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Lagercrantz

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 2020 2021e 2022e
Sales 4137 4597 4833
Sales growth (%) -1 11,1 5,1
EBITDA 731 814 860
EBITDA margin (%) 17,7 17,7 17,8
EBIT adj 492 556 595
EBIT adj margin (%) 11,9 12,1 12,3
Pretax profit 466 540 579
EPS rep 1,77 2,11 2,26
EPS growth (%) -1 19,2 7,2
EPS adj 2,18 2,56 2,74
DPS 2,5 2,5 2,5
EV/EBITDA (x) 22,7 20,3 19
EV/EBIT adj (x) 33,8 29,7 27,5
P/E (x) 43,2 36,2 33,8
P/E adj (x) 35,1 29,9 28
EV/sales (x) 4 3,6 3,4
FCF yield (%) 1,2 3,9 4,2
Dividend yield (%) 3,3 3,3 3,3
Net IB debt/EBITDA 1,3 1,1 0,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 4137 4597 4833
COGS -2573 -2841 -2977
Gross profit 1564 1756 1856
Other operating items -833 -942 -996
EBITDA 731 814 860
Depreciation on tangibles -71 -82 -84
Depreciation on intangibles 0 0 0
EBITA 576 648 692
Goodwill impairment charges 0 0 0
Other impairment and amortisation -84 -92 -97
EBIT 492 556 595
Other financial items 0 0 0
Net financial items -26 -16 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 466 540 579
Tax -104 -108 -116
Net profit 362 432 463
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 362 432 463
EPS 1,77 2,11 2,26
EPS Adj 2,18 2,56 2,74
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,3 -20 -20
Gross margin (%) 37,8 38,2 38,4
EBITDA margin (%) 17,7 17,7 17,8
EBITA margin (%) 13,9 14,1 14,3
EBIT margin (%) 11,9 12,1 12,3
Pretax margin (%) 11,3 11,7 12
Net margin (%) 8,8 9,4 9,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1 11,1 5,1
EBITDA growth (%) 1,9 11,3 5,7
EBIT growth (%) 1,8 13 7
Net profit growth (%) -1 19,2 7,2
EPS growth (%) -1 19,2 7,2
Profitability 2020 2021 2022
ROE (%) 20,4 23,5 26,1
ROE Adj (%) 25,1 28,5 31,5
ROCE (%) 15,8 18,6 20,3
ROCE Adj(%) 18,5 21,7 23,6
ROIC (%) 12,9 16,2 18,6
ROIC Adj (%) 12,9 16,2 18,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 731 814 860
EBITDA Adj margin (%) 17,7 17,7 17,8
EBITA Adj 576 648 692
EBITA Adj margin (%) 13,9 14,1 14,3
EBIT Adj 492 556 595
EBIT Adj margin (%) 11,9 12,1 12,3
Pretax profit Adj 550 632 676
Net profit Adj 446 524 560
Net profit to shareholders Adj 446 524 560
Net Adj margin (%) 10,8 11,4 11,6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 731 814 860
Net financial items -26 -16 -16
Paid tax -104 -108 -116
Non-cash items 0 0 0
Cash flow before change in WC 601 689 728
Change in WC -198 -17 -9
Operating cash flow 403 672 719
CAPEX tangible fixed assets -77 -64 -68
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -134 0 0
Free cash flow 191 608 651
Dividend paid -508 -508 -508
Share issues and buybacks 0 0 0
Other non cash items 746 0 0
Decrease in net IB debt 429 100 143
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1661 1827 2010
Indefinite intangible assets 0 0 0
Definite intangible assets 449 161 -147
Tangible fixed assets 408 421 433
Other fixed assets 18 18 18
Fixed assets 2594 2401 2204
Inventories 576 638 671
Receivables 922 1011 1063
Other current assets 0 0 0
Cash and liquid assets 193 293 436
Total assets 4286 4344 4374
Shareholders equity 1873 1797 1752
Minority 0 0 0
Total equity 1873 1797 1752
Long-term debt 945 945 945
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 1258 1393 1469
Other current liabilities 0 0 0
Total liabilities and equity 4286 4344 4374
Net IB debt 961 861 718
Net IB debt excl. pension debt 894 794 651
Capital invested 2834 2658 2470
Working capital 239 257 266
EV breakdown 2020 2021 2022
Market cap. diluted (m) 15649 15649 15649
Net IB debt Adj 961 861 718
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 16609 16510 16367
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 95,8 106,5 110,9
Capital invested turnover (%) 140,1 167,4 188,5
Capital employed turnover (%) 133,1 153,8 165
Inventories / sales (%) 13,8 13,2 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,2 28,8 29,6
Working capital / sales (%) 6,5 5,4 5,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 51,3 47,9 41
Net debt / market cap (%) 8,7 5,5 4,6
Equity ratio (%) 43,7 41,4 40
Net IB debt adj. / equity (%) 51,3 47,9 41
Current ratio (%) 126,5 132,1 140,3
EBITDA / net interest (%) 2830,1 5040,8 5327
Net IB debt / EBITDA (%) 131,4 105,8 83,5
Interest cover (%) 2229,8 4014,2 4285,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 204 204 204
Fully diluted shares Adj 205 205 205
EPS 1,77 2,11 2,26
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 2,18 2,56 2,74
BVPS 9,19 8,81 8,59
BVPS Adj -1,16 -0,94 -0,54
Net IB debt / share 4,7 4,2 3,5
Share price 54,36 76,5 76,5
Market cap. (m) 11084 15598 15598
Valuation 2020 2021 2022
P/E 43,2 36,2 33,8
EV/sales 4,01 3,59 3,39
EV/EBITDA 22,7 20,3 19
EV/EBITA 28,8 25,5 23,7
EV/EBIT 33,8 29,7 27,5
Dividend yield (%) 3,3 3,3 3,3
FCF yield (%) 1,2 3,9 4,2
P/BVPS 8,33 8,68 8,9
P/BVPS Adj -65,8 -81,71 -140,68
P/E Adj 35,1 29,9 28
EV/EBITDA Adj 22,7 20,3 19
EV/EBITA Adj 28,8 25,5 23,7
EV/EBIT Adj 33,8 29,7 27,5
EV/cap. employed 5,5 5,6 5,6
Investment ratios 2020 2021 2022
Capex / sales 1,9 1,4 1,4
Capex / depreciation 109 78,8 80,4
Capex tangibles / tangible fixed assets 19 15,3 15,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17,4 19,4 19,4
N/A N/A N/A

Equity research

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Media

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

Main shareholders - Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 31 Dec 2020
SEB Fonder 14.6 % 10.3 % 31 Dec 2020
Swedbank Robur Fonder 12.1 % 8.5 % 31 Dec 2020
Fidelity Investments (FMR) 5.9 % 4.2 % 30 Nov 2020
Didner & Gerge Fonder 4.9 % 3.4 % 31 Dec 2020
Lannebo Fonder 4.8 % 3.4 % 31 Dec 2020
ODIN Fonder 4.5 % 3.2 % 31 Dec 2020
Handelsbanken Fonder 4.4 % 3.1 % 31 Dec 2020
Per Säve 2.0 % 1.9 % 31 Dec 2020
Lagercrantz Group AB 2.5 % 1.7 % 31 Dec 2020
Source: Holdings by Modular Finance AB