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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 2020 2021e 2022e
Lease adj. FCF yield (%) 10,6 2,4 5,5
Lease adj. ND/EBITDA -1,2 -1,2 -1,4
Sales 1627 1752 1884
Sales growth (%) -12,4 7,7 7,5
EBITDA 182 207 222
EBITDA margin (%) 11,2 11,8 11,8
EBIT adj 160 162 178
EBIT adj margin (%) 9,8 9,3 9,5
Pretax profit 125 157 172
EPS rep 5,65 7,05 7,75
EPS growth (%) -6,5 24,7 10
EPS adj 7,35 7,05 7,75
DPS 0 6,5 4
EV/EBITDA (x) 7,2 9,9 8,9
EV/EBIT adj (x) 8,1 12,5 11,1
P/E (x) 14 17,1 15,6
P/E adj (x) 10,8 17,1 15,6
EV/sales (x) 0,8 1,2 1,1
FCF yield (%) 13,2 4 7,1
Dividend yield (%) 0 5,4 3,3
Net IB debt/EBITDA -0,5 -0,5 -0,7
SEKm 2020 2021e 2022e
Depreciation and amortisation -52 -44 -44
Of which leasing depreciation -39 -35 -35
EO items -30 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 172 172 187
EBITDA lease Adj margin (%) 10,6 9,8 9,9
Sales 1627 1752 1884
COGS -265 -284 -305
Gross profit 1362 1468 1579
Other operating items -1180 -1262 -1357
EBITDA 182 207 222
Depreciation on tangibles -9 -7 -7
Depreciation on intangibles -3 -2 -2
EBITA 130 162 178
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 130 162 178
Other financial items 0 0 0
Net financial items -5 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 125 157 172
Tax -25 -32 -36
Net profit 100 124 137
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 100 124 137
EPS 5,65 7,05 7,75
EPS Adj 7,35 7,05 7,75
Total extraordinary items after tax -30 0 0
Tax rate (%) -20 -20,6 -20,6
Gross margin (%) 83,7 83,8 83,8
EBITDA margin (%) 11,2 11,8 11,8
EBITA margin (%) 8 9,3 9,5
EBIT margin (%) 8 9,3 9,5
Pretax margin (%) 7,7 8,9 9,2
Net margin (%) 6,1 7,1 7,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -12,4 7,7 7,5
EBITDA growth (%) -6,7 13,8 7,5
EBIT growth (%) -8,3 25 9,7
Net profit growth (%) -6,1 24,7 10
EPS growth (%) -6,5 24,7 10
Profitability 2020 2021 2022
ROE (%) 15,1 17 16,9
ROE Adj (%) 19,7 17 16,9
ROCE (%) 16,5 19,1 19,3
ROCE Adj(%) 20,3 19,1 19,3
ROIC (%) 14,9 18,6 19
ROIC Adj (%) 18,3 18,6 19
Adj earnings numbers 2020 2021 2022
EBITDA Adj 212 207 222
EBITDA Adj margin (%) 13 11,8 11,8
EBITA Adj 160 162 178
EBITA Adj margin (%) 9,8 9,3 9,5
EBIT Adj 160 162 178
EBIT Adj margin (%) 9,8 9,3 9,5
Pretax profit Adj 155 157 172
Net profit Adj 130 124 137
Net profit to shareholders Adj 130 124 137
Net Adj margin (%) 8 7,1 7,3
Leasing payments -39 -35 -35
SEKm 2020 2021e 2022e
Lease liability amortisation -37 -35 -35
Other intangible assets 8 8 8
Right-of-use asset 116 116 116
Total other fixed assets 10 10 10
Leasing liability 115 115 115
Total other long-term liabilities 51 55 59
Net IB debt excl. leasing -209 -208 -264
Net IB debt / EBITDA lease Adj (%) -121,4 -121,2 -140,8
Other fixed assets 10 10 10
Fixed assets 525 524 524
Inventories 0 0 0
Receivables 274 346 377
Other current assets 167 183 193
Cash and liquid assets 199 198 254
Total assets 1164 1250 1348
Shareholders equity 698 770 846
Minority 0 0 0
Total equity 698 770 846
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 51 55 59
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 49 52 50
Other current liabilities 252 258 278
Total liabilities and equity 1164 1250 1348
Net IB debt -95 -94 -149
Net IB debt excl. pension debt -95 -94 -149
Capital invested 654 731 756
Working capital 140 218 242
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1396 2130 2130
Net IB debt Adj -95 -94 -149
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 1301 2037 1981
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 142,3 145,1 145
Capital invested turnover (%) 232,5 252,9 253,3
Capital employed turnover (%) 206,2 206,5 204,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 1,3 1,4 1,4
Payables / sales (%) 3,2 2,9 2,7
Working capital / sales (%) 11,7 10,2 12,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -13,6 -12,2 -17,6
Net debt / market cap (%) -8,9 -4,4 -7
Equity ratio (%) 59,9 61,6 62,8
Net IB debt adj. / equity (%) -13,6 -12,2 -17,6
Current ratio (%) 192,3 212,1 229,1
EBITDA / net interest (%) 3490,4 3606,2 3875,9
Net IB debt / EBITDA (%) -52,2 -45,4 -67,2
Interest cover (%) 2500 2835,7 3109,6
EBITDA 182 207 222
Net financial items -5 -6 -6
Paid tax -25 -32 -36
Non-cash items -5 0 0
Cash flow before change in WC 146 169 181
Change in WC 102 -74 -20
Operating cash flow 248 95 160
CAPEX tangible fixed assets -7 -9 -9
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -56 0 0
Free cash flow 185 86 151
Dividend paid 0 0 -115
Share issues and buybacks 0 0 0
Other non cash items 34 -57 37
Decrease in net IB debt 172 -1 55
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 367 367 367
Indefinite intangible assets 0 0 0
Definite intangible assets 8 8 8
Tangible fixed assets 24 23 23
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 10,6 2,4 5,5
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 5,65 7,05 7,75
Dividend per share Adj 0 6,5 4
EPS Adj 7,35 7,05 7,75
BVPS 39,5 43,6 47,9
BVPS Adj 18,26 22,36 26,67
Net IB debt / share -5,4 -5,3 -8,5
Share price 60,51 120,6 120,6
Market cap. (m) 1069 2130 2130
Valuation 2020 2021 2022
P/E 14 17,1 15,6
EV/sales 0,8 1,16 1,05
EV/EBITDA 7,2 9,9 8,9
EV/EBITA 10 12,5 11,1
EV/EBIT 10 12,5 11,1
Dividend yield (%) 0 5,4 3,3
FCF yield (%) 13,2 4 7,1
P/BVPS 2 2,77 2,52
P/BVPS Adj 4,33 5,39 4,52
P/E Adj 10,8 17,1 15,6
EV/EBITDA Adj 6,2 9,9 8,9
EV/EBITA Adj 8,1 12,5 11,1
EV/EBIT Adj 8,1 12,5 11,1
EV/cap. employed 1,6 2,3 2,1
Investment ratios 2020 2021 2022
Capex / sales 0,4 0,5 0,5
Capex / depreciation 54,8 92,2 101,7
Capex tangibles / tangible fixed assets 28,8 38 40,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 41,3 30,8 29,9
Depreciation on tangibles / tangibles 38,6 30,8 29,8

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Main shareholders - Semcon

Main shareholders Share capital % Voting shares % Verified
JCE Group 25.9 % 25.9 % 31 Mar 2021
Nordea Fonder 11.1 % 11.1 % 31 Mar 2021
Otus Capital Management 8.3 % 8.3 % 31 Aug 2018
Ennismore Fund Management 5.2 % 5.2 % 3 Aug 2020
Semcon AB 3.9 % 3.9 % 31 Mar 2021
Avanza Pension 3.2 % 3.2 % 31 Mar 2021
Dimensional Fund Advisors 3.1 % 3.1 % 28 Feb 2021
Amiral Gestion 1.7 % 1.7 % 30 Nov 2020
Waag & Zübert Value AG 1.7 % 1.7 % 31 Mar 2021
Fortezza Finanz AG 1.5 % 1.5 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Semcon

Name Quantity Code Date
Per Nilsson - 914 SELL 24 Feb 2021
Carin Wiberg - 1 977 SELL 24 Feb 2021
Björn Strömberg - 3 014 SELL 23 Feb 2021
Per Nilsson + 914 ALTM 22 Feb 2021
Carin Wiberg + 1 977 ALTM 22 Feb 2021
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

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