Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn 

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 4413 4832
Sales growth (%) 15,3 12,2 9,5
EBITDA 575 668 746
EBITDA margin (%) 14,6 15,1 15,4
EBIT adj 451 538 601
EBIT adj margin (%) 11,5 12,2 12,4
Pretax profit 432 517 581
EPS rep 5,03 6,03 6,73
EPS growth (%) 19,2 19,7 11,7
EPS adj 6,05 7,31 8,15
DPS 3 2,5 2,5
EV/EBITDA (x) 11,9 14,6 13
EV/EBIT adj (x) 15,1 18,1 16,2
P/E (x) 17,1 21,8 19,5
P/E adj (x) 14,2 18 16,1
EV/sales (x) 1,7 2,2 2
FCF yield (%) 4,3 3,7 2
Dividend yield (%) 3,5 1,9 1,9
Net IB debt/EBITDA 1,7 1,2 1,1
SEKm 2018 2019e 2020e
Sales 3932 4413 4832
COGS -2488 -2769 -3025
Gross profit 1444 1644 1807
Other operating items -869 -976 -1061
EBITDA 575 668 746
Depreciation on tangibles -55 -43 -49
Depreciation on intangibles 0 0 0
EBITA 520 625 697
Goodwill impairment charges 0 0 0
Other impairment and amortisation -69 -87 -97
EBIT 451 538 601
Other financial items 0 0 0
Net financial items -20 -21 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 432 517 581
Tax -91 -109 -125
Net profit 341 408 456
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 341 408 456
EPS 5,03 6,03 6,73
EPS Adj 6,05 7,31 8,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -21 -21,5
Gross margin (%) 36,7 37,3 37,4
EBITDA margin (%) 14,6 15,1 15,4
EBITA margin (%) 13,2 14,2 14,4
EBIT margin (%) 11,5 12,2 12,4
Pretax margin (%) 11 11,7 12
Net margin (%) 8,7 9,3 9,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,3 12,2 9,5
EBITDA growth (%) 18,3 16,2 11,7
EBIT growth (%) 19,3 19,3 11,6
Net profit growth (%) 19,2 19,7 11,7
EPS growth (%) 19,2 19,7 11,7
Profitability 2018 2019 2020
ROE (%) 24,3 25,1 24,1
ROE Adj (%) 29,2 30,4 29,2
ROCE (%) 17,4 19,5 19,9
ROCE Adj(%) 20,1 22,7 23,1
ROIC (%) 14,5 16,7 17,3
ROIC Adj (%) 14,5 16,7 17,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 575 668 746
EBITDA Adj margin (%) 14,6 15,1 15,4
EBITA Adj 520 625 697
EBITA Adj margin (%) 13,2 14,2 14,4
EBIT Adj 451 538 601
EBIT Adj margin (%) 11,5 12,2 12,4
Pretax profit Adj 501 604 677
Net profit Adj 410 496 552
Net profit to shareholders Adj 410 496 552
Net Adj margin (%) 10,4 11,2 11,4
SEKm 2018 2019e 2020e
EBITDA 575 668 746
Net financial items -20 -21 -20
Paid tax -91 -109 -125
Non-cash items 0 0 0
Cash flow before change in WC 465 538 601
Change in WC 11 5 -19
Operating cash flow 462 544 582
CAPEX tangible fixed assets -73 -62 -68
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -141 -152 -336
Free cash flow 248 330 178
Dividend paid -203 -169 -169
Share issues and buybacks 0 0 0
Other non cash items 63 0 0
Decrease in net IB debt 108 161 9
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1373 1510 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 675 421 385
Tangible fixed assets 266 467 610
Other fixed assets 14 14 14
Fixed assets 2328 2412 2670
Inventories 528 602 671
Receivables 859 963 1063
Other current assets 0 0 0
Cash and liquid assets 139 300 299
Total assets 3854 4277 4703
Shareholders equity 1508 1747 2034
Minority 0 0 0
Total equity 1508 1747 2034
Long-term debt 1066 1066 1056
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 1546
Other current liabilities 0 0 0
Total liabilities and equity 2891 3632 3854
Net IB debt 994 833 824
Net IB debt excl. pension debt 927 766 757
Capital invested 2502 2580 2858
Working capital 174 169 188
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5834 8903 8903
Net IB debt Adj 994 833 824
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 9736 9727
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 105 108,5 107,6
Capital invested turnover (%) 160,3 173,6 177,7
Capital employed turnover (%) 151,8 159,8 160,1
Inventories / sales (%) 13 12,8 13,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,3 29,6 30,5
Working capital / sales (%) 4,6 3,9 3,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 65,9 47,7 40,5
Net debt / market cap (%) 16,5 9,4 9,3
Equity ratio (%) 39,1 40,9 43,2
Net IB debt adj. / equity (%) 65,9 47,7 40,5
Current ratio (%) 125,8 133,5 131,5
EBITDA / net interest (%) 2948,7 3132,1 3726,2
Net IB debt / EBITDA (%) 172,9 124,7 110,5
Interest cover (%) 2666,7 2931,8 3483
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,03 6,03 6,73
Dividend per share Adj 3 2,5 2,5
EPS Adj 6,05 7,31 8,15
BVPS 22,27 25,8 30,03
BVPS Adj -7,97 -2,72 -0,18
Net IB debt / share 14,7 12,3 12,2
Share price 88,71 131,4 131,4
Market cap. (m) 6008 8899 8899
Valuation 2018 2019 2020
P/E 17,1 21,8 19,5
EV/sales 1,74 2,21 2,01
EV/EBITDA 11,9 14,6 13
EV/EBITA 13,1 15,6 13,9
EV/EBIT 15,1 18,1 16,2
Dividend yield (%) 3,5 1,9 1,9
FCF yield (%) 4,3 3,7 2
P/BVPS 3,87 5,09 4,38
P/BVPS Adj -10,8 -48,37 -743,68
P/E Adj 14,2 18 16,1
EV/EBITDA Adj 11,9 14,6 13
EV/EBITA Adj 13,1 15,6 13,9
EV/EBIT Adj 15,1 18,1 16,2
EV/cap. employed 2,6 3,4 3,1
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,4 1,4
Capex / depreciation 132,7 144,6 138,9
Capex tangibles / tangible fixed assets 27,4 13,2 11,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,7 9,2 8

Equity research

Read earlier research

Media

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

View more media

Main shareholders

Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 30 Jun 2019
SEB Fonder 13.4 % 9.4 % 30 Jun 2019
Swedbank Robur Fonder 9.7 % 6.8 % 30 Jun 2019
Didner & Gerge Fonder 9.1 % 6.4 % 30 Jun 2019
Lannebo Fonder 7.7 % 5.4 % 30 Jun 2019
Fidelity Investments (FMR) 4.9 % 3.4 % 5 Jun 2019
Handelsbanken Fonder 4.6 % 3.2 % 30 Jun 2019
ODIN Fonder 3.9 % 2.8 % 30 Jun 2019
Per Säve 2.0 % 1.9 % 30 Jun 2019
Lagercrantz Group AB 2.6 % 1.8 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Lagercrantz

Name Quantity Code Date
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
Daniel Reithner - 20 000 SELL 4 Jun 2019
Carina Margaretha Nordlöf - 5 750 SELL 31 May 2019

Show More