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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 4413 4832
Sales growth (%) 15,3 12,2 9,5
EBITDA 575 663 741
EBITDA margin (%) 14,6 15 15,3
EBIT adj 451 533 596
EBIT adj margin (%) 11,5 12,1 12,3
Pretax profit 432 511 576
EPS rep 5,03 5,93 6,67
EPS growth (%) 19,2 17,7 12,6
EPS adj 6,05 7,33 8,1
DPS 3 2,5 2,5
EV/EBITDA (x) 10,6 13,2 12
EV/EBIT adj (x) 13,5 16,5 14,9
P/E (x) 17,1 21,1 18,7
P/E adj (x) 14,2 17 15,4
EV/sales (x) 1,5 2 1,8
FCF yield (%) 4,3 3,8 2,3
Dividend yield (%) 3,5 2 2
Net IB debt/EBITDA 0,4 0,5 0,6
SEKm 2018 2019e 2020e
Sales 3932 4413 4832
COGS -2488 -2771 -3030
Gross profit 1444 1642 1802
Other operating items -869 -979 -1061
EBITDA 575 663 741
Depreciation on tangibles -55 -35 -49
Depreciation on intangibles 0 0 0
EBITA 520 628 693
Goodwill impairment charges 0 0 0
Other impairment and amortisation -69 -95 -97
EBIT 451 533 596
Other financial items 0 0 0
Net financial items -20 -21 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 432 511 576
Tax -91 -110 -124
Net profit 341 401 452
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 341 401 452
EPS 5,03 5,93 6,67
EPS Adj 6,05 7,33 8,1
Total extraordinary items after tax 0 0 0
Tax rate (%) -21 -21,5 -21,5
Gross margin (%) 36,7 37,2 37,3
EBITDA margin (%) 14,6 15 15,3
EBITA margin (%) 13,2 14,2 14,3
EBIT margin (%) 11,5 12,1 12,3
Pretax margin (%) 11 11,6 11,9
Net margin (%) 8,7 9,1 9,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 15,3 12,2 9,5
EBITDA growth (%) 18,3 15,3 11,8
EBIT growth (%) 19,3 18,1 11,9
Net profit growth (%) 19,2 17,7 12,6
EPS growth (%) 19,2 17,7 12,6
Profitability 2018 2019 2020
ROE (%) 24,3 24,7 24
ROE Adj (%) 29,2 30,6 29,2
ROCE (%) 26,6 25,1 23,3
ROCE Adj(%) 30,6 29,6 27,1
ROIC (%) 14,5 16,5 17,3
ROIC Adj (%) 14,5 16,5 17,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 575 663 741
EBITDA Adj margin (%) 14,6 15 15,3
EBITA Adj 520 628 693
EBITA Adj margin (%) 13,2 14,2 14,3
EBIT Adj 451 533 596
EBIT Adj margin (%) 11,5 12,1 12,3
Pretax profit Adj 501 606 673
Net profit Adj 410 496 549
Net profit to shareholders Adj 410 496 549
Net Adj margin (%) 10,4 11,2 11,4
SEKm 2018 2019e 2020e
EBITDA 575 663 741
Net financial items -20 -21 -20
Paid tax -91 -110 -124
Non-cash items 0 0 0
Cash flow before change in WC 465 531 597
Change in WC 11 5 -19
Operating cash flow 462 537 578
CAPEX tangible fixed assets -73 -62 -68
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -141 -152 -315
Free cash flow 248 323 195
Dividend paid -203 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -223 -223 -150
Decrease in net IB debt -178 -69 -124
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1373 1510 1661
Indefinite intangible assets 0 0 0
Definite intangible assets 675 421 374
Tangible fixed assets 266 467 600
Other fixed assets 14 14 14
Fixed assets 2328 2412 2649
Inventories 528 602 671
Receivables 859 963 1063
Other current assets 0 0 0
Cash and liquid assets 139 293 309
Total assets 3854 4270 4692
Shareholders equity 1508 1740 2023
Minority 0 0 0
Total equity 1508 1740 2023
Long-term debt 315 551 683
Pension debt 68 55 63
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 1397 1546
Other current liabilities 0 0 0
Total liabilities and equity 2472 2596 3104
Net IB debt 244 313 437
Net IB debt excl. pension debt 176 258 374
Capital invested 2502 2580 2837
Working capital 174 169 188
EV breakdown 2018 2019 2020
Market cap. diluted (m) 5834 8456 8456
Net IB debt Adj 244 313 437
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 6078 8769 8893
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 105 108,6 107,8
Capital invested turnover (%) 160,3 173,7 178,4
Capital employed turnover (%) 231,7 208,3 188,9
Inventories / sales (%) 13 12,8 13,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,3 29,6 30,5
Working capital / sales (%) 4,6 3,9 3,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 16,2 18 21,6
Net debt / market cap (%) 4,1 3,7 5,2
Equity ratio (%) 39,1 40,8 43,1
Net IB debt adj. / equity (%) 16,2 18 21,6
Current ratio (%) 125,8 133 132,1
EBITDA / net interest (%) 2948,7 3101,9 3699,9
Net IB debt / EBITDA (%) 42,4 47,2 58,9
Interest cover (%) 2666,7 2937,6 3457
SEKm 2018 2019e 2020e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,03 5,93 6,67
Dividend per share Adj 3 2,5 2,5
EPS Adj 6,05 7,33 8,1
BVPS 22,27 25,7 29,87
BVPS Adj -7,97 -2,82 -0,18
Net IB debt / share 3,6 4,6 6,5
Share price 88,71 124,8 124,8
Market cap. (m) 6008 8452 8452
Valuation 2018 2019 2020
P/E 17,1 21,1 18,7
EV/sales 1,55 1,99 1,84
EV/EBITDA 10,6 13,2 12
EV/EBITA 11,7 14 12,8
EV/EBIT 13,5 16,5 14,9
Dividend yield (%) 3,5 2 2
FCF yield (%) 4,3 3,8 2,3
P/BVPS 3,87 4,86 4,18
P/BVPS Adj -10,8 -44,31 -704,87
P/E Adj 14,2 17 15,4
EV/EBITDA Adj 10,6 13,2 12
EV/EBITA Adj 11,7 14 12,8
EV/EBIT Adj 13,5 16,5 14,9
EV/cap. employed 3,2 3,7 3,2
Investment ratios 2018 2019 2020
Capex / sales 1,9 1,4 1,4
Capex / depreciation 132,7 176 139
Capex tangibles / tangible fixed assets 27,4 13,2 11,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,7 7,5 8,1

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Main shareholders

Lagercrantz

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 5.6 % 28.8 % 30 Apr 2019
SEB Fonder 13.2 % 9.3 % 30 Apr 2019
Swedbank Robur Fonder 9.7 % 6.8 % 30 Apr 2019
Didner & Gerge Fonder 9.1 % 6.4 % 30 Apr 2019
Lannebo Fonder 7.7 % 5.4 % 30 Apr 2019
Fidelity Investments (FMR) 5.1 % 3.6 % 31 Mar 2019
Handelsbanken Fonder 4.9 % 3.4 % 30 Apr 2019
ODIN Fonder 3.9 % 2.8 % 30 Apr 2019
Per Säve 2.0 % 1.9 % 30 Apr 2019
Lagercrantz Group AB 2.6 % 1.9 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 3 000 SELL 15 May 2019
Lennart Sigvard Olof Sjölund - 6 885 SELL 14 May 2019
Jörgen Wigh + 4 032 BUY 6 Mar 2019
Fredrik Börjesson + 500 BUY 11 Feb 2019
Fredrik Börjesson + 500 BUY 11 Feb 2019
Thomas Alkbrant + 2 000 BUY 27 Dec 2018
Bo Lander Holding ApS + 1 250 BUY 20 Dec 2018
Tisenhult-gruppen AB + 52 428 BUY 8 Nov 2018
Per Ikov + 20 000 BUY 5 Nov 2018
Lena Maria Hummel + 1 500 BUY 5 Nov 2018

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