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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
Sales 1642 1772 1901
Sales growth (%) -11,6 7,9 7,3
EBITDA 166 198 216
EBITDA margin (%) 10,1 11,2 11,4
EBIT adj 153 152 170
EBIT adj margin (%) 9,3 8,6 8,9
Pretax profit 111 146 164
EPS rep 4,94 6,56 7,37
EPS growth (%) -18,3 32,9 12,4
EPS adj 7,03 6,56 7,37
DPS 2,5 3,5 4
EV/EBITDA (x) 8,1 6,9 6,1
EV/EBIT adj (x) 8,8 9 7,7
P/E (x) 16,2 12,2 10,8
P/E adj (x) 11,4 12,2 10,8
EV/sales (x) 0,8 0,8 0,7
FCF yield (%) 12,1 3,4 10,9
Dividend yield (%) 3,1 4,4 5
Net IB debt/EBITDA -0,4 -0,2 -0,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1642 1772 1901
COGS -278 -299 -320
Gross profit 1365 1473 1581
Other operating items -1199 -1275 -1365
EBITDA 166 198 216
Depreciation on tangibles -9 -8 -8
Depreciation on intangibles -3 -3 -3
EBITA 116 152 170
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 116 152 170
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 111 146 164
Tax -24 -30 -34
Net profit 87 116 130
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 87 116 130
EPS 4,94 6,56 7,37
EPS Adj 7,03 6,56 7,37
Total extraordinary items after tax -37 0 0
Tax rate (%) -21,4 -20,6 -20,6
Gross margin (%) 83,1 83,1 83,1
EBITDA margin (%) 10,1 11,2 11,4
EBITA margin (%) 7,1 8,6 8,9
EBIT margin (%) 7,1 8,6 8,9
Pretax margin (%) 6,7 8,2 8,6
Net margin (%) 5,3 6,5 6,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -11,6 7,9 7,3
EBITDA growth (%) -14,6 19,1 9,1
EBIT growth (%) -18,3 30,9 12
Net profit growth (%) -18,1 32,9 12,4
EPS growth (%) -18,3 32,9 12,4
Profitability 2020 2021 2022
ROE (%) 13,3 16 16,3
ROE Adj (%) 19 16 16,3
ROCE (%) 14,7 18 18,6
ROCE Adj(%) 19,4 18 18,6
ROIC (%) 13 16,9 17,4
ROIC Adj (%) 17,1 16,9 17,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 203 198 216
EBITDA Adj margin (%) 12,4 11,2 11,4
EBITA Adj 153 152 170
EBITA Adj margin (%) 9,3 8,6 8,9
EBIT Adj 153 152 170
EBIT Adj margin (%) 9,3 8,6 8,9
Pretax profit Adj 148 146 164
Net profit Adj 124 116 130
Net profit to shareholders Adj 124 116 130
Net Adj margin (%) 7,6 6,5 6,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Other fixed assets 3 3 3
Fixed assets 527 526 526
Inventories 0 0 0
Receivables 247 364 391
Other current assets 170 180 190
Cash and liquid assets 188 156 213
Total assets 1132 1226 1319
Shareholders equity 689 761 830
Minority 0 0 0
Total equity 689 761 830
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 43 46 49
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 46 49 53
Other current liabilities 236 250 268
Total liabilities and equity 1132 1226 1319
Net IB debt -71 -40 -97
Net IB debt excl. pension debt -71 -40 -97
Capital invested 660 767 783
Working capital 135 244 260
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1410 1410 1410
Net IB debt Adj -71 -40 -97
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 1338 1370 1313
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 145,7 150,3 149,4
Capital invested turnover (%) 233,7 248,3 245,3
Capital employed turnover (%) 208,7 209,9 207,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0,9 0,9 0,9
Payables / sales (%) 3,1 2,7 2,7
Working capital / sales (%) 11,4 10,7 13,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -10,4 -5,2 -11,7
Net debt / market cap (%) -6,7 -2,8 -6,9
Equity ratio (%) 60,8 62,1 62,9
Net IB debt adj. / equity (%) -10,4 -5,2 -11,7
Current ratio (%) 192,6 210,7 224,9
EBITDA / net interest (%) 3265,6 3325,6 3629,9
Net IB debt / EBITDA (%) -43 -20 -44,8
Interest cover (%) 2277,3 2548,9 2853,6
N/A N/A N/A
EBITDA 166 198 216
Net financial items -5 -6 -6
Paid tax -24 -30 -34
Non-cash items -2 0 0
Cash flow before change in WC 135 162 176
Change in WC 92 -105 -13
Operating cash flow 227 57 163
CAPEX tangible fixed assets -8 -9 -10
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -48 0 0
Free cash flow 171 48 154
Dividend paid 0 -44 -62
Share issues and buybacks 0 0 0
Other non cash items 31 -13 -15
Decrease in net IB debt 149 -32 57
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 369 369 369
Indefinite intangible assets 0 0 0
Definite intangible assets 9 8 8
Tangible fixed assets 26 25 25
SEKm 2020 2021e 2022e
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 4,94 6,56 7,37
Dividend per share Adj 2,5 3,5 4
EPS Adj 7,03 6,56 7,37
BVPS 39,04 43,14 47,07
BVPS Adj 17,62 21,73 25,67
Net IB debt / share -4 -2,2 -5,5
Share price 60,51 79,9 79,9
Market cap. (m) 1068 1410 1410
Valuation 2020 2021 2022
P/E 16,2 12,2 10,8
EV/sales 0,81 0,77 0,69
EV/EBITDA 8,1 6,9 6,1
EV/EBITA 11,6 9 7,7
EV/EBIT 11,6 9 7,7
Dividend yield (%) 3,1 4,4 5
FCF yield (%) 12,1 3,4 10,9
P/BVPS 2,05 1,85 1,7
P/BVPS Adj 4,54 3,68 3,11
P/E Adj 11,4 12,2 10,8
EV/EBITDA Adj 6,6 6,9 6,1
EV/EBITA Adj 8,8 9 7,7
EV/EBIT Adj 8,8 9 7,7
EV/cap. employed 1,7 1,6 1,4
Investment ratios 2020 2021 2022
Capex / sales 0,5 0,5 0,5
Capex / depreciation 69,3 88 94,7
Capex tangibles / tangible fixed assets 31,6 35,3 38,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 35 30,1 30,5
Depreciation on tangibles / tangibles 33,9 30,1 30,5
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 % 30 Nov 2020
Nordea Fonder 11.1 % 11.1 % 30 Nov 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 % 30 Nov 2020
Avanza Pension 3.5 % 3.5 % 30 Nov 2020
Dimensional Fund Advisors 3.1 % 3.1 % 30 Nov 2020
Waag & Zübert Value AG 1.7 % 1.7 % 30 Sep 2020
Fortezza Finanz AG 1.5 % 1.5 % 30 Nov 2020
Johan Hagberg 1.4 % 1.4 % 30 Nov 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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