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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 1015 1674 1339
Sales growth (%) -15 65 -20
EBITDA 136 177 174
EBITDA margin (%) 13,4 10,6 13
EBIT adj 99 139 134
EBIT adj margin (%) 9,7 8,3 10
Pretax profit 105 141 134
EPS rep 0,91 1,23 1,15
EPS growth (%) 15,9 35,2 -7
EPS adj 0,91 1,23 1,15
DPS 0,65 0,68 0,7
EV/EBITDA (x) 16,8 12,2 12,2
EV/EBIT adj (x) 23 15,5 15,9
P/E (x) 24,6 18,2 19,5
P/E adj (x) 24,6 18,2 19,5
EV/sales (x) 2,2 1,3 1,6
FCF yield (%) 3,4 5,1 5,1
Dividend yield (%) 2,9 3 3,1
Net IB debt/EBITDA -1,5 -1,8 -2,1
SEKm 2019 2020e 2021e
Sales 1015 1674 1339
COGS -692 -1293 -958
Gross profit 323 381 382
Other operating items -188 -204 -208
EBITDA 136 177 174
Depreciation on tangibles -7 -7 -8
Depreciation on intangibles -19 -19 -21
EBITA 99 139 134
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 99 139 134
Other financial items 0 0 0
Net financial items 6 2 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 105 141 134
Tax -3 -5 -7
Net profit 101 137 127
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 101 137 127
EPS 0,91 1,23 1,15
EPS Adj 0,91 1,23 1,15
Total extraordinary items after tax 0 0 0
Tax rate (%) -3,2 -3,3 -5
Gross margin (%) 31,9 22,7 28,5
EBITDA margin (%) 13,4 10,6 13
EBITA margin (%) 9,7 8,3 10
EBIT margin (%) 9,7 8,3 10
Pretax margin (%) 10,3 8,5 10
Net margin (%) 10 8,2 9,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -15 65 -20
EBITDA growth (%) 23,4 30,2 -1,5
EBIT growth (%) 11 40,9 -3,9
Net profit growth (%) 15,9 35,2 -7
EPS growth (%) 15,9 35,2 -7
Profitability 2019 2020 2021
ROE (%) 12,7 15,3 12,9
ROE Adj (%) 12,7 15,3 12,9
ROCE (%) 12 14,7 12,9
ROCE Adj(%) 12 14,7 12,9
ROIC (%) 16,8 21,4 19,7
ROIC Adj (%) 16,8 21,4 19,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 136 177 174
EBITDA Adj margin (%) 13,4 10,6 13
EBITA Adj 99 139 134
EBITA Adj margin (%) 9,7 8,3 10
EBIT Adj 99 139 134
EBIT Adj margin (%) 9,7 8,3 10
Pretax profit Adj 105 141 134
Net profit Adj 101 137 127
Net profit to shareholders Adj 101 137 127
Net Adj margin (%) 10 8,2 9,5
SEKm 2019 2020e 2021e
EBITDA 136 177 174
Net financial items 6 2 0
Paid tax -3 -5 -7
Non-cash items 4 0 0
Cash flow before change in WC 143 174 167
Change in WC -14 0 6
Operating cash flow 129 174 174
CAPEX tangible fixed assets -9 -11 -10
CAPEX intangible fixed assets -36 -37 -38
Acquisitions and disposals 0 0 0
Free cash flow 84 126 125
Dividend paid -66 -72 -74
Share issues and buybacks 0 0 0
Other non cash items -49 72 -3
Decrease in net IB debt -42 115 37
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 329 350 369
Definite intangible assets 0 0 0
Tangible fixed assets 23 23 23
Other fixed assets 77 77 77
Fixed assets 482 504 523
Inventories 250 236 253
Receivables 200 377 295
Other current assets 0 0 0
Cash and liquid assets 183 298 336
Total assets 1115 1415 1406
Shareholders equity 823 960 1010
Minority 0 0 0
Total equity 823 960 1010
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 237 401 342
Other current liabilities 0 0 0
Total liabilities and equity 919 1122 1115
Net IB debt -205 -321 -358
Net IB debt excl. pension debt -205 -321 -358
Capital invested 618 639 652
Working capital 212 212 206
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2484 2484 2484
Net IB debt Adj -205 -321 -358
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 2279 2164 2126
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 90,8 132,3 94,9
Capital invested turnover (%) 178 266,3 207,4
Capital employed turnover (%) 123,2 177 128,9
Inventories / sales (%) 21,6 14,5 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 29 19,1 27,7
Working capital / sales (%) 20,2 12,7 15,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -24,9 -33,4 -35,4
Net debt / market cap (%) -14,5 -13 -14,5
Equity ratio (%) 73,8 67,8 71,8
Net IB debt adj. / equity (%) -24,9 -33,4 -35,4
Current ratio (%) 254,7 221,2 250,4
EBITDA / net interest (%) -2395,6 -8285,4 0
Net IB debt / EBITDA (%) -151,3 -181,4 -205,8
Interest cover (%) -1745,9 -6536,1 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,91 1,23 1,15
Dividend per share Adj 0,7 0,7 0,7
EPS Adj 0,91 1,23 1,15
BVPS 7,46 8,7 9,16
BVPS Adj 7,46 8,7 9,16
Net IB debt / share -1,2 -2,2 -2,6
Share price 12,83 22,4 22,4
Market cap. (m) 1415 2471 2471
Valuation 2019 2020 2021
P/E 24,6 18,2 19,5
EV/sales 2,25 1,29 1,59
EV/EBITDA 16,8 12,2 12,2
EV/EBITA 23 15,5 15,9
EV/EBIT 23 15,5 15,9
Dividend yield (%) 2,9 3 3,1
FCF yield (%) 3,4 5,1 5,1
P/BVPS 3 2,57 2,45
P/BVPS Adj 3 2,57 2,45
P/E Adj 24,6 18,2 19,5
EV/EBITDA Adj 16,8 12,2 12,2
EV/EBITA Adj 23 15,5 15,9
EV/EBIT Adj 23 15,5 15,9
EV/cap. employed 2,6 2,1 2
Investment ratios 2019 2020 2021
Capex / sales 4,4 2,9 3,6
Capex / depreciation 173 181,2 165,1
Capex tangibles / tangible fixed assets 38,9 45,7 43,8
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 30,4 31 34,1

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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
Avanza Pension 10.8 % 10.7 % 31 Dec 2019
Göran Sundholm 10.2 % 10.1 % 31 Dec 2016
Mertiva Aktiebolag 5.9 % 5.9 % 30 Jun 2019
Nordnet Pensionsförsäkring 5.9 % 5.8 % 31 Dec 2019
Lars Ingvarsson 3.2 % 3.1 % 31 Dec 2019
Dimensional Fund Advisors 3.0 % 3.0 % 30 Nov 2019
Thomas Krishan 2.9 % 2.9 % 31 Dec 2019
Theodor Jeansson 1.5 % 2.3 % 31 Dec 2019
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.9 % 1.9 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
christophe desloge + 1 587 BUY 31 May 2019
Susanne Andersson + 5 500 BUY 31 May 2019
Edvin Ruud + 5 500 BUY 31 May 2019
Donald Charles Jackson + 5 500 BUY 23 May 2019
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

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