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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 1036 1197
Sales growth (%) 44,3 -13,2 15,5
EBITDA 110 145 157
EBITDA margin (%) 9,2 14 13,1
EBIT adj 89 109 119
EBIT adj margin (%) 7,5 10,6 9,9
Pretax profit 89 110 120
EPS rep 0,79 0,96 1,05
EPS growth (%) 125,5 22,4 9,2
EPS adj 0,79 0,96 1,05
DPS 0,6 0,65 0,68
EV/EBITDA (x) 7,8 8,3 7,3
EV/EBIT adj (x) 9,6 11 9,7
P/E (x) 11,8 12,9 11,8
P/E adj (x) 11,8 12,9 11,8
EV/sales (x) 0,7 1,2 1
FCF yield (%) 4,1 9,6 8,7
Dividend yield (%) 6,5 5,2 5,4
Net IB debt/EBITDA -1,6 -1,2 -1,5
SEKm 2018 2019e 2020e
Sales 1195 1036 1197
COGS -922 -712 -850
Gross profit 272 324 347
Other operating items -162 -179 -191
EBITDA 110 145 157
Depreciation on tangibles 0 0 0
Depreciation on intangibles -21 -36 -38
EBITA 89 109 119
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 89 109 119
Other financial items 0 0 0
Net financial items 0 1 2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 89 110 120
Tax -2 -3 -4
Net profit 87 107 117
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 107 117
EPS 0,79 0,96 1,05
EPS Adj 0,79 0,96 1,05
Total extraordinary items after tax 0 0 0
Tax rate (%) -1,7 -3,2 -3
Gross margin (%) 22,8 31,3 29
EBITDA margin (%) 9,2 14 13,1
EBITA margin (%) 7,5 10,6 9,9
EBIT margin (%) 7,5 10,6 9,9
Pretax margin (%) 7,4 10,6 10
Net margin (%) 7,3 10,3 9,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 44,3 -13,2 15,5
EBITDA growth (%) 56,5 32 7,8
EBIT growth (%) 60,5 22,8 8,3
Net profit growth (%) 126,5 22,4 9,2
EPS growth (%) 125,5 22,4 9,2
Profitability 2018 2019 2020
ROE (%) 11,7 13,4 13,8
ROE Adj (%) 11,7 13,4 13,8
ROCE (%) 12 13,8 14
ROCE Adj(%) 12 13,8 14
ROIC (%) 15,2 17,1 17,9
ROIC Adj (%) 15,2 17,1 17,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 110 145 157
EBITDA Adj margin (%) 9,2 14 13,1
EBITA Adj 89 109 119
EBITA Adj margin (%) 7,5 10,6 9,9
EBIT Adj 89 109 119
EBIT Adj margin (%) 7,5 10,6 9,9
Pretax profit Adj 89 110 120
Net profit Adj 87 107 117
Net profit to shareholders Adj 87 107 117
Net Adj margin (%) 7,3 10,3 9,7
SEKm 2018 2019e 2020e
EBITDA 110 145 157
Net financial items 0 1 2
Paid tax -2 -3 -4
Non-cash items 0 0 0
Cash flow before change in WC 108 143 155
Change in WC -22 28 3
Operating cash flow 71 175 158
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -29 -43 -38
Acquisitions and disposals 0 0 0
Free cash flow 42 132 120
Dividend paid -66 -72 -74
Share issues and buybacks 0 0 0
Other non cash items 28 -52 3
Decrease in net IB debt 4 8 48
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 378 448 448
Definite intangible assets 0 0 0
Tangible fixed assets 22 23 23
Other fixed assets 0 0 0
Fixed assets 400 471 472
Inventories 189 232 239
Receivables 362 209 239
Other current assets 0 0 0
Cash and liquid assets 171 179 227
Total assets 1122 1091 1178
Shareholders equity 769 821 866
Minority 0 0 0
Total equity 769 821 866
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 352 270 311
Other current liabilities 0 0 0
Total liabilities and equity 931 919 1122
Net IB debt -171 -179 -227
Net IB debt excl. pension debt -171 -179 -227
Capital invested 598 642 639
Working capital 198 171 168
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1030 1377 1377
Net IB debt Adj -171 -179 -227
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 859 1198 1150
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 117,1 93,7 105,5
Capital invested turnover (%) 207,7 167,1 186,9
Capital employed turnover (%) 160,6 130,3 141,9
Inventories / sales (%) 13,8 20,3 19,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 23,1 30 24,3
Working capital / sales (%) 15,7 17,8 14,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -22,2 -21,8 -26,2
Net debt / market cap (%) -15,8 -13,1 -16,6
Equity ratio (%) 68,6 75,3 73,6
Net IB debt adj. / equity (%) -22,2 -21,8 -26,2
Current ratio (%) 204,8 229,7 226,9
EBITDA / net interest (%) 36666,7 -15252,3 -8722,8
Net IB debt / EBITDA (%) -155,5 -123,6 -145,2
Interest cover (%) 29700 -11491,2 -6604,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,79 0,96 1,05
Dividend per share Adj 0,6 0,7 0,7
EPS Adj 0,79 0,96 1,05
BVPS 6,97 7,45 7,85
BVPS Adj 6,97 7,45 7,85
Net IB debt / share -1,6 -1,6 -2,1
Share price 9,83 12,42 12,42
Market cap. (m) 1084 1370 1370
Valuation 2018 2019 2020
P/E 11,8 12,9 11,8
EV/sales 0,72 1,16 0,96
EV/EBITDA 7,8 8,3 7,3
EV/EBITA 9,6 11 9,7
EV/EBIT 9,6 11 9,7
Dividend yield (%) 6,5 5,2 5,4
FCF yield (%) 4,1 9,6 8,7
P/BVPS 1,33 1,67 1,58
P/BVPS Adj 1,33 1,67 1,58
P/E Adj 11,8 12,9 11,8
EV/EBITDA Adj 7,8 8,3 7,3
EV/EBITA Adj 9,6 11 9,7
EV/EBIT Adj 9,6 11 9,7
EV/cap. employed 1,1 1,5 1,3
Investment ratios 2018 2019 2020
Capex / sales 2,4 4,1 3,2
Capex / depreciation 137,8 119,3 100,8
Capex tangibles / tangible fixed assets 0 0 0
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 0 0 0

Equity research

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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
Avanza Pension 11.4 % 11.3 % 30 Jun 2019
Göran Sundholm 10.2 % 10.1 % 31 Dec 2016
Nordnet Pensionsförsäkring 6.1 % 6.1 % 31 Jul 2019
Mertiva AB 5.5 % 5.4 % 31 Dec 2018
Lars Ingvarsson 3.2 % 3.1 % 31 Jul 2019
Thomas Krishan 2.9 % 2.9 % 31 Jul 2019
Dimensional Fund Advisors 2.9 % 2.8 % 30 Jun 2019
Theodor Jeansson 1.7 % 2.5 % 30 Jun 2019
Hans Granberg 2.2 % 2.1 % 31 Dec 2018
Quaero Capital S.A 1.8 % 1.8 % 30 Jun 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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