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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 2019 2020e 2021e
Sales 716 740 792
Sales growth (%) 0,5 3,4 7
EBITDA 91 101 121
EBITDA margin (%) 12,7 13,7 15,3
EBIT adj 66 76 93
EBIT adj margin (%) 9,3 10,2 11,8
Pretax profit 65 73 91
EPS rep 4,32 5 6,23
EPS growth (%) -30,3 15,7 24,5
EPS adj 4,32 5 6,23
DPS 4,2 5 5,5
EV/EBITDA (x) 8 7 5,7
EV/EBIT adj (x) 10,9 9,4 7,3
P/E (x) 13 11,2 9
P/E adj (x) 13 11,2 9
EV/sales (x) 1 1 0,9
FCF yield (%) 3,8 9,4 12,6
Dividend yield (%) 7,5 8,9 9,8
Net IB debt/EBITDA 0,9 0,7 0,4
SEKm 2019 2020e 2021e
Sales 716 740 792
COGS -408 -422 -448
Gross profit 308 318 345
Other operating items -217 -217 -223
EBITDA 91 101 121
Depreciation on tangibles -24 -26 -28
Depreciation on intangibles 0 0 0
EBITA 66 76 93
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 66 76 93
Other financial items 0 0 0
Net financial items -2 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 65 73 91
Tax -16 -16 -20
Net profit 49 57 71
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 57 71
EPS 4,32 5 6,23
EPS Adj 4,32 5 6,23
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,9 -21,6 -21,6
Gross margin (%) 43 43 43,5
EBITDA margin (%) 12,7 13,7 15,3
EBITA margin (%) 9,3 10,2 11,8
EBIT margin (%) 9,3 10,2 11,8
Pretax margin (%) 9,1 9,8 11,4
Net margin (%) 6,9 7,7 9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 3,4 7
EBITDA growth (%) -3,1 11,8 19,5
EBIT growth (%) -22 13,8 23,6
Net profit growth (%) -30,3 15,7 24,5
EPS growth (%) -30,3 15,7 24,5
Profitability 2019 2020 2021
ROE (%) 26,3 28,7 33,8
ROE Adj (%) 26,3 28,7 33,8
ROCE (%) 23,8 22,1 26,5
ROCE Adj(%) 23,8 22,1 26,5
ROIC (%) 21,8 21,5 27,2
ROIC Adj (%) 21,8 21,5 27,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 91 101 121
EBITDA Adj margin (%) 12,7 13,7 15,3
EBITA Adj 66 76 93
EBITA Adj margin (%) 9,3 10,2 11,8
EBIT Adj 66 76 93
EBIT Adj margin (%) 9,3 10,2 11,8
Pretax profit Adj 65 73 91
Net profit Adj 49 57 71
Net profit to shareholders Adj 49 57 71
Net Adj margin (%) 6,9 7,7 9
SEKm 2019 2020e 2021e
EBITDA 91 101 121
Net financial items -2 -3 -3
Paid tax -16 -16 -20
Non-cash items 0 0 0
Cash flow before change in WC 74 83 99
Change in WC 15 -12 -7
Operating cash flow 80 71 92
CAPEX tangible fixed assets -56 -11 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 24 61 81
Dividend paid -46 -48 -57
Share issues and buybacks 0 0 0
Other non cash items -58 0 0
Decrease in net IB debt -79 13 24
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 20 20 20
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 168 152 136
Other fixed assets 0 0 0
Fixed assets 188 172 156
Inventories 101 114 118
Receivables 101 115 123
Other current assets 0 0 0
Cash and liquid assets 61 74 98
Total assets 450 475 495
Shareholders equity 194 203 217
Minority 0 0 0
Total equity 194 203 217
Long-term debt 143 143 143
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 111 127 132
Other current liabilities 0 0 0
Total liabilities and equity 313 341 450
Net IB debt 81 69 45
Net IB debt excl. pension debt 81 69 45
Capital invested 278 274 265
Working capital 90 102 109
EV breakdown 2019 2020 2021
Market cap. diluted (m) 641 641 641
Net IB debt Adj 81 69 45
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 722 710 686
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 180,9 160 163,3
Capital invested turnover (%) 309,1 268,1 293,8
Capital employed turnover (%) 256,5 216,7 224,3
Inventories / sales (%) 14,6 14,5 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16 16,1 16,3
Working capital / sales (%) 13,6 13 13,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 41,9 33,8 20,7
Net debt / market cap (%) 10,6 10,7 7
Equity ratio (%) 43,1 42,8 43,9
Net IB debt adj. / equity (%) 41,9 33,8 20,7
Current ratio (%) 236,5 239,1 256,1
EBITDA / net interest (%) 5539 3550,6 4242,8
Net IB debt / EBITDA (%) 89,7 67,8 37,1
Interest cover (%) 4057,2 2647,9 3272,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 4,32 5 6,23
Dividend per share Adj 4,2 5 5,5
EPS Adj 4,32 5 6,23
BVPS 17,03 17,83 19,06
BVPS Adj 15,28 16,08 17,31
Net IB debt / share 7,1 6 3,9
Share price 67,52 56,2 56,2
Market cap. (m) 770 641 641
Valuation 2019 2020 2021
P/E 13 11,2 9
EV/sales 1,01 0,96 0,87
EV/EBITDA 8 7 5,7
EV/EBITA 10,9 9,4 7,3
EV/EBIT 10,9 9,4 7,3
Dividend yield (%) 7,5 8,9 9,8
FCF yield (%) 3,8 9,4 12,6
P/BVPS 3,3 3,15 2,95
P/BVPS Adj 3,68 3,49 3,25
P/E Adj 13 11,2 9
EV/EBITDA Adj 8 7 5,7
EV/EBITA Adj 10,9 9,4 7,3
EV/EBIT Adj 10,9 9,4 7,3
EV/cap. employed 2,1 2,1 1,9
Investment ratios 2019 2020 2021
Capex / sales 7,8 1,4 1,4
Capex / depreciation 230,3 41,2 40,8
Capex tangibles / tangible fixed assets 33,4 7 8,3
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 14,5 16,9 20,4

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Nilörngruppen: Intervju med VD Claes af Wetterstedt

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 23.7 % 56.6 % 31 Dec 2019
Mawer Investment Management 8.8 % 5.0 % 16 Jan 2020
Montanaro 5.3 % 3.0 % 31 Dec 2019
Avanza Pension 3.8 % 2.2 % 31 Dec 2019
Nordea Fonder 3.4 % 1.9 % 31 Dec 2019
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
eQ Asset Management Oy 2.5 % 1.4 % 31 Dec 2019
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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