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Nilörngruppen

Nilörngruppen

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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 2019 2020e 2021e
Sales 716 763 816
Sales growth (%) 0,5 6,6 7
EBITDA 91 96 111
EBITDA margin (%) 12,7 12,6 13,7
EBIT adj 67 72 85
EBIT adj margin (%) 9,3 9,4 10,4
Pretax profit 63 69 83
EPS rep 4,17 4,7 5,61
EPS growth (%) -32,7 12,5 19,6
EPS adj 4,17 4,7 5,61
DPS 2,5 3 4
EV/EBITDA (x) 9,6 3,1 2,4
EV/EBIT adj (x) 13,2 4,2 3,2
P/E (x) 16,5 5,2 4,4
P/E adj (x) 16,5 5,2 4,4
EV/sales (x) 1,2 0,4 0,3
FCF yield (%) 1,5 25,4 22,3
Dividend yield (%) 3,6 12,2 16,3
Net IB debt/EBITDA 1 0,2 -0,1
SEKm 2019 2020e 2021e
Sales 716 763 816
COGS -408 -429 -458
Gross profit 308 334 358
Other operating items -217 -237 -247
EBITDA 91 96 111
Depreciation on tangibles -25 -25 -26
Depreciation on intangibles 0 0 0
EBITA 67 72 85
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 67 72 85
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 63 69 83
Tax -16 -16 -19
Net profit 48 54 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 54 64
EPS 4,17 4,7 5,61
EPS Adj 4,17 4,7 5,61
Total extraordinary items after tax 0 0 0
Tax rate (%) -25 -22,5 -22,5
Gross margin (%) 43 43,7 43,9
EBITDA margin (%) 12,7 12,6 13,7
EBITA margin (%) 9,3 9,4 10,4
EBIT margin (%) 9,3 9,4 10,4
Pretax margin (%) 8,9 9,1 10,1
Net margin (%) 6,6 7 7,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 6,6 7
EBITDA growth (%) -2,7 5,4 15,9
EBIT growth (%) -22 7,5 18,9
Net profit growth (%) -32,7 12,5 19,6
EPS growth (%) -32,7 12,5 19,6
Profitability 2019 2020 2021
ROE (%) 25,9 25,1 25,1
ROE Adj (%) 25,9 25,1 25,1
ROCE (%) 25,1 21,3 22,6
ROCE Adj(%) 25,1 21,3 22,6
ROIC (%) 21,5 20,5 25,1
ROIC Adj (%) 21,5 20,5 25,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 91 96 111
EBITDA Adj margin (%) 12,7 12,6 13,7
EBITA Adj 67 72 85
EBITA Adj margin (%) 9,3 9,4 10,4
EBIT Adj 67 72 85
EBIT Adj margin (%) 9,3 9,4 10,4
Pretax profit Adj 63 69 83
Net profit Adj 48 54 64
Net profit to shareholders Adj 48 54 64
Net Adj margin (%) 6,6 7 7,8
SEKm 2019 2020e 2021e
EBITDA 91 96 111
Net financial items -3 -2 -2
Paid tax -16 -16 -19
Non-cash items -15 0 0
Cash flow before change in WC 57 78 90
Change in WC 6 3 -16
Operating cash flow 63 81 74
CAPEX tangible fixed assets -51 -10 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 12 71 62
Dividend paid -46 -29 -34
Share issues and buybacks 0 0 0
Other non cash items -54 29 0
Decrease in net IB debt -87 71 28
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 21 21 21
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 160 145 130
Other fixed assets 0 0 0
Fixed assets 181 166 151
Inventories 119 119 122
Receivables 80 90 126
Other current assets 0 0 0
Cash and liquid assets 32 103 132
Total assets 412 479 531
Shareholders equity 187 240 270
Minority 0 0 0
Total equity 187 240 270
Long-term debt 122 122 122
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 100 113 136
Other current liabilities 0 0 0
Total liabilities and equity 412 479 531
Net IB debt 90 19 -10
Net IB debt excl. pension debt 90 19 -10
Capital invested 279 262 263
Working capital 99 96 112
EV breakdown 2019 2020 2021
Market cap. diluted (m) 786 280 280
Net IB debt Adj 90 19 -10
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 875 299 271
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 190 171,2 161,6
Capital invested turnover (%) 308 281,8 310,7
Capital employed turnover (%) 270,1 227,4 216,4
Inventories / sales (%) 15,9 15,6 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 14 15,3
Working capital / sales (%) 14,2 12,7 12,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48 7,7 -3,6
Net debt / market cap (%) 11,6 6,6 -3,5
Equity ratio (%) 45,3 50,2 50,8
Net IB debt adj. / equity (%) 48 7,7 -3,6
Current ratio (%) 230,5 275,5 278,8
EBITDA / net interest (%) 2947,7 3939,8 4567,8
Net IB debt / EBITDA (%) 98,4 19,3 -8,8
Interest cover (%) 2151,8 2933,2 3487,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 4,17 4,7 5,61
Dividend per share Adj 2,5 3 4
EPS Adj 4,17 4,7 5,61
BVPS 16,37 21,07 23,68
BVPS Adj 14,51 19,21 21,82
Net IB debt / share 7,9 1,6 -0,9
Share price 67,52 24,6 24,6
Market cap. (m) 770 280 280
Valuation 2019 2020 2021
P/E 16,5 5,2 4,4
EV/sales 1,22 0,39 0,33
EV/EBITDA 9,6 3,1 2,4
EV/EBITA 13,2 4,2 3,2
EV/EBIT 13,2 4,2 3,2
Dividend yield (%) 3,6 12,2 16,3
FCF yield (%) 1,5 25,4 22,3
P/BVPS 4,21 1,17 1,04
P/BVPS Adj 4,75 1,28 1,13
P/E Adj 16,5 5,2 4,4
EV/EBITDA Adj 9,6 3,1 2,4
EV/EBITA Adj 13,2 4,2 3,2
EV/EBIT Adj 13,2 4,2 3,2
EV/cap. employed 2,8 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 7,2 1,3 1,4
Capex / depreciation 209,2 40,3 44,1
Capex tangibles / tangible fixed assets 32,3 6,8 8,9
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 15,4 16,9 20,2

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Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 5 Mar 2020
Mawer Investment Management 9.6 % 5.5 % 29 Feb 2020
Avanza Pension 5.0 % 2.9 % 26 Mar 2020
Montanaro 4.8 % 2.7 % 2 Mar 2020
eQ Asset Management Oy 2.9 % 1.7 % 29 Feb 2020
BBVA Asset Management 2.7 % 1.5 % 30 Jun 2019
Nordnet Pensionsförsäkring 2.6 % 1.5 % 31 Dec 2019
Protector Forsikring ASA 2.6 % 1.5 % 31 Dec 2019
Nordea Fonder 2.4 % 1.4 % 31 Jan 2020
Ennismore Fund Management 2.3 % 1.3 % 31 Dec 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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