7
Dividend yield (%) 5,6 4,9 5,3
FCF yield (%) 12,2 8,4 8,3
P/BVPS 2,06 2,51 2,34
P/BVPS Adj 2,06 2,51 2,34
P/E Adj 11,8 14 13,5
EV/EBITDA Adj 4,8 6,7 6,1
EV/EBITA Adj 5,7 7,7 7
EV/EBIT Adj 5,7 7,7 7
EV/cap. employed 1,3 1,8 1,6
Investment ratios 2018 2019 2020
Capex / sales 0,2 0,3 0,5
Capex / depreciation 12,5 21,4 34,8
Capex tangibles / tangible fixed assets 60 239,9 -314,6
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 480 1120,8 -904

Equity research

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Media

JLT Mobile Computers - Interview with CEO Per Holmberg (in Swedish)
JLT Mobile Computers - Company presentation with CEO Per Holmberg (in Swedish)

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Main shareholders

JLT Mobile Computers

Main shareholders Share capital % Voting shares % Verified
Jan Olof Olofsson 27.4 % 27.4 % 30 Jun 2019
Martin Gren (Grenspecialisten) 7.8 % 7.8 % 30 Jun 2019
Avanza Pension 6.6 % 6.6 % 30 Jun 2019
Alcur Fonder 3.1 % 3.1 % 30 Jun 2019
Jerry Fredriksson 3.0 % 3.0 % 30 Jun 2019
Tommy Svensson 2.9 % 2.9 % 30 Jun 2019
Per Holmberg 2.5 % 2.5 % 30 Jun 2019
Margareta Olofsson 2.4 % 2.4 % 30 Jun 2019
Danica Pension 2.2 % 2.2 % 30 Jun 2019
Larne Wallisson 2.2 % 2.2 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

JLT Mobile Computers

Name Quantity Code Date
Ulf Thomas Ahlén - 40 SELL 4 Mar 2019
Ulf Thomas Ahlén - 5 960 SELL 4 Mar 2019
Ulf Thomas Ahlén - 16 000 SELL 11 Feb 2019
Stefan Käck - 50 000 SELL 7 Sep 2018
Stefan Käck - 50 000 SELL 7 Sep 2018
Stefan Käck - 20 000 SELL 6 Sep 2018
Stefan Käck - 20 000 SELL 6 Sep 2018
JLT Mobile Computers Incentive AB - 23 000 SELL 30 Aug 2018
Per Henrik Ädelrot + 29 999 BUY 30 Aug 2018
Per Henrik Ädelrot + 1 BUY 29 Aug 2018

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