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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 1542 1095
Sales growth (%) -16 53,7 -29
EBITDA 138 109 116
EBITDA margin (%) 13,7 7,1 10,6
EBIT adj 101 69 75
EBIT adj margin (%) 10 4,5 6,9
Pretax profit 101 72 75
EPS rep 0,88 0,63 0,66
EPS growth (%) 12,1 -29 5,4
EPS adj 0,89 0,63 0,66
DPS 0,8 0,8 0,8
EV/EBITDA (x) 14 14,4 14
EV/EBIT adj (x) 19,2 22,7 21,6
P/E (x) 21,2 25,1 23,8
P/E adj (x) 20,9 25,1 23,8
EV/sales (x) 1,9 1 1,5
FCF yield (%) 4,6 5,3 2,1
Dividend yield (%) 4,3 5,1 5,1
Net IB debt/EBITDA -1 -1,6 -1
SEKm 2019 2020e 2021e
Sales 1003 1542 1095
COGS -672 -1249 -782
Gross profit 331 293 313
Other operating items -193 -184 -197
EBITDA 138 109 116
Depreciation on tangibles -8 -10 -11
Depreciation on intangibles -17 -19 -20
EBITA 102 69 75
Goodwill impairment charges 0 0 0
Other impairment and amortisation -1 0 0
EBIT 101 69 75
Other financial items 0 0 0
Net financial items 1 3 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 101 72 75
Tax -4 -2 -2
Net profit 98 69 73
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 98 69 73
EPS 0,88 0,63 0,66
EPS Adj 0,89 0,63 0,66
Total extraordinary items after tax 0 0 0
Tax rate (%) -3,5 -3,3 -3
Gross margin (%) 33 19 28,6
EBITDA margin (%) 13,7 7,1 10,6
EBITA margin (%) 10,2 4,5 6,9
EBIT margin (%) 10 4,5 6,9
Pretax margin (%) 10,1 4,7 6,9
Net margin (%) 9,8 4,5 6,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -16 53,7 -29
EBITDA growth (%) 25,3 -21 6,9
EBIT growth (%) 12,8 -31,4 9,5
Net profit growth (%) 12,1 -29 5,4
EPS growth (%) 12,1 -29 5,4
Profitability 2019 2020 2021
ROE (%) 12,4 8,4 8,8
ROE Adj (%) 12,6 8,4 8,8
ROCE (%) 12,3 7,9 8,5
ROCE Adj(%) 12,5 7,9 8,5
ROIC (%) 15,3 10 10,7
ROIC Adj (%) 15,3 10 10,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 138 109 116
EBITDA Adj margin (%) 13,7 7,1 10,6
EBITA Adj 102 69 75
EBITA Adj margin (%) 10,2 4,5 6,9
EBIT Adj 101 69 75
EBIT Adj margin (%) 10 4,5 6,9
Pretax profit Adj 103 72 75
Net profit Adj 99 69 73
Net profit to shareholders Adj 99 69 73
Net Adj margin (%) 9,9 4,5 6,7
SEKm 2019 2020e 2021e
EBITDA 138 109 116
Net financial items 1 3 0
Paid tax -3 -2 -2
Non-cash items 2 0 0
Cash flow before change in WC 138 109 114
Change in WC 8 30 -28
Operating cash flow 146 139 86
CAPEX tangible fixed assets -11 -11 -12
CAPEX intangible fixed assets -39 -34 -37
Acquisitions and disposals 0 0 0
Free cash flow 96 93 37
Dividend paid -66 -88 -88
Share issues and buybacks 0 0 0
Other non cash items -51 44 0
Decrease in net IB debt -32 39 -62
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 326 343 361
Definite intangible assets 0 0 0
Tangible fixed assets 24 24 24
Other fixed assets 76 76 76
Fixed assets 480 497 516
Inventories 219 229 211
Receivables 228 310 263
Other current assets 0 0 0
Cash and liquid assets 194 233 171
Total assets 1121 1269 1160
Shareholders equity 810 836 821
Minority 0 0 0
Total equity 810 836 821
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 256 379 285
Other current liabilities 0 0 0
Total liabilities and equity 1121 1269 1160
Net IB debt -140 -178 -116
Net IB debt excl. pension debt -140 -178 -116
Capital invested 670 658 704
Working capital 190 161 189
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2074 1743 1743
Net IB debt Adj -140 -178 -116
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 1565 1627
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 89,4 129 90,1
Capital invested turnover (%) 158,1 232,2 160,8
Capital employed turnover (%) 122,7 175,7 124
Inventories / sales (%) 20,3 14,5 20,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 30,3 20,6 30,3
Working capital / sales (%) 19,4 11,4 16
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -17,2 -21,3 -14,2
Net debt / market cap (%) -9,9 -10,3 -6,7
Equity ratio (%) 72,3 65,9 70,7
Net IB debt adj. / equity (%) -17,2 -21,3 -14,2
Current ratio (%) 239,3 197,9 217,6
EBITDA / net interest (%) -16623,9 -3745,5 0
Net IB debt / EBITDA (%) -101,2 -163,4 -99,8
Interest cover (%) -12286,4 -2370 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,88 0,63 0,66
Dividend per share Adj 0,8 0,8 0,8
EPS Adj 0,89 0,63 0,66
BVPS 7,35 7,58 7,44
BVPS Adj 7,35 7,58 7,44
Net IB debt / share -1,3 -1,6 -1,1
Share price 12,83 15,72 15,72
Market cap. (m) 1415 1734 1734
Valuation 2019 2020 2021
P/E 21,2 25,1 23,8
EV/sales 1,93 1,02 1,49
EV/EBITDA 14 14,4 14
EV/EBITA 19 22,7 21,6
EV/EBIT 19,2 22,7 21,6
Dividend yield (%) 4,3 5,1 5,1
FCF yield (%) 4,6 5,3 2,1
P/BVPS 2,55 2,08 2,11
P/BVPS Adj 2,55 2,08 2,11
P/E Adj 20,9 25,1 23,8
EV/EBITDA Adj 14 14,4 14
EV/EBITA Adj 19 22,7 21,6
EV/EBIT Adj 19,2 22,7 21,6
EV/cap. employed 2,2 1,8 1,9
Investment ratios 2019 2020 2021
Capex / sales 5 3 4,5
Capex / depreciation 200,5 157,4 162,3
Capex tangibles / tangible fixed assets 45,1 47,3 50,4
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 42,1 43,5

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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
Mertiva AB 5.9 % 5.9 % 31 Dec 2019
Nordnet Pensionsförsäkring 5.9 % 5.8 % 29 Feb 2020
Avanza Pension 4.8 % 4.8 % 31 Dec 2019
Lars Ingvarsson 3.2 % 3.1 % 29 Feb 2020
Dimensional Fund Advisors 3.0 % 3.0 % 29 Feb 2020
Thomas Krishan 2.9 % 2.9 % 29 Feb 2020
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.9 % 1.9 % 31 Dec 2019
Alcur Fonder 1.5 % 1.5 % 31 Jan 2020
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
Susanne Andersson + 5 500 BUY 31 May 2019
Edvin Ruud + 5 500 BUY 31 May 2019
christophe desloge + 1 587 BUY 31 May 2019
Donald Charles Jackson + 5 500 BUY 23 May 2019
Helena Holmgren + 11 000 BUY 6 May 2019
Johan Kronlöf + 5 500 BUY 6 May 2019
Jörgen Jost Auf Der Stroth + 5 500 BUY 6 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

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