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Semcon

Semcon

Semcon is an international technology firm that offers a unique combination of digital and physical solutions transforming its customer’s products, services and systems. New products, production units and aftermarket solutions are developed using the latest technology within digitalisation, and with a focus on sustainability. The operations are divided into two business areas: Engineering & Digital Services and Product Information. Customers are found on a global level, mainly in the life science, manufacturing, automotive, telecom and energy industries. Semcon offers both specialist competences and managed services, with offices in seven different countries.

Semcon operates in markets with significant trends that provide opportunities for growth. In the automotive industry, the main trends are sustainability, with focus on electrification, and autonomous driving, which includes other safety and communication technologies. In the industrial sector, the main trend is Industry 4.0, including connectivity, flexibility and efficiency. The life science sector is exposed to trends such as a growing global middle class and an aging population. In recent years, Semcon has started to move away from the dependence on automotive services and it is putting a greater focus on digital services.

Semcon is largely dependent on investment activities in its sectors, such as automotive, industry and life science, which can experience extensive drawdowns in recessions. In addition, Semcon needs to attract and retain qualified employees to sustain its operations. There is a growing shortage of engineers in Sweden, which could lead to higher salaries and difficulties employing and retaining staff as prospective employees have greater bargaining power.

SEKm 2019 2020e 2021e
Sales 1858 1642 1772
Sales growth (%) 0,9 -11,6 7,9
EBITDA 195 166 198
EBITDA margin (%) 10,5 10,1 11,2
EBIT adj 142 153 152
EBIT adj margin (%) 7,6 9,3 8,6
Pretax profit 135 111 146
EPS rep 6,04 4,94 6,56
EPS growth (%) 15 -18,3 32,9
EPS adj 6,12 7,03 6,56
DPS 0 2,5 3,5
EV/EBITDA (x) 6,6 6,7 5,8
EV/EBIT adj (x) 9 7,3 7,5
P/E (x) 11,5 13,6 10,2
P/E adj (x) 11,3 9,5 10,2
EV/sales (x) 0,7 0,7 0,6
FCF yield (%) 10,1 14,4 4
Dividend yield (%) 0 3,7 5,2
Net IB debt/EBITDA 0,4 -0,4 -0,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1858 1642 1772
COGS -337 -278 -299
Gross profit 1522 1365 1473
Other operating items -1327 -1199 -1275
EBITDA 195 166 198
Depreciation on tangibles -9 -9 -8
Depreciation on intangibles -3 -3 -3
EBITA 142 116 152
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 142 116 152
Other financial items 0 0 0
Net financial items -7 -5 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 135 111 146
Tax -29 -24 -30
Net profit 106 87 116
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 106 87 116
EPS 6,04 4,94 6,56
EPS Adj 6,12 7,03 6,56
Total extraordinary items after tax 0 -37 0
Tax rate (%) -21,3 -21,4 -20,6
Gross margin (%) 81,9 83,1 83,1
EBITDA margin (%) 10,5 10,1 11,2
EBITA margin (%) 7,6 7,1 8,6
EBIT margin (%) 7,6 7,1 8,6
Pretax margin (%) 7,3 6,7 8,2
Net margin (%) 5,7 5,3 6,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,9 -11,6 7,9
EBITDA growth (%) 48 -14,6 19,1
EBIT growth (%) 18,6 -18,3 30,9
Net profit growth (%) 13,1 -18,1 32,9
EPS growth (%) 15 -18,3 32,9
Profitability 2019 2020 2021
ROE (%) 17,9 13,3 16
ROE Adj (%) 17,9 19 16
ROCE (%) 21,3 14,7 18
ROCE Adj(%) 21,3 19,4 18
ROIC (%) 17,1 13 16,9
ROIC Adj (%) 17,1 17,1 16,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 195 203 198
EBITDA Adj margin (%) 10,5 12,4 11,2
EBITA Adj 142 153 152
EBITA Adj margin (%) 7,6 9,3 8,6
EBIT Adj 142 153 152
EBIT Adj margin (%) 7,6 9,3 8,6
Pretax profit Adj 135 148 146
Net profit Adj 106 124 116
Net profit to shareholders Adj 106 124 116
Net Adj margin (%) 5,7 7,6 6,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Other fixed assets 6 3 3
Fixed assets 512 527 526
Inventories 0 0 0
Receivables 373 247 364
Other current assets 176 170 180
Cash and liquid assets 63 188 156
Total assets 1123 1132 1226
Shareholders equity 620 689 761
Minority 0 0 0
Total equity 620 689 761
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 48 43 46
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 56 46 49
Other current liabilities 253 236 250
Total liabilities and equity 1123 1132 1226
Net IB debt 77 -71 -40
Net IB debt excl. pension debt 77 -71 -40
Capital invested 746 660 767
Working capital 240 135 244
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1201 1184 1184
Net IB debt Adj 77 -71 -40
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 1279 1112 1144
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 180,5 145,7 150,3
Capital invested turnover (%) 284,6 233,7 248,3
Capital employed turnover (%) 278,8 208,7 209,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 1,1 0,9 0,9
Payables / sales (%) 2,9 3,1 2,7
Working capital / sales (%) 11,9 11,4 10,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 12,5 -10,4 -5,2
Net debt / market cap (%) 7,8 -6 -3,4
Equity ratio (%) 55,2 60,8 62,1
Net IB debt adj. / equity (%) 12,5 -10,4 -5,2
Current ratio (%) 176,9 192,6 210,7
EBITDA / net interest (%) 2861,8 3265,6 3325,6
Net IB debt / EBITDA (%) 39,7 -43 -20
Interest cover (%) 2085,3 2277,3 2548,9
N/A N/A N/A
EBITDA 195 166 198
Net financial items -7 -5 -6
Paid tax 0 -24 -30
Non-cash items -41 -2 0
Cash flow before change in WC 147 135 162
Change in WC -16 92 -105
Operating cash flow 131 227 57
CAPEX tangible fixed assets -10 -8 -9
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -48 0
Free cash flow 121 171 48
Dividend paid -52 0 -44
Share issues and buybacks -5 0 0
Other non cash items -128 31 -13
Decrease in net IB debt -124 149 -32
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 317 369 369
Indefinite intangible assets 0 0 0
Definite intangible assets 10 9 8
Tangible fixed assets 30 26 25
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 18 18
Fully diluted shares Adj 17 18 18
EPS 6,04 4,94 6,56
Dividend per share Adj 0 2,5 3,5
EPS Adj 6,12 7,03 6,56
BVPS 35,72 39,04 43,14
BVPS Adj 16,87 17,62 21,73
Net IB debt / share 4,5 -4 -2,2
Share price 56,82 67,1 67,1
Market cap. (m) 986 1184 1184
Valuation 2019 2020 2021
P/E 11,5 13,6 10,2
EV/sales 0,69 0,68 0,65
EV/EBITDA 6,6 6,7 5,8
EV/EBITA 9 9,6 7,5
EV/EBIT 9 9,6 7,5
Dividend yield (%) 0 3,7 5,2
FCF yield (%) 10,1 14,4 4
P/BVPS 1,94 1,72 1,56
P/BVPS Adj 4,1 3,81 3,09
P/E Adj 11,3 9,5 10,2
EV/EBITDA Adj 6,6 5,5 5,8
EV/EBITA Adj 9 7,3 7,5
EV/EBIT Adj 9 7,3 7,5
EV/cap. employed 1,7 1,4 1,3
Investment ratios 2019 2020 2021
Capex / sales 0,5 0,5 0,5
Capex / depreciation 78 69,3 88
Capex tangibles / tangible fixed assets 31,9 31,6 35,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 30,4 35 30,1
Depreciation on tangibles / tangibles 30,6 33,9 30,1
N/A N/A N/A

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Main shareholders - Semcon

Main shareholders Share capital % Voting shares % Verified
JCE Group 25.9 % 25.9 % 31 Oct 2020
Nordea Fonder 10.7 % 10.7 % 30 Sep 2020
Otus Capital Management 8.3 % 8.3 % 31 Aug 2018
Ennismore Fund Management 5.2 % 5.2 % 3 Aug 2020
Semcon AB 4.0 % 4.0 % 10 Nov 2020
Avanza Pension 3.4 % 3.4 % 31 Oct 2020
Dimensional Fund Advisors 3.1 % 3.1 % 30 Sep 2020
Waag & Zübert Value AG 1.7 % 1.7 % 30 Sep 2020
Fortezza Finanz AG 1.5 % 1.5 % 30 Sep 2020
Johan Hagberg 1.4 % 1.4 % 31 Oct 2020
Source: Holdings by Modular Finance AB

Insider list - Semcon

Name Quantity Code Date
Carin Wiberg + 1 509 ALTM 10 Nov 2020
Björn Strömberg + 2 297 ALTM 10 Nov 2020
Karl Thedéen + 3 000 BUY 16 Sep 2020
MATS SÄLLBERG - 8 000 SELL 22 Nov 2019
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 10 Sep 2019
Eva Maria Cecilia Sandell Elmstedt - 500 SELL 6 Sep 2019
Carl Backman + 5 000 BUY 4 Sep 2019
Tore Bertil Bertilsson + 5 000 BUY 30 Aug 2019
Markus Granlund + 539 ALTM 29 Jul 2019
Björn Strömberg + 359 ALTM 29 Jul 2019

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