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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 4215 4108 4345
Sales growth (%) 7,2 -2,5 5,8
EBITDA 719 691 741
EBITDA margin (%) 17 16,8 17,1
EBIT adj 505 478 540
EBIT adj margin (%) 12 11,6 12,4
Pretax profit 474 455 523
EPS rep 5,54 5,28 6,02
EPS growth (%) 10 -4,7 14,1
EPS adj 6,83 6,23 6,98
DPS 2,5 2,5 2,5
EV/EBITDA (x) 12,3 12,3 11
EV/EBIT adj (x) 17,5 17,8 15
P/E (x) 20,2 21,2 18,6
P/E adj (x) 16,4 17,9 16
EV/sales (x) 2,1 2,1 1,9
FCF yield (%) 4,4 6,8 7,1
Dividend yield (%) 2,2 2,2 2,2
Net IB debt/EBITDA 1,7 1,3 0,7
SEKm 2019 2020e 2021e
Sales 4215 4108 4345
COGS -2639 -2566 -2707
Gross profit 1575 1542 1637
Other operating items -857 -851 -896
EBITDA 719 691 741
Depreciation on tangibles -55 -65 -52
Depreciation on intangibles 0 0 0
EBITA 580 542 605
Goodwill impairment charges 0 0 0
Other impairment and amortisation -81 -65 -65
EBIT 499 478 540
Other financial items 0 0 0
Net financial items -24 -22 -17
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 474 455 523
Tax -99 -98 -115
Net profit 375 358 408
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 375 358 408
EPS 5,54 5,28 6,02
EPS Adj 6,83 6,23 6,98
Total extraordinary items after tax -6 0 0
Tax rate (%) -20,9 -21,5 -22
Gross margin (%) 37,4 37,5 37,7
EBITDA margin (%) 17 16,8 17,1
EBITA margin (%) 13,8 13,2 13,9
EBIT margin (%) 11,8 11,6 12,4
Pretax margin (%) 11,3 11,1 12
Net margin (%) 8,9 8,7 9,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 7,2 -2,5 5,8
EBITDA growth (%) 25 -3,8 7,2
EBIT growth (%) 10,5 -4,2 13
Net profit growth (%) 10 -4,7 14,1
EPS growth (%) 10 -4,7 14,1
Profitability 2019 2020 2021
ROE (%) 23,2 19,6 20
ROE Adj (%) 28,6 23,1 23,2
ROCE (%) 16,6 13,9 14,8
ROCE Adj(%) 19,5 15,7 16,6
ROIC (%) 14,4 12,9 15,2
ROIC Adj (%) 14,6 12,9 15,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 725 691 741
EBITDA Adj margin (%) 17,2 16,8 17,1
EBITA Adj 586 542 605
EBITA Adj margin (%) 13,9 13,2 13,9
EBIT Adj 505 478 540
EBIT Adj margin (%) 12 11,6 12,4
Pretax profit Adj 562 520 588
Net profit Adj 463 422 473
Net profit to shareholders Adj 463 422 473
Net Adj margin (%) 11 10,3 10,9
SEKm 2019 2020e 2021e
EBITDA 719 691 741
Net financial items -24 -22 -17
Paid tax -99 -98 -115
Non-cash items 0 0 0
Cash flow before change in WC 595 571 609
Change in WC -65 1 -9
Operating cash flow 625 572 600
CAPEX tangible fixed assets -92 -58 -61
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -201 0 0
Free cash flow 332 514 539
Dividend paid -169 -169 -169
Share issues and buybacks 0 0 0
Other non cash items -423 0 0
Decrease in net IB debt -260 345 370
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1510 1661 1827
Indefinite intangible assets 0 0 0
Definite intangible assets 745 495 238
Tangible fixed assets 334 361 395
Other fixed assets 14 14 14
Fixed assets 2745 2589 2449
Inventories 573 571 603
Receivables 917 904 956
Other current assets 0 0 0
Cash and liquid assets 371 706 1065
Total assets 4607 4769 5073
Shareholders equity 1729 1918 2156
Minority 0 0 0
Total equity 1729 1918 2156
Long-term debt 1416 1406 1396
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 1252 1237 1312
Other current liabilities 0 0 0
Total liabilities and equity 4607 4769 5073
Net IB debt 1254 909 540
Net IB debt excl. pension debt 1187 842 473
Capital invested 2983 2827 2696
Working capital 239 238 247
EV breakdown 2019 2020 2021
Market cap. diluted (m) 7575 7575 7575
Net IB debt Adj 1254 909 540
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 8829 8484 8115
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 99,6 87,6 88,3
Capital invested turnover (%) 153,7 141,4 157,3
Capital employed turnover (%) 140,6 119,3 119,1
Inventories / sales (%) 13,1 13,9 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29,2 30,3 29,3
Working capital / sales (%) 4,9 5,8 5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 72,5 47,4 25
Net debt / market cap (%) 15,6 12 7,1
Equity ratio (%) 37,5 40,2 42,5
Net IB debt adj. / equity (%) 72,5 47,4 25
Current ratio (%) 139,9 165,8 188,8
EBITDA / net interest (%) 2975,7 3109,4 4440,2
Net IB debt / EBITDA (%) 174,6 131,6 72,8
Interest cover (%) 2401,5 2439,6 3624,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 68 68 68
Fully diluted shares Adj 68 68 68
EPS 5,54 5,28 6,02
Dividend per share Adj 2,5 2,5 2,5
EPS Adj 6,83 6,23 6,98
BVPS 25,54 28,32 31,84
BVPS Adj -7,76 -3,52 1,34
Net IB debt / share 18,5 13,4 8
Share price 118,49 111,8 111,8
Market cap. (m) 8024 7571 7571
Valuation 2019 2020 2021
P/E 20,2 21,2 18,6
EV/sales 2,09 2,07 1,87
EV/EBITDA 12,3 12,3 11
EV/EBITA 15,2 15,6 13,4
EV/EBIT 17,7 17,8 15
Dividend yield (%) 2,2 2,2 2,2
FCF yield (%) 4,4 6,8 7,1
P/BVPS 4,38 3,95 3,51
P/BVPS Adj -14,4 -31,8 83,36
P/E Adj 16,4 17,9 16
EV/EBITDA Adj 12,2 12,3 11
EV/EBITA Adj 15,1 15,6 13,4
EV/EBIT Adj 17,5 17,8 15
EV/cap. employed 2,6 2,4 2,2
Investment ratios 2019 2020 2021
Capex / sales 2,2 1,4 1,4
Capex / depreciation 168,2 88,7 116,9
Capex tangibles / tangible fixed assets 27,5 15,9 15,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,4 17,9 13,2

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 % 29 Feb 2020
SEB Fonder 14.3 % 10.0 % 29 Feb 2020
Swedbank Robur Fonder 11.4 % 8.0 % 29 Feb 2020
Didner & Gerge Fonder 7.4 % 5.2 % 29 Feb 2020
Fidelity Investments (FMR) 5.6 % 3.9 % 1 Jan 2020
Handelsbanken Fonder 4.3 % 3.0 % 29 Feb 2020
ODIN Fonder 4.2 % 3.0 % 29 Feb 2020
Lannebo Fonder 3.1 % 2.2 % 29 Feb 2020
Lagercrantz Group AB 2.6 % 1.8 % 29 Feb 2020
Fjärde AP-fonden 2.2 % 1.5 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Lagercrantz

Name Quantity Code Date
Lennart Sigvard Olof Sjölund - 1 423 SELL 31 Mar 2020
Bo Lander Rasmussen + 1 510 BUY 18 Mar 2020
Jonas Ahlberg + 3 000 BUY 16 Mar 2020
Jonas Ahlberg - 4 553 SELL 11 Feb 2020
Jonas Ahlberg - 3 822 SELL 10 Feb 2020
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

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