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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 885 969
Sales growth (%) 6 -13,4 9,5
EBITDA 116 76 115
EBITDA margin (%) 11,3 8,6 11,8
EBIT adj 85 31 70
EBIT adj margin (%) 8,3 3,5 7,2
Pretax profit 72 29 67
EPS rep 6,5 2,6 6,09
EPS growth (%) 139,7 -59,9 134,1
EPS adj 7,56 2,6 6,09
DPS 0 2,75 3
EV/EBITDA (x) 6,1 5,7 3,5
EV/EBIT adj (x) 8,3 13,8 5,7
P/E (x) 9,6 15,6 6,6
P/E adj (x) 8,3 15,6 6,6
EV/sales (x) 0,7 0,5 0,4
FCF yield (%) 6,9 22,4 16,1
Dividend yield (%) 0 6,8 7,4
Net IB debt/EBITDA 1,5 1,1 0,4
SEKm 2019 2020e 2021e
Sales 1022 885 969
COGS -674 -583 -627
Gross profit 348 302 342
Other operating items -232 -226 -227
EBITDA 116 76 115
Depreciation on tangibles -27 -32 -32
Depreciation on intangibles 0 0 0
EBITA 76 31 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 31 70
Other financial items 0 0 0
Net financial items -4 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 72 29 67
Tax -17 -7 -16
Net profit 55 22 51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 55 22 51
EPS 6,5 2,6 6,09
EPS Adj 7,56 2,6 6,09
Total extraordinary items after tax -9 0 0
Tax rate (%) -23,2 -23,5 -23,5
Gross margin (%) 34 34,1 35,3
EBITDA margin (%) 11,3 8,6 11,8
EBITA margin (%) 7,4 3,5 7,2
EBIT margin (%) 7,4 3,5 7,2
Pretax margin (%) 7 3,2 6,9
Net margin (%) 5,4 2,5 5,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6 -13,4 9,5
EBITDA growth (%) 55,5 -34,4 51,4
EBIT growth (%) 67,8 -58,5 122,4
Net profit growth (%) 139,7 -59,9 134,1
EPS growth (%) 139,7 -59,9 134,1
Profitability 2019 2020 2021
ROE (%) 11,5 4,3 9,4
ROE Adj (%) 13,4 4,3 9,4
ROCE (%) 11,6 4,4 9,4
ROCE Adj(%) 13 4,4 9,4
ROIC (%) 8,9 3,6 8,3
ROIC Adj (%) 10 3,6 8,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 125 76 115
EBITDA Adj margin (%) 12,2 8,6 11,8
EBITA Adj 85 31 70
EBITA Adj margin (%) 8,3 3,5 7,2
EBIT Adj 85 31 70
EBIT Adj margin (%) 8,3 3,5 7,2
Pretax profit Adj 81 29 67
Net profit Adj 64 22 51
Net profit to shareholders Adj 64 22 51
Net Adj margin (%) 6,3 2,5 5,3
SEKm 2019 2020e 2021e
EBITDA 116 76 115
Net financial items -4 -3 -2
Paid tax -17 -7 -16
Non-cash items 0 0 0
Cash flow before change in WC 95 66 96
Change in WC -40 25 -15
Operating cash flow 61 91 81
CAPEX tangible fixed assets -24 -15 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 37 77 55
Dividend paid -17 0 -23
Share issues and buybacks 0 0 0
Other non cash items -68 25 14
Decrease in net IB debt -51 88 32
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 159 130 111
Other fixed assets 8 8 8
Fixed assets 586 557 538
Inventories 101 99 110
Receivables 223 181 203
Other current assets 0 0 0
Cash and liquid assets 25 104 136
Total assets 935 942 987
Shareholders equity 498 531 560
Minority 0 0 0
Total equity 498 531 560
Long-term debt 132 124 124
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 202 183 201
Other current liabilities 0 0 0
Total liabilities and equity 935 942 987
Net IB debt 169 81 49
Net IB debt excl. pension debt 169 81 49
Capital invested 701 647 643
Working capital 123 98 113
EV breakdown 2019 2020 2021
Market cap. diluted (m) 529 342 342
Net IB debt Adj 176 89 57
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 705 431 399
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 115,9 94,3 100,5
Capital invested turnover (%) 157,3 131,3 150,3
Capital employed turnover (%) 156,7 124,3 131,2
Inventories / sales (%) 10 11,3 10,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 21,7 19,8
Working capital / sales (%) 10 12,5 10,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 33,9 15,3 8,8
Net debt / market cap (%) 39,4 23,7 14,4
Equity ratio (%) 53,3 56,4 56,7
Net IB debt adj. / equity (%) 35,4 16,7 10,2
Current ratio (%) 173,3 210,2 224,1
EBITDA / net interest (%) 2887,5 2921,9 4771,9
Net IB debt / EBITDA (%) 146,1 107 43
Interest cover (%) 1887,5 1208,9 2899,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 6,5 2,6 6,09
Dividend per share Adj 0 2,8 3
EPS Adj 7,56 2,6 6,09
BVPS 58,97 62,89 66,23
BVPS Adj 17,46 21,38 24,72
Net IB debt / share 20 9,6 5,8
Share price 50,71 40,5 40,5
Market cap. (m) 428 342 342
Valuation 2019 2020 2021
P/E 9,6 15,6 6,6
EV/sales 0,69 0,49 0,41
EV/EBITDA 6,1 5,7 3,5
EV/EBITA 9,3 13,8 5,7
EV/EBIT 9,3 13,8 5,7
Dividend yield (%) 0 6,8 7,4
FCF yield (%) 6,9 22,4 16,1
P/BVPS 1,06 0,64 0,61
P/BVPS Adj 3,59 1,89 1,64
P/E Adj 8,3 15,6 6,6
EV/EBITDA Adj 5,7 5,7 3,5
EV/EBITA Adj 8,3 13,8 5,7
EV/EBIT Adj 8,3 13,8 5,7
EV/cap. employed 1 0,6 0,5
Investment ratios 2019 2020 2021
Capex / sales 2,4 1,7 2,7
Capex / depreciation 89,4 46,9 81
Capex tangibles / tangible fixed assets 15,3 11,5 23,6
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 24,5 29,2

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 Mar 2020
Jerry Fredriksson 5.5 % 22.2 % 31 Mar 2020
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 31 Mar 2020
Avanza Pension 6.6 % 3.0 % 31 Mar 2020
Thomas Krishan 4.4 % 2.0 % 31 Mar 2020
Spiltan Fonder 4.1 % 1.9 % 30 Jun 2020
Patrik Enblad 3.2 % 1.5 % 31 Mar 2020
Familjen Eklund 2.5 % 1.1 % 31 Mar 2020
Lars & Kersti Bülow 2.1 % 1.0 % 31 Mar 2020
Nordnet Pensionsförsäkring 1.9 % 0.9 % 31 Mar 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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