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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 618 729 755
Sales growth (%) -13,6 18 3,6
EBITDA 77 122 107
EBITDA margin (%) 12,4 16,7 14,1
EBIT adj 55 96 80
EBIT adj margin (%) 8,8 13,2 10,6
Pretax profit 47 93 79
EPS rep 2,94 6,08 5,26
EPS growth (%) -29,1 106,9 -13,5
EPS adj 3,27 6,08 5,26
DPS 2 2,5 3
EV/EBITDA (x) 6,1 7,5 8,3
EV/EBIT adj (x) 8,6 9,5 11
P/E (x) 13,7 13,8 16
P/E adj (x) 12,3 13,8 16
EV/sales (x) 0,8 1,2 1,2
FCF yield (%) 14,1 6,8 7,2
Dividend yield (%) 5 3 3,6
Net IB debt/EBITDA 0,2 -0,4 -0,7
Lease adj. FCF yield (%) 10,7 5,2 5,6
Lease adj. ND/EBITDA -0,7 -0,8 -1,2
SEKm 2020 2021e 2022e
Sales 618 729 755
COGS -346 -392 -408
Gross profit 272 337 347
Other operating items -196 -216 -240
EBITDA 77 122 107
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 51 96 80
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 51 96 80
Other financial items 0 0 0
Net financial items -4 -3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 93 79
Tax -14 -24 -19
Net profit 34 69 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 69 60
EPS 2,94 6,08 5,26
EPS Adj 3,27 6,08 5,26
Total extraordinary items after tax -3,8 0 0
Tax rate (%) -28,8 -25,7 -24
Gross margin (%) 44 46,3 45,9
EBITDA margin (%) 12,4 16,7 14,1
EBITA margin (%) 8,2 13,2 10,6
EBIT margin (%) 8,2 13,2 10,6
Pretax margin (%) 7,6 12,8 10,4
Net margin (%) 5,4 9,5 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,6 18 3,6
EBITDA growth (%) -15,6 58,7 -12,4
EBIT growth (%) -23,3 89,2 -16,6
Net profit growth (%) -29,1 106,9 -13,5
EPS growth (%) -29,1 106,9 -13,5
Profitability 2020 2021 2022
ROE (%) 16,9 29,5 21,7
ROE Adj (%) 18,8 29,5 21,7
ROCE (%) 17,4 32 23,6
ROCE Adj(%) 18,7 32 23,6
ROIC (%) 14,3 32,2 27,5
ROIC Adj (%) 15,4 32,2 27,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 80 122 107
EBITDA Adj margin (%) 13 16,7 14,1
EBITA Adj 55 96 80
EBITA Adj margin (%) 8,8 13,2 10,6
EBIT Adj 55 96 80
EBIT Adj margin (%) 8,8 13,2 10,6
Pretax profit Adj 51 93 79
Net profit Adj 37 69 60
Net profit to shareholders Adj 37 69 60
Net Adj margin (%) 6 9,5 7,9
Depreciation and amortisation -26 -26 -26
Of which leasing depreciation -14 -15 -15
EO items -4 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 65 106 91
EBITDA lease Adj margin (%) 10,5 14,6 12
Leasing payments -15 -15 -16
SEKm 2020 2021e 2022e
EBITDA 77 122 107
Net financial items -4 -3 -1
Paid tax -1 -3 -1
Non-cash items 94 18 -14
Cash flow before change in WC 165 134 90
Change in WC -91 -57 -6
Operating cash flow 75 77 85
CAPEX tangible fixed assets -5 -8 -13
CAPEX intangible fixed assets -5 -4 -2
Acquisitions and disposals 1 0 0
Free cash flow 65 65 69
Dividend paid 0 -23 -29
Share issues and buybacks 0 0 0
Other non cash items -92 -44 -5
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 98 100
Other fixed assets 0 0 0
Fixed assets 155 160 164
Inventories 107 127 130
Receivables 72 109 112
Other current assets 21 27 28
Cash and liquid assets 54 111 137
Total assets 409 535 571
Shareholders equity 210 261 292
Minority 0 0 0
Total equity 210 261 292
Long-term debt 10 27 27
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 0 0 0
Accounts payable 0 0 0
Other current liabilities 130 205 210
Total liabilities and equity 409 535 571
Net IB debt 12 -48 -73
Net IB debt excl. pension debt 12 -48 -73
Capital invested 225 218 224
Working capital 70 58 60
EV breakdown 2020 2021 2022
Market cap. diluted (m) 460 958 958
Net IB debt Adj 12 -48 -73
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 471 910 885
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150,5 154,5 136,6
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 (%) 13,6 8,8 7,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 5,5 -18,3 -25
Net debt / market cap (%) 2,7 -5 -7,6
Equity ratio (%) 51,3 48,7 51,2
Net IB debt adj. / equity (%) 5,5 -18,3 -25
Current ratio (%) 175,9 170,5 181
EBITDA / net interest (%) 2071,8 4518,7 8877,6
Net IB debt / EBITDA (%) 15,1 -39,3 -68,4
Interest cover (%) 1372,7 3570,5 6675,7
Lease liability amortisation -15 -15 -16
Other intangible assets 23 25 27
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 -44 -85 -110
Net IB debt / EBITDA lease Adj (%) -67,9 -79,7 -120,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,94 6,08 5,26
Dividend per share Adj 2 2,5 3
EPS Adj 3,27 6,08 5,26
BVPS 18,4 22,86 25,61
BVPS Adj 18,4 22,86 25,61
Net IB debt / share 1 -4,2 -6,4
Share price 37,04 84 84
Market cap. (m) 422 958 958
Valuation 2020 2021 2022
P/E 13,7 13,8 16
EV/sales 0,76 1,25 1,17
EV/EBITDA 6,1 7,5 8,3
EV/EBITA 9,3 9,5 11
EV/EBIT 9,3 9,5 11
Dividend yield (%) 5 3 3,6
FCF yield (%) 14,1 6,8 7,2
P/BVPS 2,19 3,68 3,28
P/BVPS Adj 2,19 3,68 3,28
P/E Adj 12,3 13,8 16
EV/EBITDA Adj 5,9 7,5 8,3
EV/EBITA Adj 8,6 9,5 11
EV/EBIT Adj 8,6 9,5 11
EV/cap. employed 1,7 2,8 2,5
Investment ratios 2020 2021 2022
Capex / sales 1,7 1,6 2
Capex / depreciation 89,8 109,8 139,9
Capex tangibles / tangible fixed assets 5,6 7,9 13,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,7 10,6 11
Lease adj. FCF yield (%) 10,7 5,2 5,6

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 % 30 Sep 2021
Cervantes Capital 5.1 % 2.9 % 30 Sep 2021
Avanza Pension 3.2 % 1.8 % 30 Sep 2021
BBVA Asset Management 2.7 % 1.5 % 31 Aug 2021
Johan Hagberg 2.2 % 1.3 % 30 Sep 2021
Nordea Fonder 1.9 % 1.1 % 30 Sep 2021
eQ Asset Management Oy 1.9 % 1.1 % 30 Sep 2021
Bengt Ribbing 1.4 % 0.8 % 30 Sep 2021
Nordnet Pensionsförsäkring 1.4 % 0.8 % 30 Sep 2021
Gunvald Berger 1.3 % 0.8 % 30 Sep 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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