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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 990 1004 1014
Sales growth (%) 2,6 1,4 1
EBITDA 119 127 129
EBITDA margin (%) 12 12,7 12,7
EBIT adj 82 86 88
EBIT adj margin (%) 8,3 8,6 8,7
Pretax profit 75 84 86
EPS rep 7,01 7,59 7,78
EPS growth (%) 158,6 8,3 2,4
EPS adj 7,48 7,59 7,78
DPS 2,5 2,75 3
EV/EBITDA (x) 5,8 5 4,5
EV/EBIT adj (x) 8,3 7,4 6,6
P/E (x) 9 8,3 8,1
P/E adj (x) 8,4 8,3 8,1
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) 9,8 12,7 15,2
Dividend yield (%) 4 4,4 4,8
Net IB debt/EBITDA 1,2 0,8 0,3
SEKm 2019 2020e 2021e
Sales 990 1004 1014
COGS -644 -644 -649
Gross profit 346 361 365
Other operating items -227 -233 -236
EBITDA 119 127 129
Depreciation on tangibles -41 -41 -41
Depreciation on intangibles 0 0 0
EBITA 78 86 88
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 78 86 88
Other financial items 0 0 0
Net financial items -3 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 75 84 86
Tax -16 -20 -20
Net profit 59 64 66
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 64 66
EPS 7,01 7,59 7,78
EPS Adj 7,48 7,59 7,78
Total extraordinary items after tax -4 0 0
Tax rate (%) -20,7 -23,5 -23,5
Gross margin (%) 34,9 35,9 36
EBITDA margin (%) 12 12,7 12,7
EBITA margin (%) 7,9 8,6 8,7
EBIT margin (%) 7,9 8,6 8,7
Pretax margin (%) 7,5 8,4 8,5
Net margin (%) 6 6,4 6,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 1,4 1
EBITDA growth (%) 60,3 6,9 1,6
EBIT growth (%) 73,5 10,5 2,3
Net profit growth (%) 158,6 8,3 2,4
EPS growth (%) 158,6 8,3 2,4
Profitability 2019 2020 2021
ROE (%) 12,4 12,2 11,6
ROE Adj (%) 13,2 12,2 11,6
ROCE (%) 12,1 12,1 11,7
ROCE Adj(%) 12,7 12,1 11,7
ROIC (%) 9,7 9,8 10,2
ROIC Adj (%) 10,2 9,8 10,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 123 127 129
EBITDA Adj margin (%) 12,4 12,7 12,7
EBITA Adj 82 86 88
EBITA Adj margin (%) 8,3 8,6 8,7
EBIT Adj 82 86 88
EBIT Adj margin (%) 8,3 8,6 8,7
Pretax profit Adj 79 84 86
Net profit Adj 63 64 66
Net profit to shareholders Adj 63 64 66
Net Adj margin (%) 6,4 6,4 6,5
SEKm 2019 2020e 2021e
EBITDA 119 127 129
Net financial items -3 -2 -2
Paid tax -16 -20 -20
Non-cash items 0 0 0
Cash flow before change in WC 100 105 107
Change in WC -16 -11 -1
Operating cash flow 76 94 106
CAPEX tangible fixed assets -24 -26 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 52 68 81
Dividend paid -17 -21 -23
Share issues and buybacks 0 0 0
Other non cash items -65 0 0
Decrease in net IB debt -27 47 58
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 352 352 352
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 224 209 193
Other fixed assets 9 9 9
Fixed assets 585 570 554
Inventories 107 112 113
Receivables 216 206 208
Other current assets 0 0 0
Cash and liquid assets 34 81 138
Total assets 942 968 1013
Shareholders equity 503 546 588
Minority 0 0 0
Total equity 503 546 588
Long-term debt 187 187 187
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 28 28 28
Short-term debt 0 0 0
Accounts payable 225 208 210
Other current liabilities 0 0 0
Total liabilities and equity 852 829 942
Net IB debt 144 98 40
Net IB debt excl. pension debt 144 98 40
Capital invested 674 671 656
Working capital 98 110 111
EV breakdown 2019 2020 2021
Market cap. diluted (m) 532 532 532
Net IB debt Adj 153 107 49
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 685 639 581
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 111,8 105,1 102,4
Capital invested turnover (%) 155,6 149,4 153
Capital employed turnover (%) 152,9 141,2 134,5
Inventories / sales (%) 10,6 10,9 11,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 21,5 20,6
Working capital / sales (%) 9,1 10,3 10,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 28,7 17,9 6,8
Net debt / market cap (%) 33,6 18,3 7,5
Equity ratio (%) 53,3 56,3 58,1
Net IB debt adj. / equity (%) 30,5 19,6 8,4
Current ratio (%) 158,8 191,5 218,5
EBITDA / net interest (%) 3551 5298,3 5486,9
Net IB debt / EBITDA (%) 120,9 76,6 30,9
Interest cover (%) 2328,5 3591,4 3746,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 7,01 7,59 7,78
Dividend per share Adj 2,5 2,8 3
EPS Adj 7,48 7,59 7,78
BVPS 59,48 64,58 69,61
BVPS Adj 17,83 22,92 27,95
Net IB debt / share 17 11,5 4,7
Share price 50,71 63 63
Market cap. (m) 428 532 532
Valuation 2019 2020 2021
P/E 9 8,3 8,1
EV/sales 0,69 0,64 0,57
EV/EBITDA 5,8 5 4,5
EV/EBITA 8,8 7,4 6,6
EV/EBIT 8,8 7,4 6,6
Dividend yield (%) 4 4,4 4,8
FCF yield (%) 9,8 12,7 15,2
P/BVPS 1,06 0,98 0,91
P/BVPS Adj 3,53 2,75 2,25
P/E Adj 8,4 8,3 8,1
EV/EBITDA Adj 5,6 5 4,5
EV/EBITA Adj 8,3 7,4 6,6
EV/EBIT Adj 8,3 7,4 6,6
EV/cap. employed 1 0,9 0,7
Investment ratios 2019 2020 2021
Capex / sales 2,5 2,6 2,5
Capex / depreciation 59,3 63,7 60,6
Capex tangibles / tangible fixed assets 10,8 12,5 12,9
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 18,3 19,6 21,2

Equity research

Read earlier research

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 % 31 Dec 2019
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 - 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

Show More