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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 716 638 701
Sales growth (%) 0,5 -10,9 10
EBITDA 91 75 84
EBITDA margin (%) 12,7 11,8 12
EBIT adj 67 50 56
EBIT adj margin (%) 9,3 7,9 8
Pretax profit 63 45 54
EPS rep 4,17 3 3,65
EPS growth (%) -32,7 -28,1 21,7
EPS adj 4,17 3,25 3,65
DPS 0 2,4 3
EV/EBITDA (x) 9,6 4,8 3,9
EV/EBIT adj (x) 13,2 7,2 5,9
P/E (x) 16,5 9,7 7,9
P/E adj (x) 16,5 8,9 7,9
EV/sales (x) 1,2 0,6 0,5
FCF yield (%) 1,5 17,1 17,5
Dividend yield (%) 0 8,3 10,3
Net IB debt/EBITDA 1 0,4 0
SEKm 2019 2020e 2021e
Sales 716 638 701
COGS -408 -353 -393
Gross profit 308 284 308
Other operating items -217 -209 -224
EBITDA 91 75 84
Depreciation on tangibles -25 -27 -28
Depreciation on intangibles 0 0 0
EBITA 67 48 56
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 67 48 56
Other financial items 0 0 0
Net financial items -3 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 45 54
Tax -16 -10 -12
Net profit 48 34 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 34 42
EPS 4,17 3 3,65
EPS Adj 4,17 3,25 3,65
Total extraordinary items after tax 0 -2,8 0
Tax rate (%) -25 -23,5 -22,5
Gross margin (%) 43 44,6 43,9
EBITDA margin (%) 12,7 11,8 12
EBITA margin (%) 9,3 7,5 8
EBIT margin (%) 9,3 7,5 8
Pretax margin (%) 8,9 7 7,7
Net margin (%) 6,6 5,4 5,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 -10,9 10
EBITDA growth (%) -2,7 -17,6 12,1
EBIT growth (%) -22 -28,4 18,5
Net profit growth (%) -32,7 -28,1 21,7
EPS growth (%) -32,7 -28,1 21,7
Profitability 2019 2020 2021
ROE (%) 25,9 16,5 17,8
ROE Adj (%) 25,9 17,9 17,8
ROCE (%) 25,1 14,2 15,3
ROCE Adj(%) 25,1 15 15,3
ROIC (%) 21,5 13,5 17,3
ROIC Adj (%) 21,5 14,3 17,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 91 78 84
EBITDA Adj margin (%) 12,7 12,2 12
EBITA Adj 67 50 56
EBITA Adj margin (%) 9,3 7,9 8
EBIT Adj 67 50 56
EBIT Adj margin (%) 9,3 7,9 8
Pretax profit Adj 63 48 54
Net profit Adj 48 37 42
Net profit to shareholders Adj 48 37 42
Net Adj margin (%) 6,6 5,8 5,9
SEKm 2019 2020e 2021e
EBITDA 91 75 84
Net financial items -3 -3 -3
Paid tax -16 -10 -12
Non-cash items -15 -1 0
Cash flow before change in WC 57 61 69
Change in WC 6 11 7
Operating cash flow 63 72 76
CAPEX tangible fixed assets -51 -15 -19
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 12 57 58
Dividend paid -46 0 -27
Share issues and buybacks 0 0 0
Other non cash items -54 3 0
Decrease in net IB debt -87 60 30
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 21 22 22
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 160 151 141
Other fixed assets 0 0 0
Fixed assets 181 173 163
Inventories 119 109 105
Receivables 80 83 93
Other current assets 0 0 0
Cash and liquid assets 32 105 135
Total assets 412 469 497
Shareholders equity 187 227 242
Minority 0 0 0
Total equity 187 227 242
Long-term debt 122 135 135
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 100 104 117
Other current liabilities 0 0 0
Total liabilities and equity 412 469 497
Net IB debt 90 30 0
Net IB debt excl. pension debt 90 30 0
Capital invested 279 260 244
Working capital 99 88 81
EV breakdown 2019 2020 2021
Market cap. diluted (m) 786 331 331
Net IB debt Adj 90 30 0
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 875 361 330
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 190 144,7 145,3
Capital invested turnover (%) 308 236,3 278
Capital employed turnover (%) 270,1 190,1 190
Inventories / sales (%) 15,9 17,9 15,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 16 15,8
Working capital / sales (%) 14,2 14,6 12
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48 13,2 -0,1
Net debt / market cap (%) 11,6 9,1 -0,1
Equity ratio (%) 45,3 48,5 48,7
Net IB debt adj. / equity (%) 48 13,2 -0,1
Current ratio (%) 230,5 285,2 284,4
EBITDA / net interest (%) 2947,7 2580,5 3122,9
Net IB debt / EBITDA (%) 98,4 40 -0,4
Interest cover (%) 2151,8 1637,2 2094
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 4,17 3 3,65
Dividend per share Adj 0 2,4 3
EPS Adj 4,17 3,25 3,65
BVPS 16,37 19,93 21,19
BVPS Adj 14,51 18 19,25
Net IB debt / share 7,9 2,6 0
Share price 67,52 29 29
Market cap. (m) 770 331 331
Valuation 2019 2020 2021
P/E 16,5 9,7 7,9
EV/sales 1,22 0,57 0,47
EV/EBITDA 9,6 4,8 3,9
EV/EBITA 13,2 7,6 5,9
EV/EBIT 13,2 7,6 5,9
Dividend yield (%) 0 8,3 10,3
FCF yield (%) 1,5 17,1 17,5
P/BVPS 4,21 1,45 1,37
P/BVPS Adj 4,75 1,61 1,51
P/E Adj 16,5 8,9 7,9
EV/EBITDA Adj 9,6 4,6 3,9
EV/EBITA Adj 13,2 7,2 5,9
EV/EBIT Adj 13,2 7,2 5,9
EV/cap. employed 2,8 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 7,2 2,4 2,6
Capex / depreciation 209,2 55,9 66,8
Capex tangibles / tangible fixed assets 32,3 10,2 13,1
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 18,2 19,6

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Nilörngruppen: Intervju med VD Claes af Wetterstedt

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 31 Mar 2020
Avanza Pension 5.0 % 2.9 % 31 Mar 2020
Mawer Investment Management 4.8 % 2.7 % 31 May 2020
eQ Asset Management Oy 3.7 % 2.1 % 31 May 2020
Nordnet Pensionsförsäkring 3.5 % 2.0 % 31 Mar 2020
BBVA Asset Management 2.7 % 1.5 % 30 Sep 2019
Ennismore Fund Management 2.3 % 1.3 % 31 Mar 2020
Nordea Fonder 2.0 % 1.1 % 31 May 2020
Protector Forsikring ASA 1.8 % 1.0 % 31 Mar 2020
Gunvald Berger 1.3 % 0.8 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Nilörngruppen

Name Quantity Code Date
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
Claes af Wetterstedt - 53 608 SELL 9 May 2017

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