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JLT Mobile Computers

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 2019 2020e 2021e
Sales 142 100 121
Sales growth (%) 9 -29,3 21
EBITDA 16 4 11
EBITDA margin (%) 11,4 4 9,2
EBIT adj 14 2 10
EBIT adj margin (%) 9,8 2,4 7,9
Pretax profit 14 2 10
EPS rep 0,37 0,05 0,25
EPS growth (%) 14,7 -85,5 362,1
EPS adj 0,37 0,05 0,25
DPS 0 0,3 0,25
EV/EBITDA (x) 10 25,8 9,5
EV/EBIT adj (x) 11,7 42,9 11,1
P/E (x) 18,9 97,4 21,1
P/E adj (x) 18,9 97,4 21,1
EV/sales (x) 1,1 1 0,9
FCF yield (%) 4,9 4 3,9
Dividend yield (%) 0 5,7 4,7
Net IB debt/EBITDA -3 -13,5 -4,6
SEKm 2019 2020e 2021e
Sales 142 100 121
COGS -76 -51 -62
Gross profit 65 49 59
Other operating items -49 -45 -48
EBITDA 16 4 11
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 14 2 10
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 14 2 10
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 14 2 10
Tax -3 -1 -2
Net profit 11 2 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 2 7
EPS 0,37 0,05 0,25
EPS Adj 0,37 0,05 0,25
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -33 -22
Gross margin (%) 46,1 49 49
EBITDA margin (%) 11,4 4 9,2
EBITA margin (%) 9,8 2,4 7,9
EBIT margin (%) 9,8 2,4 7,9
Pretax margin (%) 10 2,4 7,9
Net margin (%) 7,9 1,6 6,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 9 -29,3 21
EBITDA growth (%) 6,8 -75,2 178,7
EBIT growth (%) 9 -82,6 297
Net profit growth (%) 14,7 -85,5 362,1
EPS growth (%) 14,7 -85,5 362,1
Profitability 2019 2020 2021
ROE (%) 19,8 2,7 12,5
ROE Adj (%) 19,8 2,7 12,5
ROCE (%) 24,6 4,1 16,1
ROCE Adj(%) 24,6 4,1 16,1
ROIC (%) 89,1 15,8 86,9
ROIC Adj (%) 89,1 15,8 86,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 16 4 11
EBITDA Adj margin (%) 11,4 4 9,2
EBITA Adj 14 2 10
EBITA Adj margin (%) 9,8 2,4 7,9
EBIT Adj 14 2 10
EBIT Adj margin (%) 9,8 2,4 7,9
Pretax profit Adj 14 2 10
Net profit Adj 11 2 7
Net profit to shareholders Adj 11 2 7
Net Adj margin (%) 7,9 1,6 6,2
SEKm 2019 2020e 2021e
EBITDA 16 4 11
Net financial items 0 0 0
Paid tax -3 -1 -2
Non-cash items 2 0 0
Cash flow before change in WC 16 3 9
Change in WC -5 4 -1
Operating cash flow 11 7 8
CAPEX tangible fixed assets 0 -1 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 10 6 6
Dividend paid -6 0 -9
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 4 6 -2
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 3 2 2
Definite intangible assets 0 0 0
Tangible fixed assets 1 0 0
Other fixed assets 0 0 0
Fixed assets 3 3 3
Inventories 19 13 17
Receivables 27 24 24
Other current assets 0 0 0
Cash and liquid assets 48 54 52
Total assets 98 93 95
Shareholders equity 59 60 59
Minority 0 0 0
Total equity 59 60 59
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 37 31 34
Other current liabilities 0 0 0
Total liabilities and equity 97 93 95
Net IB debt -48 -54 -52
Net IB debt excl. pension debt -48 -54 -52
Capital invested 13 8 9
Working capital 9 6 7
EV breakdown 2019 2020 2021
Market cap. diluted (m) 211 158 158
Net IB debt Adj -48 -54 -52
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 163 104 106
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 150,4 105 128,7
Capital invested turnover (%) 1152 976,7 1407,9
Capital employed turnover (%) 251,2 168,6 203,1
Inventories / sales (%) 13,6 15,9 12
Customer advances / sales (%) 0 0 0
Payables / sales (%) 25,3 33,9 26,8
Working capital / sales (%) 5,8 7,4 5,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -82,1 -90,2 -87,6
Net debt / market cap (%) -28,3 -35,9 -34,2
Equity ratio (%) 60,1 64,6 62,2
Net IB debt adj. / equity (%) -81,7 -89,9 -87,3
Current ratio (%) 255,7 292 272,5
EBITDA / net interest (%) -6779,5 0 0
Net IB debt / EBITDA (%) -296,9 -1352,6 -463,2
Interest cover (%) -5805,4 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 29 29 29
Fully diluted shares Adj 30 30 30
EPS 0,37 0,05 0,25
Dividend per share Adj 0 0,3 0,3
EPS Adj 0,37 0,05 0,25
BVPS 2,05 2,11 2,07
BVPS Adj 2,05 2,11 2,07
Net IB debt / share -1,7 -1,9 -1,8
Share price 5,95 5,3 5,3
Market cap. (m) 170 151 151
Valuation 2019 2020 2021
P/E 18,9 97,4 21,1
EV/sales 1,15 1,03 0,88
EV/EBITDA 10 25,8 9,5
EV/EBITA 11,7 42,9 11,1
EV/EBIT 11,7 42,9 11,1
Dividend yield (%) 0 5,7 4,7
FCF yield (%) 4,9 4 3,9
P/BVPS 3,45 2,51 2,56
P/BVPS Adj 3,45 2,51 2,56
P/E Adj 18,9 97,4 21,1
EV/EBITDA Adj 10 25,8 9,5
EV/EBITA Adj 11,7 42,9 11,1
EV/EBIT Adj 11,7 42,9 11,1
EV/cap. employed 2,8 1,7 1,8
Investment ratios 2019 2020 2021
Capex / sales 0,3 0,8 1,3
Capex / depreciation 17,2 50 100
Capex tangibles / tangible fixed assets 66,7 166,7 333,3
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 388 333,3 333,3

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

Main shareholders - JLT Mobile Computers

Main shareholders Share capital % Voting shares % Verified
Jan Olof Olofsson 27.0 % 27.0 % 30 Jun 2020
Martin Gren (Grenspecialisten) 8.2 % 8.2 % 30 Jun 2020
Alcur Fonder 5.8 % 5.8 % 30 Jun 2020
Avanza Pension 5.1 % 5.1 % 30 Jun 2020
Jerry Fredriksson 3.4 % 3.4 % 30 Jun 2020
Tommy Svensson 3.3 % 3.3 % 30 Jun 2020
Per Holmberg 2.5 % 2.5 % 30 Jun 2020
Margareta Olofsson 2.4 % 2.4 % 30 Jun 2020
Futur Pension 2.3 % 2.3 % 30 Jun 2020
Nordnet Pensionsförsäkring 2.1 % 2.1 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - JLT Mobile Computers

Name Quantity Code Date
George Oguz + 24 105 BUY 8 May 2020
George Oguz + 8 895 BUY 7 May 2020
JLT Mobile Computers Incentive AB - 134 000 SELL 2 Sep 2019
JLT Mobile Computers Incentive AB + 134 000 BUY 2 Sep 2019
Ulf Thomas Ahlén - 5 960 SELL 4 Mar 2019
Ulf Thomas Ahlén - 40 SELL 4 Mar 2019
Ulf Thomas Ahlén - 16 000 SELL 11 Feb 2019
Stefan Käck - 50 000 SELL 7 Sep 2018
Stefan Käck - 20 000 SELL 6 Sep 2018
JLT Mobile Computers Incentive AB - 23 000 SELL 30 Aug 2018

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