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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 4118 4426
Sales growth (%) 6,3 -1,5 7,5
EBITDA 714 700 775
EBITDA margin (%) 17,1 17 17,5
EBIT adj 486 459 518
EBIT adj margin (%) 11,6 11,1 11,7
Pretax profit 457 435 496
EPS rep 5,36 5,04 5,86
EPS growth (%) 6,5 -5,9 16,3
EPS adj 6,69 6,25 7,17
DPS 2,5 2,5 2,5
EV/EBITDA (x) 15,8 15,9 13,8
EV/EBIT adj (x) 23,3 24,3 20,7
P/E (x) 27,3 30,2 26
P/E adj (x) 21,9 24,4 21,3
EV/sales (x) 2,7 2,7 2,4
FCF yield (%) 1,9 5,7 5,6
Dividend yield (%) 1,7 1,6 1,6
Net IB debt/EBITDA 1,9 1,2 0,5
SEKm 2019 2020e 2021e
Sales 4180 4118 4426
COGS -2618 -2598 -2762
Gross profit 1562 1520 1664
Other operating items -848 -821 -889
EBITDA 714 700 775
Depreciation on tangibles -66 -75 -85
Depreciation on intangibles 0 0 0
EBITA 564 541 606
Goodwill impairment charges 0 0 0
Other impairment and amortisation -84 -82 -89
EBIT 480 459 518
Other financial items 0 0 0
Net financial items -23 -23 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 457 435 496
Tax -94 -94 -99
Net profit 363 342 397
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 363 342 397
EPS 5,36 5,04 5,86
EPS Adj 6,69 6,25 7,17
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,6 -21,5 -20
Gross margin (%) 37,4 36,9 37,6
EBITDA margin (%) 17,1 17 17,5
EBITA margin (%) 13,5 13,1 13,7
EBIT margin (%) 11,5 11,1 11,7
Pretax margin (%) 10,9 10,6 11,2
Net margin (%) 8,7 8,3 9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,3 -1,5 7,5
EBITDA growth (%) 24,2 -2 10,8
EBIT growth (%) 6,4 -4,5 12,9
Net profit growth (%) 6,5 -5,9 16,3
EPS growth (%) 6,5 -5,9 16,3
Profitability 2019 2020 2021
ROE (%) 22,7 18,4 18,6
ROE Adj (%) 28,4 22,8 22,7
ROCE (%) 16,5 13,6 14,2
ROCE Adj(%) 19,5 16,1 16,6
ROIC (%) 13,7 12,2 15,1
ROIC Adj (%) 13,8 12,2 15,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 720 700 775
EBITDA Adj margin (%) 17,2 17 17,5
EBITA Adj 570 541 606
EBITA Adj margin (%) 13,6 13,1 13,7
EBIT Adj 486 459 518
EBIT Adj margin (%) 11,6 11,1 11,7
Pretax profit Adj 547 517 585
Net profit Adj 453 424 486
Net profit to shareholders Adj 453 424 486
Net Adj margin (%) 10,8 10,3 11
SEKm 2019 2020e 2021e
EBITDA 714 700 775
Net financial items -23 -23 -21
Paid tax -94 -94 -99
Non-cash items 0 0 0
Cash flow before change in WC 597 583 654
Change in WC -121 59 -14
Operating cash flow 547 642 640
CAPEX tangible fixed assets -92 -58 -62
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -268 0 0
Free cash flow 187 584 578
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -414 169 0
Decrease in net IB debt -396 584 409
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 766 398 109
Tangible fixed assets 338 456 468
Other fixed assets 23 23 23
Fixed assets 2779 2596 2400
Inventories 562 564 615
Receivables 891 903 974
Other current assets 0 0 0
Cash and liquid assets 117 701 1110
Total assets 4349 4764 5099
Shareholders equity 1684 2026 2253
Minority 0 0 0
Total equity 1684 2026 2253
Long-term debt 1298 1298 1298
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 1231 1338
Other current liabilities 0 0 0
Total liabilities and equity 4349 4764 5099
Net IB debt 1390 806 397
Net IB debt excl. pension debt 1323 739 330
Capital invested 3074 2832 2650
Working capital 295 236 250
EV breakdown 2019 2020 2021
Market cap. diluted (m) 9919 10326 10326
Net IB debt Adj 1390 806 397
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 11132 10723
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 101,9 90,4 89,8
Capital invested turnover (%) 149,9 139,5 161,5
Capital employed turnover (%) 143,3 122,5 121,4
Inventories / sales (%) 13 13,7 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,4 29 29
Working capital / sales (%) 5,6 6,4 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 82,5 39,8 17,6
Net debt / market cap (%) 17,3 7,8 3,8
Equity ratio (%) 38,7 42,5 44,2
Net IB debt adj. / equity (%) 82,5 39,8 17,6
Current ratio (%) 127 165,6 190,5
EBITDA / net interest (%) 3104,3 2984,8 3615,6
Net IB debt / EBITDA (%) 194,7 115,2 51,2
Interest cover (%) 2452,2 2306,4 2828,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,36 5,04 5,86
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,69 6,25 7,17
BVPS 24,87 29,91 33,27
BVPS Adj -8,74 -0,5 4,69
Net IB debt / share 20,5 11,9 5,9
Share price 118,49 152,4 152,4
Market cap. (m) 8024 10321 10321
Valuation 2019 2020 2021
P/E 27,3 30,2 26
EV/sales 2,71 2,7 2,42
EV/EBITDA 15,8 15,9 13,8
EV/EBITA 20,1 20,6 17,7
EV/EBIT 23,6 24,3 20,7
Dividend yield (%) 1,7 1,6 1,6
FCF yield (%) 1,9 5,7 5,6
P/BVPS 5,89 5,1 4,58
P/BVPS Adj -16,75 -307,49 32,49
P/E Adj 21,9 24,4 21,3
EV/EBITDA Adj 15,7 15,9 13,8
EV/EBITA Adj 19,8 20,6 17,7
EV/EBIT Adj 23,3 24,3 20,7
EV/cap. employed 3,5 3,2 2,9
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,4 1,4
Capex / depreciation 139,4 76,9 73,1
Capex tangibles / tangible fixed assets 27,2 12,7 13,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,5 16,5 18,1

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 Jun 2020
SEB Fonder 14.6 % 10.3 % 30 Jun 2020
Swedbank Robur Fonder 11.2 % 7.9 % 30 Jun 2020
Didner & Gerge Fonder 6.6 % 4.6 % 30 Jun 2020
Lannebo Fonder 5.8 % 4.0 % 30 Jun 2020
Fidelity Investments (FMR) 5.5 % 3.9 % 31 May 2020
Handelsbanken Fonder 4.7 % 3.3 % 30 Jun 2020
ODIN Fonder 4.4 % 3.1 % 30 Jun 2020
Per Säve 2.0 % 1.9 % 30 Jun 2020
Lagercrantz Group AB 2.5 % 1.8 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 101 SELL 10 Jun 2020
Lennart Sigvard Olof Sjölund - 358 SELL 9 Jun 2020
Lennart Sigvard Olof Sjölund - 3 639 SELL 8 Jun 2020
Lennart Sigvard Olof Sjölund - 4 000 SELL 4 Jun 2020
Magnus Söderlind + 6 000 Redemp 1 Jun 2020
Caroline Reuterskiöld - 12 500 SELL 1 Jun 2020
Marcus Käld + 1 000 Redemp 1 Jun 2020
Carina Margaretha Nordlöf - 5 000 SELL 1 Jun 2020
Lena Maria Hummel - 2 000 SELL 1 Jun 2020
Caroline Reuterskiöld + 3 500 Redemp 1 Jun 2020

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