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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 -0,4 2,2
Lease adj. ND/EBITDA -1,4 -0,9 -0,5
Sales 1760 1557 1792
Sales growth (%) 75,4 -11,5 15,1
EBITDA 201 164 212
EBITDA margin (%) 11,4 10,5 11,8
EBIT adj 158 116 162
EBIT adj margin (%) 9 7,5 9
Pretax profit 134 111 157
EPS rep 1,15 0,97 1,34
EPS growth (%) 30,2 -15,3 38,3
EPS adj 1,17 0,97 1,34
DPS 1 1,1 1,3
EV/EBITDA (x) 20,4 22,6 17,7
EV/EBIT adj (x) 26 31,9 23,1
P/E (x) 33,8 35,3 25,5
P/E adj (x) 33,2 35,3 25,5
EV/sales (x) 2,3 2,4 2,1
FCF yield (%) 4,7 -0,1 2,5
Dividend yield (%) 2,6 3,2 3,8
Net IB debt/EBITDA -1,1 -0,6 -0,3
SEKm 2020 2021e 2022e
Depreciation and amortisation -46 -48 -50
Of which leasing depreciation -11 -11 -11
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 192 153 201
EBITDA lease Adj margin (%) 10,9 9,9 11,2
Sales 1760 1557 1792
COGS -1336 -1139 -1299
Gross profit 423 418 493
Other operating items -222 -254 -281
EBITDA 201 164 212
Depreciation on tangibles -17 -13 -14
Depreciation on intangibles -17 -24 -25
EBITA 155 116 162
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 155 116 162
Other financial items 0 0 0
Net financial items -22 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 134 111 157
Tax -6 -3 -8
Net profit 127 108 149
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 108 149
EPS 1,15 0,97 1,34
EPS Adj 1,17 0,97 1,34
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -4,6 -3 -5
Gross margin (%) 24 26,9 27,5
EBITDA margin (%) 11,4 10,5 11,8
EBITA margin (%) 8,8 7,5 9
EBIT margin (%) 8,8 7,5 9
Pretax margin (%) 7,6 7,1 8,8
Net margin (%) 7,2 6,9 8,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 75,4 -11,5 15,1
EBITDA growth (%) 45,7 -18,2 29,1
EBIT growth (%) 54,5 -25,1 39,4
Net profit growth (%) 30,3 -15,3 38,3
EPS growth (%) 30,2 -15,3 38,3
Profitability 2020 2021 2022
ROE (%) 15,6 13,2 18
ROE Adj (%) 15,9 13,2 18
ROCE (%) 17,4 13,5 18,5
ROCE Adj(%) 17,6 13,5 18,5
ROIC (%) 22,8 16,4 19,7
ROIC Adj (%) 23,1 16,4 19,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 203 164 212
EBITDA Adj margin (%) 11,5 10,5 11,8
EBITA Adj 158 116 162
EBITA Adj margin (%) 9 7,5 9
EBIT Adj 158 116 162
EBIT Adj margin (%) 9 7,5 9
Pretax profit Adj 136 111 157
Net profit Adj 130 108 149
Net profit to shareholders Adj 130 108 149
Net Adj margin (%) 7,4 6,9 8,3
Leasing payments -11 -11 -11
SEKm 2020 2021e 2022e
Lease liability amortisation -11 -11 -11
Other intangible assets 338 366 396
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 -262 -138 -101
Net IB debt / EBITDA lease Adj (%) -136,5 -89,9 -50,1
EBITDA 201 164 212
Net financial items -22 -5 -5
Paid tax -6 -3 -8
Non-cash items 31 0 0
Cash flow before change in WC 204 156 199
Change in WC 61 -95 -35
Operating cash flow 265 61 164
CAPEX tangible fixed assets -15 -16 -17
CAPEX intangible fixed assets -46 -49 -52
Acquisitions and disposals 0 0 0
Free cash flow 203 -4 95
Dividend paid -89 -110 -121
Share issues and buybacks 0 0 0
Other non cash items 33 0 0
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 30 30
Other fixed assets 75 75 75
Fixed assets 487 515 544
Inventories 302 311 358
Receivables 344 374 430
Other current assets 0 0 0
Cash and liquid assets 262 138 101
Total assets 1395 1337 1434
Shareholders equity 819 817 845
Minority 0 0 0
Total equity 819 817 845
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 506 451 520
Other current liabilities 0 0 0
Total liabilities and equity 1370 1313 1410
Net IB debt -217 -93 -55
Net IB debt excl. pension debt -217 -93 -55
Capital invested 626 748 813
Working capital 139 234 269
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4305 3802 3802
Net IB debt Adj -217 -93 -55
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 4088 3709 3746
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 139,9 114 129,3
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 (%) 9,5 12 14
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -26,5 -11,3 -6,6
Net debt / market cap (%) -8 -2,5 -1,5
Equity ratio (%) 58,7 61,1 58,9
Net IB debt adj. / equity (%) -26,5 -11,3 -6,6
Current ratio (%) 175,2 177,6 167,3
EBITDA / net interest (%) 929,2 3283,8 4240,4
Net IB debt / EBITDA (%) -108,2 -56,4 -26,2
Interest cover (%) 718,5 2323,8 3240,4
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 4,5 -0,4 2,2
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 1,15 0,97 1,34
Dividend per share Adj 1 1,1 1,3
EPS Adj 1,17 0,97 1,34
BVPS 7,43 7,41 7,66
BVPS Adj 7,43 7,41 7,66
Net IB debt / share -2 -0,8 -0,5
Share price 24,65 34,22 34,22
Market cap. (m) 2717 3771 3771
Valuation 2020 2021 2022
P/E 33,8 35,3 25,5
EV/sales 2,32 2,38 2,09
EV/EBITDA 20,4 22,6 17,7
EV/EBITA 26,3 31,9 23,1
EV/EBIT 26,3 31,9 23,1
Dividend yield (%) 2,6 3,2 3,8
FCF yield (%) 4,7 -0,1 2,5
P/BVPS 5,21 4,62 4,46
P/BVPS Adj 5,21 4,62 4,46
P/E Adj 33,2 35,3 25,5
EV/EBITDA Adj 20,1 22,6 17,7
EV/EBITA Adj 26 31,9 23,1
EV/EBIT Adj 26 31,9 23,1
EV/cap. employed 4,7 4,3 4,2
Investment ratios 2020 2021 2022
Capex / sales 3,5 4,2 3,9
Capex / depreciation 178,4 174,7 176
Capex tangibles / tangible fixed assets 51,1 54,2 57,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 57,3 43,4 45,7

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 % 29 Jan 2021
Arbona AB (publ) 5.9 % 5.9 % 4 Nov 2020
Nordnet Pensionsförsäkring 5.7 % 5.7 % 28 Feb 2021
Alcur Fonder 5.1 % 5.1 % 30 Sep 2020
Avanza Pension 4.5 % 4.5 % 31 Dec 2020
Lars Ingvarsson 3.2 % 3.1 % 28 Feb 2021
Dimensional Fund Advisors 2.3 % 2.2 % 28 Feb 2021
Hans Granberg 2.2 % 2.1 % 31 Dec 2019
Tredje AP-fonden 1.6 % 1.6 % 28 Feb 2021
Thomas Krishan 1.4 % 1.4 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
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
Thomas Krishan - 122 246 SELL 15 Dec 2020
Edvin Ruud + 7 500 BUY 26 Nov 2020
Jörgen Jost Auf Der Stroth - 3 900 SELL 24 Nov 2020
Thomas Krishan - 500 000 SELL 28 Aug 2020
Helena Holmgren - 25 103 SELL 2 Jun 2020
Nils Markus Hulth - 23 030 SELL 2 Jun 2020

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