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Lammhults

Lammhults

Scandinavian design with a global audience

Lammhults Design Group's business concept is to create positive experiences through modern interiors. The group comprises two business areas: Office & Home Interiors, which develops, produces and markets products for interiors in public and domestic settings, and Public Interiors, which develops, markets and sells interiors and product solutions for public environments. The foundation of the business is based on consumer insight, innovation, design management, sustainability and strong brands. In 2017 sales were SEK 720m with EBIT of SEK 37m. Financial targets include sales growth of 10%, EBIT margin >8%. The shares are listed on Nasdaq OMX Small Cap.

Strong brand awareness and early involvement in project businesses with long lead times have the potential to boost sales. Recently, internal efficiency actions have also been performed. Moreover, the competitive landscape consists of a lot of family businesses and Lammhults' strategy is to keep acquiring companies with strong brands and diversified product portfolios. In the past years, the group successfully acquired Ragnars Inredningar and Morgana.

The main risk for Lammhults Design Group is the macro development in the markets in which it operates. Demand for furniture and furnishings is correlated with the construction and real estate market and in general, order intake arises 12 to 18 months after construction starts, as interior design is the final phase before construction projects are completed.

SEKm 2019 2020e 2021e
Sales 1022 858 934
Sales growth (%) 6 -16,1 8,8
EBITDA 116 60 110
EBITDA margin (%) 11,3 7 11,8
EBIT adj 85 34 70
EBIT adj margin (%) 8,3 4 7,5
Pretax profit 72 -3 67
EPS rep 6,5 -0,41 6,11
EPS growth (%) 139,7 -106,3 1600,6
EPS adj 7,56 3,74 6,11
DPS 0 0 3
EV/EBITDA (x) 6,1 7,3 3,5
EV/EBIT adj (x) 8,3 12,8 5,5
P/E (x) 9,6 -88,2 5,9
P/E adj (x) 8,3 9,6 5,9
EV/sales (x) 0,7 0,5 0,4
FCF yield (%) 6,9 22,9 17,2
Dividend yield (%) 0 0 8,4
Net IB debt/EBITDA 1,5 2,1 0,7
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1022 858 934
COGS -674 -585 -601
Gross profit 348 273 332
Other operating items -232 -213 -222
EBITDA 116 60 110
Depreciation on tangibles -27 -48 -27
Depreciation on intangibles 0 0 0
EBITA 76 -1 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 -1 70
Other financial items 0 0 0
Net financial items -4 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 72 -3 67
Tax -17 0 -16
Net profit 55 -3 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 55 -3 52
EPS 6,5 -0,41 6,11
EPS Adj 7,56 3,74 6,11
Total extraordinary items after tax -9 -35 0
Tax rate (%) -23,2 0 -23,5
Gross margin (%) 34 31,8 35,6
EBITDA margin (%) 11,3 7 11,8
EBITA margin (%) 7,4 -0,1 7,5
EBIT margin (%) 7,4 -0,1 7,5
Pretax margin (%) 7 -0,4 7,2
Net margin (%) 5,4 -0,4 5,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6 -16,1 8,8
EBITDA growth (%) 55,5 -47,9 82,8
EBIT growth (%) 67,8 -101,1 8357,6
Net profit growth (%) 139,7 -106,3 1600,6
EPS growth (%) 139,7 -106,3 1600,6
Profitability 2019 2020 2021
ROE (%) 11,5 -0,7 10,4
ROE Adj (%) 13,4 6,5 10,4
ROCE (%) 11,6 -0,1 10,1
ROCE Adj(%) 13 5 10,1
ROIC (%) 8,9 -0,1 8,5
ROIC Adj (%) 10 5,1 8,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 125 95 110
EBITDA Adj margin (%) 12,2 11,1 11,8
EBITA Adj 85 34 70
EBITA Adj margin (%) 8,3 4 7,5
EBIT Adj 85 34 70
EBIT Adj margin (%) 8,3 4 7,5
Pretax profit Adj 81 32 67
Net profit Adj 64 32 52
Net profit to shareholders Adj 64 32 52
Net Adj margin (%) 6,3 3,7 5,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 116 60 110
Net financial items -4 -3 -3
Paid tax -17 0 -16
Non-cash items 0 0 0
Cash flow before change in WC 95 58 92
Change in WC -34 28 -14
Operating cash flow 61 86 77
CAPEX tangible fixed assets -24 -16 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 37 70 52
Dividend paid -17 0 0
Share issues and buybacks 0 0 0
Other non cash items -68 -13 14
Decrease in net IB debt -51 43 52
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 351 351 351
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 159 114 99
Other fixed assets 8 8 8
Fixed assets 586 541 526
Inventories 101 96 106
Receivables 223 176 196
Other current assets 0 0 0
Cash and liquid assets 25 64 116
Total assets 935 878 945
Shareholders equity 498 468 520
Minority 0 0 0
Total equity 498 468 520
Long-term debt 132 128 128
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 34 34 34
Short-term debt 0 0 0
Accounts payable 202 178 193
Other current liabilities 0 0 0
Total liabilities and equity 935 878 945
Net IB debt 169 125 73
Net IB debt excl. pension debt 169 125 73
Capital invested 701 628 628
Working capital 123 95 109
EV breakdown 2019 2020 2021
Market cap. diluted (m) 529 303 303
Net IB debt Adj 176 133 81
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 705 436 384
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 115,9 94,6 102,5
Capital invested turnover (%) 157,3 129,1 148,7
Capital employed turnover (%) 156,7 125,7 135
Inventories / sales (%) 10 11,5 10,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 22,1 19,9
Working capital / sales (%) 10 12,7 10,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 33,9 26,8 14,1
Net debt / market cap (%) 39,4 41,4 24,2
Equity ratio (%) 53,3 53,4 55
Net IB debt adj. / equity (%) 35,4 28,4 15,6
Current ratio (%) 173,3 189,5 216,5
EBITDA / net interest (%) 2887,5 2320,7 4397,4
Net IB debt / EBITDA (%) 146,1 208,5 66,6
Interest cover (%) 1887,5 -32,7 2797,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 6,5 -0,41 6,11
Dividend per share Adj 0 0 3
EPS Adj 7,56 3,74 6,11
BVPS 58,97 55,45 61,56
BVPS Adj 17,46 13,94 20,05
Net IB debt / share 20 14,8 8,7
Share price 50,71 35,9 35,9
Market cap. (m) 428 303 303
Valuation 2019 2020 2021
P/E 9,6 -88,2 5,9
EV/sales 0,69 0,51 0,41
EV/EBITDA 6,1 7,3 3,5
EV/EBITA 9,3 -515 5,5
EV/EBIT 9,3 -515 5,5
Dividend yield (%) 0 0 8,4
FCF yield (%) 6,9 22,9 17,2
P/BVPS 1,06 0,65 0,58
P/BVPS Adj 3,59 2,58 1,79
P/E Adj 8,3 9,6 5,9
EV/EBITDA Adj 5,7 4,6 3,5
EV/EBITA Adj 8,3 12,8 5,5
EV/EBIT Adj 8,3 12,8 5,5
EV/cap. employed 1 0,7 0,5
Investment ratios 2019 2020 2021
Capex / sales 2,4 1,9 2,7
Capex / depreciation 89,4 33,1 92,4
Capex tangibles / tangible fixed assets 15,3 14 25,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17,2 42,3 27,5
N/A N/A N/A

Equity research

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Media

Lammhults - Interview with CEO Sofia Svensson (in Swedish)
Lammhults - Company presentation with CEO Sofia Svensson (in Swedish)

Main shareholders - Lammhults

Main shareholders Share capital % Voting shares % Verified
Anders Hultman & Yngve Conradsson 21.4 % 28.7 % 30 Jun 2020
Jerry Fredriksson 5.5 % 22.2 % 30 Jun 2020
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 30 Jun 2020
Avanza Pension 6.9 % 3.2 % 30 Jun 2020
Spiltan Fonder 4.1 % 1.9 % 31 Aug 2020
Thomas Krishan 4.1 % 1.9 % 30 Jun 2020
Familjen Eklund 3.6 % 1.6 % 30 Jun 2020
Patrik Enblad 3.2 % 1.5 % 30 Jun 2020
Lars & Kersti Bülow 2.1 % 1.0 % 30 Jun 2020
Nordnet Pensionsförsäkring 1.6 % 0.7 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Lammhults

Name Quantity Code Date
Johan Karl Gustav Ragnar - 1 327 SELL 15 Jul 2019
Johan Karl Gustav Ragnar - 3 498 SELL 12 Jul 2019
Johan Karl Gustav Ragnar - 1 715 SELL 12 Jul 2019
Johan Karl Gustav Ragnar - 1 175 SELL 12 Jul 2019
Jimmy Persson - 1 000 SELL 16 May 2019
Johan Karl Gustav Ragnar - 2 000 SELL 20 Mar 2019
Johan Karl Gustav Ragnar - 2 000 SELL 12 Mar 2019
Johan Karl Gustav Ragnar - 663 SELL 11 Mar 2019
Johan Karl Gustav Ragnar - 3 000 SELL 11 Feb 2019
Johan Karl Gustav Ragnar - 2 000 SELL 11 Feb 2019

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