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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 2018 2019e 2020e
Sales 1195 1055 1213
Sales growth (%) 44,3 -11,7 15
EBITDA 107 125 138
EBITDA margin (%) 9 11,9 11,4
EBIT adj 89 84 98
EBIT adj margin (%) 7,5 7,9 8,1
Pretax profit 89 85 100
EPS rep 0,79 0,74 0,88
EPS growth (%) 125,5 -5,7 17,9
EPS adj 0,79 0,74 0,88
DPS 0,6 0,65 0,68
EV/EBITDA (x) 8 10 8,9
EV/EBIT adj (x) 9,6 14,9 12,6
P/E (x) 11,8 17,4 14,8
P/E adj (x) 11,8 17,4 14,8
EV/sales (x) 0,7 1,2 1
FCF yield (%) 4,1 9,3 6,1
Dividend yield (%) 6,5 5 5,2
Net IB debt/EBITDA -1,6 -1,5 -1,4
SEKm 2018 2019e 2020e
Sales 1195 1055 1213
COGS -922 -753 -885
Gross profit 272 302 327
Other operating items -165 -177 -189
EBITDA 107 125 138
Depreciation on tangibles 0 0 0
Depreciation on intangibles -18 -42 -40
EBITA 89 84 98
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 89 84 98
Other financial items 0 0 0
Net financial items 0 1 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 89 85 100
Tax -2 -2 -3
Net profit 87 82 97
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 82 97
EPS 0,79 0,74 0,88
EPS Adj 0,79 0,74 0,88
Total extraordinary items after tax 0 0 0
Tax rate (%) -1,7 -2,9 -3
Gross margin (%) 22,8 28,6 27
EBITDA margin (%) 9 11,9 11,4
EBITA margin (%) 7,5 7,9 8,1
EBIT margin (%) 7,5 7,9 8,1
Pretax margin (%) 7,4 8 8,3
Net margin (%) 7,3 7,8 8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 44,3 -11,7 15
EBITDA growth (%) 52,3 17,1 10,2
EBIT growth (%) 60,5 -5,9 17,2
Net profit growth (%) 126,5 -5,7 17,9
EPS growth (%) 125,5 -5,7 17,9
Profitability 2018 2019 2020
ROE (%) 11,7 10,5 12,1
ROE Adj (%) 11,7 10,5 12,1
ROCE (%) 12 10,7 12,2
ROCE Adj(%) 12 10,7 12,2
ROIC (%) 15,2 13,5 15,5
ROIC Adj (%) 15,2 13,5 15,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 107 125 138
EBITDA Adj margin (%) 9 11,9 11,4
EBITA Adj 89 84 98
EBITA Adj margin (%) 7,5 7,9 8,1
EBIT Adj 89 84 98
EBIT Adj margin (%) 7,5 7,9 8,1
Pretax profit Adj 89 85 100
Net profit Adj 87 82 97
Net profit to shareholders Adj 87 82 97
Net Adj margin (%) 7,3 7,8 8
SEKm 2018 2019e 2020e
EBITDA 107 125 138
Net financial items 0 1 2
Paid tax -2 -2 -3
Non-cash items 0 0 0
Cash flow before change in WC 105 124 137
Change in WC -22 45 -16
Operating cash flow 71 168 121
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -29 -36 -34
Acquisitions and disposals 0 0 0
Free cash flow 42 133 87
Dividend paid -66 -72 -74
Share issues and buybacks 0 0 0
Other non cash items 28 -49 3
Decrease in net IB debt 4 12 15
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 378 434 428
Definite intangible assets 0 0 0
Tangible fixed assets 22 22 22
Other fixed assets 0 0 0
Fixed assets 400 455 449
Inventories 189 210 243
Receivables 362 213 243
Other current assets 0 0 0
Cash and liquid assets 171 183 198
Total assets 1122 1062 1133
Shareholders equity 769 792 817
Minority 0 0 0
Total equity 769 792 817
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 352 270 315
Other current liabilities 0 0 0
Total liabilities and equity 931 919 1122
Net IB debt -171 -183 -198
Net IB debt excl. pension debt -171 -183 -198
Capital invested 598 609 619
Working capital 198 154 170
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1030 1433 1433
Net IB debt Adj -171 -183 -198
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 859 1250 1235
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 117,1 96,6 110,5
Capital invested turnover (%) 207,7 174,7 197,5
Capital employed turnover (%) 160,6 135,1 150,7
Inventories / sales (%) 13,8 18,9 18,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 29,5 24,1
Working capital / sales (%) 15,7 16,7 13,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -22,2 -23,1 -24,2
Net debt / market cap (%) -15,8 -12,8 -13,9
Equity ratio (%) 68,6 74,6 72,2
Net IB debt adj. / equity (%) -22,2 -23,1 -24,2
Current ratio (%) 204,8 224,7 216,7
EBITDA / net interest (%) 35700 -13311,2 -7554,5
Net IB debt / EBITDA (%) -159,7 -145,9 -143,4
Interest cover (%) 29700 -8896,5 -5368,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,79 0,74 0,88
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,79 0,74 0,88
BVPS 6,97 7,18 7,41
BVPS Adj 6,97 7,18 7,41
Net IB debt / share -1,6 -1,7 -1,8
Share price 9,83 12,92 12,92
Market cap. (m) 1084 1425 1425
Valuation 2018 2019 2020
P/E 11,8 17,4 14,8
EV/sales 0,72 1,19 1,02
EV/EBITDA 8 10 8,9
EV/EBITA 9,6 14,9 12,6
EV/EBIT 9,6 14,9 12,6
Dividend yield (%) 6,5 5 5,2
FCF yield (%) 4,1 9,3 6,1
P/BVPS 1,33 1,8 1,74
P/BVPS Adj 1,33 1,8 1,74
P/E Adj 11,8 17,4 14,8
EV/EBITDA Adj 8 10 8,9
EV/EBITA Adj 9,6 14,9 12,6
EV/EBIT Adj 9,6 14,9 12,6
EV/cap. employed 1,1 1,6 1,5
Investment ratios 2018 2019 2020
Capex / sales 2,4 3,4 2,8
Capex / depreciation 160 86 84,9
Capex tangibles / tangible fixed assets 0 0 0
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 0 0 0

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Main shareholders

Pricer

Main shareholders Share capital % Voting shares % Verified
Göran Sundholm 10.2 % 10.1 % 31 Dec 2016
Nordnet Pensionsförsäkring 6.2 % 6.2 % 30 Apr 2019
Avanza Pension 5.7 % 5.7 % 31 Mar 2019
Mertiva AB 5.5 % 5.4 % 31 Dec 2018
Lars Ingvarsson 3.2 % 3.1 % 30 Apr 2019
Thomas Krishan 2.9 % 2.9 % 30 Apr 2019
Dimensional Fund Advisors 2.8 % 2.7 % 31 Mar 2019
Theodor Jeansson 1.7 % 2.5 % 31 Mar 2019
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.8 % 1.8 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Pricer

Name Quantity Code Date
Johan Kronlöf + 5 500 BUY 6 May 2019
Jörgen Jost Auf Der Stroth + 5 500 BUY 6 May 2019
Helena Holmgren + 11 000 BUY 6 May 2019
Johan Fredrik von Konow + 5 500 BUY 3 May 2019
Johan Fredrik von Konow + 5 500 BUY 3 May 2019
Bernt Ingman + 10 410 BUY 21 Feb 2019
Bernt Ingman + 4 590 BUY 20 Feb 2019
Helena Holmgren + 30 000 BUY 15 Feb 2019
Jonas Guldstrand + 10 000 BUY 6 Dec 2018
Jonas Guldstrand + 10 000 BUY 6 Dec 2018

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