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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 143 153 159
Sales growth (%) 10,2 6,7 4
EBITDA 16 18 19
EBITDA margin (%) 11,2 11,8 11,9
EBIT adj 14 16 17
EBIT adj margin (%) 9,8 10,5 10,7
Pretax profit 14 16 17
EPS rep 0,38 0,42 0,44
EPS growth (%) 13,9 10,5 6
EPS adj 0,38 0,42 0,44
DPS 0,26 0,28 0,3
EV/EBITDA (x) 9,3 8,1 7,4
EV/EBIT adj (x) 10,7 9,1 8,2
P/E (x) 18,1 16,4 15,5
P/E adj (x) 18,1 16,4 15,5
EV/sales (x) 1 1 0,9
FCF yield (%) 6,9 6,4 6,7
Dividend yield (%) 3,8 4,1 4,4
Net IB debt/EBITDA -3,4 -3,3 -3,4
SEKm 2019 2020e 2021e
Sales 143 153 159
COGS -79 -84 -87
Gross profit 64 69 72
Other operating items -48 -51 -53
EBITDA 16 18 19
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 14 16 17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 14 16 17
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 16 17
Tax -3 -4 -4
Net profit 11 12 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 12 13
EPS 0,38 0,42 0,44
EPS Adj 0,38 0,42 0,44
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,6 -22 -22
Gross margin (%) 44,7 45 45,2
EBITDA margin (%) 11,2 11,8 11,9
EBITA margin (%) 9,8 10,5 10,7
EBIT margin (%) 9,8 10,5 10,7
Pretax margin (%) 10 10,5 10,7
Net margin (%) 7,9 8,2 8,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 10,2 6,7 4
EBITDA growth (%) 6,6 11,8 5,3
EBIT growth (%) 10,9 13,5 6
Net profit growth (%) 15,2 10,5 6
EPS growth (%) 13,9 10,5 6
Profitability 2019 2020 2021
ROE (%) 19,9 20,2 19,8
ROE Adj (%) 19,9 20,2 19,8
ROCE (%) 24,9 25,9 25,3
ROCE Adj(%) 24,9 25,9 25,3
ROIC (%) 121,4 185,6 202,2
ROIC Adj (%) 121,4 185,6 202,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 16 18 19
EBITDA Adj margin (%) 11,2 11,8 11,9
EBITA Adj 14 16 17
EBITA Adj margin (%) 9,8 10,5 10,7
EBIT Adj 14 16 17
EBIT Adj margin (%) 9,8 10,5 10,7
Pretax profit Adj 14 16 17
Net profit Adj 11 12 13
Net profit to shareholders Adj 11 12 13
Net Adj margin (%) 7,9 8,2 8,3
SEKm 2019 2020e 2021e
EBITDA 16 18 19
Net financial items 0 0 0
Paid tax -3 -4 -4
Non-cash items -1 2 -1
Cash flow before change in WC 12 16 14
Change in WC 4 -2 1
Operating cash flow 15 14 15
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 14 13 14
Dividend paid -6 -7 -8
Share issues and buybacks 0 0 0
Other non cash items 3 -2 1
Decrease in net IB debt 11 4 7
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 3 3 2
Definite intangible assets 0 0 0
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 4 3 3
Inventories 18 20 22
Receivables 25 25 25
Other current assets 0 0 0
Cash and liquid assets 54 59 65
Total assets 101 107 115
Shareholders equity 59 64 69
Minority 0 0 0
Total equity 59 64 69
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 40 41 44
Other current liabilities 0 0 0
Total liabilities and equity 75 91 101
Net IB debt -55 -59 -65
Net IB debt excl. pension debt -55 -59 -65
Capital invested 6 7 6
Working capital 3 4 3
EV breakdown 2019 2020 2021
Market cap. diluted (m) 205 205 205
Net IB debt Adj -54 -59 -65
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 150 146 140
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 149,2 146,7 143,2
Capital invested turnover (%) 1574,3 2275,6 2434,3
Capital employed turnover (%) 252,8 247,8 237,9
Inventories / sales (%) 13,1 12,7 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 26,3 26,7 26,7
Working capital / sales (%) 3,3 2,3 2,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -92,4 -91,4 -94,1
Net debt / market cap (%) -32,2 -29,9 -33,3
Equity ratio (%) 58,5 59,9 60,5
Net IB debt adj. / equity (%) -92,1 -91,1 -93,8
Current ratio (%) 241,6 252,2 256,9
EBITDA / net interest (%) -5363,3 0 0
Net IB debt / EBITDA (%) -339,9 -326,3 -344,9
Interest cover (%) -4696,7 N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 29 29 29
Fully diluted shares Adj 30 30 30
EPS 0,38 0,42 0,44
Dividend per share Adj 0,3 0,3 0,3
EPS Adj 0,38 0,42 0,44
BVPS 2,07 2,25 2,43
BVPS Adj 2,07 2,25 2,43
Net IB debt / share -1,9 -2,1 -2,3
Share price 5,95 6,88 6,88
Market cap. (m) 170 196 196
Valuation 2019 2020 2021
P/E 18,1 16,4 15,5
EV/sales 1,05 0,96 0,88
EV/EBITDA 9,3 8,1 7,4
EV/EBITA 10,7 9,1 8,2
EV/EBIT 10,7 9,1 8,2
Dividend yield (%) 3,8 4,1 4,4
FCF yield (%) 6,9 6,4 6,7
P/BVPS 3,32 3,06 2,83
P/BVPS Adj 3,32 3,06 2,83
P/E Adj 18,1 16,4 15,5
EV/EBITDA Adj 9,3 8,1 7,4
EV/EBITA Adj 10,7 9,1 8,2
EV/EBIT Adj 10,7 9,1 8,2
EV/cap. employed 2,5 2,3 2
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,9 0,9
Capex / depreciation 31,3 68,8 71,6
Capex tangibles / tangible fixed assets 206,1 654,1 1143,6
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 657,9 950,4 1597,8

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)

Main shareholders - JLT Mobile Computers

Main shareholders Share capital % Voting shares % Verified
Jan Olof Olofsson 27.0 % 27.0 % 31 Dec 2019
Martin Gren (Grenspecialisten) 8.2 % 8.2 % 31 Dec 2019
Avanza Pension 6.1 % 6.1 % 31 Dec 2019
Alcur Fonder 4.8 % 4.8 % 31 Dec 2019
Jerry Fredriksson 3.2 % 3.2 % 31 Dec 2019
Tommy Svensson 3.0 % 3.0 % 31 Dec 2019
Per Holmberg 2.5 % 2.5 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.4 % 2.4 % 31 Dec 2019
Margareta Olofsson 2.4 % 2.4 % 31 Dec 2019
Danica Pension 2.3 % 2.3 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - JLT Mobile Computers

Name Quantity Code Date
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 - 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 - 20 000 SELL 6 Sep 2018
Per Henrik Ädelrot + 29 999 BUY 30 Aug 2018
JLT Mobile Computers Incentive AB - 23 000 SELL 30 Aug 2018
Per Henrik Ädelrot + 1 BUY 29 Aug 2018

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