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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 4312 4728
Sales growth (%) 15,3 9,7 9,6
EBITDA 575 763 826
EBITDA margin (%) 14,6 17,7 17,5
EBIT adj 451 527 587
EBIT adj margin (%) 11,5 12,2 12,4
Pretax profit 432 504 565
EPS rep 5,03 5,86 6,55
EPS growth (%) 19,2 16,4 11,7
EPS adj 6,05 7 7,87
DPS 3 2,5 2,5
EV/EBITDA (x) 11,9 12,6 11,6
EV/EBIT adj (x) 15,1 18,2 16,3
P/E (x) 17,1 21,7 19,4
P/E adj (x) 14,2 18,1 16,1
EV/sales (x) 1,7 2,2 2
FCF yield (%) 4,3 3,3 2,1
Dividend yield (%) 3,5 2 2
Net IB debt/EBITDA 1,7 1,3 1,2
SEKm 2018 2019e 2020e
Sales 3932 4312 4728
COGS -2488 -2708 -2960
Gross profit 1444 1603 1768
Other operating items -869 -840 -942
EBITDA 575 763 826
Depreciation on tangibles -55 -75 -65
Depreciation on intangibles 0 0 0
EBITA 520 605 677
Goodwill impairment charges 0 0 0
Other impairment and amortisation -69 -77 -90
EBIT 451 527 587
Other financial items 0 0 0
Net financial items -20 -23 -22
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 432 504 565
Tax -91 -107 -121
Net profit 341 397 444
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 341 397 444
EPS 5,03 5,86 6,55
EPS Adj 6,05 7 7,87
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -21,2 -21,5
Gross margin (%) 36,7 37,2 37,4
EBITDA margin (%) 14,6 17,7 17,5
EBITA margin (%) 13,2 14 14,3
EBIT margin (%) 11,5 12,2 12,4
Pretax margin (%) 11 11,7 12
Net margin (%) 8,7 9,2 9,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,3 9,7 9,6
EBITDA growth (%) 18,3 32,7 8,3
EBIT growth (%) 19,3 16,9 11,4
Net profit growth (%) 19,2 16,4 11,7
EPS growth (%) 19,2 16,4 11,7
Profitability 2018 2019 2020
ROE (%) 24,3 23,2 21,6
ROE Adj (%) 29,2 27,7 25,9
ROCE (%) 17,4 17,9 17,3
ROCE Adj(%) 20,1 20,5 19,9
ROIC (%) 14,5 15,4 15,2
ROIC Adj (%) 14,5 15,4 15,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 575 763 826
EBITDA Adj margin (%) 14,6 17,7 17,5
EBITA Adj 520 605 677
EBITA Adj margin (%) 13,2 14 14,3
EBIT Adj 451 527 587
EBIT Adj margin (%) 11,5 12,2 12,4
Pretax profit Adj 501 581 655
Net profit Adj 410 475 533
Net profit to shareholders Adj 410 475 533
Net Adj margin (%) 10,4 11 11,3
SEKm 2018 2019e 2020e
EBITDA 575 763 826
Net financial items -20 -23 -22
Paid tax -91 -107 -121
Non-cash items 0 0 0
Cash flow before change in WC 465 633 682
Change in WC 11 -72 -16
Operating cash flow 462 570 583
CAPEX tangible fixed assets -73 -69 -66
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -141 -217 -336
Free cash flow 248 284 181
Dividend paid -203 -169 -169
Share issues and buybacks 0 0 0
Other non cash items 63 -95 0
Decrease in net IB debt 108 20 11
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1373 1510 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 675 515 472
Tangible fixed assets 266 467 691
Other fixed assets 14 13 13
Fixed assets 2328 2647 2894
Inventories 528 601 657
Receivables 859 961 1040
Other current assets 0 0 0
Cash and liquid assets 139 370 371
Total assets 3854 4578 4962
Shareholders equity 1508 1919 2193
Minority 0 0 0
Total equity 1508 1919 2193
Long-term debt 1066 1135 1125
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 1315 1435
Other current liabilities 0 0 0
Total liabilities and equity 2891 3632 3854
Net IB debt 994 974 963
Net IB debt excl. pension debt 927 907 896
Capital invested 2502 2893 3156
Working capital 174 246 262
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5834 8605 8605
Net IB debt Adj 994 974 963
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 9579 9568
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 105 102,3 99,1
Capital invested turnover (%) 160,3 159,8 156,3
Capital employed turnover (%) 151,8 146,1 139,2
Inventories / sales (%) 13 13,1 13,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,3 29,3 29,1
Working capital / sales (%) 4,6 4,9 5,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 65,9 50,8 43,9
Net debt / market cap (%) 16,5 11,3 11,2
Equity ratio (%) 39,1 41,9 44,2
Net IB debt adj. / equity (%) 65,9 50,8 43,9
Current ratio (%) 125,8 138,6 136,7
EBITDA / net interest (%) 2948,7 3277,6 3704,9
Net IB debt / EBITDA (%) 172,9 127,7 116,5
Interest cover (%) 2666,7 2596,6 3036,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,03 5,86 6,55
Dividend per share Adj 3 2,5 2,5
EPS Adj 6,05 7 7,87
BVPS 22,27 28,34 32,39
BVPS Adj -7,97 -1,56 0,89
Net IB debt / share 14,7 14,4 14,2
Share price 88,71 127 127
Market cap. (m) 6008 8601 8601
Valuation 2018 2019 2020
P/E 17,1 21,7 19,4
EV/sales 1,74 2,22 2,02
EV/EBITDA 11,9 12,6 11,6
EV/EBITA 13,1 15,8 14,1
EV/EBIT 15,1 18,2 16,3
Dividend yield (%) 3,5 2 2
FCF yield (%) 4,3 3,3 2,1
P/BVPS 3,87 4,48 3,92
P/BVPS Adj -10,8 -81,44 141,97
P/E Adj 14,2 18,1 16,1
EV/EBITDA Adj 11,9 12,6 11,6
EV/EBITA Adj 13,1 15,8 14,1
EV/EBIT Adj 15,1 18,2 16,3
EV/cap. employed 2,6 2,9 2,7
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,6 1,4
Capex / depreciation 132,7 92,7 101,6
Capex tangibles / tangible fixed assets 27,4 14,8 9,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,7 16 9,4

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Media

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

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Main shareholders - Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 30 Sep 2019
SEB Fonder 13.5 % 9.5 % 30 Sep 2019
Swedbank Robur Fonder 10.3 % 7.3 % 30 Sep 2019
Didner & Gerge Fonder 8.8 % 6.2 % 30 Sep 2019
Lannebo Fonder 7.2 % 5.1 % 30 Sep 2019
Fidelity Investments (FMR) 5.0 % 3.5 % 31 Aug 2019
Handelsbanken Fonder 4.6 % 3.2 % 30 Sep 2019
ODIN Fonder 3.9 % 2.8 % 30 Sep 2019
Per Säve 2.0 % 1.9 % 30 Sep 2019
Lagercrantz Group AB 2.6 % 1.8 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Bo Lander Rasmussen + 22 000 BUY 10 Oct 2019
Bo Lander Rasmussen + 22 000 BUY 10 Oct 2019
Bo Lander Rasmussen + 22 000 BUY 10 Oct 2019
Carina Margaretha Nordlöf + 8 500 BUY 9 Oct 2019
Magnus Söderlind + 30 000 BUY 9 Oct 2019
Kristina Elfström Mackintosh + 20 000 BUY 9 Oct 2019
Kristina Elfström Mackintosh + 20 000 BUY 9 Oct 2019
Marcus Käld + 10 000 BUY 9 Oct 2019
Lennart Sigvard Olof Sjölund - 164 SELL 29 Jul 2019
Lennart Sigvard Olof Sjölund - 164 SELL 29 Jul 2019

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