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Nilörngruppen

Nilörngruppen

Adding value to brands

Nilörn is one of Europe's leading label and branding companies in the fashion and apparel industry. The company adds value to trademarks through branding and design of labels, packaging etc. Nilörn delivers 1.5+ billion labels per year. In 2017 sales amounted to SEK 680m with an adjusted EBIT margin of 12.7%. The shares are listed on OMX Small Cap since 2018.

Key strengths are its long-established know-how, worldwide partner network and logistic system. This setup provides opportunities to gain market share. Increased geographical presence and bolt-on acquisitions. Currently, e-commerce seems to require additional investments in brand profiling, which strongly benefits companies like Nilörn.

General downturn in the apparel industry, tougher environment for the fashion industry's middle-segment customers, price pressure.

SEKm 2020 2021e 2022e
Sales 618 706 753
Sales growth (%) -13,6 14,2 6,7
EBITDA 77 98 100
EBITDA margin (%) 12,4 14 13,3
EBIT adj 55 73 73
EBIT adj margin (%) 8,8 10,3 9,7
Pretax profit 47 70 72
EPS rep 2,94 4,65 4,8
EPS growth (%) -29,1 58,3 3,2
EPS adj 3,27 4,65 4,8
DPS 2 2,5 3
EV/EBITDA (x) 6,2 8,3 8,1
EV/EBIT adj (x) 8,7 11,3 11
P/E (x) 13,7 15,4 14,9
P/E adj (x) 12,3 15,4 14,9
EV/sales (x) 0,8 1,2 1,1
FCF yield (%) 14,1 4,9 7,1
Dividend yield (%) 5 3,5 4,2
Net IB debt/EBITDA 0,2 0 -0,1
Lease adj. FCF yield (%) 10,7 3 5,2
Lease adj. ND/EBITDA -0,7 -0,4 -0,6
SEKm 2020 2021e 2022e
Sales 618 706 753
COGS -346 -388 -414
Gross profit 272 317 339
Other operating items -196 -219 -239
EBITDA 77 98 100
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 51 73 73
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 51 73 73
Other financial items 0 0 0
Net financial items -4 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 70 72
Tax -14 -17 -17
Net profit 34 53 55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 53 55
EPS 2,94 4,65 4,8
EPS Adj 3,27 4,65 4,8
Total extraordinary items after tax -3,8 0 0
Tax rate (%) -28,8 -24,5 -24
Gross margin (%) 44 45 45
EBITDA margin (%) 12,4 14 13,3
EBITA margin (%) 8,2 10,3 9,7
EBIT margin (%) 8,2 10,3 9,7
Pretax margin (%) 7,6 10 9,6
Net margin (%) 5,4 7,5 7,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,6 14,2 6,7
EBITDA growth (%) -15,6 28,5 1,5
EBIT growth (%) -23,3 42,9 1
Net profit growth (%) -29,1 58,3 3,2
EPS growth (%) -29,1 58,3 3,2
Profitability 2020 2021 2022
ROE (%) 18,2 26,8 24,1
ROE Adj (%) 20,3 26,8 24,1
ROCE (%) 18,2 26,6 23,7
ROCE Adj(%) 19,6 26,6 23,7
ROIC (%) 14,3 22,8 21,5
ROIC Adj (%) 15,3 22,8 21,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 80 98 100
EBITDA Adj margin (%) 13 14 13,3
EBITA Adj 55 73 73
EBITA Adj margin (%) 8,8 10,3 9,7
EBIT Adj 55 73 73
EBIT Adj margin (%) 8,8 10,3 9,7
Pretax profit Adj 51 70 72
Net profit Adj 37 53 55
Net profit to shareholders Adj 37 53 55
Net Adj margin (%) 6 7,5 7,3
Depreciation and amortisation -26 -26 -27
Of which leasing depreciation -14 -15 -15
EO items -4 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 83 84
EBITDA lease Adj margin (%) 10,5 11,8 11,2
Leasing payments -15 -16 -16
SEKm 2020 2021e 2022e
EBITDA 77 98 100
Net financial items -4 -2 -1
Paid tax -1 -2 -1
Non-cash items 3 13 -7
Cash flow before change in WC 75 107 91
Change in WC 0 -50 -15
Operating cash flow 75 57 75
CAPEX tangible fixed assets -5 -14 -15
CAPEX intangible fixed assets -5 -2 -2
Acquisitions and disposals 1 0 0
Free cash flow 65 40 58
Dividend paid 0 -23 -29
Share issues and buybacks 0 0 0
Other non cash items -1 -25 -11
Decrease in net IB debt 76 5 8
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 23 25 28
Tangible fixed assets 93 101 105
Other fixed assets 0 0 0
Fixed assets 155 163 169
Inventories 107 125 133
Receivables 72 104 111
Other current assets 21 21 23
Cash and liquid assets 54 78 92
Total assets 409 491 528
Shareholders equity 187 210 245
Minority 0 0 0
Total equity 187 210 245
Long-term debt 10 8 8
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 2 37 37
Accounts payable 0 0 0
Other current liabilities 128 160 171
Total liabilities and equity 386 456 502
Net IB debt 13 3 -11
Net IB debt excl. pension debt 13 3 -11
Capital invested 227 253 265
Working capital 72 90 96
EV breakdown 2020 2021 2022
Market cap. diluted (m) 460 816 816
Net IB debt Adj 13 3 -11
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 473 820 806
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150,5 156,8 147,8
Capital invested turnover (%) 244,2 287,4 293,2
Capital employed turnover (%) 222,1 251,3 250,5
Inventories / sales (%) 18,2 16,6 16,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 13,8 11,4 12,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 7,1 1,6 -4,4
Net debt / market cap (%) 3,1 0,4 -1,3
Equity ratio (%) 45,6 42,7 46,3
Net IB debt adj. / equity (%) 7,1 1,6 -4,4
Current ratio (%) 175,9 155,6 161,9
EBITDA / net interest (%) 2071,8 4385 8332,2
Net IB debt / EBITDA (%) 17,2 3,4 -10,7
Interest cover (%) 1372,7 3229,5 6105,2
Lease liability amortisation -15 -16 -16
Other intangible assets 23 26 28
Right-of-use asset 38 37 37
Total other fixed assets 0 0 0
Leasing liability 56 37 37
Total other long-term liabilities 4 5 5
Net IB debt excl. leasing -43 -33 -47
Net IB debt / EBITDA lease Adj (%) -65,5 -40,1 -56
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,94 4,65 4,8
Dividend per share Adj 2 2,5 3
EPS Adj 3,27 4,65 4,8
BVPS 16,37 18,4 21,45
BVPS Adj 14,31 16,16 19,01
Net IB debt / share 1,2 0,3 -0,9
Share price 37,04 71,6 71,6
Market cap. (m) 422 816 816
Valuation 2020 2021 2022
P/E 13,7 15,4 14,9
EV/sales 0,76 1,16 1,07
EV/EBITDA 6,2 8,3 8,1
EV/EBITA 9,3 11,3 11
EV/EBIT 9,3 11,3 11
Dividend yield (%) 5 3,5 4,2
FCF yield (%) 14,1 4,9 7,1
P/BVPS 2,46 3,89 3,34
P/BVPS Adj 2,82 4,43 3,77
P/E Adj 12,3 15,4 14,9
EV/EBITDA Adj 5,9 8,3 8,1
EV/EBITA Adj 8,7 11,3 11
EV/EBIT Adj 8,7 11,3 11
EV/cap. employed 1,9 2,8 2,5
Investment ratios 2020 2021 2022
Capex / sales 1,7 2,3 2,3
Capex / depreciation 89,8 149,1 154
Capex tangibles / tangible fixed assets 5,6 14 14,4
Capex intangibles / definite intangibles 23 8,1 8,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,7 10,7 10,8
Lease adj. FCF yield (%) 10,7 3 5,2

Equity research

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Media

Nilörngruppen - Company presentation with CEO Krister Magnusson
Nilörngruppen: Intervju med VD Claes af Wetterstedt

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 31 Mar 2021
Cervantes Capital 5.0 % 2.8 % 15 Apr 2021
Avanza Pension 4.3 % 2.5 % 31 Mar 2021
eQ Asset Management Oy 3.1 % 1.8 % 30 Apr 2021
Nordnet Pensionsförsäkring 3.0 % 1.7 % 31 Mar 2021
Protector Forsikring ASA 2.7 % 1.5 % 7 Apr 2021
BBVA Asset Management 2.7 % 1.5 % 31 Mar 2021
Nordea Fonder 2.0 % 1.1 % 31 Mar 2021
Johan Hagberg 1.5 % 0.9 % 31 Mar 2021
Fondsfinans Kapitalforvaltning 1.5 % 0.8 % 30 Apr 2021
Source: Holdings by Modular Finance AB

Insider list - Nilörngruppen

Name Quantity Code Date
Krister Carl Magnus Magnusson + 25 000 BUY 20 Jul 2020
Petter Stillström +2 040 000 BUY 27 May 2020
Petter Stillström -2 040 000 SELL 27 May 2020
Petter Stillström + 960 000 BUY 27 May 2020
Petter Stillström - 960 000 SELL 27 May 2020
Traction Branding AB - 300 000 SELL 22 Oct 2018
Traction Branding AB - 600 000 SELL 10 Nov 2017
Traction Branding AB - 200 000 SELL 29 Jun 2017
Johan Vilhelm Schottenius - 10 000 SELL 7 Jun 2017
Claes af Wetterstedt - 15 961 SELL 10 May 2017

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