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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 712 768 822
Sales growth (%) 7,5 7,8 7
EBITDA 94 112 123
EBITDA margin (%) 13,1 14,6 15
EBIT adj 83 88 99
EBIT adj margin (%) 11,7 11,5 12,1
Pretax profit 84 86 97
EPS rep 6,2 5,9 6,67
EPS growth (%) 8,7 -4,8 12,9
EPS adj 6,03 5,9 6,67
DPS 4 4,2 5
EV/EBITDA (x) 8,3 7,9 6,9
EV/EBIT adj (x) 9,4 10 8,6
P/E (x) 11 12,3 10,9
P/E adj (x) 11,3 12,3 10,9
EV/sales (x) 1,1 1,2 1
FCF yield (%) 4,1 5,9 9,8
Dividend yield (%) 5,9 5,8 6,9
Net IB debt/EBITDA 0 0,5 0,2
SEKm 2018 2019e 2020e
Sales 712 768 822
COGS -396 -435 -464
Gross profit 316 333 357
Other operating items -222 -221 -234
EBITDA 94 112 123
Depreciation on tangibles -8 -24 -24
Depreciation on intangibles 0 0 0
EBITA 85 88 99
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 85 88 99
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 84 86 97
Tax -13 -19 -21
Net profit 71 67 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 71 67 76
EPS 6,2 5,9 6,67
EPS Adj 6,03 5,9 6,67
Total extraordinary items after tax 2 0 0
Tax rate (%) -15,7 -21,8 -21,6
Gross margin (%) 44,4 43,4 43,5
EBITDA margin (%) 13,1 14,6 15
EBITA margin (%) 12 11,5 12,1
EBIT margin (%) 12 11,5 12,1
Pretax margin (%) 11,8 11,2 11,8
Net margin (%) 9,9 8,8 9,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 7,5 7,8 7
EBITDA growth (%) 5,5 19,6 10,1
EBIT growth (%) 3,4 3,6 12,1
Net profit growth (%) 8,8 -4,8 12,9
EPS growth (%) 8,7 -4,8 12,9
Profitability 2018 2019 2020
ROE (%) 42,3 34,7 34,4
ROE Adj (%) 41,1 34,7 34,4
ROCE (%) 41,5 33,3 30,7
ROCE Adj(%) 40,5 33,3 30,7
ROIC (%) 43,4 30,4 29,2
ROIC Adj (%) 42,4 30,4 29,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 92 112 123
EBITDA Adj margin (%) 12,9 14,6 15
EBITA Adj 83 88 99
EBITA Adj margin (%) 11,7 11,5 12,1
EBIT Adj 83 88 99
EBIT Adj margin (%) 11,7 11,5 12,1
Pretax profit Adj 82 86 97
Net profit Adj 69 67 76
Net profit to shareholders Adj 69 67 76
Net Adj margin (%) 9,7 8,8 9,3
SEKm 2018 2019e 2020e
EBITDA 94 112 123
Net financial items -1 -2 -2
Paid tax -13 -19 -21
Non-cash items 0 0 0
Cash flow before change in WC 79 91 100
Change in WC -22 -1 -7
Operating cash flow 55 91 93
CAPEX tangible fixed assets -24 -42 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 32 49 81
Dividend paid -46 -46 -48
Share issues and buybacks 0 0 0
Other non cash items 2 -60 0
Decrease in net IB debt -12 -57 33
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 17 18 18
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 64 145 133
Other fixed assets 0 0 0
Fixed assets 80 163 150
Inventories 108 118 126
Receivables 115 118 127
Other current assets 0 0 0
Cash and liquid assets 38 42 76
Total assets 341 441 480
Shareholders equity 181 207 235
Minority 0 0 0
Total equity 181 207 235
Long-term debt 40 102 102
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 118 130 140
Other current liabilities 0 0 0
Total liabilities and equity 271 313 341
Net IB debt 3 60 26
Net IB debt excl. pension debt 3 60 26
Capital invested 185 269 264
Working capital 105 106 113
EV breakdown 2018 2019 2020
Market cap. diluted (m) 776 827 827
Net IB debt Adj 3 60 26
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 779 886 853
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 217,8 196,2 178,4
Capital invested turnover (%) 429,8 338,1 308,5
Capital employed turnover (%) 346,6 289,7 254,4
Inventories / sales (%) 15,3 14,7 14,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 16,2 16,5
Working capital / sales (%) 13,2 13,7 13,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 1,4 28,8 11,2
Net debt / market cap (%) 0,3 7,2 3,2
Equity ratio (%) 53 46,9 49
Net IB debt adj. / equity (%) 1,4 28,8 11,2
Current ratio (%) 221,2 213,6 234,4
EBITDA / net interest (%) 6728,9 4880,2 6053,3
Net IB debt / EBITDA (%) 2,7 53,3 21,3
Interest cover (%) 6127,7 3850,7 4863,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 6,2 5,9 6,67
Dividend per share Adj 4 4,2 5
EPS Adj 6,03 5,9 6,67
BVPS 15,85 18,16 20,63
BVPS Adj 14,4 16,61 19,08
Net IB debt / share 0,2 5,2 2,3
Share price 81,15 72,5 72,5
Market cap. (m) 925 827 827
Valuation 2018 2019 2020
P/E 11 12,3 10,9
EV/sales 1,09 1,15 1,04
EV/EBITDA 8,3 7,9 6,9
EV/EBITA 9,1 10 8,6
EV/EBIT 9,1 10 8,6
Dividend yield (%) 5,9 5,8 6,9
FCF yield (%) 4,1 5,9 9,8
P/BVPS 4,3 3,99 3,51
P/BVPS Adj 4,73 4,36 3,8
P/E Adj 11,3 12,3 10,9
EV/EBITDA Adj 8,5 7,9 6,9
EV/EBITA Adj 9,4 10 8,6
EV/EBIT Adj 9,4 10 8,6
EV/cap. employed 3,5 2,9 2,5
Investment ratios 2018 2019 2020
Capex / sales 3,3 5,5 1,4
Capex / depreciation 284,9 177,6 48,2
Capex tangibles / tangible fixed assets 37,4 28,9 8,8
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 16,3 18,2

Equity research

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Media

Nilörngruppen: Intervju med VD Claes af Wetterstedt

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Main shareholders

Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 21.8 % 55.5 % 30 Jun 2019
Mawer Investment Management 11.3 % 6.4 % 31 May 2019
Montanaro 5.3 % 3.0 % 30 Jun 2019
Nordea Fonder 3.4 % 1.9 % 30 Jun 2019
Nordnet Pensionsförsäkring 3.1 % 1.7 % 30 Jun 2019
Avanza Pension 2.9 % 1.7 % 30 Jun 2019
Berenberg Funds 2.7 % 1.6 % 30 Apr 2019
Protector Forsikring ASA 2.7 % 1.5 % 30 Jun 2019
BBVA Asset Management 2.7 % 1.5 % 30 Apr 2019
Ennismore Fund Management 2.3 % 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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