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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 2018 2019e 2020e
Sales 3932 4264 4644
Sales growth (%) 15,3 8,4 8,9
EBITDA 575 798 883
EBITDA margin (%) 14,6 18,7 19
EBIT adj 451 513 578
EBIT adj margin (%) 11,5 12 12,4
Pretax profit 432 485 557
EPS rep 5,03 5,66 6,58
EPS growth (%) 19,2 12,5 16,1
EPS adj 6,05 6,97 7,74
DPS 3 2,5 2,5
EV/EBITDA (x) 11,9 12,7 11,4
EV/EBIT adj (x) 15,1 19,7 17,4
P/E (x) 17,1 23,3 20,1
P/E adj (x) 14,2 18,9 17,1
EV/sales (x) 1,7 2,4 2,2
FCF yield (%) 4,3 3,7 2,8
Dividend yield (%) 3,5 1,9 1,9
Net IB debt/EBITDA 1,7 1,5 1,2
SEKm 2018 2019e 2020e
Sales 3932 4264 4644
COGS -2488 -2692 -2925
Gross profit 1444 1572 1718
Other operating items -869 -774 -835
EBITDA 575 798 883
Depreciation on tangibles -55 -124 -142
Depreciation on intangibles 0 0 0
EBITA 520 590 657
Goodwill impairment charges 0 0 0
Other impairment and amortisation -69 -83 -79
EBIT 451 507 578
Other financial items 0 0 0
Net financial items -20 -22 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 432 485 557
Tax -91 -102 -111
Net profit 341 384 446
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 341 384 446
EPS 5,03 5,66 6,58
EPS Adj 6,05 6,97 7,74
Total extraordinary items after tax 0 -6 0
Tax rate (%) -21 -20,9 -20
Gross margin (%) 36,7 36,9 37
EBITDA margin (%) 14,6 18,7 19
EBITA margin (%) 13,2 13,8 14,1
EBIT margin (%) 11,5 11,9 12,4
Pretax margin (%) 11 11,4 12
Net margin (%) 8,7 9 9,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,3 8,4 8,9
EBITDA growth (%) 18,3 38,8 10,6
EBIT growth (%) 19,3 12,4 14
Net profit growth (%) 19,2 12,5 16,1
EPS growth (%) 19,2 12,5 16,1
Profitability 2018 2019 2020
ROE (%) 24,3 23,6 23,7
ROE Adj (%) 29,2 29,1 27,9
ROCE (%) 17,4 16,9 16,6
ROCE Adj(%) 20,1 19,9 18,8
ROIC (%) 14,5 14,8 15,4
ROIC Adj (%) 14,5 15 15,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 575 804 883
EBITDA Adj margin (%) 14,6 18,9 19
EBITA Adj 520 596 657
EBITA Adj margin (%) 13,2 14 14,1
EBIT Adj 451 513 578
EBIT Adj margin (%) 11,5 12 12,4
Pretax profit Adj 501 574 636
Net profit Adj 410 472 524
Net profit to shareholders Adj 410 472 524
Net Adj margin (%) 10,4 11,1 11,3
SEKm 2018 2019e 2020e
EBITDA 575 798 883
Net financial items -20 -22 -21
Paid tax -91 -102 -111
Non-cash items 0 0 0
Cash flow before change in WC 465 675 751
Change in WC 11 -68 -17
Operating cash flow 462 660 650
CAPEX tangible fixed assets -73 -92 -65
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -141 -234 -336
Free cash flow 248 334 249
Dividend paid -203 -169 -169
Share issues and buybacks 0 0 0
Other non cash items 63 -336 0
Decrease in net IB debt 108 -171 80
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1373 1510 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 675 574 491
Tangible fixed assets 266 425 622
Other fixed assets 14 14 14
Fixed assets 2328 2666 2846
Inventories 528 585 645
Receivables 859 936 1022
Other current assets 0 0 0
Cash and liquid assets 139 449 519
Total assets 3854 4636 5031
Shareholders equity 1508 1743 2019
Minority 0 0 0
Total equity 1508 1743 2019
Long-term debt 1066 1405 1395
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 1280 1408
Other current liabilities 0 0 0
Total liabilities and equity 2891 3632 3854
Net IB debt 994 1165 1085
Net IB debt excl. pension debt 927 1098 1018
Capital invested 2502 2908 3105
Working capital 174 242 259
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5834 8944 8944
Net IB debt Adj 994 1165 1085
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 10109 10029
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 105 100,4 96,1
Capital invested turnover (%) 160,3 157,6 154,5
Capital employed turnover (%) 151,8 142,2 133,1
Inventories / sales (%) 13 13,1 13,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,3 29,2 28,9
Working capital / sales (%) 4,6 4,9 5,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 65,9 66,9 53,8
Net debt / market cap (%) 16,5 13 12,1
Equity ratio (%) 39,1 37,6 40,1
Net IB debt adj. / equity (%) 65,9 66,9 53,8
Current ratio (%) 125,8 145,1 147
EBITDA / net interest (%) 2948,7 3701,9 4249,5
Net IB debt / EBITDA (%) 172,9 146 123
Interest cover (%) 2666,7 2735,7 3161,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,03 5,66 6,58
Dividend per share Adj 3 2,5 2,5
EPS Adj 6,05 6,97 7,74
BVPS 22,27 25,73 29,81
BVPS Adj -7,97 -5,05 -1,97
Net IB debt / share 14,7 17,2 16
Share price 88,71 132 132
Market cap. (m) 6008 8939 8939
Valuation 2018 2019 2020
P/E 17,1 23,3 20,1
EV/sales 1,74 2,37 2,16
EV/EBITDA 11,9 12,7 11,4
EV/EBITA 13,1 17,1 15,3
EV/EBIT 15,1 19,9 17,4
Dividend yield (%) 3,5 1,9 1,9
FCF yield (%) 4,3 3,7 2,8
P/BVPS 3,87 5,13 4,43
P/BVPS Adj -10,8 -26,15 -67,02
P/E Adj 14,2 18,9 17,1
EV/EBITDA Adj 11,9 12,6 11,4
EV/EBITA Adj 13,1 17 15,3
EV/EBIT Adj 15,1 19,7 17,4
EV/cap. employed 2,6 3 2,8
Investment ratios 2018 2019 2020
Capex / sales 1,9 2,2 1,4
Capex / depreciation 132,7 73,9 45,8
Capex tangibles / tangible fixed assets 27,4 21,6 10,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,7 29,2 22,9

Equity research

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Media

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

Main shareholders - Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 30 Nov 2019
SEB Fonder 13.5 % 9.5 % 30 Nov 2019
Swedbank Robur Fonder 10.3 % 7.3 % 30 Nov 2019
Didner & Gerge Fonder 8.0 % 5.6 % 30 Nov 2019
Lannebo Fonder 7.1 % 5.0 % 30 Nov 2019
Fidelity Investments (FMR) 5.0 % 3.5 % 31 Oct 2019
Handelsbanken Fonder 4.6 % 3.3 % 30 Nov 2019
ODIN Fonder 3.9 % 2.8 % 30 Nov 2019
Per Säve 2.0 % 1.9 % 30 Nov 2019
Lagercrantz Group AB 2.6 % 1.8 % 30 Nov 2019
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 5 000 SELL 2 Dec 2019
Lennart Sigvard Olof Sjölund - 4 240 SELL 29 Nov 2019
Lennart Sigvard Olof Sjölund - 560 SELL 28 Nov 2019
Lennart Sigvard Olof Sjölund - 3 200 SELL 27 Nov 2019
Caroline Reuterskiöld - 8 000 SELL 7 Nov 2019
Caroline Reuterskiöld + 1 000 Redemp 7 Nov 2019
Jonas Ahlberg - 34 000 SELL 7 Nov 2019
Per Ikov - 30 000 SELL 7 Nov 2019
Marcus Käld - 9 000 SELL 7 Nov 2019
Ulf Gladh - 25 000 SELL 7 Nov 2019

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