Pricer
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- Briox
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- Catena
- Catena Media
- Cavotec
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- Crown Energy
- CTT Systems
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- DistIT
- Diös
- Doro
- Elanders
- Elos Medtech
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- Eolus Vind
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- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- Hoylu
- Intervacc
- INVISIO Communications
- ITAB Shop Concept
- JLT Mobile Computers
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- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- MedicaNatumin
- Midsona
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Waterproofing
- Opus Group
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Rottneros
- Seafire
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- Tethys Oil
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- Vitrolife
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Electronic shelf labels
Pricer
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.
Financials
PRICER
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1129 | 525 | 525 | 583 | 583 | 871 | 871 | 758 | 758 | 828 | 828 | 1129 | 1129 | 1219 | 1219 | 1329 | 1329 | ||
| Sales growth (%) | 36,4 | -4,5 | -4,5 | 11,1 | 11,1 | 49,3 | 49,3 | -13 | -13 | 9,3 | 9,3 | 36,4 | 36,4 | 8 | 8 | 9 | 9 | ||
| EBITDA | 99 | 21 | 21 | -38 | -38 | 63 | 63 | 76 | 76 | 70 | 70 | 99 | 99 | 123 | 123 | N/A | N/A | ||
| EBITDA margin (%) | 8,5 | 4,1 | 4,1 | 4,1 | 4,1 | -6,6 | -6,6 | 7,2 | 7,2 | 10 | 10 | 8,5 | 8,5 | 8,8 | 8,8 | 10,1 | 10,1 | ||
| EBIT adj | 59 | 14 | 14 | 14 | 14 | 16 | 16 | 48 | 48 | 71 | 71 | 59 | 59 | 81 | 81 | 104 | 104 | ||
| EBIT adj margin (%) | 7,2 | 2,7 | 2,7 | 2,7 | 2,7 | 2,8 | 2,8 | 5,5 | 5,5 | 9,3 | 9,3 | 7,2 | 7,2 | 7,2 | 7,2 | 8,5 | 8,5 | ||
| Pretax profit | 78 | 8 | 8 | -53 | -53 | 49 | 49 | 77 | 77 | 52 | 52 | 78 | 78 | 106 | 106 | 119 | 119 | ||
| EPS rep | 0,65 | 0,04 | 0,04 | -0,51 | -0,51 | 0,34 | 0,34 | 0,52 | 0,52 | 0,35 | 0,35 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| EPS growth (%) | 85,7 | -88,2 | -88,2 | -1421,4 | -1421,4 | 166,5 | 166,5 | 54,8 | 54,8 | -32,7 | -32,7 | 85,7 | 85,7 | 11,4 | 11,4 | 12,6 | 12,6 | ||
| EPS adj | 0,65 | 0,1 | 0,1 | 0,12 | 0,12 | 0,34 | 0,34 | 0,58 | 0,58 | 0,38 | 0,38 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| DPS | 0,55 | 0 | 0 | 0 | 0 | 0,25 | 0,25 | 0,5 | 0,5 | 0,5 | 0,5 | 0,55 | 0,55 | 0,63 | 0,63 | 0,65 | 0,65 | ||
| EV/EBITDA (x) | 9,8 | 31,5 | 31,5 | -16,7 | -16,7 | 14,5 | 14,5 | 10 | 10 | 11 | 11 | 9,8 | 9,8 | 8 | 8 | 7,3 | 7,3 | ||
| EV/EBIT adj (x) | 12 | 46,9 | 46,9 | 39,7 | 39,7 | 19,1 | 19,1 | 10,8 | 10,8 | 13 | 13 | 12 | 12 | 9,4 | 9,4 | 8,5 | 8,5 | ||
| P/E (x) | 15,9 | 171,4 | 171,4 | -12,5 | -12,5 | 28,3 | 28,3 | 17,9 | 17,9 | 24,3 | 24,3 | 15,9 | 15,9 | 14,3 | 14,3 | 12,7 | 12,7 | ||
| P/E adj (x) | 15,9 | 67,3 | 67,3 | 50,5 | 50,5 | 28,3 | 28,3 | 16,1 | 16,1 | 22,1 | 22,1 | 15,9 | 15,9 | 14,3 | 14,3 | 12,7 | 12,7 | ||
| EV/sales (x) | 0,9 | 1,3 | 1,3 | 1,1 | 1,1 | 1 | 1 | 1 | 1 | 0,9 | 0,9 | 0,9 | 0,9 | 0,8 | 0,8 | 0,7 | 0,7 | ||
| FCF yield (%) | 6 | 4,2 | 4,2 | 0,3 | 0,3 | 8,2 | 8,2 | 14,9 | 14,9 | -4 | -4 | 6 | 6 | 4,5 | 4,5 | 4,6 | 4,6 | ||
| Dividend yield (%) | 5,3 | 0 | 0 | 0 | 0 | 2,6 | 2,6 | 5,4 | 5,4 | 5,9 | 5,9 | 5,3 | 5,3 | 6,1 | 6,1 | 6,3 | 6,3 | ||
| Net IB debt/EBITDA | -1,8 | -2,3 | -2,3 | 1,4 | 1,4 | -2,2 | -2,2 | -3,4 | -3,4 | -2,4 | -2,4 | -1,8 | -1,8 | -1,3 | -1,3 | -1,1 | -1,1 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1129 | 525 | 525 | 583 | 583 | 871 | 871 | 758 | 758 | 828 | 828 | 1129 | 1129 | 1219 | 1219 | 1329 | 1329 | ||
| COGS | -868 | -407 | -407 | -481 | -481 | -680 | -680 | -544 | -544 | -612 | -612 | -868 | -868 | -906 | -906 | -991 | -991 | ||
| Gross profit | 261 | 118 | 118 | 102 | 102 | 191 | 191 | 213 | 213 | 216 | 216 | 261 | 261 | 313 | 313 | 338 | 338 | ||
| Other operating items | -162 | -97 | -97 | -141 | -141 | -128 | -128 | -137 | -137 | -146 | -146 | -162 | -162 | -190 | -190 | -200 | -200 | ||
| EBITDA | 99 | 21 | 21 | -38 | -38 | 63 | 63 | 76 | 76 | 70 | 70 | 99 | 99 | 123 | 123 | 137 | 137 | ||
| Depreciation on tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on intangibles | -18 | -14 | -14 | -15 | -15 | -15 | -15 | -12 | -12 | -15 | -15 | -18 | -18 | -19 | -19 | -20 | -20 | ||
| EBITA | 81 | 8 | 8 | -53 | -53 | 48 | 48 | 64 | 64 | 56 | 56 | 81 | 81 | 104 | 104 | 117 | 117 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | 81 | 8 | 8 | -53 | -53 | 48 | 48 | 64 | 64 | 56 | 56 | 81 | 81 | 104 | 104 | 117 | 117 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | -3 | 0 | 0 | 0 | 0 | 1 | 1 | 13 | 13 | -4 | -4 | -3 | -3 | 2 | 2 | 2 | 2 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 78 | 8 | 8 | -53 | -53 | 49 | 49 | 77 | 77 | 52 | 52 | 78 | 78 | 106 | 106 | 119 | 119 | ||
| Tax | -6 | -4 | -4 | -2 | -2 | -12 | -12 | -19 | -19 | -13 | -13 | -6 | -6 | -25 | -25 | -29 | -29 | ||
| Net profit | 72 | 4 | 4 | -56 | -56 | 37 | 37 | 57 | 57 | 39 | 39 | 72 | 72 | 80 | 80 | 90 | 90 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 72 | 4 | 4 | -56 | -56 | 37 | 37 | 57 | 57 | 39 | 39 | 72 | 72 | 80 | 80 | 90 | 90 | ||
| EPS | 0,65 | 0,04 | 0,04 | -0,51 | -0,51 | 0,34 | 0,34 | 0,52 | 0,52 | 0,35 | 0,35 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| EPS Adj | 0,65 | 0,1 | 0,1 | 0,12 | 0,12 | 0,34 | 0,34 | 0,58 | 0,58 | 0,38 | 0,38 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| Total extraordinary items after tax | 0 | -6,5 | -6,5 | -69,2 | -69,2 | 0 | 0 | -6,5 | -6,5 | -3,8 | -3,8 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -7,4 | -45,5 | -45,5 | 4,3 | 4,3 | -24,8 | -24,8 | -25,3 | -25,3 | -25,1 | -25,1 | -7,4 | -7,4 | -24 | -24 | -24 | -24 | ||
| Gross margin (%) | 23,1 | 22,5 | 22,5 | 17,5 | 17,5 | 21,9 | 21,9 | 28,1 | 28,1 | 26,1 | 26,1 | 23,1 | 23,1 | 25,7 | 25,7 | 25,4 | 25,4 | ||
| EBITDA margin (%) | 8,8 | 4,1 | 4,1 | -6,6 | -6,6 | 7,2 | 7,2 | 10 | 10 | 8,5 | 8,5 | 8,8 | 8,8 | 10,1 | 10,1 | 10,3 | 10,3 | ||
| EBITA margin (%) | 7,2 | 1,5 | 1,5 | -9,1 | -9,1 | 5,5 | 5,5 | 8,5 | 8,5 | 6,7 | 6,7 | 7,2 | 7,2 | 8,5 | 8,5 | 8,8 | 8,8 | ||
| EBIT margin (%) | 7,2 | 1,5 | 1,5 | -9,1 | -9,1 | 5,5 | 5,5 | 8,5 | 8,5 | 6,7 | 6,7 | 7,2 | 7,2 | 8,5 | 8,5 | 8,8 | 8,8 | ||
| Pretax margin (%) | 6,9 | 1,5 | 1,5 | -9,1 | -9,1 | 5,7 | 5,7 | 10,1 | 10,1 | 6,2 | 6,2 | 6,9 | 6,9 | 8,7 | 8,7 | 8,9 | 8,9 | ||
| Net margin (%) | 6,4 | 0,8 | 0,8 | -9,5 | -9,5 | 4,2 | 4,2 | 7,6 | 7,6 | 4,7 | 4,7 | 6,4 | 6,4 | 6,6 | 6,6 | 6,8 | 6,8 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 36,4 | -4,5 | -4,5 | 11,1 | 11,1 | 49,3 | 49,3 | -13 | -13 | 9,3 | 9,3 | 36,4 | 36,4 | 8 | 8 | 9 | 9 | ||
| EBITDA growth (%) | 40,9 | -72,6 | -72,6 | -279,8 | -279,8 | 264,5 | 264,5 | 20,8 | 20,8 | -7,6 | -7,6 | 40,9 | 40,9 | 24 | 24 | 11,7 | 11,7 | ||
| EBIT growth (%) | 46 | -88,8 | -88,8 | -780,8 | -780,8 | 190 | 190 | 34,1 | 34,1 | -13,4 | -13,4 | 46 | 46 | 28,2 | 28,2 | 12,9 | 12,9 | ||
| Net profit growth (%) | 86,5 | -88,2 | -88,2 | -1421,4 | -1421,4 | 166,7 | 166,7 | 54,9 | 54,9 | -32,6 | -32,6 | 86,5 | 86,5 | 11,4 | 11,4 | 12,6 | 12,6 | ||
| EPS growth (%) | 85,7 | -88,2 | -88,2 | -1421,4 | -1421,4 | 166,5 | 166,5 | 54,8 | 54,8 | -32,7 | -32,7 | 85,7 | 85,7 | 11,4 | 11,4 | 12,6 | 12,6 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 9,8 | 0,6 | 0,6 | -8,2 | -8,2 | 5,5 | 5,5 | 8,1 | 8,1 | 5,3 | 5,3 | 9,8 | 9,8 | 10,4 | 10,4 | 11,5 | 11,5 | ||
| ROE Adj (%) | 9,8 | 1,5 | 1,5 | 2 | 2 | 5,5 | 5,5 | 9 | 9 | 5,9 | 5,9 | 9,8 | 9,8 | 10,4 | 10,4 | 11,5 | 11,5 | ||
| ROCE (%) | 14,3 | 1,2 | 1,2 | -8,5 | -8,5 | 8,3 | 8,3 | 12,6 | 12,6 | 10,9 | 10,9 | 14,3 | 14,3 | 17,4 | 17,4 | 18,6 | 18,6 | ||
| ROCE Adj(%) | 14,3 | 2,2 | 2,2 | 2,6 | 2,6 | 8,3 | 8,3 | 13,9 | 13,9 | 11,6 | 11,6 | 14,3 | 14,3 | 17,4 | 17,4 | 18,6 | 18,6 | ||
| ROIC (%) | 13,2 | 0,7 | 0,7 | -8,9 | -8,9 | 6,2 | 6,2 | 9,4 | 9,4 | 8,1 | 8,1 | 13,2 | 13,2 | 13,2 | 13,2 | 14,1 | 14,1 | ||
| ROIC Adj (%) | 13,2 | 1,2 | 1,2 | 2,7 | 2,7 | 6,2 | 6,2 | 10,4 | 10,4 | 8,7 | 8,7 | 13,2 | 13,2 | 13,2 | 13,2 | 14,1 | 14,1 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 99 | 28 | 28 | 31 | 31 | 63 | 63 | 83 | 83 | 74 | 74 | 99 | 99 | 123 | 123 | 137 | 137 | ||
| EBITDA Adj margin (%) | 8,8 | 5,3 | 5,3 | 5,3 | 5,3 | 7,2 | 7,2 | 10,9 | 10,9 | 9 | 9 | 8,8 | 8,8 | 10,1 | 10,1 | 10,3 | 10,3 | ||
| EBITA Adj | 81 | 14 | 14 | 16 | 16 | 48 | 48 | 71 | 71 | 59 | 59 | 81 | 81 | 104 | 104 | 117 | 117 | ||
| EBITA Adj margin (%) | 7,2 | 2,7 | 2,7 | 2,8 | 2,8 | 5,5 | 5,5 | 9,3 | 9,3 | 7,2 | 7,2 | 7,2 | 7,2 | 8,5 | 8,5 | 8,8 | 8,8 | ||
| EBIT Adj | 81 | 14 | 14 | 16 | 16 | 48 | 48 | 71 | 71 | 59 | 59 | 81 | 81 | 104 | 104 | 117 | 117 | ||
| EBIT Adj margin (%) | 7,2 | 2,7 | 2,7 | 2,8 | 2,8 | 5,5 | 5,5 | 9,3 | 9,3 | 7,2 | 7,2 | 7,2 | 7,2 | 8,5 | 8,5 | 8,8 | 8,8 | ||
| Pretax profit Adj | 78 | 14 | 14 | 16 | 16 | 49 | 49 | 83 | 83 | 55 | 55 | 78 | 78 | 106 | 106 | 119 | 119 | ||
| Net profit Adj | 72 | 11 | 11 | 14 | 14 | 37 | 37 | 64 | 64 | 42 | 42 | 72 | 72 | 80 | 80 | 90 | 90 | ||
| Net profit to shareholders Adj | 72 | 11 | 11 | 14 | 14 | 37 | 37 | 64 | 64 | 42 | 42 | 72 | 72 | 80 | 80 | 90 | 90 | ||
| Net Adj margin (%) | 6,4 | 2 | 2 | 2,3 | 2,3 | 4,2 | 4,2 | 8,4 | 8,4 | 5,1 | 5,1 | 6,4 | 6,4 | 6,6 | 6,6 | 6,8 | 6,8 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 99 | 21 | 21 | -38 | -38 | 63 | 63 | 76 | 76 | 70 | 70 | 99 | 99 | 123 | 123 | 137 | 137 | ||
| Net financial items | -3 | 0 | 0 | 0 | 0 | 1 | 1 | 13 | 13 | -4 | -4 | -3 | -3 | 2 | 2 | 2 | 2 | ||
| Paid tax | -6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | -6 | -25 | -25 | -29 | -29 | ||
| Non-cash items | 0 | -1 | -1 | 20 | 20 | -2 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 90 | 21 | 21 | -18 | -18 | 63 | 63 | 89 | 89 | 66 | 66 | 90 | 90 | 99 | 99 | 110 | 110 | ||
| Change in WC | -5 | 36 | 36 | 32 | 32 | 39 | 39 | 88 | 88 | -70 | -70 | -5 | -5 | -12 | -12 | -21 | -21 | ||
| Operating cash flow | 100 | 57 | 57 | 14 | 14 | 101 | 101 | 174 | 174 | -8 | -8 | 100 | 100 | 88 | 88 | 90 | 90 | ||
| CAPEX tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| CAPEX intangible fixed assets | -31 | -26 | -26 | -12 | -12 | -16 | -16 | -22 | -22 | -30 | -30 | -31 | -31 | -37 | -37 | -37 | -37 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 68 | 30 | 30 | 2 | 2 | 86 | 86 | 152 | 152 | -38 | -38 | 68 | 68 | 51 | 51 | 53 | 53 | ||
| Dividend paid | -61 | 0 | 0 | 0 | 0 | -27 | -27 | -55 | -55 | -55 | -55 | -61 | -61 | -69 | -69 | -72 | -72 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 0 | -27 | -27 | 2 | 2 | 25 | 25 | 28 | 28 | -1 | -1 | 0 | 0 | 8 | 8 | 3 | 3 | ||
| Decrease in net IB debt | 8 | 3 | 3 | 4 | 4 | 83 | 83 | 126 | 126 | -94 | -94 | 8 | 8 | -10 | -10 | -16 | -16 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Indefinite intangible assets | 380 | 370 | 370 | 365 | 365 | 346 | 346 | 350 | 350 | 359 | 359 | 380 | 380 | 397 | 397 | 415 | 415 | ||
| Definite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 22 | 7 | 7 | 8 | 8 | 9 | 9 | 11 | 11 | 16 | 16 | 22 | 22 | 22 | 22 | 22 | 22 | ||
| Other fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Fixed assets | 402 | 378 | 378 | 373 | 373 | 354 | 354 | 361 | 361 | 375 | 375 | 402 | 402 | 419 | 419 | 437 | 437 | ||
| Inventories | 214 | 148 | 148 | 158 | 158 | 114 | 114 | 105 | 105 | 141 | 141 | 214 | 214 | 230 | 230 | 261 | 261 | ||
| Receivables | 305 | 226 | 226 | 231 | 231 | 200 | 200 | 205 | 205 | 235 | 235 | 305 | 305 | 293 | 293 | 306 | 306 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 175 | 49 | 49 | 53 | 53 | 136 | 136 | 261 | 261 | 167 | 167 | 175 | 175 | 165 | 165 | 149 | 149 | ||
| Total assets | 1095 | 801 | 801 | 815 | 815 | 804 | 804 | 931 | 931 | 919 | 919 | 1095 | 1095 | 1107 | 1107 | 1152 | 1152 | ||
| Shareholders equity | 758 | 692 | 692 | 660 | 660 | 685 | 685 | 729 | 729 | 719 | 719 | 758 | 758 | 778 | 778 | 800 | 800 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 758 | 692 | 692 | 660 | 660 | 685 | 685 | 729 | 729 | 719 | 719 | 758 | 758 | 778 | 778 | 800 | 800 | ||
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 337 | 109 | 109 | 156 | 156 | 119 | 119 | 202 | 202 | 200 | 200 | 337 | 337 | 329 | 329 | 352 | 352 | ||
| Other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 931 | 845 | 845 | 809 | 809 | 801 | 801 | 815 | 815 | 804 | 804 | 931 | 931 | 919 | 919 | 1095 | 1095 | ||
| Net IB debt | -175 | -49 | -49 | -53 | -53 | -136 | -136 | -261 | -261 | -167 | -167 | -175 | -175 | -165 | -165 | -149 | -149 | ||
| Net IB debt excl. pension debt | -175 | -49 | -49 | -53 | -53 | -136 | -136 | -261 | -261 | -167 | -167 | -175 | -175 | -165 | -165 | -149 | -149 | ||
| Capital invested | 584 | 643 | 643 | 607 | 607 | 549 | 549 | 468 | 468 | 552 | 552 | 584 | 584 | 613 | 613 | 651 | 651 | ||
| Working capital | 182 | 266 | 266 | 234 | 234 | 195 | 195 | 107 | 107 | 177 | 177 | 182 | 182 | 193 | 193 | 214 | 214 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 1144 | 720 | 720 | 692 | 692 | 1047 | 1047 | 1025 | 1025 | 937 | 937 | 1144 | 1144 | 1144 | 1144 | 1144 | 1144 | ||
| Net IB debt Adj | -175 | -49 | -49 | -53 | -53 | -136 | -136 | -261 | -261 | -167 | -167 | -175 | -175 | -165 | -165 | -149 | -149 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 970 | 671 | 671 | 639 | 639 | 911 | 911 | 764 | 764 | 770 | 770 | 970 | 970 | 979 | 979 | 996 | 996 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 112,1 | 65,2 | 65,2 | 72,1 | 72,1 | 107,5 | 107,5 | 87,3 | 87,3 | 89,5 | 89,5 | 112,1 | 112,1 | 110,7 | 110,7 | 117,7 | 117,7 | ||
| Capital invested turnover (%) | 198,9 | 80,7 | 80,7 | 93,3 | 93,3 | 150,6 | 150,6 | 149 | 149 | 162,3 | 162,3 | 198,9 | 198,9 | 203,8 | 203,8 | 210,4 | 210,4 | ||
| Capital employed turnover (%) | 198,9 | 80,7 | 80,7 | 93,3 | 93,3 | 150,6 | 150,6 | 149 | 149 | 162,3 | 162,3 | 198,9 | 198,9 | 203,8 | 203,8 | 210,4 | 210,4 | ||
| Inventories / sales (%) | 15,7 | 27,7 | 27,7 | 26,3 | 26,3 | 15,6 | 15,6 | 14,4 | 14,4 | 14,8 | 14,8 | 15,7 | 15,7 | 18,2 | 18,2 | 18,5 | 18,5 | ||
| Customer advances / sales (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 23,8 | 20,4 | 20,4 | 22,7 | 22,7 | 15,8 | 15,8 | 21,2 | 21,2 | 24,3 | 24,3 | 23,8 | 23,8 | 27,3 | 27,3 | 25,6 | 25,6 | ||
| Working capital / sales (%) | 15,9 | 54 | 54 | 42,8 | 42,8 | 24,6 | 24,6 | 19,9 | 19,9 | 17,2 | 17,2 | 15,9 | 15,9 | 15,4 | 15,4 | 15,3 | 15,3 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -23 | -7,1 | -7,1 | -8 | -8 | -19,8 | -19,8 | -35,8 | -35,8 | -23,2 | -23,2 | -23 | -23 | -21,2 | -21,2 | -18,6 | -18,6 | ||
| Net debt / market cap (%) | -16,1 | -5,9 | -5,9 | -8,3 | -8,3 | -14,9 | -14,9 | -27,9 | -27,9 | -15,2 | -15,2 | -16,1 | -16,1 | -14,5 | -14,5 | -13,1 | -13,1 | ||
| Equity ratio (%) | 69,2 | 86,4 | 86,4 | 80,9 | 80,9 | 85,2 | 85,2 | 78,3 | 78,3 | 78,2 | 78,2 | 69,2 | 69,2 | 70,3 | 70,3 | 69,4 | 69,4 | ||
| Net IB debt adj. / equity (%) | -23 | -7,1 | -7,1 | -8 | -8 | -19,8 | -19,8 | -35,8 | -35,8 | -23,2 | -23,2 | -23 | -23 | -21,2 | -21,2 | -18,6 | -18,6 | ||
| Current ratio (%) | 205,8 | 387,6 | 387,6 | 284,2 | 284,2 | 377,4 | 377,4 | 282,6 | 282,6 | 272 | 272 | 205,8 | 205,8 | 208,9 | 208,9 | 203,1 | 203,1 | ||
| EBITDA / net interest (%) | 3094,9 | 21300 | 21300 | -38300 | -38300 | -4500 | -4500 | -604 | -604 | 1802,6 | 1802,6 | 3094,9 | 3094,9 | -7033,5 | -7033,5 | -8312,3 | -8312,3 | ||
| Net IB debt / EBITDA (%) | -176,4 | -229,6 | -229,6 | 138,4 | 138,4 | -215,2 | -215,2 | -343,4 | -343,4 | -237,4 | -237,4 | -176,4 | -176,4 | -134,4 | -134,4 | -108,5 | -108,5 | ||
| Interest cover (%) | 2532,4 | 7800 | 7800 | -53100 | -53100 | -3414,3 | -3414,3 | -508,7 | -508,7 | 1423,1 | 1423,1 | 2532,4 | 2532,4 | -5945,7 | -5945,7 | -7101,2 | -7101,2 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | ||
| Fully diluted shares Adj | 111 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 111 | 111 | 111 | 111 | 111 | 111 | ||
| EPS | 0,65 | 0,04 | 0,04 | -0,51 | -0,51 | 0,34 | 0,34 | 0,52 | 0,52 | 0,35 | 0,35 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| Dividend per share Adj | 0,6 | 0 | 0 | 0 | 0 | 0,3 | 0,3 | 0,5 | 0,5 | 0,5 | 0,5 | 0,6 | 0,6 | 0,6 | 0,6 | 0,7 | 0,7 | ||
| EPS Adj | 0,65 | 0,1 | 0,1 | 0,12 | 0,12 | 0,34 | 0,34 | 0,58 | 0,58 | 0,38 | 0,38 | 0,65 | 0,65 | 0,72 | 0,72 | 0,81 | 0,81 | ||
| BVPS | 6,87 | 6,3 | 6,3 | 6 | 6 | 6,23 | 6,23 | 6,64 | 6,64 | 6,54 | 6,54 | 6,87 | 6,87 | 7,05 | 7,05 | 7,25 | 7,25 | ||
| BVPS Adj | 6,87 | 6,3 | 6,3 | 6 | 6 | 6,23 | 6,23 | 6,64 | 6,64 | 6,54 | 6,54 | 6,87 | 6,87 | 7,05 | 7,05 | 7,25 | 7,25 | ||
| Net IB debt / share | -1,6 | -0,4 | -0,4 | -0,5 | -0,5 | -1,2 | -1,2 | -2,4 | -2,4 | -1,5 | -1,5 | -1,6 | -1,6 | -1,5 | -1,5 | -1,3 | -1,3 | ||
| Share price | 9,83 | 7,52 | 7,52 | 5,81 | 5,81 | 8,29 | 8,29 | 8,51 | 8,51 | 10 | 10 | 9,83 | 9,83 | 10,32 | 10,32 | 10,32 | 10,32 | ||
| Market cap. (m) | 1084 | 826 | 826 | 639 | 639 | 911 | 911 | 935 | 935 | 1099 | 1099 | 1084 | 1084 | 1138 | 1138 | 1138 | 1138 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 15,9 | 171,4 | 171,4 | -12,5 | -12,5 | 28,3 | 28,3 | 17,9 | 17,9 | 24,3 | 24,3 | 15,9 | 15,9 | 14,3 | 14,3 | 12,7 | 12,7 | ||
| EV/sales | 0,86 | 1,28 | 1,28 | 1,1 | 1,1 | 1,05 | 1,05 | 1,01 | 1,01 | 0,93 | 0,93 | 0,86 | 0,86 | 0,8 | 0,8 | 0,75 | 0,75 | ||
| EV/EBITDA | 9,8 | 31,5 | 31,5 | -16,7 | -16,7 | 14,5 | 14,5 | 10 | 10 | 11 | 11 | 9,8 | 9,8 | 8 | 8 | 7,3 | 7,3 | ||
| EV/EBITA | 12 | 86 | 86 | -12 | -12 | 19,1 | 19,1 | 11,9 | 11,9 | 13,9 | 13,9 | 12 | 12 | 9,4 | 9,4 | 8,5 | 8,5 | ||
| EV/EBIT | 12 | 86 | 86 | -12 | -12 | 19,1 | 19,1 | 11,9 | 11,9 | 13,9 | 13,9 | 12 | 12 | 9,4 | 9,4 | 8,5 | 8,5 | ||
| Dividend yield (%) | 5,3 | 0 | 0 | 0 | 0 | 2,6 | 2,6 | 5,4 | 5,4 | 5,9 | 5,9 | 5,3 | 5,3 | 6,1 | 6,1 | 6,3 | 6,3 | ||
| FCF yield (%) | 6 | 4,2 | 4,2 | 0,3 | 0,3 | 8,2 | 8,2 | 14,9 | 14,9 | -4 | -4 | 6 | 6 | 4,5 | 4,5 | 4,6 | 4,6 | ||
| P/BVPS | 1,5 | 1,04 | 1,04 | 1,05 | 1,05 | 1,52 | 1,52 | 1,4 | 1,4 | 1,3 | 1,3 | 1,5 | 1,5 | 1,46 | 1,46 | 1,42 | 1,42 | ||
| P/BVPS Adj | 1,5 | 1,04 | 1,04 | 1,05 | 1,05 | 1,52 | 1,52 | 1,4 | 1,4 | 1,3 | 1,3 | 1,5 | 1,5 | 1,46 | 1,46 | 1,42 | 1,42 | ||
| P/E Adj | 15,9 | 67,3 | 67,3 | 50,5 | 50,5 | 28,3 | 28,3 | 16,1 | 16,1 | 22,1 | 22,1 | 15,9 | 15,9 | 14,3 | 14,3 | 12,7 | 12,7 | ||
| EV/EBITDA Adj | 9,8 | 24,1 | 24,1 | 20,7 | 20,7 | 14,5 | 14,5 | 9,2 | 9,2 | 10,4 | 10,4 | 9,8 | 9,8 | 8 | 8 | 7,3 | 7,3 | ||
| EV/EBITA Adj | 12 | 46,9 | 46,9 | 39,7 | 39,7 | 19,1 | 19,1 | 10,8 | 10,8 | 13 | 13 | 12 | 12 | 9,4 | 9,4 | 8,5 | 8,5 | ||
| EV/EBIT Adj | 12 | 46,9 | 46,9 | 39,7 | 39,7 | 19,1 | 19,1 | 10,8 | 10,8 | 13 | 13 | 12 | 12 | 9,4 | 9,4 | 8,5 | 8,5 | ||
| EV/cap. employed | 1,7 | 1 | 1 | 1,1 | 1,1 | 1,7 | 1,7 | 1,6 | 1,6 | 1,4 | 1,4 | 1,7 | 1,7 | 1,6 | 1,6 | 1,5 | 1,5 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 2,8 | 5 | 5 | 2 | 2 | 1,8 | 1,8 | 2,9 | 2,9 | 3,6 | 3,6 | 2,8 | 2,8 | 3 | 3 | 2,8 | 2,8 | ||
| Capex / depreciation | 174,2 | 193,3 | 193,3 | 78,4 | 78,4 | 104,6 | 104,6 | 180,8 | 180,8 | 201,1 | 201,1 | 174,2 | 174,2 | 192,5 | 192,5 | 186 | 186 | ||
| Capex tangibles / tangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Capex intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on tangibles / tangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity research
PRICER
Pricer - US market drives record sales
31 October 2018 Pricer Post-results comment
Pricer - Strong Q3 on the horizon
9 October 2018 Pricer Preview of results
Company news
PRICER
Flaggningsmeddelande i Pricer Aktiebolag
28 November 2018
Pricer AB: Ledande kanadensisk dagligvarukedja ingår överenskommelse med JRTech Solutions för installation av Pricers digitala etiketter
7 November 2018
Delårsrapport Pricer AB januari-september 2018
26 October 2018
Main shareholders
Pricer
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Avanza Pension | 11.2 % | 11.1 % | 31 Dec 2018 | |
| Göran Sundholm | 10.2 % | 10.1 % | 31 Dec 2016 | |
| Nordnet Pensionsförsäkring | 6.3 % | 6.3 % | 31 Dec 2018 | |
| Mertiva Aktiebolag | 3.7 % | 3.6 % | 30 Jun 2018 | |
| Lars Ingvarsson | 3.2 % | 3.1 % | 31 Dec 2018 | |
| Thomas Krishan | 2.9 % | 2.9 % | 31 Dec 2018 | |
| Dimensional Fund Advisors | 2.8 % | 2.8 % | 30 Nov 2018 | |
| Danica Pension | 2.3 % | 2.3 % | 31 Dec 2018 | |
| Hans Granberg | 2.2 % | 2.1 % | 31 Dec 2017 | |
| Per-Arne Åhlgren | 1.8 % | 1.8 % | 31 Dec 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Pricer
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Jonas Guldstrand | + 10 000 | BUY | + 10 000 | 6 Dec 2018 |
| Jonas Guldstrand | + 10 000 | BUY | + 10 000 | 6 Dec 2018 |
| Jonas Guldstrand | + 10 000 | BUY | + 10 000 | 19 Nov 2018 |
| christophe desloge | + 5 000 | BUY | + 5 000 | 11 Jun 2018 |
| Donald Charles Jackson | + 17 000 | BUY | + 17 000 | 31 May 2018 |
| Donald Charles Jackson | - 17 000 | SELL | - 17 000 | 31 May 2018 |
| Edvin Ruud | + 7 000 | BUY | + 7 000 | 30 May 2018 |
| Johan Fredrik von Konow | + 6 629 | BUY | + 6 629 | 28 May 2018 |
| JÖRGEN JOST AUF DER STROTH | + 10 000 | BUY | + 10 000 | 28 May 2018 |
| Bernt Ingman | + 30 000 | BUY | + 30 000 | 27 Oct 2017 |
QUICK FACTS
- Helena Holmgren
- Bernt Ingman
- IT
- www.pricer.se
- Small Cap
- 1 134,2 MSEK
- PRIC
- Q4 Report 14 Feb 2019
QUICK FACTS
- CEO
- Helena Holmgren
- Chairman
- Bernt Ingman
- List
- Small Cap
- Sector
- IT
QUICK FACTS
- Market Cap
- 1 134,2 MSEK
- Ticker
- PRIC
- Next Event
- 14 Feb 2019
- Website
- www.pricer.se
Latest articles
-
Pricer - Interview with CEO Helena Holmgren (in Swedish)
6 Dec 2018 / Media
-
Pricer - Company presentation with CEO Helena Holmgren (in Swedish)
5 Dec 2018 / Media
-
Livesändning - Introduce Investor Day (4 Dec 2018)
4 Dec 2018 / Article
-
Programme - Introduce Investor Day 4 December
3 Dec 2018 / Article
-
Flaggningsmeddelande i Pricer Aktiebolag
28 Nov 2018 / Press release
