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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 5182 5395
Sales growth (%) -2,1 26,7 4,1
EBITDA 774 1021 1053
EBITDA margin (%) 18,9 19,7 19,5
EBIT adj 530 721 753
EBIT adj margin (%) 13 13,9 14
Pretax profit 502 704 737
EPS rep 1,9 2,68 2,82
EPS growth (%) 6,3 41,2 5
EPS adj 2,32 3,21 3,35
DPS 1 1,11 1,19
EV/EBITDA (x) 21,5 22 20,7
EV/EBIT adj (x) 31,3 31,2 29
P/E (x) 40 40,2 38,3
P/E adj (x) 32,7 33,5 32,2
EV/sales (x) 4,1 4,3 4,1
FCF yield (%) 2,2 3,2 3,3
Dividend yield (%) 1,3 1 1,1
Net IB debt/EBITDA 1,4 0,5 -0,1
Lease adj. FCF yield (%) 2,2 2,8 2,9
Lease adj. ND/EBITDA 1,5 0,4 -0,2
SEKm 2020 2021e 2022e
Sales 4091 5182 5395
COGS -2513 -3131 -3239
Gross profit 1578 2050 2156
Other operating items -804 -1029 -1103
EBITDA 774 1021 1053
Depreciation on tangibles -69 -71 -66
Depreciation on intangibles 0 0 0
EBITA 616 829 861
Goodwill impairment charges 0 0 0
Other impairment and amortisation -81 -84 -92
EBIT 530 721 753
Other financial items 0 0 0
Net financial items -28 -17 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 502 704 737
Tax -114 -156 -162
Net profit 388 548 575
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 388 548 575
EPS 1,9 2,68 2,82
EPS Adj 2,32 3,21 3,35
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,7 -22,2 -22
Gross margin (%) 38,6 39,6 40
EBITDA margin (%) 18,9 19,7 19,5
EBITA margin (%) 15,1 16 16
EBIT margin (%) 13 13,9 14
Pretax margin (%) 12,3 13,6 13,7
Net margin (%) 9,5 10,6 10,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,1 26,7 4,1
EBITDA growth (%) 7,9 32 3,1
EBIT growth (%) 9,7 36,1 4,4
Net profit growth (%) 6 41,3 5
EPS growth (%) 6,3 41,2 5
Profitability 2020 2021 2022
ROE (%) 21,9 25,7 21,4
ROE Adj (%) 26,8 30,8 25,4
ROCE (%) 16,8 21,4 19,1
ROCE Adj(%) 19,6 24,5 21,9
ROIC (%) 13,6 19,2 20,6
ROIC Adj (%) 13,6 19,2 20,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 774 1021 1053
EBITDA Adj margin (%) 18,9 19,7 19,5
EBITA Adj 616 829 861
EBITA Adj margin (%) 15,1 16 16
EBIT Adj 530 721 753
EBIT Adj margin (%) 13 13,9 14
Pretax profit Adj 588 812 845
Net profit Adj 474 656 683
Net profit to shareholders Adj 474 656 683
Net Adj margin (%) 11,6 12,7 12,7
Depreciation and amortisation -158 -192 -192
Of which leasing depreciation -84 -84 -84
EO items 0 0 0
Impairment and PPA amortisation -86 -108 -108
EBITDA lease Adj 690 937 969
EBITDA lease Adj margin (%) 16,9 18,1 18
Leasing payments -84 -84 -84
SEKm 2020 2021e 2022e
EBITDA 774 1021 1053
Net financial items -28 -17 -16
Paid tax -114 -156 -162
Non-cash items 0 0 0
Cash flow before change in WC 632 848 875
Change in WC 93 13 2
Operating cash flow 725 861 878
CAPEX tangible fixed assets -390 -155 -162
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 335 705 716
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -1147 -294 -58
Decrease in net IB debt -396 292 107
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1661 1661 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 766 428 149
Tangible fixed assets 444 491 545
Other fixed assets 23 18 18
Fixed assets 3001 2940 2886
Inventories 655 830 864
Receivables 803 1017 1059
Other current assets 0 0 0
Cash and liquid assets 151 772 1404
Total assets 4610 5559 6213
Shareholders equity 1855 2403 2978
Minority 0 0 0
Total equity 1855 2403 2978
Long-term debt 1172 1172 1172
Pension debt 0 0 0
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 402 509 530
Other current liabilities 1103 1397 1455
Total liabilities and equity 4610 5559 6213
Net IB debt 1099 478 -154
Net IB debt excl. pension debt 1099 478 -154
Capital invested 2954 2881 2824
Working capital -47 -60 -62
EV breakdown 2020 2021 2022
Market cap. diluted (m) 15509 22006 22006
Net IB debt Adj 1099 478 -154
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 16608 22484 21852
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 91,3 101,9 91,7
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 (%) 3 -1 -1,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 59,2 19,9 -5,2
Net debt / market cap (%) 9,9 2,2 -0,7
Equity ratio (%) 40,2 43,2 47,9
Net IB debt adj. / equity (%) 59,2 19,9 -5,2
Current ratio (%) 101,6 132 161,3
EBITDA / net interest (%) 2764,3 6008,4 6584
Net IB debt / EBITDA (%) 142 46,8 -14,6
Interest cover (%) 2200 4879 5384
Lease liability amortisation 0 -84 -84
Other intangible assets 733 625 517
Right-of-use asset 142 142 142
Total other fixed assets 21 21 21
Leasing liability 78 78 78
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 1021 400 -232
Net IB debt / EBITDA lease Adj (%) 148 42,7 -23,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 203 204 204
Fully diluted shares Adj 204 204 204
EPS 1,9 2,68 2,82
Dividend per share Adj 1 1,1 1,2
EPS Adj 2,32 3,21 3,35
BVPS 9,12 11,81 14,64
BVPS Adj -2,65 0,58 3,93
Net IB debt / share 5,4 2,3 -0,8
Share price 54,36 107,8 107,8
Market cap. (m) 11058 21937 21937
Valuation 2020 2021 2022
P/E 40 40,2 38,3
EV/sales 4,06 4,34 4,05
EV/EBITDA 21,5 22 20,7
EV/EBITA 27 27,1 25,4
EV/EBIT 31,3 31,2 29
Dividend yield (%) 1,3 1 1,1
FCF yield (%) 2,2 3,2 3,3
P/BVPS 8,33 9,13 7,37
P/BVPS Adj -28,68 187,4 27,41
P/E Adj 32,7 33,5 32,2
EV/EBITDA Adj 21,5 22 20,7
EV/EBITA Adj 27 27,1 25,4
EV/EBIT Adj 31,3 31,2 29
EV/cap. employed 5,3 6,2 5,2
Investment ratios 2020 2021 2022
Capex / sales 9,5 3 3
Capex / depreciation 527 143,9 149,9
Capex tangibles / tangible fixed assets 87,8 31,6 29,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,7 22 19,8
Lease adj. FCF yield (%) 2,2 2,8 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 % 31 Aug 2021
SEB Fonder 14.6 % 10.3 % 31 Aug 2021
Swedbank Robur Fonder 12.6 % 8.8 % 31 Aug 2021
Fidelity Investments (FMR) 6.4 % 4.5 % 31 Jul 2021
ODIN Fonder 4.7 % 3.3 % 31 Aug 2021
Lannebo Fonder 4.4 % 3.1 % 31 Aug 2021
Handelsbanken Fonder 3.7 % 2.6 % 31 Aug 2021
Didner & Gerge Fonder 3.1 % 2.2 % 31 Aug 2021
Per Säve 2.0 % 1.9 % 31 Aug 2021
Lagercrantz Group AB 2.4 % 1.7 % 31 Aug 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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