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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 4242 4450 4682
Sales growth (%) 7,9 4,9 5,2
EBITDA 795 849 859
EBITDA margin (%) 18,7 19,1 18,3
EBIT adj 510 553 600
EBIT adj margin (%) 12 12,4 12,8
Pretax profit 486 534 588
EPS rep 5,67 6,14 6,76
EPS growth (%) 12,7 8,3 10,1
EPS adj 6,92 7,17 7,87
DPS 2,5 2,5 2,5
EV/EBITDA (x) 14,4 13 12,4
EV/EBIT adj (x) 22,4 20 17,7
P/E (x) 26,9 24,9 22,6
P/E adj (x) 22,1 21,3 19,4
EV/sales (x) 2,7 2,5 2,3
FCF yield (%) 4,2 5,4 5,6
Dividend yield (%) 1,6 1,6 1,6
Net IB debt/EBITDA 1,3 0,8 0,3
SEKm 2019 2020e 2021e
Sales 4242 4450 4682
COGS -2676 -2803 -2945
Gross profit 1566 1646 1737
Other operating items -771 -797 -878
EBITDA 795 849 859
Depreciation on tangibles -129 -143 -125
Depreciation on intangibles 0 0 0
EBITA 583 623 675
Goodwill impairment charges 0 0 0
Other impairment and amortisation -78 -70 -75
EBIT 504 553 600
Other financial items 0 0 0
Net financial items -19 -19 -13
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 486 534 588
Tax -101 -117 -129
Net profit 384 416 458
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 384 416 458
EPS 5,67 6,14 6,76
EPS Adj 6,92 7,17 7,87
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,9 -22 -22
Gross margin (%) 36,9 37 37,1
EBITDA margin (%) 18,7 19,1 18,3
EBITA margin (%) 13,7 14 14,4
EBIT margin (%) 11,9 12,4 12,8
Pretax margin (%) 11,4 12 12,6
Net margin (%) 9,1 9,4 9,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 7,9 4,9 5,2
EBITDA growth (%) 38,3 6,8 1,1
EBIT growth (%) 11,8 9,6 8,6
Net profit growth (%) 12,7 8,3 10,1
EPS growth (%) 12,7 8,3 10,1
Profitability 2019 2020 2021
ROE (%) 23,6 22,3 21,5
ROE Adj (%) 28,8 26 25
ROCE (%) 16,8 15,9 16,1
ROCE Adj(%) 19,6 17,9 18,1
ROIC (%) 15 15,8 18
ROIC Adj (%) 15,2 15,8 18
Adj earnings numbers 2019 2020 2021
EBITDA Adj 801 849 859
EBITDA Adj margin (%) 18,9 19,1 18,3
EBITA Adj 589 623 675
EBITA Adj margin (%) 13,9 14 14,4
EBIT Adj 510 553 600
EBIT Adj margin (%) 12 12,4 12,8
Pretax profit Adj 570 603 662
Net profit Adj 469 486 533
Net profit to shareholders Adj 469 486 533
Net Adj margin (%) 11 10,9 11,4
SEKm 2019 2020e 2021e
EBITDA 795 849 859
Net financial items -19 -19 -13
Paid tax -101 -117 -129
Non-cash items 0 0 0
Cash flow before change in WC 675 713 716
Change in WC -66 -11 -9
Operating cash flow 662 618 649
CAPEX tangible fixed assets -91 -62 -66
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -134 0 0
Free cash flow 436 556 584
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -336 0 0
Decrease in net IB debt -69 387 415
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 574 327 74
Tangible fixed assets 325 355 366
Other fixed assets 14 14 14
Fixed assets 2565 2415 2281
Inventories 580 618 650
Receivables 927 979 1030
Other current assets 0 0 0
Cash and liquid assets 551 928 1333
Total assets 4624 4940 5293
Shareholders equity 1743 1990 2279
Minority 0 0 0
Total equity 1743 1990 2279
Long-term debt 1405 1395 1385
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 1267 1346 1420
Other current liabilities 0 0 0
Total liabilities and equity 3632 3854 4624
Net IB debt 1063 676 261
Net IB debt excl. pension debt 996 609 194
Capital invested 2806 2666 2541
Working capital 240 251 260
EV breakdown 2019 2020 2021
Market cap. diluted (m) 10353 10353 10353
Net IB debt Adj 1063 676 261
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 11416 11029 10614
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 100,1 93 91,5
Capital invested turnover (%) 159,8 162,6 179,8
Capital employed turnover (%) 141,4 128 125,4
Inventories / sales (%) 13,1 13,5 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,2 29,4 29,5
Working capital / sales (%) 4,9 5,5 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61 34 11,5
Net debt / market cap (%) 13,2 6,5 2,5
Equity ratio (%) 37,7 40,3 43,1
Net IB debt adj. / equity (%) 61 34 11,5
Current ratio (%) 153,1 177,3 201,1
EBITDA / net interest (%) 4290,3 4439,3 6642,7
Net IB debt / EBITDA (%) 133,6 79,6 30,4
Interest cover (%) 3143,1 3254,1 5224,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,67 6,14 6,76
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,92 7,17 7,87
BVPS 25,74 29,39 33,66
BVPS Adj -5,04 0,03 5,59
Net IB debt / share 15,7 10 3,9
Share price 118,49 152,8 152,8
Market cap. (m) 8024 10348 10348
Valuation 2019 2020 2021
P/E 26,9 24,9 22,6
EV/sales 2,69 2,48 2,27
EV/EBITDA 14,4 13 12,4
EV/EBITA 19,6 17,7 15,7
EV/EBIT 22,6 20 17,7
Dividend yield (%) 1,6 1,6 1,6
FCF yield (%) 4,2 5,4 5,6
P/BVPS 5,94 5,2 4,54
P/BVPS Adj -30,32 4964,59 27,34
P/E Adj 22,1 21,3 19,4
EV/EBITDA Adj 14,2 13 12,4
EV/EBITA Adj 19,4 17,7 15,7
EV/EBIT Adj 22,4 20 17,7
EV/cap. employed 3,4 3,1 2,7
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,4 1,4
Capex / depreciation 71,1 43,6 52,3
Capex tangibles / tangible fixed assets 28,1 17,5 17,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 39,6 40,2 34,3

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 Dec 2019
SEB Fonder 13.8 % 9.7 % 31 Dec 2019
Swedbank Robur Fonder 10.3 % 7.3 % 31 Dec 2019
Didner & Gerge Fonder 8.0 % 5.6 % 31 Dec 2019
Fidelity Investments (FMR) 5.6 % 3.9 % 1 Jan 2020
Handelsbanken Fonder 4.7 % 3.3 % 31 Dec 2019
Lannebo Fonder 4.4 % 3.1 % 31 Dec 2019
ODIN Fonder 3.9 % 2.8 % 31 Dec 2019
Per Säve 2.0 % 1.9 % 31 Dec 2019
Lagercrantz Group AB 2.6 % 1.8 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Marcus Käld - 1 000 SELL 20 Dec 2019
Lennart Sigvard Olof Sjölund - 5 000 SELL 2 Dec 2019
Lennart Sigvard Olof Sjölund - 4 240 SELL 29 Nov 2019
Lennart Sigvard Olof Sjölund - 560 SELL 28 Nov 2019
Lennart Sigvard Olof Sjölund - 3 200 SELL 27 Nov 2019
Jonas Ahlberg - 34 000 SELL 7 Nov 2019
Per Ikov - 30 000 SELL 7 Nov 2019
Caroline Reuterskiöld - 8 000 SELL 7 Nov 2019
Marcus Käld - 9 000 SELL 7 Nov 2019
Caroline Reuterskiöld + 1 000 Redemp 7 Nov 2019

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