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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 965 963 998
Sales growth (%) 0,4 -0,2 3,6
EBITDA 74 114 121
EBITDA margin (%) 7,7 11,9 12,1
EBIT adj 61 73 80
EBIT adj margin (%) 6,3 7,5 8
Pretax profit 36 69 77
EPS rep 2,71 6,47 6,98
EPS growth (%) -31,6 138,9 7,8
EPS adj 4,59 6,47 6,98
DPS 2 2,5 2,75
EV/EBITDA (x) 6,3 5,4 4,8
EV/EBIT adj (x) 7,7 8,5 7,2
P/E (x) 15,1 8,5 7,8
P/E adj (x) 8,9 8,5 7,8
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 17,9 10,2 13,3
Dividend yield (%) 4,9 4,6 5
Net IB debt/EBITDA 1,6 1,3 0,9
SEKm 2018 2019e 2020e
Sales 965 963 998
COGS -630 -619 -641
Gross profit 334 344 356
Other operating items -260 -230 -235
EBITDA 74 114 121
Depreciation on tangibles -29 -42 -41
Depreciation on intangibles 0 0 0
EBITA 45 73 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 45 73 80
Other financial items 0 0 0
Net financial items -9 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 36 69 77
Tax -13 -14 -18
Net profit 23 55 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 55 59
EPS 2,71 6,47 6,98
EPS Adj 4,59 6,47 6,98
Total extraordinary items after tax -15,9 0 0
Tax rate (%) -35,7 -20,5 -23,5
Gross margin (%) 34,7 35,7 35,7
EBITDA margin (%) 7,7 11,9 12,1
EBITA margin (%) 4,7 7,5 8
EBIT margin (%) 4,7 7,5 8
Pretax margin (%) 3,7 7,1 7,7
Net margin (%) 2,4 5,7 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 0,4 -0,2 3,6
EBITDA growth (%) 7,8 53,9 5,7
EBIT growth (%) -6,3 61,2 10
Net profit growth (%) -31,6 138,9 7,8
EPS growth (%) -31,6 138,9 7,8
Profitability 2018 2019 2020
ROE (%) 5,1 11,4 11,3
ROE Adj (%) 8,7 11,4 11,3
ROCE (%) 7,3 11 10,9
ROCE Adj(%) 9,9 11 10,9
ROIC (%) 4,7 9,1 9,1
ROIC Adj (%) 6,4 9,1 9,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 90 114 121
EBITDA Adj margin (%) 9,4 11,9 12,1
EBITA Adj 61 73 80
EBITA Adj margin (%) 6,3 7,5 8
EBIT Adj 61 73 80
EBIT Adj margin (%) 6,3 7,5 8
Pretax profit Adj 52 69 77
Net profit Adj 39 55 59
Net profit to shareholders Adj 39 55 59
Net Adj margin (%) 4 5,7 5,9
SEKm 2018 2019e 2020e
EBITDA 74 114 121
Net financial items -9 -4 -3
Paid tax -13 -14 -18
Non-cash items 0 0 0
Cash flow before change in WC 52 96 100
Change in WC 28 -14 -13
Operating cash flow 90 69 87
CAPEX tangible fixed assets -29 -22 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 62 47 61
Dividend paid -17 -17 -21
Share issues and buybacks 0 0 0
Other non cash items -3 -58 0
Decrease in net IB debt 43 -26 40
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 342 351 351
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 173 226 211
Other fixed assets 8 8 8
Fixed assets 524 585 570
Inventories 103 106 111
Receivables 180 195 205
Other current assets 0 0 0
Cash and liquid assets 23 61 102
Total assets 829 947 987
Shareholders equity 457 504 542
Minority 0 0 0
Total equity 457 504 542
Long-term debt 148 213 213
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 26 26
Short-term debt 0 0 0
Accounts payable 200 205 207
Other current liabilities 0 0 0
Total liabilities and equity 846 852 829
Net IB debt 117 143 103
Net IB debt excl. pension debt 117 143 103
Capital invested 598 673 670
Working capital 82 96 109
EV breakdown 2018 2019 2020
Market cap. diluted (m) 346 463 463
Net IB debt Adj 125 151 111
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 471 614 574
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 114,8 108,4 103,2
Capital invested turnover (%) 158,1 151,5 148,5
Capital employed turnover (%) 156,4 145,8 135,7
Inventories / sales (%) 11,2 10,9 10,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,8 21 20,6
Working capital / sales (%) 10 9,3 10,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 25,7 28,4 19
Net debt / market cap (%) 30 30,9 22,2
Equity ratio (%) 55,1 53,2 54,9
Net IB debt adj. / equity (%) 27,5 30 20,5
Current ratio (%) 152,6 176,8 201,9
EBITDA / net interest (%) 790,4 3031,3 4472,4
Net IB debt / EBITDA (%) 157,9 125,1 85
Interest cover (%) 478,7 1923,2 2954,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,71 6,47 6,98
Dividend per share Adj 2 2,5 2,8
EPS Adj 4,59 6,47 6,98
BVPS 54,04 59,66 64,14
BVPS Adj 13,53 18,12 22,61
Net IB debt / share 13,9 16,9 12,2
Share price 46,29 54,8 54,8
Market cap. (m) 391 463 463
Valuation 2018 2019 2020
P/E 15,1 8,5 7,8
EV/sales 0,49 0,64 0,58
EV/EBITDA 6,3 5,4 4,8
EV/EBITA 10,5 8,5 7,2
EV/EBIT 10,5 8,5 7,2
Dividend yield (%) 4,9 4,6 5
FCF yield (%) 17,9 10,2 13,3
P/BVPS 0,76 0,92 0,85
P/BVPS Adj 3,02 3,02 2,42
P/E Adj 8,9 8,5 7,8
EV/EBITDA Adj 5,2 5,4 4,8
EV/EBITA Adj 7,7 8,5 7,2
EV/EBIT Adj 7,7 8,5 7,2
EV/cap. employed 0,8 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 3 2,3 2,6
Capex / depreciation 98 53,1 63,3
Capex tangibles / tangible fixed assets 16,6 9,8 12,3
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 18,5 19,5

Equity research

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Media

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

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Main shareholders

Lammhults

Main shareholders Share capital % Voting shares % Verified
Anders Hultman & Yngve Conradsson 21.4 % 28.7 % 30 Jun 2019
Jerry Fredriksson 5.5 % 22.2 % 30 Jun 2019
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 30 Jun 2019
Avanza Pension 6.3 % 2.9 % 30 Jun 2019
Marie Louise Sjöberg 1.1 % 2.7 % 30 Jun 2019
Thomas Krishan 4.1 % 1.9 % 30 Jun 2019
Spiltan Fonder 4.1 % 1.9 % 31 Aug 2019
Nordnet Pensionsförsäkring 2.4 % 1.1 % 30 Jun 2019
Lars & Kersti Bülow 2.4 % 1.1 % 30 Jun 2019
Patrik Enblad 2.4 % 1.1 % 30 Jun 2019
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 - 1 715 SELL 12 Jul 2019
Johan Karl Gustav Ragnar - 1 175 SELL 12 Jul 2019
Johan Karl Gustav Ragnar - 3 498 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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