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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 3411 3878 4296
Sales growth (%) 10,2 13,7 10,8
EBITDA 486 562 650
EBITDA margin (%) 14,2 14,5 15,1
EBIT adj 378 440 523
EBIT adj margin (%) 11,1 11,3 12,2
Pretax profit 358 420 502
EPS rep 4,22 4,85 5,75
EPS growth (%) 5,4 15 18,4
EPS adj 5,09 5,86 6,76
DPS 2 2,4 2,5
EV/EBITDA (x) 13,9 15,7 13,5
EV/EBIT adj (x) 17,9 20 16,8
P/E (x) 19,8 23,8 20,1
P/E adj (x) 16,4 19,7 17,1
EV/sales (x) 2 2,3 2
FCF yield (%) -4,8 3,6 2,6
Dividend yield (%) 2,4 2,1 2,2
Net IB debt/EBITDA 2,3 1,7 1,4
SEKm 2018 2019e 2020e
Sales 3411 3878 4296
COGS -2171 -2458 -2671
Gross profit 1240 1420 1625
Other operating items -754 -858 -975
EBITDA 486 562 650
Depreciation on tangibles -49 -53 -58
Depreciation on intangibles 0 0 0
EBITA 437 509 592
Goodwill impairment charges 0 0 0
Other impairment and amortisation -59 -68 -69
EBIT 378 440 523
Other financial items 0 0 0
Net financial items -20 -20 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 358 420 502
Tax -72 -91 -113
Net profit 286 329 389
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 286 329 389
EPS 4,22 4,85 5,75
EPS Adj 5,09 5,86 6,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -20,1 -21,7 -22,5
Gross margin (%) 36,4 36,6 37,8
EBITDA margin (%) 14,2 14,5 15,1
EBITA margin (%) 12,8 13,1 13,8
EBIT margin (%) 11,1 11,3 12,2
Pretax margin (%) 10,5 10,8 11,7
Net margin (%) 8,4 8,5 9,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 10,2 13,7 10,8
EBITDA growth (%) 7,5 15,6 15,7
EBIT growth (%) 4,7 16,4 18,8
Net profit growth (%) 4,4 15 18,4
EPS growth (%) 5,4 15 18,4
Profitability 2018 2019 2020
ROE (%) 22,9 23,6 24,4
ROE Adj (%) 27,6 28,5 28,7
ROCE (%) 17,9 18,1 20,5
ROCE Adj(%) 20,7 20,9 23,2
ROIC (%) 14,3 14,2 16
ROIC Adj (%) 14,3 14,2 16
Adj earnings numbers 2018 2019 2020
EBITDA Adj 486 562 650
EBITDA Adj margin (%) 14,2 14,5 15,1
EBITA Adj 437 509 592
EBITA Adj margin (%) 12,8 13,1 13,8
EBIT Adj 378 440 523
EBIT Adj margin (%) 11,1 11,3 12,2
Pretax profit Adj 417 489 571
Net profit Adj 345 397 458
Net profit to shareholders Adj 345 397 458
Net Adj margin (%) 10,1 10,2 10,7
SEKm 2018 2019e 2020e
EBITDA 486 562 650
Net financial items -20 -20 -21
Paid tax -72 -91 -113
Non-cash items 0 0 0
Cash flow before change in WC 394 450 516
Change in WC -73 -80 63
Operating cash flow 309 413 579
CAPEX tangible fixed assets -37 -57 -60
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -542 -73 -315
Free cash flow -270 282 204
Dividend paid -136 -135 -162
Share issues and buybacks 0 0 0
Other non cash items -68 -17 0
Decrease in net IB debt -474 130 42
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1248 1373 1510
Indefinite intangible assets 0 0 0
Definite intangible assets 710 501 475
Tangible fixed assets 251 309 446
Other fixed assets 11 10 10
Fixed assets 2220 2192 2441
Inventories 492 603 597
Receivables 786 850 979
Other current assets 0 0 0
Cash and liquid assets 134 166 198
Total assets 3632 3811 4214
Shareholders equity 1303 1485 1712
Minority 0 0 0
Total equity 1303 1485 1712
Long-term debt 1169 1071 1061
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 1093 1188 1375
Other current liabilities 0 0 0
Total liabilities and equity 2582 2891 3632
Net IB debt 1102 972 930
Net IB debt excl. pension debt 1035 905 863
Capital invested 2394 2447 2632
Working capital 185 265 201
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5656 7832 7832
Net IB debt Adj 1102 972 930
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 6758 8804 8763
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 104,6 104,2 107
Capital invested turnover (%) 162,1 160,2 169,2
Capital employed turnover (%) 161,3 159,5 168,5
Inventories / sales (%) 13,1 14,1 14
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,9 29,4 29,8
Working capital / sales (%) 4,4 5,8 5,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 84,6 65,5 54,3
Net debt / market cap (%) 18,7 15,5 11,9
Equity ratio (%) 35,9 39 40,6
Net IB debt adj. / equity (%) 84,6 65,5 54,3
Current ratio (%) 129,2 136,2 129
EBITDA / net interest (%) 2430 2801,2 3136,6
Net IB debt / EBITDA (%) 226,7 173 143,1
Interest cover (%) 2185 2536,5 2856
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 4,22 4,85 5,75
Dividend per share Adj 2 2,4 2,5
EPS Adj 5,09 5,86 6,76
BVPS 19,25 21,93 25,28
BVPS Adj -9,68 -5,74 -4,03
Net IB debt / share 16,3 14,4 13,7
Share price 86,94 92,42 115,6
Market cap. (m) 5885 6259 7829
Valuation 2018 2019 2020
P/E 19,8 23,8 20,1
EV/sales 1,98 2,27 2,04
EV/EBITDA 13,9 15,7 13,5
EV/EBITA 15,5 17,3 14,8
EV/EBIT 17,9 20 16,8
Dividend yield (%) 2,4 2,1 2,2
FCF yield (%) -4,8 3,6 2,6
P/BVPS 4,34 5,27 4,57
P/BVPS Adj -8,63 -20,15 -28,66
P/E Adj 16,4 19,7 17,1
EV/EBITDA Adj 13,9 15,7 13,5
EV/EBITA Adj 15,5 17,3 14,8
EV/EBIT Adj 17,9 20 16,8
EV/cap. employed 2,8 3,6 3,3
Investment ratios 2018 2019 2020
Capex / sales 1,1 1,5 1,4
Capex / depreciation 75,5 108,1 103,4
Capex tangibles / tangible fixed assets 14,7 18,6 13,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 17,2 13

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Main shareholders

Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 31 Mar 2019
SEB Fonder 13.2 % 9.3 % 31 Mar 2019
Swedbank Robur Fonder 9.5 % 6.7 % 31 Mar 2019
Didner & Gerge Fonder 9.1 % 6.4 % 31 Mar 2019
Lannebo Fonder 7.9 % 5.5 % 31 Mar 2019
Fidelity Investments (FMR) 5.1 % 3.6 % 28 Feb 2019
Handelsbanken Fonder 4.8 % 3.4 % 31 Mar 2019
ODIN Fonder 3.9 % 2.8 % 31 Mar 2019
Per Säve 2.0 % 1.9 % 31 Mar 2019
Lagercrantz Group AB 2.6 % 1.9 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Lagercrantz

Name Quantity Code Date
Jörgen Wigh + 4 032 BUY 6 Mar 2019
Fredrik Börjesson + 500 BUY 11 Feb 2019
Fredrik Börjesson + 500 BUY 11 Feb 2019
Thomas Alkbrant + 2 000 BUY 27 Dec 2018
Bo Lander Holding ApS + 1 250 BUY 20 Dec 2018
Tisenhult-gruppen AB + 52 428 BUY 8 Nov 2018
Per Ikov + 20 000 BUY 5 Nov 2018
Lena Maria Hummel + 1 500 BUY 5 Nov 2018
Thomas Alkbrant + 30 000 BUY 5 Nov 2018
Jonas Ahlberg + 35 000 BUY 5 Nov 2018

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