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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 2019 2020e 2021e
Sales 4180 4146 4474
Sales growth (%) 6,3 -0,8 7,9
EBITDA 714 717 787
EBITDA margin (%) 17,1 17,3 17,6
EBIT adj 486 478 530
EBIT adj margin (%) 11,6 11,5 11,9
Pretax profit 457 454 513
EPS rep 5,36 5,21 6,05
EPS growth (%) 6,5 -2,8 16,2
EPS adj 6,69 6,41 7,37
DPS 2,5 2,5 2,5
EV/EBITDA (x) 15,8 17,9 15,8
EV/EBIT adj (x) 23,3 26,9 23,5
P/E (x) 27,3 34,2 29,4
P/E adj (x) 21,9 27,8 24,1
EV/sales (x) 2,7 3,1 2,8
FCF yield (%) 1,9 2,6 4,9
Dividend yield (%) 1,7 1,4 1,4
Net IB debt/EBITDA 1,9 1,1 0,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 4180 4146 4474
COGS -2618 -2572 -2765
Gross profit 1562 1575 1709
Other operating items -848 -858 -923
EBITDA 714 717 787
Depreciation on tangibles -66 -74 -83
Depreciation on intangibles 0 0 0
EBITA 564 559 620
Goodwill impairment charges 0 0 0
Other impairment and amortisation -84 -81 -89
EBIT 480 478 530
Other financial items 0 0 0
Net financial items -23 -24 -18
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 457 454 513
Tax -94 -101 -103
Net profit 363 353 410
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 363 353 410
EPS 5,36 5,21 6,05
EPS Adj 6,69 6,41 7,37
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,6 -22,2 -20
Gross margin (%) 37,4 38 38,2
EBITDA margin (%) 17,1 17,3 17,6
EBITA margin (%) 13,5 13,5 13,9
EBIT margin (%) 11,5 11,5 11,9
Pretax margin (%) 10,9 10,9 11,5
Net margin (%) 8,7 8,5 9,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,3 -0,8 7,9
EBITDA growth (%) 24,2 0,4 9,7
EBIT growth (%) 6,4 -0,4 11
Net profit growth (%) 6,5 -2,8 16,2
EPS growth (%) 6,5 -2,8 16,2
Profitability 2019 2020 2021
ROE (%) 22,7 19,1 19,3
ROE Adj (%) 28,4 23,5 23,5
ROCE (%) 16,5 14,8 15,7
ROCE Adj(%) 19,5 17,3 18,3
ROIC (%) 13,7 12,6 15,6
ROIC Adj (%) 13,8 12,6 15,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 720 717 787
EBITDA Adj margin (%) 17,2 17,3 17,6
EBITA Adj 570 559 620
EBITA Adj margin (%) 13,6 13,5 13,9
EBIT Adj 486 478 530
EBIT Adj margin (%) 11,6 11,5 11,9
Pretax profit Adj 547 535 602
Net profit Adj 453 434 500
Net profit to shareholders Adj 453 434 500
Net Adj margin (%) 10,8 10,5 11,2
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 714 717 787
Net financial items -23 -24 -18
Paid tax -94 -101 -103
Non-cash items 0 0 0
Cash flow before change in WC 597 592 666
Change in WC -50 -150 -13
Operating cash flow 547 442 653
CAPEX tangible fixed assets -92 -67 -63
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -268 -67 0
Free cash flow 187 308 591
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -414 442 0
Decrease in net IB debt -396 581 421
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 766 413 124
Tangible fixed assets 338 430 443
Other fixed assets 23 17 17
Fixed assets 2779 2579 2386
Inventories 562 575 621
Receivables 891 919 984
Other current assets 0 0 0
Cash and liquid assets 117 445 866
Total assets 4349 4518 4858
Shareholders equity 1684 2009 2250
Minority 0 0 0
Total equity 1684 2009 2250
Long-term debt 1298 1045 1045
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 1158 1255 1354
Other current liabilities 0 0 0
Total liabilities and equity 4349 4518 4858
Net IB debt 1390 809 388
Net IB debt excl. pension debt 1323 742 321
Capital invested 3074 2818 2638
Working capital 295 239 252
EV breakdown 2019 2020 2021
Market cap. diluted (m) 9919 12060 12060
Net IB debt Adj 1390 809 388
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 11309 12870 12448
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 101,9 93,5 95,4
Capital invested turnover (%) 149,9 140,7 164
Capital employed turnover (%) 143,3 128,5 132,2
Inventories / sales (%) 13 13,7 13,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 29,1 29,2
Working capital / sales (%) 5,6 6,4 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 82,5 40,3 17,2
Net debt / market cap (%) 17,3 6,7 3,2
Equity ratio (%) 38,7 44,5 46,3
Net IB debt adj. / equity (%) 82,5 40,3 17,2
Current ratio (%) 127 145,4 172,6
EBITDA / net interest (%) 3104,3 2930,7 4459,2
Net IB debt / EBITDA (%) 194,7 112,9 49,3
Interest cover (%) 2452,2 2284,9 3514
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,36 5,21 6,05
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,69 6,41 7,37
BVPS 24,87 29,67 33,22
BVPS Adj -8,74 -0,96 4,4
Net IB debt / share 20,5 11,9 5,7
Share price 118,49 178 178
Market cap. (m) 8024 12054 12054
Valuation 2019 2020 2021
P/E 27,3 34,2 29,4
EV/sales 2,71 3,1 2,78
EV/EBITDA 15,8 17,9 15,8
EV/EBITA 20,1 23 20,1
EV/EBIT 23,6 26,9 23,5
Dividend yield (%) 1,7 1,4 1,4
FCF yield (%) 1,9 2,6 4,9
P/BVPS 5,89 6 5,36
P/BVPS Adj -16,75 -185,21 40,41
P/E Adj 21,9 27,8 24,1
EV/EBITDA Adj 15,7 17,9 15,8
EV/EBITA Adj 19,8 23 20,1
EV/EBIT Adj 23,3 26,9 23,5
EV/cap. employed 3,5 3,9 3,6
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,6 1,4
Capex / depreciation 139,4 91 75,7
Capex tangibles / tangible fixed assets 27,2 15,7 14,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 17,2 18,7
N/A N/A N/A

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 % 31 Aug 2020
SEB Fonder 14.6 % 10.3 % 31 Aug 2020
Swedbank Robur Fonder 11.2 % 7.9 % 31 Aug 2020
Didner & Gerge Fonder 5.9 % 4.1 % 31 Aug 2020
Fidelity Investments (FMR) 5.7 % 4.0 % 31 Jul 2020
Lannebo Fonder 5.5 % 3.8 % 31 Aug 2020
Handelsbanken Fonder 4.6 % 3.2 % 31 Aug 2020
ODIN Fonder 4.4 % 3.1 % 31 Aug 2020
Per Säve 2.0 % 1.9 % 31 Aug 2020
Lagercrantz Group AB 2.5 % 1.8 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 2 000 SELL 18 Sep 2020
Lennart Sigvard Olof Sjölund - 2 989 SELL 17 Sep 2020
Lennart Sigvard Olof Sjölund - 3 395 SELL 15 Sep 2020
Lennart Sigvard Olof Sjölund - 1 616 SELL 14 Sep 2020
Lennart Sigvard Olof Sjölund - 5 000 SELL 4 Sep 2020
Lennart Sigvard Olof Sjölund - 3 000 SELL 27 Aug 2020
Jonas Ahlberg - 8 000 SELL 24 Aug 2020
Lars-Ola Lundkvist + 58 BUY 20 Aug 2020
Lennart Sigvard Olof Sjölund - 6 943 SELL 17 Aug 2020
Lennart Sigvard Olof Sjölund - 3 057 SELL 13 Aug 2020

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