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Pricer

Pricer

Electronic shelf labels

Pricer is delivering systems that are optimizing and simplifying the processes of price labeling and information dissemination via electronic shelf labels (ESL) in retail stores. Pricer is a global company, which has an in-house sales organization as well as commercialization through its partners-network in markets with very low penetration rates. The products are self-developed and are externally manufactured, mainly in Asia. Today, Pricer’s biggest market consists of Europe, in particular France. In total, Pricer has installed more than 140 million labels in 50+ countries.

During 2017, Pricer announced an initial deal with the American retail chain Best Buy. Further on, this led to follow-up orders, and we believe there are more to come. Even though the orders themselves could make a significant impact on Pricer’s sales, another great positive is the ability to use Best Buy as a reference customer. The US market is huge, and through this, we see an opportunity for Pricer to establish itself as a bigger player on this market. In addition, other markets such as Germany and Italy are growing fast and have low penetration rates. Thus, we see opportunities for further expansion in these markets.

Lately, the ESL market has attracted competition, which has led to a trend with decreased margins. This is especially notable in the initial pilot projects, where many different actors are involved in the procurement processes. There is a risk that this trend might continue. Furthermore, since Pricer is operating in the retail segment, decreasing investments in this area could affect profitability negatively. Technology risk is also a factor that could affect Pricer’s business.

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,5 -0,9 2,1
Lease adj. ND/EBITDA -1,1 -0,9 -0,3
Sales 1760 1732 1941
Sales growth (%) 75,4 -1,5 12
EBITDA 201 161 205
EBITDA margin (%) 11,4 9,3 10,6
EBIT adj 158 107 157
EBIT adj margin (%) 9 6,2 8,1
Pretax profit 134 106 152
EPS rep 1,15 0,76 1,08
EPS growth (%) 30,2 -33,4 41,3
EPS adj 1,17 0,76 1,08
DPS 1 1,1 1,3
EV/EBITDA (x) 20,7 17,1 13,7
EV/EBIT adj (x) 26,3 25,8 17,9
P/E (x) 33,8 33,4 23,6
P/E adj (x) 33,2 33,4 23,6
EV/sales (x) 2,4 1,6 1,5
FCF yield (%) 4,7 -0,5 2,4
Dividend yield (%) 2,6 4,3 5,1
Net IB debt/EBITDA -0,8 -0,5 -0,1
SEKm 2020 2021e 2022e
Depreciation and amortisation -46 -54 -48
Of which leasing depreciation -11 -11 -11
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 192 150 194
EBITDA lease Adj margin (%) 10,9 8,7 10
Sales 1760 1732 1941
COGS -1336 -1339 -1479
Gross profit 423 393 461
Other operating items -222 -232 -257
EBITDA 201 161 205
Depreciation on tangibles -17 -13 -14
Depreciation on intangibles -17 -24 -25
EBITA 155 107 157
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 155 107 157
Other financial items 0 0 0
Net financial items -22 -1 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 134 106 152
Tax -6 -21 -32
Net profit 127 85 120
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 85 120
EPS 1,15 0,76 1,08
EPS Adj 1,17 0,76 1,08
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -4,6 -19,6 -21
Gross margin (%) 24 22,7 23,8
EBITDA margin (%) 11,4 9,3 10,6
EBITA margin (%) 8,8 6,2 8,1
EBIT margin (%) 8,8 6,2 8,1
Pretax margin (%) 7,6 6,1 7,8
Net margin (%) 7,2 4,9 6,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 75,4 -1,5 12
EBITDA growth (%) 45,7 -19,8 27,4
EBIT growth (%) 54,5 -31,2 47
Net profit growth (%) 30,3 -33,3 41,3
EPS growth (%) 30,2 -33,4 41,3
Profitability 2020 2021 2022
ROE (%) 15,6 10,5 15,1
ROE Adj (%) 15,9 10,5 15,1
ROCE (%) 16,8 12,1 18,7
ROCE Adj(%) 17,1 12,1 18,7
ROIC (%) 23 12,7 16,2
ROIC Adj (%) 23,3 12,7 16,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 203 161 205
EBITDA Adj margin (%) 11,5 9,3 10,6
EBITA Adj 158 107 157
EBITA Adj margin (%) 9 6,2 8,1
EBIT Adj 158 107 157
EBIT Adj margin (%) 9 6,2 8,1
Pretax profit Adj 136 106 152
Net profit Adj 130 85 120
Net profit to shareholders Adj 130 85 120
Net Adj margin (%) 7,4 4,9 6,2
Leasing payments -11 -11 -11
SEKm 2020 2021e 2022e
Lease liability amortisation -11 -11 -11
Other intangible assets 338 364 401
Right-of-use asset 44 44 44
Total other fixed assets 75 75 75
Leasing liability 45 45 45
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -205 -129 -64
Net IB debt / EBITDA lease Adj (%) -106,7 -86 -33
EBITDA 201 161 205
Net financial items -22 -1 -5
Paid tax -5 -21 -32
Non-cash items 29 0 0
Cash flow before change in WC 204 139 168
Change in WC 61 -84 -25
Operating cash flow 265 55 143
CAPEX tangible fixed assets -16 -17 -18
CAPEX intangible fixed assets -46 -52 -55
Acquisitions and disposals 0 0 0
Free cash flow 203 -14 69
Dividend paid -88 -110 -121
Share issues and buybacks 0 0 0
Other non cash items -25 60 -2
Decrease in net IB debt 136 -148 -28
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 338 371 404
Definite intangible assets 0 0 0
Tangible fixed assets 30 40 42
Other fixed assets 75 75 75
Fixed assets 487 523 561
Inventories 302 315 353
Receivables 344 398 446
Other current assets 0 0 0
Cash and liquid assets 262 129 64
Total assets 1394 1366 1425
Shareholders equity 819 794 793
Minority 0 0 0
Total equity 819 794 793
Long-term debt 58 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 518 502 563
Other current liabilities 0 0 0
Total liabilities and equity 1440 1342 1401
Net IB debt -160 -84 -19
Net IB debt excl. pension debt -160 -84 -19
Capital invested 614 734 798
Working capital 127 211 236
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4305 2836 2836
Net IB debt Adj -160 -84 -19
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 4146 2752 2817
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 139,9 125,5 139,1
Capital invested turnover (%) 270,6 219,2 220
Capital employed turnover (%) 196,8 177,6 200,9
Inventories / sales (%) 14,8 20,7 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 31 27,1
Working capital / sales (%) 9,1 9,8 11,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -19,5 -10,6 -2,4
Net debt / market cap (%) -5,9 -3 -0,7
Equity ratio (%) 58,7 58,1 55,6
Net IB debt adj. / equity (%) -19,5 -10,6 -2,4
Current ratio (%) 171,3 163,9 150,2
EBITDA / net interest (%) 929,2 15323,5 4099,2
Net IB debt / EBITDA (%) -79,5 -52,1 -9,1
Interest cover (%) 718,5 10171,1 3139,2
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,5 -0,9 2,1
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 1,15 0,76 1,08
Dividend per share Adj 1 1,1 1,3
EPS Adj 1,17 0,76 1,08
BVPS 7,43 7,2 7,19
BVPS Adj 7,43 7,2 7,19
Net IB debt / share -1,4 -0,8 -0,2
Share price 24,65 25,5 25,5
Market cap. (m) 2717 2813 2813
Valuation 2020 2021 2022
P/E 33,8 33,4 23,6
EV/sales 2,36 1,59 1,45
EV/EBITDA 20,7 17,1 13,7
EV/EBITA 26,7 25,8 17,9
EV/EBIT 26,7 25,8 17,9
Dividend yield (%) 2,6 4,3 5,1
FCF yield (%) 4,7 -0,5 2,4
P/BVPS 5,21 3,54 3,55
P/BVPS Adj 5,21 3,54 3,55
P/E Adj 33,2 33,4 23,6
EV/EBITDA Adj 20,4 17,1 13,7
EV/EBITA Adj 26,3 25,8 17,9
EV/EBIT Adj 26,3 25,8 17,9
EV/cap. employed 4,5 3,3 3,4
Investment ratios 2020 2021 2022
Capex / sales 3,5 4 3,8
Capex / depreciation 179,7 160,7 197,8
Capex tangibles / tangible fixed assets 53,9 43,5 43,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 56,9 37,9 31

Equity research

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Media

Pricer - Interview with CEO Helena Holmgren (in Swedish)
Pricer - Interview with CEO Helena Holmgren (in Swedish)

Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Göran Sundholm 10.4 % 10.3 % 24 Mar 2021
Nordnet Pensionsförsäkring 6.3 % 6.3 % 30 Sep 2021
Arbona AB (publ) 5.7 % 5.6 % 30 Jun 2021
Alcur Fonder 4.9 % 4.9 % 14 Sep 2021
Avanza Pension 4.8 % 4.8 % 30 Sep 2021
Lars Ingvarsson 3.2 % 3.2 % 30 Sep 2021
Tredje AP-fonden 2.2 % 2.2 % 30 Sep 2021
Hans Granberg 2.1 % 2.1 % 30 Sep 2021
Dimensional Fund Advisors 2.0 % 2.0 % 31 Aug 2021
Quaero Capital S.A 1.9 % 1.9 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
Jörgen Jost Auf Der Stroth - 14 655 SELL 3 Jun 2021
Jörgen Jost Auf Der Stroth - 11 056 SELL 3 Jun 2021
Edvin Ruud - 15 552 SELL 1 Jun 2021
Helena Holmgren + 49 813 ALTM 1 Jun 2021
Edvin Ruud + 27 285 ALTM 1 Jun 2021
Jonas Guldstrand + 6 439 BUY 31 May 2021
Jonas Guldstrand + 6 000 BUY 25 Feb 2021
Thomas Krishan - 215 962 SELL 18 Dec 2020
Thomas Krishan - 40 617 SELL 17 Dec 2020
Thomas Krishan - 225 875 SELL 16 Dec 2020

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