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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 2019 2020e 2021e
Sales 1003 1575 1291
Sales growth (%) -16 57 -18
EBITDA 138 121 136
EBITDA margin (%) 13,7 7,7 10,6
EBIT adj 101 81 95
EBIT adj margin (%) 10 5,2 7,4
Pretax profit 101 92 95
EPS rep 0,88 0,8 0,83
EPS growth (%) 12,1 -9,4 4,2
EPS adj 0,89 0,8 0,83
DPS 0,8 0,8 0,8
EV/EBITDA (x) 14 21,2 19,1
EV/EBIT adj (x) 19,2 31,6 27,4
P/E (x) 21,2 30 28,8
P/E adj (x) 20,9 30 28,8
EV/sales (x) 1,9 1,6 2
FCF yield (%) 4,6 1,6 2,3
Dividend yield (%) 4,3 3,3 3,3
Net IB debt/EBITDA -1 -0,8 -0,4
SEKm 2019 2020e 2021e
Sales 1003 1575 1291
COGS -672 -1254 -937
Gross profit 331 321 354
Other operating items -193 -200 -218
EBITDA 138 121 136
Depreciation on tangibles -8 -10 -11
Depreciation on intangibles -17 -19 -20
EBITA 102 81 95
Goodwill impairment charges 0 0 0
Other impairment and amortisation -1 0 0
EBIT 101 81 95
Other financial items 0 0 0
Net financial items 1 10 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 101 92 95
Tax -4 -3 -3
Net profit 98 89 92
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 89 92
EPS 0,88 0,8 0,83
EPS Adj 0,89 0,8 0,83
Total extraordinary items after tax 0 0 0
Tax rate (%) -3,5 -3,5 -3
Gross margin (%) 33 20,4 27,4
EBITDA margin (%) 13,7 7,7 10,6
EBITA margin (%) 10,2 5,2 7,4
EBIT margin (%) 10 5,2 7,4
Pretax margin (%) 10,1 5,8 7,4
Net margin (%) 9,8 5,6 7,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -16 57 -18
EBITDA growth (%) 25,3 -12 12,3
EBIT growth (%) 12,8 -18,9 16,9
Net profit growth (%) 12,1 -9,4 4,2
EPS growth (%) 12,1 -9,4 4,2
Profitability 2019 2020 2021
ROE (%) 12,4 10,8 11,1
ROE Adj (%) 12,6 10,8 11,1
ROCE (%) 12,3 9,3 10,7
ROCE Adj(%) 12,5 9,3 10,7
ROIC (%) 15,3 11,1 12,1
ROIC Adj (%) 15,3 11,1 12,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 121 136
EBITDA Adj margin (%) 13,7 7,7 10,6
EBITA Adj 102 81 95
EBITA Adj margin (%) 10,2 5,2 7,4
EBIT Adj 101 81 95
EBIT Adj margin (%) 10 5,2 7,4
Pretax profit Adj 103 92 95
Net profit Adj 99 89 92
Net profit to shareholders Adj 99 89 92
Net Adj margin (%) 9,9 5,6 7,2
SEKm 2019 2020e 2021e
EBITDA 138 121 136
Net financial items 1 10 0
Paid tax -3 -3 -3
Non-cash items 2 -3 0
Cash flow before change in WC 138 125 133
Change in WC 8 -32 -21
Operating cash flow 146 93 112
CAPEX tangible fixed assets -11 -13 -13
CAPEX intangible fixed assets -39 -38 -38
Acquisitions and disposals 0 0 0
Free cash flow 96 42 61
Dividend paid -66 -88 -88
Share issues and buybacks 0 0 0
Other non cash items -51 9 0
Decrease in net IB debt -32 -48 -38
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 326 360 381
Definite intangible assets 0 0 0
Tangible fixed assets 24 29 29
Other fixed assets 76 77 77
Fixed assets 480 519 540
Inventories 219 281 269
Receivables 228 266 310
Other current assets 0 0 0
Cash and liquid assets 194 145 108
Total assets 1121 1211 1226
Shareholders equity 810 832 836
Minority 0 0 0
Total equity 810 832 836
Long-term debt 0 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 256 325 336
Other current liabilities 0 0 0
Total liabilities and equity 1121 1211 1226
Net IB debt -140 -91 -54
Net IB debt excl. pension debt -140 -91 -54
Capital invested 670 741 783
Working capital 190 222 243
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2074 2662 2662
Net IB debt Adj -140 -91 -54
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 1934 2570 2608
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 89,4 135 105,9
Capital invested turnover (%) 158,1 223,1 169,4
Capital employed turnover (%) 122,7 179,8 145,3
Inventories / sales (%) 20,3 15,9 21,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,3 18,5 25,6
Working capital / sales (%) 19,4 13,1 18
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -17,2 -11 -6,4
Net debt / market cap (%) -9,9 -3,4 -2
Equity ratio (%) 72,3 68,7 68,2
Net IB debt adj. / equity (%) -17,2 -11 -6,4
Current ratio (%) 239,3 205,6 197,5
EBITDA / net interest (%) -16623,9 -1165,4 0
Net IB debt / EBITDA (%) -101,2 -75,2 -39,4
Interest cover (%) -12286,4 -782,9 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,88 0,8 0,83
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 0,89 0,8 0,83
BVPS 7,35 7,55 7,58
BVPS Adj 7,35 7,55 7,58
Net IB debt / share -1,3 -0,8 -0,5
Share price 12,83 24 24
Market cap. (m) 1415 2647 2647
Valuation 2019 2020 2021
P/E 21,2 30 28,8
EV/sales 1,93 1,63 2,02
EV/EBITDA 14 21,2 19,1
EV/EBITA 19 31,6 27,4
EV/EBIT 19,2 31,6 27,4
Dividend yield (%) 4,3 3,3 3,3
FCF yield (%) 4,6 1,6 2,3
P/BVPS 2,55 3,18 3,16
P/BVPS Adj 2,55 3,18 3,16
P/E Adj 20,9 30 28,8
EV/EBITDA Adj 14 21,2 19,1
EV/EBITA Adj 19 31,6 27,4
EV/EBIT Adj 19,2 31,6 27,4
EV/cap. employed 2,2 2,9 2,9
Investment ratios 2019 2020 2021
Capex / sales 5 3,3 3,9
Capex / depreciation 200,5 176,6 168,9
Capex tangibles / tangible fixed assets 45,1 44,1 44
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 32,8 35 36,4

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 10.2 % 10.1 % 31 Dec 2016
Nordnet Pensionsförsäkring 6.1 % 6.0 % 31 May 2020
Mertiva AB 5.9 % 5.9 % 31 Dec 2019
Alcur Fonder 5.2 % 5.2 % 14 May 2020
Avanza Pension 4.5 % 4.4 % 31 Mar 2020
Lars Ingvarsson 3.2 % 3.1 % 31 May 2020
Dimensional Fund Advisors 2.9 % 2.9 % 31 May 2020
Thomas Krishan 2.4 % 2.4 % 31 May 2020
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.9 % 1.9 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
Helena Holmgren - 25 103 SELL 2 Jun 2020
Nils Markus Hulth - 23 030 SELL 2 Jun 2020
Helena Holmgren + 44 040 ALTM 1 Jun 2020
Donald Charles Jackson + 77 358 ALTM 1 Jun 2020
Nils Markus Hulth + 40 404 ALTM 1 Jun 2020
Thomas Krishan - 260 000 SELL 29 Apr 2020
Thomas Krishan - 100 000 SELL 28 Apr 2020
Knut Faremo + 50 000 BUY 27 Apr 2020
Edvin Ruud + 5 500 BUY 31 May 2019
christophe desloge + 1 587 BUY 31 May 2019

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