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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 965 990 1004
Sales growth (%) 0,4 2,6 1,4
EBITDA 74 119 127
EBITDA margin (%) 7,7 12 12,7
EBIT adj 61 82 86
EBIT adj margin (%) 6,3 8,3 8,6
Pretax profit 36 75 84
EPS rep 2,71 7,01 7,59
EPS growth (%) -31,6 158,6 8,3
EPS adj 4,59 7,48 7,59
DPS 2 2,5 2,75
EV/EBITDA (x) 6,3 5,8 5,1
EV/EBIT adj (x) 7,7 8,5 7,5
P/E (x) 15,1 9,2 8,5
P/E adj (x) 8,9 8,6 8,5
EV/sales (x) 0,5 0,7 0,6
FCF yield (%) 17,9 9,6 12,5
Dividend yield (%) 4,9 3,9 4,3
Net IB debt/EBITDA 1,6 1,2 0,8
SEKm 2018 2019e 2020e
Sales 965 990 1004
COGS -630 -644 -644
Gross profit 334 346 361
Other operating items -260 -227 -233
EBITDA 74 119 127
Depreciation on tangibles -29 -41 -41
Depreciation on intangibles 0 0 0
EBITA 45 78 86
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 45 78 86
Other financial items 0 0 0
Net financial items -9 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 36 75 84
Tax -13 -16 -20
Net profit 23 59 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 59 64
EPS 2,71 7,01 7,59
EPS Adj 4,59 7,48 7,59
Total extraordinary items after tax -15,9 -4 0
Tax rate (%) -35,7 -20,7 -23,5
Gross margin (%) 34,7 34,9 35,9
EBITDA margin (%) 7,7 12 12,7
EBITA margin (%) 4,7 7,9 8,6
EBIT margin (%) 4,7 7,9 8,6
Pretax margin (%) 3,7 7,5 8,4
Net margin (%) 2,4 6 6,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 0,4 2,6 1,4
EBITDA growth (%) 7,8 60,3 6,9
EBIT growth (%) -6,3 73,5 10,5
Net profit growth (%) -31,6 158,6 8,3
EPS growth (%) -31,6 158,6 8,3
Profitability 2018 2019 2020
ROE (%) 5,1 12,4 12,2
ROE Adj (%) 8,7 13,2 12,2
ROCE (%) 7,3 12,1 12,1
ROCE Adj(%) 9,9 12,7 12,1
ROIC (%) 4,7 9,7 9,8
ROIC Adj (%) 6,4 10,2 9,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 90 123 127
EBITDA Adj margin (%) 9,4 12,4 12,7
EBITA Adj 61 82 86
EBITA Adj margin (%) 6,3 8,3 8,6
EBIT Adj 61 82 86
EBIT Adj margin (%) 6,3 8,3 8,6
Pretax profit Adj 52 79 84
Net profit Adj 39 63 64
Net profit to shareholders Adj 39 63 64
Net Adj margin (%) 4 6,4 6,4
SEKm 2018 2019e 2020e
EBITDA 74 119 127
Net financial items -9 -3 -2
Paid tax -13 -16 -20
Non-cash items 0 0 0
Cash flow before change in WC 52 100 105
Change in WC 28 -16 -11
Operating cash flow 90 76 94
CAPEX tangible fixed assets -29 -24 -26
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 62 52 68
Dividend paid -17 -17 -21
Share issues and buybacks 0 0 0
Other non cash items -3 -65 0
Decrease in net IB debt 43 -27 47
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 342 352 352
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 173 224 209
Other fixed assets 8 9 9
Fixed assets 524 585 570
Inventories 103 107 112
Receivables 180 216 206
Other current assets 0 0 0
Cash and liquid assets 23 34 81
Total assets 829 942 968
Shareholders equity 457 503 546
Minority 0 0 0
Total equity 457 503 546
Long-term debt 148 187 187
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 28 28
Short-term debt 0 0 0
Accounts payable 200 225 208
Other current liabilities 0 0 0
Total liabilities and equity 846 852 829
Net IB debt 117 144 98
Net IB debt excl. pension debt 117 144 98
Capital invested 598 674 671
Working capital 82 98 110
EV breakdown 2018 2019 2020
Market cap. diluted (m) 346 542 542
Net IB debt Adj 125 153 107
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 471 696 649
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 114,8 111,8 105,1
Capital invested turnover (%) 158,1 155,6 149,4
Capital employed turnover (%) 156,4 152,9 141,2
Inventories / sales (%) 11,2 10,6 10,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,8 21,5 21,5
Working capital / sales (%) 10 9,1 10,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 25,7 28,7 17,9
Net debt / market cap (%) 30 26,6 18
Equity ratio (%) 55,1 53,3 56,3
Net IB debt adj. / equity (%) 27,5 30,5 19,6
Current ratio (%) 152,6 158,8 191,5
EBITDA / net interest (%) 790,4 3551 5298,3
Net IB debt / EBITDA (%) 157,9 120,9 76,6
Interest cover (%) 478,7 2328,5 3591,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,71 7,01 7,59
Dividend per share Adj 2 2,5 2,8
EPS Adj 4,59 7,48 7,59
BVPS 54,04 59,48 64,58
BVPS Adj 13,53 17,83 22,92
Net IB debt / share 13,9 17 11,5
Share price 46,29 64,2 64,2
Market cap. (m) 391 542 542
Valuation 2018 2019 2020
P/E 15,1 9,2 8,5
EV/sales 0,49 0,7 0,65
EV/EBITDA 6,3 5,8 5,1
EV/EBITA 10,5 8,9 7,5
EV/EBIT 10,5 8,9 7,5
Dividend yield (%) 4,9 3,9 4,3
FCF yield (%) 17,9 9,6 12,5
P/BVPS 0,76 1,08 0,99
P/BVPS Adj 3,02 3,6 2,8
P/E Adj 8,9 8,6 8,5
EV/EBITDA Adj 5,2 5,7 5,1
EV/EBITA Adj 7,7 8,5 7,5
EV/EBIT Adj 7,7 8,5 7,5
EV/cap. employed 0,8 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 3 2,5 2,6
Capex / depreciation 98 59,3 63,7
Capex tangibles / tangible fixed assets 16,6 10,8 12,5
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 18,3 19,6

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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 Sep 2019
Jerry Fredriksson 5.5 % 22.2 % 30 Sep 2019
Sune Lundqvist (Input Interiör) 12.5 % 5.8 % 30 Sep 2019
Avanza Pension 8.0 % 3.7 % 30 Sep 2019
Thomas Krishan 4.3 % 2.0 % 30 Sep 2019
Spiltan Fonder 4.1 % 1.9 % 31 Oct 2019
Lars & Kersti Bülow 2.4 % 1.1 % 30 Sep 2019
Patrik Enblad 2.4 % 1.1 % 30 Sep 2019
Nordnet Pensionsförsäkring 2.2 % 1.0 % 30 Sep 2019
Nordea Liv & Pension 1.8 % 0.8 % 30 Sep 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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