Press the button and be introduced to a new random company!

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

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 2018 2019e 2020e
Sales 965 963 997
Sales growth (%) 0,4 -0,1 3,5
EBITDA 74 112 121
EBITDA margin (%) 7,7 11,6 12,1
EBIT adj 61 71 80
EBIT adj margin (%) 6,3 7,3 8
Pretax profit 36 68 77
EPS rep 2,71 6,44 6,98
EPS growth (%) -31,6 137,6 8,5
EPS adj 4,59 6,44 6,98
DPS 2 2,5 2,75
EV/EBITDA (x) 6,3 4,8 4,1
EV/EBIT adj (x) 7,7 7,6 6,3
P/E (x) 15,1 7,1 6,5
P/E adj (x) 8,9 7,1 6,5
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) 17,9 11,3 15,7
Dividend yield (%) 4,9 5,5 6,1
Net IB debt/EBITDA 1,6 1,3 0,9
SEKm 2018 2019e 2020e
Sales 965 963 997
COGS -630 -621 -641
Gross profit 334 342 356
Other operating items -260 -231 -235
EBITDA 74 112 121
Depreciation on tangibles -29 -41 -41
Depreciation on intangibles 0 0 0
EBITA 45 71 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 45 71 80
Other financial items 0 0 0
Net financial items -9 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 36 68 77
Tax -13 -14 -18
Net profit 23 54 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 54 59
EPS 2,71 6,44 6,98
EPS Adj 4,59 6,44 6,98
Total extraordinary items after tax -15,9 0 0
Tax rate (%) -35,7 -20,1 -23,5
Gross margin (%) 34,7 35,6 35,7
EBITDA margin (%) 7,7 11,6 12,1
EBITA margin (%) 4,7 7,3 8
EBIT margin (%) 4,7 7,3 8
Pretax margin (%) 3,7 7,1 7,7
Net margin (%) 2,4 5,6 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 0,4 -0,1 3,5
EBITDA growth (%) 7,8 50,3 8,1
EBIT growth (%) -6,3 57,1 12,9
Net profit growth (%) -31,6 137,6 8,5
EPS growth (%) -31,6 137,6 8,5
Profitability 2018 2019 2020
ROE (%) 5,1 11,4 11,3
ROE Adj (%) 8,7 11,4 11,3
ROCE (%) 7,3 10,8 11
ROCE Adj(%) 9,9 10,8 11
ROIC (%) 4,7 8,9 9,1
ROIC Adj (%) 6,4 8,9 9,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 90 112 121
EBITDA Adj margin (%) 9,4 11,6 12,1
EBITA Adj 61 71 80
EBITA Adj margin (%) 6,3 7,3 8
EBIT Adj 61 71 80
EBIT Adj margin (%) 6,3 7,3 8
Pretax profit Adj 52 68 77
Net profit Adj 39 54 59
Net profit to shareholders Adj 39 54 59
Net Adj margin (%) 4 5,6 5,9
SEKm 2018 2019e 2020e
EBITDA 74 112 121
Net financial items -9 -3 -3
Paid tax -13 -14 -18
Non-cash items 0 0 0
Cash flow before change in WC 52 95 100
Change in WC 28 -13 -14
Operating cash flow 90 70 86
CAPEX tangible fixed assets -29 -26 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 62 44 60
Dividend paid -17 -17 -21
Share issues and buybacks 0 0 0
Other non cash items -2 -56 0
Decrease in net IB debt 43 -29 39
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 342 345 345
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 173 232 217
Other fixed assets 8 8 8
Fixed assets 524 585 570
Inventories 103 105 111
Receivables 180 193 204
Other current assets 0 0 0
Cash and liquid assets 23 53 92
Total assets 829 936 977
Shareholders equity 457 502 539
Minority 0 0 0
Total equity 457 502 539
Long-term debt 148 208 208
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 0 0 0
Accounts payable 200 202 206
Other current liabilities 0 0 0
Total liabilities and equity 846 852 829
Net IB debt 117 147 108
Net IB debt excl. pension debt 117 147 108
Capital invested 598 672 671
Working capital 82 95 109
EV breakdown 2018 2019 2020
Market cap. diluted (m) 346 384 384
Net IB debt Adj 125 155 116
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 471 538 499
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 114,8 109,2 104,3
Capital invested turnover (%) 158,1 151,7 148,5
Capital employed turnover (%) 156,4 146,6 136,9
Inventories / sales (%) 11,2 10,8 10,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,8 20,9 20,5
Working capital / sales (%) 10 9,2 10,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 25,7 29,3 19,9
Net debt / market cap (%) 30 38,2 28
Equity ratio (%) 55,1 53,6 55,2
Net IB debt adj. / equity (%) 27,5 30,9 21,5
Current ratio (%) 152,6 173,1 197,3
EBITDA / net interest (%) 790,4 4359,1 4558
Net IB debt / EBITDA (%) 157,9 131,3 89,1
Interest cover (%) 478,7 2758,9 3010,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,71 6,44 6,98
Dividend per share Adj 2 2,5 2,8
EPS Adj 4,59 6,44 6,98
BVPS 54,04 59,36 63,85
BVPS Adj 13,53 18,54 23,02
Net IB debt / share 13,9 17,4 12,7
Share price 46,29 45,4 45,4
Market cap. (m) 391 384 384
Valuation 2018 2019 2020
P/E 15,1 7,1 6,5
EV/sales 0,49 0,56 0,5
EV/EBITDA 6,3 4,8 4,1
EV/EBITA 10,5 7,6 6,3
EV/EBIT 10,5 7,6 6,3
Dividend yield (%) 4,9 5,5 6,1
FCF yield (%) 17,9 11,3 15,7
P/BVPS 0,76 0,76 0,71
P/BVPS Adj 3,02 2,45 1,97
P/E Adj 8,9 7,1 6,5
EV/EBITDA Adj 5,2 4,8 4,1
EV/EBITA Adj 7,7 7,6 6,3
EV/EBIT Adj 7,7 7,6 6,3
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2018 2019 2020
Capex / sales 3 2,7 2,6
Capex / depreciation 98 63,6 63,2
Capex tangibles / tangible fixed assets 16,6 11,2 12
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 16,9 17,7 18,9

Equity research

Read earlier research

Media

View more media

Main shareholders

Lammhults

Main shareholders Share capital % Voting shares % Verified
Anders Hultman & Yngve Conradsson 21.4 % 28.7 % 31 Mar 2019
Jerry Fredriksson 5.5 % 22.2 % 31 Mar 2019
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 31 Mar 2019
Avanza Pension 6.4 % 2.9 % 31 Mar 2019
Marie Louise Sjöberg 1.1 % 2.7 % 31 Mar 2019
Thomas Krishan 4.2 % 1.9 % 31 Mar 2019
Spiltan Fonder 4.1 % 1.9 % 30 Apr 2019
Patrik Enblad 2.7 % 1.2 % 31 Mar 2019
Nordnet Pensionsförsäkring 2.5 % 1.1 % 31 Mar 2019
Lars & Kersti Bülow 2.4 % 1.1 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Lammhults

Name Quantity Code Date
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
Johan Karl Gustav Ragnar - 5 500 SELL 8 Feb 2019
Johan Karl Gustav Ragnar - 2 000 SELL 6 Feb 2019
Johan Karl Gustav Ragnar - 3 700 SELL 6 Feb 2019
Johan Karl Gustav Ragnar - 1 554 SELL 5 Feb 2019

Show More