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Nilörngruppen

Nilörngruppen

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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 2019 2020e 2021e
Sales 716 588 664
Sales growth (%) 0,5 -17,9 13
EBITDA 91 51 77
EBITDA margin (%) 12,7 8,6 11,6
EBIT adj 67 27 50
EBIT adj margin (%) 9,3 4,7 7,5
Pretax profit 63 21 48
EPS rep 4,17 1,31 3,25
EPS growth (%) -32,7 -68,5 147,3
EPS adj 4,17 1,65 3,25
DPS 0 2,4 3
EV/EBITDA (x) 9,6 8,6 5,5
EV/EBIT adj (x) 13,2 15,9 8,4
P/E (x) 16,5 26,7 10,8
P/E adj (x) 16,5 21,3 10,8
EV/sales (x) 1,2 0,7 0,6
FCF yield (%) 1,5 12,3 10,5
Dividend yield (%) 0 6,9 8,6
Net IB debt/EBITDA 1 0,7 0,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 716 588 664
COGS -408 -332 -372
Gross profit 308 255 291
Other operating items -217 -205 -214
EBITDA 91 51 77
Depreciation on tangibles -25 -27 -27
Depreciation on intangibles 0 0 0
EBITA 67 24 50
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 67 24 50
Other financial items 0 0 0
Net financial items -3 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 21 48
Tax -16 -6 -11
Net profit 48 15 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 48 15 37
EPS 4,17 1,31 3,25
EPS Adj 4,17 1,65 3,25
Total extraordinary items after tax 0 -3,8 0
Tax rate (%) -25 -28,8 -22,5
Gross margin (%) 43 43,4 43,9
EBITDA margin (%) 12,7 8,6 11,6
EBITA margin (%) 9,3 4 7,5
EBIT margin (%) 9,3 4 7,5
Pretax margin (%) 8,9 3,6 7,2
Net margin (%) 6,6 2,5 5,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 -17,9 13
EBITDA growth (%) -2,7 -44,5 52,4
EBIT growth (%) -22 -64,5 111,8
Net profit growth (%) -32,7 -68,5 147,3
EPS growth (%) -32,7 -68,5 147,3
Profitability 2019 2020 2021
ROE (%) 25,9 7,7 17,9
ROE Adj (%) 25,9 9,7 17,9
ROCE (%) 25,1 7,6 15,8
ROCE Adj(%) 25,1 8,8 15,8
ROIC (%) 21,5 6,5 16,2
ROIC Adj (%) 21,5 7,5 16,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 91 54 77
EBITDA Adj margin (%) 12,7 9,2 11,6
EBITA Adj 67 27 50
EBITA Adj margin (%) 9,3 4,7 7,5
EBIT Adj 67 27 50
EBIT Adj margin (%) 9,3 4,7 7,5
Pretax profit Adj 63 25 48
Net profit Adj 48 19 37
Net profit to shareholders Adj 48 19 37
Net Adj margin (%) 6,6 3,2 5,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 91 51 77
Net financial items -3 -3 -2
Paid tax -16 -6 -11
Non-cash items -15 -4 0
Cash flow before change in WC 57 38 64
Change in WC 6 26 -5
Operating cash flow 63 64 59
CAPEX tangible fixed assets -51 -15 -18
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 12 49 42
Dividend paid -46 0 -27
Share issues and buybacks 0 0 0
Other non cash items -54 4 0
Decrease in net IB debt -87 53 14
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 21 23 23
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 160 145 135
Other fixed assets 0 0 0
Fixed assets 181 168 159
Inventories 119 91 98
Receivables 80 69 80
Other current assets 0 0 0
Cash and liquid assets 32 74 89
Total assets 412 402 425
Shareholders equity 187 202 211
Minority 0 0 0
Total equity 187 202 211
Long-term debt 122 111 111
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 87 100
Other current liabilities 0 0 0
Total liabilities and equity 412 402 425
Net IB debt 90 36 22
Net IB debt excl. pension debt 90 36 22
Capital invested 279 241 236
Working capital 99 73 78
EV breakdown 2019 2020 2021
Market cap. diluted (m) 786 399 399
Net IB debt Adj 90 36 22
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 875 435 421
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 190 144,4 160,7
Capital invested turnover (%) 308 225,8 278,2
Capital employed turnover (%) 270,1 189,3 209,4
Inventories / sales (%) 15,9 17,8 14,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 15,9 14
Working capital / sales (%) 14,2 14,6 11,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48 18 10,4
Net debt / market cap (%) 11,6 9,1 5,5
Equity ratio (%) 45,3 50,2 49,8
Net IB debt adj. / equity (%) 48 18 10,4
Current ratio (%) 230,5 270,1 267,1
EBITDA / net interest (%) 2947,7 1975,3 3481,9
Net IB debt / EBITDA (%) 98,4 72 28,5
Interest cover (%) 2151,8 922,5 2259,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 4,17 1,31 3,25
Dividend per share Adj 0 2,4 3
EPS Adj 4,17 1,65 3,25
BVPS 16,37 17,69 18,54
BVPS Adj 14,51 15,64 16,49
Net IB debt / share 7,9 3,2 1,9
Share price 67,52 35 35
Market cap. (m) 770 399 399
Valuation 2019 2020 2021
P/E 16,5 26,7 10,8
EV/sales 1,22 0,74 0,63
EV/EBITDA 9,6 8,6 5,5
EV/EBITA 13,2 18,5 8,4
EV/EBIT 13,2 18,5 8,4
Dividend yield (%) 0 6,9 8,6
FCF yield (%) 1,5 12,3 10,5
P/BVPS 4,21 1,98 1,89
P/BVPS Adj 4,75 2,24 2,12
P/E Adj 16,5 21,3 10,8
EV/EBITDA Adj 9,6 8 5,5
EV/EBITA Adj 13,2 15,9 8,4
EV/EBIT Adj 13,2 15,9 8,4
EV/cap. employed 2,8 1,4 1,3
Investment ratios 2019 2020 2021
Capex / sales 7,2 2,5 2,7
Capex / depreciation 209,2 53,9 65,1
Capex tangibles / tangible fixed assets 32,3 10 13
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,4 18,6 20
N/A N/A N/A

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Nilörngruppen: Intervju med VD Claes af Wetterstedt

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Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 30 Jun 2020
Avanza Pension 5.3 % 3.0 % 30 Jun 2020
Mawer Investment Management 4.3 % 2.4 % 30 Apr 2020
Nordnet Pensionsförsäkring 4.1 % 2.4 % 30 Jun 2020
eQ Asset Management Oy 3.7 % 2.1 % 31 Aug 2020
BBVA Asset Management 2.7 % 1.5 % 31 Dec 2019
Ennismore Fund Management 2.1 % 1.2 % 30 Jun 2020
Nordea Fonder 2.0 % 1.1 % 31 Jul 2020
Protector Forsikring ASA 1.8 % 1.0 % 30 Jun 2020
Gunvald Berger 1.3 % 0.8 % 30 Jun 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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