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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 2018 2019e 2020e
Sales 1195 1024 1193
Sales growth (%) 44,3 -14,2 16,5
EBITDA 110 140 151
EBITDA margin (%) 9,2 13,6 12,7
EBIT adj 89 103 113
EBIT adj margin (%) 7,5 10 9,5
Pretax profit 89 108 114
EPS rep 0,79 0,95 1
EPS growth (%) 124,6 20,3 5,4
EPS adj 0,8 0,95 1
DPS 0,6 0,65 0,68
EV/EBITDA (x) 7,1 12,2 11
EV/EBIT adj (x) 8,8 16,5 14,7
P/E (x) 11,8 18,1 17,2
P/E adj (x) 11,7 18,1 17,2
EV/sales (x) 0,7 1,7 1,4
FCF yield (%) 5,4 4,1 6,4
Dividend yield (%) 6,5 3,8 3,9
Net IB debt/EBITDA -2,2 -1,4 -1,6
SEKm 2018 2019e 2020e
Sales 1195 1024 1193
COGS -922 -698 -844
Gross profit 272 326 349
Other operating items -162 -187 -198
EBITDA 110 140 151
Depreciation on tangibles -7 -7 -7
Depreciation on intangibles -13 -19 -20
EBITA 90 103 113
Goodwill impairment charges 0 0 0
Other impairment and amortisation -1 0 0
EBIT 89 103 113
Other financial items 0 0 0
Net financial items 0 6 1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 89 108 114
Tax -2 -3 -3
Net profit 87 105 111
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 105 111
EPS 0,79 0,95 1
EPS Adj 0,8 0,95 1
Total extraordinary items after tax 0 0 0
Tax rate (%) -1,7 -3,2 -3
Gross margin (%) 22,8 31,9 29,2
EBITDA margin (%) 9,2 13,6 12,7
EBITA margin (%) 7,5 10 9,5
EBIT margin (%) 7,5 10 9,5
Pretax margin (%) 7,4 10,6 9,6
Net margin (%) 7,3 10,2 9,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 44,3 -14,2 16,5
EBITDA growth (%) 56 26,9 8,4
EBIT growth (%) 59,9 15,4 10,3
Net profit growth (%) 125,6 20,3 5,4
EPS growth (%) 124,6 20,3 5,4
Profitability 2018 2019 2020
ROE (%) 11,7 13,2 13,1
ROE Adj (%) 11,9 13,2 13,1
ROCE (%) 12 12,5 12,6
ROCE Adj(%) 12,1 12,5 12,6
ROIC (%) 17,5 17,3 17,5
ROIC Adj (%) 17,5 17,3 17,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 110 140 151
EBITDA Adj margin (%) 9,2 13,6 12,7
EBITA Adj 90 103 113
EBITA Adj margin (%) 7,5 10 9,5
EBIT Adj 89 103 113
EBIT Adj margin (%) 7,5 10 9,5
Pretax profit Adj 90 108 114
Net profit Adj 88 105 111
Net profit to shareholders Adj 88 105 111
Net Adj margin (%) 7,4 10,2 9,3
SEKm 2018 2019e 2020e
EBITDA 110 140 151
Net financial items 0 6 1
Paid tax -3 -3 -3
Non-cash items 7 4 0
Cash flow before change in WC 114 147 149
Change in WC -22 -22 17
Operating cash flow 84 124 166
CAPEX tangible fixed assets -9 -9 -10
CAPEX intangible fixed assets -19 -37 -35
Acquisitions and disposals 0 0 0
Free cash flow 56 78 121
Dividend paid -55 -66 -72
Share issues and buybacks 0 0 0
Other non cash items 3 -49 0
Decrease in net IB debt 4 -48 38
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 302 330 346
Definite intangible assets 0 0 0
Tangible fixed assets 22 23 26
Other fixed assets 76 77 77
Fixed assets 400 484 502
Inventories 189 259 251
Receivables 362 207 263
Other current assets 0 0 0
Cash and liquid assets 171 177 215
Total assets 1122 1128 1231
Shareholders equity 769 827 866
Minority 0 0 0
Total equity 769 827 866
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 352 246 310
Other current liabilities 0 0 0
Total liabilities and equity 931 919 1122
Net IB debt -247 -199 -238
Net IB debt excl. pension debt -247 -199 -238
Capital invested 522 628 628
Working capital 198 220 204
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1030 1901 1901
Net IB debt Adj -247 -199 -238
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 783 1702 1663
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 117,1 91,1 101,2
Capital invested turnover (%) 238,8 178,2 190
Capital employed turnover (%) 160,6 124,1 132,5
Inventories / sales (%) 13,8 21,9 21,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 29,2 23,3
Working capital / sales (%) 15,7 20,4 17,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -32,1 -24,1 -27,4
Net debt / market cap (%) -22,8 -10,5 -12,6
Equity ratio (%) 68,6 73,3 70,4
Net IB debt adj. / equity (%) -32,1 -24,1 -27,4
Current ratio (%) 204,8 250 226,8
EBITDA / net interest (%) 36665,7 -2465,3 -22222,4
Net IB debt / EBITDA (%) -224,6 -142,7 -156,9
Interest cover (%) 29989 -1815,6 -16643,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,79 0,95 1
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,8 0,95 1
BVPS 6,97 7,5 7,85
BVPS Adj 6,97 7,5 7,85
Net IB debt / share -1,6 -1,1 -1,5
Share price 9,83 17,14 17,14
Market cap. (m) 1084 1891 1891
Valuation 2018 2019 2020
P/E 11,8 18,1 17,2
EV/sales 0,66 1,66 1,39
EV/EBITDA 7,1 12,2 11
EV/EBITA 8,7 16,5 14,7
EV/EBIT 8,8 16,5 14,7
Dividend yield (%) 6,5 3,8 3,9
FCF yield (%) 5,4 4,1 6,4
P/BVPS 1,33 2,29 2,18
P/BVPS Adj 1,33 2,29 2,18
P/E Adj 11,7 18,1 17,2
EV/EBITDA Adj 7,1 12,2 11
EV/EBITA Adj 8,7 16,5 14,7
EV/EBIT Adj 8,8 16,5 14,7
EV/cap. employed 1 1,9 1,8
Investment ratios 2018 2019 2020
Capex / sales 2,3 4,6 3,7
Capex / depreciation 137,7 179,5 164,5
Capex tangibles / tangible fixed assets 38,3 40,4 38,5
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 30,9 30,4 28,7

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Media

Pricer - Interview with CEO Helena Holmgren (in Swedish)
Pricer - Company presentation with CEO Helena Holmgren (in Swedish)

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Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Göran Sundholm 10.2 % 10.1 % 31 Dec 2016
Nordnet Pensionsförsäkring 5.9 % 5.9 % 31 Oct 2019
Mertiva AB 5.9 % 5.9 % 30 Jun 2019
Avanza Pension 5.7 % 5.6 % 30 Sep 2019
Lars Ingvarsson 3.2 % 3.1 % 31 Oct 2019
Dimensional Fund Advisors 3.0 % 3.0 % 30 Sep 2019
Alcur Fonder 3.0 % 3.0 % 31 Oct 2019
Thomas Krishan 2.9 % 2.9 % 31 Oct 2019
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.8 % 1.8 % 30 Sep 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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