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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 2020 2021e 2022e
Sales 123 138 146
Sales growth (%) -13,5 12,6 6
EBITDA 9 14 16
EBITDA margin (%) 7,1 9,9 10,7
EBIT adj 7 12 14
EBIT adj margin (%) 5,8 8,7 9,4
Pretax profit 7 12 14
EPS rep 0,18 0,31 0,36
EPS growth (%) -50,7 69,8 14,7
EPS adj 0,18 0,31 0,36
DPS 0,3 0,3 0,35
EV/EBITDA (x) 11,9 7,7 6,6
EV/EBIT adj (x) 14,6 8,8 7,5
P/E (x) 29,1 17,1 14,9
P/E adj (x) 29,1 17,1 14,9
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) 5 5 6,3
Dividend yield (%) 5,6 5,6 6,5
Net IB debt/EBITDA -6,4 -4 -3,6
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 123 138 146
COGS -70 -75 -78
Gross profit 52 63 68
Other operating items -43 -49 -52
EBITDA 9 14 16
Depreciation on tangibles -2 -2 -2
Depreciation on intangibles 0 0 0
EBITA 7 12 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 7 12 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 7 12 14
Tax -1 -3 -3
Net profit 6 9 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 6 9 11
EPS 0,18 0,31 0,36
EPS Adj 0,18 0,31 0,36
Total extraordinary items after tax 0 0 0
Tax rate (%) -19,6 -22 -22
Gross margin (%) 42,6 45,5 46,5
EBITDA margin (%) 7,1 9,9 10,7
EBITA margin (%) 5,8 8,7 9,4
EBIT margin (%) 5,8 8,7 9,4
Pretax margin (%) 5,6 8,7 9,4
Net margin (%) 4,5 6,8 7,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,5 12,6 6
EBITDA growth (%) -46 56,4 14,3
EBIT growth (%) -48,5 67,6 14,7
Net profit growth (%) -50,7 69,8 14,7
EPS growth (%) -50,7 69,8 14,7
Profitability 2020 2021 2022
ROE (%) 9 14,5 16,2
ROE Adj (%) 9 14,5 16,2
ROCE (%) 11,6 18,6 20,8
ROCE Adj(%) 11,6 18,6 20,8
ROIC (%) 50,5 86,1 90,2
ROIC Adj (%) 50,5 86,1 90,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 9 14 16
EBITDA Adj margin (%) 7,1 9,9 10,7
EBITA Adj 7 12 14
EBITA Adj margin (%) 5,8 8,7 9,4
EBIT Adj 7 12 14
EBIT Adj margin (%) 5,8 8,7 9,4
Pretax profit Adj 7 12 14
Net profit Adj 6 9 11
Net profit to shareholders Adj 6 9 11
Net Adj margin (%) 4,5 6,8 7,3
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 9 14 16
Net financial items 0 0 0
Paid tax -1 -3 -3
Non-cash items 0 0 0
Cash flow before change in WC 7 11 13
Change in WC 2 -1 -1
Operating cash flow 9 10 12
CAPEX tangible fixed assets -1 -2 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 8 8 10
Dividend paid 0 -9 -9
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 8 -1 1
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 2 2 2
Definite intangible assets 0 0 0
Tangible fixed assets 0 0 0
Other fixed assets 0 0 0
Fixed assets 3 3 3
Inventories 16 19 20
Receivables 29 29 29
Other current assets 0 0 0
Cash and liquid assets 56 55 57
Total assets 104 106 109
Shareholders equity 64 65 67
Minority 0 0 0
Total equity 64 65 67
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 38 39 40
Other current liabilities 0 0 0
Total liabilities and equity 104 106 109
Net IB debt -56 -55 -57
Net IB debt excl. pension debt -56 -55 -57
Capital invested 10 12 12
Working capital 8 9 10
EV breakdown 2020 2021 2022
Market cap. diluted (m) 160 160 160
Net IB debt Adj -56 -55 -57
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 104 105 103
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 121,6 131,7 136,7
Capital invested turnover (%) 1077,1 1271,6 1232,3
Capital employed turnover (%) 199,8 214,1 221,9
Inventories / sales (%) 14,5 12,8 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,5 27,8 26,7
Working capital / sales (%) 7 6,2 6,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -87,3 -85,3 -84,8
Net debt / market cap (%) -37,3 -36 -37
Equity ratio (%) 61,6 61,5 61,8
Net IB debt adj. / equity (%) -87 -85 -84,5
Current ratio (%) 267,1 266,6 268,1
EBITDA / net interest (%) 2915,3 0 0
Net IB debt / EBITDA (%) -639,6 -404,6 -363,5
Interest cover (%) 2382 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 29 29 29
Fully diluted shares Adj 30 30 30
EPS 0,18 0,31 0,36
Dividend per share Adj 0,3 0,3 0,4
EPS Adj 0,18 0,31 0,36
BVPS 2,25 2,27 2,35
BVPS Adj 2,25 2,27 2,35
Net IB debt / share -2 -1,9 -2
Share price 5,25 5,38 5,38
Market cap. (m) 150 154 154
Valuation 2020 2021 2022
P/E 29,1 17,1 14,9
EV/sales 0,85 0,76 0,71
EV/EBITDA 11,9 7,7 6,6
EV/EBITA 14,6 8,8 7,5
EV/EBIT 14,6 8,8 7,5
Dividend yield (%) 5,6 5,6 6,5
FCF yield (%) 5 5 6,3
P/BVPS 2,4 2,37 2,29
P/BVPS Adj 2,4 2,37 2,29
P/E Adj 29,1 17,1 14,9
EV/EBITDA Adj 11,9 7,7 6,6
EV/EBITA Adj 14,6 8,8 7,5
EV/EBIT Adj 14,6 8,8 7,5
EV/cap. employed 1,6 1,6 1,5
Investment ratios 2020 2021 2022
Capex / sales 0,7 1,2 1,4
Capex / depreciation 50 94,1 105,3
Capex tangibles / tangible fixed assets 166,7 344,1 416,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 333,3 365,6 395,8
N/A N/A N/A

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Media

JLT Mobile Computers - Company presentation with CEO Per Holmberg
JLT Mobile Computers - Interview 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 2020
Martin Gren (Grenspecialisten) 10.4 % 10.4 % 31 Dec 2020
Alcur Fonder 5.8 % 5.8 % 31 Dec 2020
Avanza Pension 5.3 % 5.3 % 31 Dec 2020
Tommy Svensson 3.5 % 3.5 % 31 Dec 2020
Jerry Fredriksson 3.4 % 3.4 % 31 Dec 2020
Per Holmberg 2.5 % 2.5 % 31 Dec 2020
Futur Pension 2.4 % 2.4 % 31 Dec 2020
Margareta Olofsson 2.4 % 2.4 % 31 Dec 2020
Larne Wallisson 2.1 % 2.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - JLT Mobile Computers

Name Quantity Code Date
Jessica Marie Björnsdotter Svenmar + 9 000 BUY 9 Sep 2020
Jessica Marie Björnsdotter Svenmar + 7 679 BUY 9 Sep 2020
Jessica Marie Björnsdotter Svenmar + 3 321 BUY 8 Sep 2020
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

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