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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.

Financials

SEKm 2018 2019e 2020e
Sales 712 735 786
Sales growth (%) 7,5 3,2 7
EBITDA 94 102 113
EBITDA margin (%) 13,1 13,9 14,4
EBIT adj 83 78 87
EBIT adj margin (%) 11,7 10,6 11,1
Pretax profit 84 76 84
EPS rep 6,2 5,09 5,81
EPS growth (%) 8,7 -17,9 14,1
EPS adj 6,03 5,09 5,81
DPS 4 4,2 5
EV/EBITDA (x) 8,3 8 7
EV/EBIT adj (x) 9,4 10,5 9,1
P/E (x) 11 12,6 11,1
P/E adj (x) 11,3 12,6 11,1
EV/sales (x) 1,1 1,1 1
FCF yield (%) 4,1 3,1 9,9
Dividend yield (%) 5,9 6,5 7,8
Net IB debt/EBITDA 0 0,8 0,5
SEKm 2018 2019e 2020e
Sales 712 735 786
COGS -396 -417 -448
Gross profit 316 317 338
Other operating items -222 -215 -225
EBITDA 94 102 113
Depreciation on tangibles -8 -24 -26
Depreciation on intangibles 0 0 0
EBITA 85 78 87
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 85 78 87
Other financial items 0 0 0
Net financial items -1 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 84 76 84
Tax -13 -18 -18
Net profit 71 58 66
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 71 58 66
EPS 6,2 5,09 5,81
EPS Adj 6,03 5,09 5,81
Total extraordinary items after tax 2 0 0
Tax rate (%) -15,7 -23,6 -21,6
Gross margin (%) 44,4 43,2 43
EBITDA margin (%) 13,1 13,9 14,4
EBITA margin (%) 12 10,6 11,1
EBIT margin (%) 12 10,6 11,1
Pretax margin (%) 11,8 10,3 10,8
Net margin (%) 9,9 7,9 8,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 7,5 3,2 7
EBITDA growth (%) 5,5 9,3 10,6
EBIT growth (%) 3,4 -8,4 11,9
Net profit growth (%) 8,8 -17,9 14,1
EPS growth (%) 8,7 -17,9 14,1
Profitability 2018 2019 2020
ROE (%) 42,3 30,3 31,2
ROE Adj (%) 41,1 30,3 31,2
ROCE (%) 41,5 27,5 24,6
ROCE Adj(%) 40,5 27,5 24,6
ROIC (%) 43,4 25,2 24,1
ROIC Adj (%) 42,4 25,2 24,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 92 102 113
EBITDA Adj margin (%) 12,9 13,9 14,4
EBITA Adj 83 78 87
EBITA Adj margin (%) 11,7 10,6 11,1
EBIT Adj 83 78 87
EBIT Adj margin (%) 11,7 10,6 11,1
Pretax profit Adj 82 76 84
Net profit Adj 69 58 66
Net profit to shareholders Adj 69 58 66
Net Adj margin (%) 9,7 7,9 8,4
SEKm 2018 2019e 2020e
EBITDA 94 102 113
Net financial items -1 -2 -3
Paid tax -13 -18 -18
Non-cash items 0 0 0
Cash flow before change in WC 79 82 92
Change in WC -22 5 -8
Operating cash flow 55 79 84
CAPEX tangible fixed assets -24 -56 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 32 23 73
Dividend paid -46 -46 -48
Share issues and buybacks 0 0 0
Other non cash items 2 -58 0
Decrease in net IB debt -12 -80 25
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 17 20 20
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 64 168 153
Other fixed assets 0 0 0
Fixed assets 80 188 173
Inventories 108 112 121
Receivables 115 112 122
Other current assets 0 0 0
Cash and liquid assets 38 60 85
Total assets 341 471 501
Shareholders equity 181 203 221
Minority 0 0 0
Total equity 181 203 221
Long-term debt 40 143 143
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 2 2 2
Short-term debt 0 0 0
Accounts payable 118 123 134
Other current liabilities 0 0 0
Total liabilities and equity 271 313 341
Net IB debt 3 83 58
Net IB debt excl. pension debt 3 83 58
Capital invested 185 288 282
Working capital 105 100 108
EV breakdown 2018 2019 2020
Market cap. diluted (m) 776 733 733
Net IB debt Adj 3 83 58
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 779 816 791
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 217,8 180,8 161,7
Capital invested turnover (%) 429,8 310,4 276
Capital employed turnover (%) 346,6 259,1 221,5
Inventories / sales (%) 15,3 14,9 14,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 16,4 16,4
Working capital / sales (%) 13,2 14 13,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 1,4 40,8 26,2
Net debt / market cap (%) 0,3 11,3 7,9
Equity ratio (%) 53 43 44,2
Net IB debt adj. / equity (%) 1,4 40,8 26,2
Current ratio (%) 221,2 230 243,8
EBITDA / net interest (%) 6728,9 4884 3962,4
Net IB debt / EBITDA (%) 2,7 80,9 51,2
Interest cover (%) 6127,7 3725,4 3058,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 6,2 5,09 5,81
Dividend per share Adj 4 4,2 5
EPS Adj 6,03 5,09 5,81
BVPS 15,85 17,79 19,4
BVPS Adj 14,4 16,04 17,65
Net IB debt / share 0,2 7,3 5,1
Share price 81,15 64,3 64,3
Market cap. (m) 925 733 733
Valuation 2018 2019 2020
P/E 11 12,6 11,1
EV/sales 1,09 1,11 1,01
EV/EBITDA 8,3 8 7
EV/EBITA 9,1 10,5 9,1
EV/EBIT 9,1 10,5 9,1
Dividend yield (%) 5,9 6,5 7,8
FCF yield (%) 4,1 3,1 9,9
P/BVPS 4,3 3,61 3,31
P/BVPS Adj 4,73 4,01 3,64
P/E Adj 11,3 12,6 11,1
EV/EBITDA Adj 8,5 8 7
EV/EBITA Adj 9,4 10,5 9,1
EV/EBIT Adj 9,4 10,5 9,1
EV/cap. employed 3,5 2,4 2,2
Investment ratios 2018 2019 2020
Capex / sales 3,3 7,6 1,4
Capex / depreciation 284,9 231,3 43,4
Capex tangibles / tangible fixed assets 37,4 33,5 7,3
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 13,1 14,5 16,9

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Nilörngruppen: Intervju med VD Claes af Wetterstedt

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Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 23.7 % 56.6 % 30 Sep 2019
Mawer Investment Management 10.0 % 5.7 % 31 Oct 2019
Montanaro 5.3 % 3.0 % 31 Oct 2019
Nordea Fonder 3.4 % 1.9 % 30 Sep 2019
Avanza Pension 3.3 % 1.9 % 30 Sep 2019
Protector Forsikring ASA 2.7 % 1.5 % 30 Sep 2019
BBVA Asset Management 2.7 % 1.5 % 30 Jun 2019
Nordnet Pensionsförsäkring 2.6 % 1.5 % 30 Sep 2019
Ennismore Fund Management 2.3 % 1.3 % 30 Sep 2019
La Financière de l'Echiquier 2.2 % 1.3 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list - Nilörngruppen

Name Quantity Code Date
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
Claes af Wetterstedt - 53 608 SELL 9 May 2017
Claes af Wetterstedt - 30 431 SELL 8 May 2017
Krister Magnusson - 80 000 SELL 22 Feb 2017
Traction Branding AB -1 100 000 SELL 20 Dec 2016
STILLSTRÖM, PETTER + 600 BUY 8 Jun 2009

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