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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
Sales 1747 1511 1740
Sales growth (%) 74,2 -13,5 15,2
EBITDA 213 162 202
EBITDA margin (%) 12,2 10,7 11,6
EBIT adj 170 122 160
EBIT adj margin (%) 9,7 8,1 9,2
Pretax profit 164 117 155
EPS rep 1,42 1,01 1,32
EPS growth (%) 61,4 -28,7 29,9
EPS adj 1,42 1,01 1,32
DPS 0,8 0,85 1
EV/EBITDA (x) 19,4 25,6 20,5
EV/EBIT adj (x) 24,2 34 25,9
P/E (x) 26,8 37,6 28,9
P/E adj (x) 26,8 37,6 28,9
EV/sales (x) 2,4 2,7 2,4
FCF yield (%) 2,1 2,2 2,3
Dividend yield (%) 2,1 2,2 2,6
Net IB debt/EBITDA -0,6 -0,7 -0,6
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1747 1511 1740
COGS -1317 -1090 -1253
Gross profit 431 421 487
Other operating items -218 -259 -285
EBITDA 213 162 202
Depreciation on tangibles -11 -10 -11
Depreciation on intangibles -21 -19 -20
EBITA 170 122 160
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 170 122 160
Other financial items 0 0 0
Net financial items -7 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 164 117 155
Tax -5 -3 -8
Net profit 159 113 147
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 159 113 147
EPS 1,42 1,01 1,32
EPS Adj 1,42 1,01 1,32
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,9 -3 -5
Gross margin (%) 24,6 27,8 28
EBITDA margin (%) 12,2 10,7 11,6
EBITA margin (%) 9,7 8,1 9,2
EBIT margin (%) 9,7 8,1 9,2
Pretax margin (%) 9,4 7,7 8,9
Net margin (%) 9,1 7,5 8,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 74,2 -13,5 15,2
EBITDA growth (%) 54,4 -24 24,8
EBIT growth (%) 69,5 -28,5 31,3
Net profit growth (%) 62,4 -28,7 29,9
EPS growth (%) 61,4 -28,7 29,9
Profitability 2020 2021 2022
ROE (%) 18,8 12,7 15,8
ROE Adj (%) 18,8 12,7 15,8
ROCE (%) 18,9 12,9 16,2
ROCE Adj(%) 18,9 12,9 16,2
ROIC (%) 23,2 15,3 18,6
ROIC Adj (%) 23,2 15,3 18,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 213 162 202
EBITDA Adj margin (%) 12,2 10,7 11,6
EBITA Adj 170 122 160
EBITA Adj margin (%) 9,7 8,1 9,2
EBIT Adj 170 122 160
EBIT Adj margin (%) 9,7 8,1 9,2
Pretax profit Adj 164 117 155
Net profit Adj 159 113 147
Net profit to shareholders Adj 159 113 147
Net Adj margin (%) 9,1 7,5 8,4
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 213 162 202
Net financial items -7 -5 -5
Paid tax -5 -3 -8
Non-cash items -3 0 0
Cash flow before change in WC 198 153 189
Change in WC -41 8 -18
Operating cash flow 157 162 171
CAPEX tangible fixed assets -17 -18 -18
CAPEX intangible fixed assets -52 -53 -54
Acquisitions and disposals 0 0 0
Free cash flow 88 92 99
Dividend paid -89 -88 -94
Share issues and buybacks 0 0 0
Other non cash items -2 0 0
Decrease in net IB debt -13 -8 -6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 364 404 445
Definite intangible assets 0 0 0
Tangible fixed assets 29 29 29
Other fixed assets 76 76 76
Fixed assets 523 564 605
Inventories 388 328 362
Receivables 367 347 400
Other current assets 0 0 0
Cash and liquid assets 180 173 167
Total assets 1459 1412 1534
Shareholders equity 880 905 958
Minority 0 0 0
Total equity 880 905 958
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 524 453 522
Other current liabilities 0 0 0
Total liabilities and equity 1459 1412 1534
Net IB debt -126 -119 -113
Net IB debt excl. pension debt -126 -119 -113
Capital invested 754 786 845
Working capital 231 223 241
EV breakdown 2020 2021 2022
Market cap. diluted (m) 4250 4250 4250
Net IB debt Adj -126 -119 -113
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 4124 4132 4137
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 135,5 105,2 118,1
Capital invested turnover (%) 245,3 196,1 213,2
Capital employed turnover (%) 194,2 159,6 176,5
Inventories / sales (%) 17,4 23,7 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,3 32,4 28
Working capital / sales (%) 12,1 15 13,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -14,3 -13,1 -11,8
Net debt / market cap (%) -4,6 -2,8 -2,7
Equity ratio (%) 60,4 64,1 62,5
Net IB debt adj. / equity (%) -14,3 -13,1 -11,8
Current ratio (%) 174,5 182,4 174,1
EBITDA / net interest (%) 3173,9 3233,1 4034,3
Net IB debt / EBITDA (%) -59,4 -73,3 -55,9
Interest cover (%) 2541,1 2433,1 3194,3
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 111 111 111
Fully diluted shares Adj 112 112 112
EPS 1,42 1,01 1,32
Dividend per share Adj 0,8 0,9 1
EPS Adj 1,42 1,01 1,32
BVPS 7,97 8,19 8,67
BVPS Adj 7,97 8,19 8,67
Net IB debt / share -1,1 -1,1 -1
Share price 24,65 38,05 38,05
Market cap. (m) 2724 4205 4205
Valuation 2020 2021 2022
P/E 26,8 37,6 28,9
EV/sales 2,36 2,73 2,38
EV/EBITDA 19,4 25,6 20,5
EV/EBITA 24,2 34 25,9
EV/EBIT 24,2 34 25,9
Dividend yield (%) 2,1 2,2 2,6
FCF yield (%) 2,1 2,2 2,3
P/BVPS 4,78 4,65 4,39
P/BVPS Adj 4,78 4,65 4,39
P/E Adj 26,8 37,6 28,9
EV/EBITDA Adj 19,4 25,6 20,5
EV/EBITA Adj 24,2 34 25,9
EV/EBIT Adj 24,2 34 25,9
EV/cap. employed 4,4 4,3 4,1
Investment ratios 2020 2021 2022
Capex / sales 4 4,6 4,1
Capex / depreciation 219,3 239,7 230,8
Capex tangibles / tangible fixed assets 59,7 60,3 62,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 38,1 35,2 37,7
N/A N/A N/A

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
Arbona AB (publ) 5.9 % 5.9 % 4 Nov 2020
Nordnet Pensionsförsäkring 5.6 % 5.6 % 31 Dec 2020
Alcur Fonder 5.1 % 5.1 % 30 Sep 2020
Avanza Pension 4.5 % 4.5 % 31 Dec 2020
Lars Ingvarsson 3.2 % 3.1 % 31 Dec 2020
Dimensional Fund Advisors 2.4 % 2.4 % 30 Nov 2020
Hans Granberg 2.2 % 2.1 % 31 Dec 2019
Tredje AP-fonden 1.6 % 1.6 % 31 Dec 2020
Thomas Krishan 1.4 % 1.4 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
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
Helena Holmgren + 44 040 ALTM 1 Jun 2020

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