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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 618 667 715
Sales growth (%) -13,6 7,9 7,1
EBITDA 77 79 90
EBITDA margin (%) 12,4 11,9 12,7
EBIT adj 55 54 65
EBIT adj margin (%) 8,8 8 9
Pretax profit 47 52 63
EPS rep 2,94 3,44 4,23
EPS growth (%) -29,1 17,2 22,8
EPS adj 3,27 3,44 4,23
DPS 2 2,5 3
EV/EBITDA (x) 6,2 7,8 6,8
EV/EBIT adj (x) 8,7 11,6 9,5
P/E (x) 13,7 15,6 12,7
P/E adj (x) 12,3 15,6 12,7
EV/sales (x) 0,8 0,9 0,9
FCF yield (%) 14,1 7,1 8,5
Dividend yield (%) 5 4,6 5,6
Net IB debt/EBITDA 0,2 0,1 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 618 667 715
COGS -346 -374 -399
Gross profit 272 293 316
Other operating items -196 -214 -225
EBITDA 77 79 90
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 51 54 65
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 51 54 65
Other financial items 0 0 0
Net financial items -4 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 52 63
Tax -14 -12 -15
Net profit 34 39 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 34 39 48
EPS 2,94 3,44 4,23
EPS Adj 3,27 3,44 4,23
Total extraordinary items after tax -3,8 0 0
Tax rate (%) -28,8 -24 -24
Gross margin (%) 44 44 44,2
EBITDA margin (%) 12,4 11,9 12,7
EBITA margin (%) 8,2 8 9
EBIT margin (%) 8,2 8 9
Pretax margin (%) 7,6 7,7 8,9
Net margin (%) 5,4 5,9 6,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,6 7,9 7,1
EBITDA growth (%) -15,6 3,5 14,1
EBIT growth (%) -23,3 5,7 20,4
Net profit growth (%) -29,1 17,2 22,8
EPS growth (%) -29,1 17,2 22,8
Profitability 2020 2021 2022
ROE (%) 18,2 19,8 22,1
ROE Adj (%) 20,3 19,8 22,1
ROCE (%) 18,2 20,2 22,7
ROCE Adj(%) 19,6 20,2 22,7
ROIC (%) 14,3 17,6 20,2
ROIC Adj (%) 15,3 17,6 20,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 80 79 90
EBITDA Adj margin (%) 13 11,9 12,7
EBITA Adj 55 54 65
EBITA Adj margin (%) 8,8 8 9
EBIT Adj 55 54 65
EBIT Adj margin (%) 8,8 8 9
Pretax profit Adj 51 52 63
Net profit Adj 37 39 48
Net profit to shareholders Adj 37 39 48
Net Adj margin (%) 6 5,9 6,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 77 79 90
Net financial items -4 -2 -1
Paid tax -1 -2 -1
Non-cash items 3 -2 -6
Cash flow before change in WC 75 73 82
Change in WC 0 -14 -14
Operating cash flow 75 59 69
CAPEX tangible fixed assets -5 -13 -14
CAPEX intangible fixed assets -5 -2 -2
Acquisitions and disposals 1 0 0
Free cash flow 65 44 52
Dividend paid 0 -23 -29
Share issues and buybacks 0 0 0
Other non cash items -1 -10 -10
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 95 98
Other fixed assets 0 0 0
Fixed assets 155 160 167
Inventories 107 115 123
Receivables 72 78 83
Other current assets 21 23 25
Cash and liquid assets 54 59 67
Total assets 409 436 465
Shareholders equity 187 210 226
Minority 0 0 0
Total equity 187 210 226
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 2 3 3
Accounts payable 0 0 0
Other current liabilities 128 139 149
Total liabilities and equity 386 419 446
Net IB debt 13 8 0
Net IB debt excl. pension debt 13 8 0
Capital invested 227 238 250
Working capital 72 77 83
EV breakdown 2020 2021 2022
Market cap. diluted (m) 460 613 613
Net IB debt Adj 13 8 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 473 621 613
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150,5 157,9 158,6
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 (%) 13,8 11,2 11,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 7,1 3,8 0
Net debt / market cap (%) 3,1 1,3 0
Equity ratio (%) 45,6 48,1 48,6
Net IB debt adj. / equity (%) 7,1 3,8 0
Current ratio (%) 175,9 178,1 181,6
EBITDA / net interest (%) 2071,8 3963,2 7539,2
Net IB debt / EBITDA (%) 17,2 9,9 0
Interest cover (%) 1372,7 2684 5388,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 2,94 3,44 4,23
Dividend per share Adj 2 2,5 3
EPS Adj 3,27 3,44 4,23
BVPS 16,37 18,4 19,85
BVPS Adj 14,31 16,17 17,42
Net IB debt / share 1,2 0,7 0
Share price 37,04 53,8 53,8
Market cap. (m) 422 613 613
Valuation 2020 2021 2022
P/E 13,7 15,6 12,7
EV/sales 0,76 0,93 0,86
EV/EBITDA 6,2 7,8 6,8
EV/EBITA 9,3 11,6 9,5
EV/EBIT 9,3 11,6 9,5
Dividend yield (%) 5 4,6 5,6
FCF yield (%) 14,1 7,1 8,5
P/BVPS 2,46 2,92 2,71
P/BVPS Adj 2,82 3,33 3,09
P/E Adj 12,3 15,6 12,7
EV/EBITDA Adj 5,9 7,8 6,8
EV/EBITA Adj 8,7 11,6 9,5
EV/EBIT Adj 8,7 11,6 9,5
EV/cap. employed 1,9 2,2 2,1
Investment ratios 2020 2021 2022
Capex / sales 1,7 2,3 2,3
Capex / depreciation 89,8 133 139,6
Capex tangibles / tangible fixed assets 5,6 14 14,6
Capex intangibles / definite intangibles 23 7,9 7,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,7 12,1 12,1
N/A N/A N/A

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 % 31 Dec 2020
Protector Forsikring ASA 5.3 % 3.0 % 31 Dec 2020
Avanza Pension 4.9 % 2.8 % 28 Jan 2021
eQ Asset Management Oy 3.1 % 1.8 % 31 Jan 2021
Nordnet Pensionsförsäkring 2.8 % 1.6 % 31 Dec 2020
BBVA Asset Management 2.7 % 1.5 % 30 Nov 2020
Nordea Fonder 2.0 % 1.1 % 31 Dec 2020
Johan Hagberg 1.5 % 0.9 % 31 Dec 2020
Bengt Ribbing 1.4 % 0.8 % 31 Dec 2020
Gunvald Berger 1.3 % 0.8 % 31 Dec 2020
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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