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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 4091 5153 5379
Sales growth (%) -2,1 26 4,4
EBITDA 774 1014 1050
EBITDA margin (%) 18,9 19,7 19,5
EBIT adj 530 714 750
EBIT adj margin (%) 13 13,9 13,9
Pretax profit 502 689 726
EPS rep 1,9 2,59 2,76
EPS growth (%) 6,3 36 6,7
EPS adj 2,32 3,12 3,28
DPS 1 1,11 1,19
EV/EBITDA (x) 21,7 22,9 21,8
EV/EBIT adj (x) 31,7 32,5 30,5
P/E (x) 40 40,5 37,9
P/E adj (x) 32,7 33,6 31,9
EV/sales (x) 4,1 4,5 4,3
FCF yield (%) 2,4 0,4 3,2
Dividend yield (%) 1,3 1,1 1,1
Net IB debt/EBITDA 1,7 1,7 1,3
Lease adj. FCF yield (%) 1,8 0 2,9
Lease adj. ND/EBITDA 1,6 1,6 1,2
SEKm 2020 2021e 2022e
Sales 4091 5153 5379
COGS -2513 -3142 -3230
Gross profit 1578 2011 2148
Other operating items -804 -996 -1098
EBITDA 774 1014 1050
Depreciation on tangibles -69 -71 -66
Depreciation on intangibles 0 0 0
EBITA 616 823 858
Goodwill impairment charges 0 0 0
Other impairment and amortisation -81 -84 -92
EBIT 530 714 750
Other financial items 0 0 0
Net financial items -28 -25 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 502 689 726
Tax -114 -159 -160
Net profit 388 531 566
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 388 531 566
EPS 1,9 2,59 2,76
EPS Adj 2,32 3,12 3,28
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,7 -23 -22
Gross margin (%) 38,6 39 39,9
EBITDA margin (%) 18,9 19,7 19,5
EBITA margin (%) 15,1 16 15,9
EBIT margin (%) 13 13,9 13,9
Pretax margin (%) 12,3 13,4 13,5
Net margin (%) 9,5 10,3 10,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,1 26 4,4
EBITDA growth (%) 7,9 31,1 3,5
EBIT growth (%) 9,7 34,8 4,9
Net profit growth (%) 6 36,8 6,7
EPS growth (%) 6,3 36 6,7
Profitability 2020 2021 2022
ROE (%) 21,9 27,9 27
ROE Adj (%) 26,8 33,7 32,2
ROCE (%) 16,5 19,9 18,7
ROCE Adj(%) 19,1 22,9 21,4
ROIC (%) 12,3 15 14,9
ROIC Adj (%) 12,3 15 14,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 774 1014 1050
EBITDA Adj margin (%) 18,9 19,7 19,5
EBITA Adj 616 823 858
EBITA Adj margin (%) 15,1 16 15,9
EBIT Adj 530 714 750
EBIT Adj margin (%) 13 13,9 13,9
Pretax profit Adj 588 798 834
Net profit Adj 474 640 674
Net profit to shareholders Adj 474 640 674
Net Adj margin (%) 11,6 12,4 12,5
Depreciation and amortisation -158 -191 -192
Of which leasing depreciation -84 -84 -84
EO items 0 0 0
Impairment and PPA amortisation -86 -109 -108
EBITDA lease Adj 690 930 966
EBITDA lease Adj margin (%) 16,9 18,1 18
Leasing payments -84 -84 -84
SEKm 2020 2021e 2022e
EBITDA 774 1014 1050
Net financial items -28 -25 -24
Paid tax -114 -159 -160
Non-cash items 0 0 0
Cash flow before change in WC 632 831 866
Change in WC 150 -226 -9
Operating cash flow 782 604 857
CAPEX tangible fixed assets -71 -155 -161
CAPEX intangible fixed assets -19 0 0
Acquisitions and disposals -325 -369 0
Free cash flow 367 81 696
Dividend paid -140 -203 -266
Share issues and buybacks 0 0 0
Other non cash items -141 0 0
Decrease in net IB debt -396 292 107
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1609 1867 1867
Indefinite intangible assets 0 0 0
Definite intangible assets 766 428 149
Tangible fixed assets 340 498 552
Other fixed assets 23 18 18
Fixed assets 3001 3309 3254
Inventories 655 825 850
Receivables 635 800 807
Other current assets 168 168 168
Cash and liquid assets 151 150 496
Total assets 4610 5251 5575
Shareholders equity 1855 1944 2244
Minority 0 0 0
Total equity 1855 1944 2244
Long-term debt 708 1152 1152
Pension debt 76 76 76
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 437 437 437
Accounts payable 418 527 550
Other current liabilities 632 632 632
Total liabilities and equity 4610 5251 5575
Net IB debt 1316 1761 1415
Net IB debt excl. pension debt 1240 1685 1339
Capital invested 3409 3943 3897
Working capital 408 634 643
EV breakdown 2020 2021 2022
Market cap. diluted (m) 15509 21469 21469
Net IB debt Adj 1316 1761 1415
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 16825 23230 22884
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 91,3 104,5 99,4
Capital invested turnover (%) 149,9 138 161,8
Capital employed turnover (%) 143,3 126,2 137,6
Inventories / sales (%) 13 13,8 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 29,4 29
Working capital / sales (%) 10,5 10,1 11,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 70,9 90,6 63,1
Net debt / market cap (%) 11,9 8,2 6,6
Equity ratio (%) 40,2 37 40,3
Net IB debt adj. / equity (%) 70,9 90,6 63,1
Current ratio (%) 101,6 114,8 135,3
EBITDA / net interest (%) 2764,3 4057,8 4373,6
Net IB debt / EBITDA (%) 170 173,6 134,8
Interest cover (%) 2200 3293,8 3573,6
Lease liability amortisation -88 -84 -84
Other intangible assets 785 676 568
Right-of-use asset 246 246 246
Total other fixed assets 21 21 21
Leasing liability 246 246 246
Total other long-term liabilities 238 238 238
Net IB debt excl. leasing 1070 1515 1169
Net IB debt / EBITDA lease Adj (%) 155,1 162,9 121,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 203 205 205
Fully diluted shares Adj 204 205 205
EPS 1,9 2,59 2,76
Dividend per share Adj 1 1,1 1,2
EPS Adj 2,32 3,12 3,28
BVPS 9,12 9,5 10,97
BVPS Adj -2,65 -2,93 -0,94
Net IB debt / share 6,5 8,6 6,9
Share price 54,36 104,6 104,6
Market cap. (m) 11058 21402 21402
Valuation 2020 2021 2022
P/E 40 40,5 37,9
EV/sales 4,11 4,51 4,25
EV/EBITDA 21,7 22,9 21,8
EV/EBITA 27,3 28,2 26,7
EV/EBIT 31,7 32,5 30,5
Dividend yield (%) 1,3 1,1 1,1
FCF yield (%) 2,4 0,4 3,2
P/BVPS 8,33 11,01 9,54
P/BVPS Adj -28,68 -35,69 -111,87
P/E Adj 32,7 33,6 31,9
EV/EBITDA Adj 21,7 22,9 21,8
EV/EBITA Adj 27,3 28,2 26,7
EV/EBIT Adj 31,7 32,5 30,5
EV/cap. employed 5,1 6 5,5
Investment ratios 2020 2021 2022
Capex / sales 2,2 3 3
Capex / depreciation 121,6 144,5 149,4
Capex tangibles / tangible fixed assets 20,9 31 29,2
Capex intangibles / definite intangibles 2,4 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,8 21,5 19,6
Lease adj. FCF yield (%) 1,8 0 2,9

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 % 30 Sep 2021
SEB Fonder 14.6 % 10.3 % 30 Sep 2021
Swedbank Robur Fonder 12.6 % 8.8 % 30 Sep 2021
Fidelity Investments (FMR) 6.4 % 4.5 % 30 Sep 2021
Lannebo Fonder 4.4 % 3.1 % 30 Sep 2021
ODIN Fonder 4.2 % 3.0 % 30 Sep 2021
Handelsbanken Fonder 3.6 % 2.6 % 30 Sep 2021
Didner & Gerge Fonder 2.8 % 2.0 % 30 Sep 2021
Per Säve 2.0 % 1.9 % 30 Sep 2021
Lagercrantz Group AB 2.4 % 1.7 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Lars-Ola Lundkvist + 500 BUY 7 Sep 2021
Allin Hovsepian Abdo + 10 BUY 12 Aug 2021
Magnus Söderlind - 15 756 SELL 15 Jun 2021
Magnus Söderlind - 34 244 SELL 11 Jun 2021
Lars Andreas Heder + 2 000 BUY 3 Jun 2021
Lena Birdal - 4 400 SELL 31 May 2021
Jonas Ahlberg - 36 454 SELL 31 May 2021
Jakob Sandwall + 4 500 Redemp 31 May 2021
Caroline Reuterskiöld - 19 000 SELL 31 May 2021
Jörgen Wigh - 70 000 SELL 31 May 2021

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