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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 961 976
Sales growth (%) 6 -6 1,6
EBITDA 116 119 124
EBITDA margin (%) 11,3 12,4 12,7
EBIT adj 85 77 82
EBIT adj margin (%) 8,3 8 8,3
Pretax profit 72 75 79
EPS rep 6,5 6,77 7,16
EPS growth (%) 139,7 4,2 5,7
EPS adj 7,56 6,77 7,16
DPS 2 2,75 3
EV/EBITDA (x) 6,1 3,1 2,6
EV/EBIT adj (x) 8,3 4,7 4
P/E (x) 9,6 4,6 4,3
P/E adj (x) 8,3 4,6 4,3
EV/sales (x) 0,7 0,4 0,3
FCF yield (%) 6,9 34,6 24,5
Dividend yield (%) 3,2 8,8 9,6
Net IB debt/EBITDA 1,5 0,8 0,4
SEKm 2019 2020e 2021e
Sales 1022 961 976
COGS -674 -622 -631
Gross profit 348 339 346
Other operating items -232 -220 -222
EBITDA 116 119 124
Depreciation on tangibles -27 -29 -29
Depreciation on intangibles 0 0 0
EBITA 76 77 82
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 77 82
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 75 79
Tax -17 -18 -19
Net profit 55 57 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 55 57 60
EPS 6,5 6,77 7,16
EPS Adj 7,56 6,77 7,16
Total extraordinary items after tax -9 0 0
Tax rate (%) -23,2 -23,5 -23,5
Gross margin (%) 34 35,3 35,4
EBITDA margin (%) 11,3 12,4 12,7
EBITA margin (%) 7,4 8 8,3
EBIT margin (%) 7,4 8 8,3
Pretax margin (%) 7 7,8 8,1
Net margin (%) 5,4 6 6,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6 -6 1,6
EBITDA growth (%) 55,5 3,3 3,5
EBIT growth (%) 67,8 2,4 5,4
Net profit growth (%) 139,7 4,2 5,7
EPS growth (%) 139,7 4,2 5,7
Profitability 2019 2020 2021
ROE (%) 11,5 11 10,9
ROE Adj (%) 13,4 11 10,9
ROCE (%) 11,6 10,7 10,8
ROCE Adj(%) 13 10,7 10,8
ROIC (%) 8,9 8,6 9,4
ROIC Adj (%) 10 8,6 9,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 125 119 124
EBITDA Adj margin (%) 12,2 12,4 12,7
EBITA Adj 85 77 82
EBITA Adj margin (%) 8,3 8 8,3
EBIT Adj 85 77 82
EBIT Adj margin (%) 8,3 8 8,3
Pretax profit Adj 81 75 79
Net profit Adj 64 57 60
Net profit to shareholders Adj 64 57 60
Net Adj margin (%) 6,3 6 6,2
SEKm 2019 2020e 2021e
EBITDA 116 119 124
Net financial items -4 -3 -3
Paid tax -17 -18 -19
Non-cash items 0 0 0
Cash flow before change in WC 95 99 102
Change in WC -40 17 -8
Operating cash flow 61 116 95
CAPEX tangible fixed assets -24 -25 -30
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 37 91 64
Dividend paid -17 -17 -23
Share issues and buybacks 0 0 0
Other non cash items -68 14 14
Decrease in net IB debt -51 74 41
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 159 142 130
Other fixed assets 8 8 8
Fixed assets 586 569 557
Inventories 101 108 111
Receivables 223 197 205
Other current assets 0 0 0
Cash and liquid assets 25 99 140
Total assets 935 973 1013
Shareholders equity 498 538 576
Minority 0 0 0
Total equity 498 538 576
Long-term debt 132 132 132
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 202 199 202
Other current liabilities 0 0 0
Total liabilities and equity 935 973 1013
Net IB debt 169 95 54
Net IB debt excl. pension debt 169 95 54
Capital invested 701 668 664
Working capital 123 106 114
EV breakdown 2019 2020 2021
Market cap. diluted (m) 529 263 263
Net IB debt Adj 176 102 61
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 705 365 324
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 115,9 100,7 98,3
Capital invested turnover (%) 157,3 140,4 146,7
Capital employed turnover (%) 156,7 133,5 128,8
Inventories / sales (%) 10 10,9 11,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 20,8 20,5
Working capital / sales (%) 10 11,9 11,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 33,9 17,6 9,3
Net debt / market cap (%) 39,4 36,1 20,4
Equity ratio (%) 53,3 55,3 56,8
Net IB debt adj. / equity (%) 35,4 19 10,7
Current ratio (%) 173,3 203 225,6
EBITDA / net interest (%) 2887,5 4604,3 4906,1
Net IB debt / EBITDA (%) 146,1 79,4 43,4
Interest cover (%) 1887,5 2983,9 3238,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 6,5 6,77 7,16
Dividend per share Adj 2 2,8 3
EPS Adj 7,56 6,77 7,16
BVPS 58,97 63,74 68,15
BVPS Adj 17,46 22,23 26,63
Net IB debt / share 20 11,2 6,4
Share price 50,71 31,1 31,1
Market cap. (m) 428 263 263
Valuation 2019 2020 2021
P/E 9,6 4,6 4,3
EV/sales 0,69 0,38 0,33
EV/EBITDA 6,1 3,1 2,6
EV/EBITA 9,3 4,7 4
EV/EBIT 9,3 4,7 4
Dividend yield (%) 3,2 8,8 9,6
FCF yield (%) 6,9 34,6 24,5
P/BVPS 1,06 0,49 0,46
P/BVPS Adj 3,59 1,4 1,17
P/E Adj 8,3 4,6 4,3
EV/EBITDA Adj 5,7 3,1 2,6
EV/EBITA Adj 8,3 4,7 4
EV/EBIT Adj 8,3 4,7 4
EV/cap. employed 1 0,5 0,4
Investment ratios 2019 2020 2021
Capex / sales 2,4 2,6 3,1
Capex / depreciation 89,4 85,3 103,3
Capex tangibles / tangible fixed assets 15,3 17,6 23,2
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 17,2 20,6 22,5

Equity research

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Media

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

Main shareholders - Lammhults

Main shareholders Share capital % Voting shares % Verified
Anders Hultman & Yngve Conradsson 21.4 % 28.7 % 31 Dec 2019
Jerry Fredriksson 5.5 % 22.2 % 31 Dec 2019
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 31 Dec 2019
Avanza Pension 9.8 % 4.5 % 31 Dec 2019
Marie Louise Sjöberg 1.1 % 2.7 % 31 Dec 2019
Thomas Krishan 4.3 % 2.0 % 31 Dec 2019
Spiltan Fonder 4.1 % 1.9 % 29 Feb 2020
Lars & Kersti Bülow 2.4 % 1.1 % 31 Dec 2019
Patrik Enblad 2.3 % 1.1 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.1 % 1.0 % 31 Dec 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 - 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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