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Lagercrantz

Supplier of technology in expansive niches

Lagercrantz is a technology trading company group in expansive niches offering value creating technology to corporate customers. The operations are conducted according to a decentralized model with 50+ independent companies divided into 4 divisions, Electronics, Mechatronics, Communications and Niche Products. Acquiring new companies is a central part of the business model. Lagercrantz has an increasing proportion of proprietary products, which enables enhanced control of the value chain and supports higher margins. The share is listed on Nasdaq Stockholm, Mid Cap, since 2001.

The recent years’ export initiatives could improve organic growth more than we currently assume. Increased proportion of proprietary products and acquisitions of product-companies have the potential for further margin expansion.

Poor development in individual subsidiaries, overall weaker market conditions, abrupt competition in a specific niche-area. Inflated acquisitions multiple.

SEKm 2018 2019e 2020e
Sales 3932 4378 4797
Sales growth (%) 15,3 11,4 9,6
EBITDA 575 685 753
EBITDA margin (%) 14,6 15,6 15,7
EBIT adj 451 532 593
EBIT adj margin (%) 11,5 12,2 12,4
Pretax profit 432 509 571
EPS rep 5,03 5,92 6,62
EPS growth (%) 19,2 17,6 11,8
EPS adj 6,05 7,17 8,03
DPS 3 2,5 2,5
EV/EBITDA (x) 11,9 14,7 13,3
EV/EBIT adj (x) 15,1 18,9 16,9
P/E (x) 17,1 22,8 20,4
P/E adj (x) 14,2 18,8 16,8
EV/sales (x) 1,7 2,3 2,1
FCF yield (%) 4,3 3,1 2
Dividend yield (%) 3,5 1,9 1,9
Net IB debt/EBITDA 1,7 1,3 1,2
SEKm 2018 2019e 2020e
Sales 3932 4378 4797
COGS -2488 -2750 -3003
Gross profit 1444 1628 1794
Other operating items -869 -944 -1041
EBITDA 575 685 753
Depreciation on tangibles -55 -68 -64
Depreciation on intangibles 0 0 0
EBITA 520 617 689
Goodwill impairment charges 0 0 0
Other impairment and amortisation -69 -85 -96
EBIT 451 532 593
Other financial items 0 0 0
Net financial items -20 -23 -22
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 432 509 571
Tax -91 -108 -123
Net profit 341 401 448
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 341 401 448
EPS 5,03 5,92 6,62
EPS Adj 6,05 7,17 8,03
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -21,2 -21,5
Gross margin (%) 36,7 37,2 37,4
EBITDA margin (%) 14,6 15,6 15,7
EBITA margin (%) 13,2 14,1 14,4
EBIT margin (%) 11,5 12,2 12,4
Pretax margin (%) 11 11,6 11,9
Net margin (%) 8,7 9,2 9,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,3 11,4 9,6
EBITDA growth (%) 18,3 19,1 10
EBIT growth (%) 19,3 18 11,5
Net profit growth (%) 19,2 17,6 11,8
EPS growth (%) 19,2 17,6 11,8
Profitability 2018 2019 2020
ROE (%) 24,3 23,4 21,7
ROE Adj (%) 29,2 28,3 26,4
ROCE (%) 17,4 18,3 17,9
ROCE Adj(%) 20,1 21,2 20,7
ROIC (%) 14,5 15,8 15,8
ROIC Adj (%) 14,5 15,8 15,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 575 685 753
EBITDA Adj margin (%) 14,6 15,6 15,7
EBITA Adj 520 617 689
EBITA Adj margin (%) 13,2 14,1 14,4
EBIT Adj 451 532 593
EBIT Adj margin (%) 11,5 12,2 12,4
Pretax profit Adj 501 593 667
Net profit Adj 410 486 544
Net profit to shareholders Adj 410 486 544
Net Adj margin (%) 10,4 11,1 11,3
SEKm 2018 2019e 2020e
EBITDA 575 685 753
Net financial items -20 -23 -22
Paid tax -91 -108 -123
Non-cash items 0 0 0
Cash flow before change in WC 465 554 608
Change in WC 11 5 -18
Operating cash flow 462 574 590
CAPEX tangible fixed assets -73 -70 -67
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -141 -217 -336
Free cash flow 248 287 187
Dividend paid -203 -169 -169
Share issues and buybacks 0 0 0
Other non cash items 63 -17 0
Decrease in net IB debt 108 101 18
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1373 1510 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 675 514 469
Tangible fixed assets 266 610 748
Other fixed assets 14 13 13
Fixed assets 2328 2648 2891
Inventories 528 602 666
Receivables 859 963 1055
Other current assets 0 0 0
Cash and liquid assets 139 373 381
Total assets 3854 4586 4993
Shareholders equity 1508 1923 2202
Minority 0 0 0
Total equity 1508 1923 2202
Long-term debt 1066 1199 1189
Pension debt 67 67 67
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1213 1397 1535
Other current liabilities 0 0 0
Total liabilities and equity 2891 3632 3854
Net IB debt 994 893 875
Net IB debt excl. pension debt 927 826 808
Capital invested 2502 2816 3078
Working capital 174 169 187
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5834 9147 9147
Net IB debt Adj 994 893 875
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 6828 10040 10022
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 105 103,8 100,2
Capital invested turnover (%) 160,3 164,7 162,8
Capital employed turnover (%) 151,8 150,2 144,3
Inventories / sales (%) 13 12,9 13,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,3 29,8 30,6
Working capital / sales (%) 4,6 3,9 3,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 65,9 46,4 39,8
Net debt / market cap (%) 16,5 9,8 9,6
Equity ratio (%) 39,1 41,9 44,1
Net IB debt adj. / equity (%) 65,9 46,4 39,8
Current ratio (%) 125,8 138,8 136,9
EBITDA / net interest (%) 2948,7 2939,7 3377,7
Net IB debt / EBITDA (%) 172,9 130,5 116,3
Interest cover (%) 2666,7 2648,2 3091,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,03 5,92 6,62
Dividend per share Adj 3 2,5 2,5
EPS Adj 6,05 7,17 8,03
BVPS 22,27 28,4 32,52
BVPS Adj -7,97 -1,49 1,06
Net IB debt / share 14,7 13,2 12,9
Share price 88,71 135 135
Market cap. (m) 6008 9142 9142
Valuation 2018 2019 2020
P/E 17,1 22,8 20,4
EV/sales 1,74 2,29 2,09
EV/EBITDA 11,9 14,7 13,3
EV/EBITA 13,1 16,3 14,5
EV/EBIT 15,1 18,9 16,9
Dividend yield (%) 3,5 1,9 1,9
FCF yield (%) 4,3 3,1 2
P/BVPS 3,87 4,75 4,15
P/BVPS Adj -10,8 -90,33 126,77
P/E Adj 14,2 18,8 16,8
EV/EBITDA Adj 11,9 14,7 13,3
EV/EBITA Adj 13,1 16,3 14,5
EV/EBIT Adj 15,1 18,9 16,9
EV/cap. employed 2,6 3,1 2,9
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,6 1,4
Capex / depreciation 132,7 103,3 105,4
Capex tangibles / tangible fixed assets 27,4 11,5 9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,7 11,1 8,5

Equity research

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Media

Lagercrantz - Interview with CEO Jörgen Wigh (in Swedish)
Lagercrantz - Company presentation with CEO Jörgen Wigh (in Swedish)

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Main shareholders

Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 31 Aug 2019
SEB Fonder 13.6 % 9.5 % 31 Aug 2019
Swedbank Robur Fonder 9.7 % 6.8 % 31 Aug 2019
Didner & Gerge Fonder 9.1 % 6.4 % 31 Aug 2019
Lannebo Fonder 7.7 % 5.4 % 31 Aug 2019
Fidelity Investments (FMR) 5.0 % 3.5 % 5 Aug 2019
Handelsbanken Fonder 4.6 % 3.2 % 31 Aug 2019
ODIN Fonder 3.9 % 2.8 % 31 Aug 2019
Per Säve 2.0 % 1.9 % 31 Aug 2019
Lagercrantz Group AB 2.6 % 1.8 % 31 Aug 2019
Source: Holdings by Modular Finance AB

Insider list

Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 164 SELL 29 Jul 2019
Lennart Sigvard Olof Sjölund - 164 SELL 29 Jul 2019
Jonas Ahlberg + 4 271 Redemp 4 Jun 2019
Jonas Ahlberg - 25 729 SELL 4 Jun 2019
Jonas Ahlberg + 4 271 Redemp 4 Jun 2019
Jonas Ahlberg - 25 729 SELL 4 Jun 2019
Lena Maria Hummel - 300 SELL 4 Jun 2019
Lena Maria Hummel + 200 Redemp 4 Jun 2019
Magnus Söderlind - 36 200 SELL 4 Jun 2019
Magnus Söderlind + 8 800 Redemp 4 Jun 2019

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