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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 5,4
Lease adj. ND/EBITDA -1,2 -0,9 -1,1
Sales 1627 1761 1934
Sales growth (%) -12,4 8,3 9,8
EBITDA 182 215 234
EBITDA margin (%) 11,2 12,2 12,1
EBIT adj 160 172 195
EBIT adj margin (%) 9,8 9,8 10,1
Pretax profit 125 167 190
EPS rep 5,65 7,47 8,51
EPS growth (%) -6,5 32,2 13,9
EPS adj 7,35 7,5 8,51
DPS 0 7 4,5
EV/EBITDA (x) 7,2 10 9
EV/EBIT adj (x) 8,1 12,5 10,8
P/E (x) 14 16,8 14,7
P/E adj (x) 10,8 16,7 14,7
EV/sales (x) 0,8 1,2 1,1
FCF yield (%) 13,2 3,4 6,7
Dividend yield (%) 0 5,6 3,6
Net IB debt/EBITDA -0,5 -0,3 -0,5
SEKm 2020 2021e 2022e
Depreciation and amortisation -52 -43 -39
Of which leasing depreciation -39 -32 -30
EO items -30 -1 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 172 183 205
EBITDA lease Adj margin (%) 10,6 10,4 10,6
Sales 1627 1761 1934
COGS -265 -275 -302
Gross profit 1362 1486 1632
Other operating items -1180 -1271 -1398
EBITDA 182 215 234
Depreciation on tangibles -9 -7 -7
Depreciation on intangibles -3 -2 -2
EBITA 130 172 195
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 130 172 195
Other financial items 0 0 0
Net financial items -5 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 125 167 190
Tax -25 -34 -39
Net profit 100 133 151
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 100 133 151
EPS 5,65 7,47 8,51
EPS Adj 7,35 7,5 8,51
Total extraordinary items after tax -30 -0,5 0
Tax rate (%) -20 -20,6 -20,6
Gross margin (%) 83,7 84,4 84,4
EBITDA margin (%) 11,2 12,2 12,1
EBITA margin (%) 8 9,8 10,1
EBIT margin (%) 8 9,8 10,1
Pretax margin (%) 7,7 9,5 9,8
Net margin (%) 6,1 7,5 7,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -12,4 8,3 9,8
EBITDA growth (%) -6,7 18,5 9
EBIT growth (%) -8,3 32,3 13,6
Net profit growth (%) -6,1 32,9 13,9
EPS growth (%) -6,5 32,2 13,9
Profitability 2020 2021 2022
ROE (%) 15,1 17,8 18,2
ROE Adj (%) 19,7 17,9 18,2
ROCE (%) 16,5 19,8 20,4
ROCE Adj(%) 20,3 19,9 20,4
ROIC (%) 14,9 19,1 19,5
ROIC Adj (%) 18,3 19,1 19,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 212 216 234
EBITDA Adj margin (%) 13 12,2 12,1
EBITA Adj 160 172 195
EBITA Adj margin (%) 9,8 9,8 10,1
EBIT Adj 160 172 195
EBIT Adj margin (%) 9,8 9,8 10,1
Pretax profit Adj 155 168 190
Net profit Adj 130 133 151
Net profit to shareholders Adj 130 133 151
Net Adj margin (%) 8 7,6 7,8
Leasing payments -39 -32 -30
SEKm 2020 2021e 2022e
Lease liability amortisation -37 -31 -30
Other intangible assets 8 7 7
Right-of-use asset 116 100 100
Total other fixed assets 10 6 6
Leasing liability 115 100 100
Total other long-term liabilities 51 55 61
Net IB debt excl. leasing -209 -169 -219
Net IB debt / EBITDA lease Adj (%) -121,4 -92,4 -106,9
Other fixed assets 10 10 10
Fixed assets 525 588 588
Inventories 0 0 0
Receivables 274 323 371
Other current assets 167 183 197
Cash and liquid assets 199 195 231
Total assets 1164 1289 1388
Shareholders equity 698 791 873
Minority 0 0 0
Total equity 698 791 873
Long-term debt 0 19 19
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 13 0
Accounts payable 49 51 50
Other current liabilities 252 260 286
Total liabilities and equity 1164 1289 1388
Net IB debt -95 -70 -119
Net IB debt excl. pension debt -95 -70 -119
Capital invested 654 777 814
Working capital 140 196 232
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1396 2227 2227
Net IB debt Adj -95 -70 -119
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 2158 2108
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 142,3 143,6 144,5
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 9,5 11,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -13,6 -8,8 -13,6
Net debt / market cap (%) -8,9 -3,1 -5,3
Equity ratio (%) 59,9 61,4 62,9
Net IB debt adj. / equity (%) -13,6 -8,8 -13,6
Current ratio (%) 192,3 197,5 217,8
EBITDA / net interest (%) 3490,4 4394,1 4698,6
Net IB debt / EBITDA (%) -52,2 -32,3 -50,7
Interest cover (%) 2500 3513,4 3914,2
EBITDA 182 215 234
Net financial items -5 -5 -5
Paid tax -25 -34 -39
Non-cash items -5 8 0
Cash flow before change in WC 146 184 190
Change in WC 102 -52 -31
Operating cash flow 248 132 159
CAPEX tangible fixed assets -7 -9 -10
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -56 -47 0
Free cash flow 185 76 149
Dividend paid 0 0 -124
Share issues and buybacks 0 0 0
Other non cash items 34 -76 31
Decrease in net IB debt 172 -1 55
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 367 451 451
Indefinite intangible assets 0 0 0
Definite intangible assets 8 8 8
Tangible fixed assets 24 24 24
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 10,6 2 5,4
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 5,65 7,47 8,51
Dividend per share Adj 0 7 4,5
EPS Adj 7,35 7,5 8,51
BVPS 39,5 44,56 49,14
BVPS Adj 18,26 18,77 23,32
Net IB debt / share -5,4 -3,9 -6,7
Share price 60,51 125,4 125,4
Market cap. (m) 1069 2227 2227
Valuation 2020 2021 2022
P/E 14 16,8 14,7
EV/sales 0,8 1,22 1,09
EV/EBITDA 7,2 10 9
EV/EBITA 10 12,5 10,8
EV/EBIT 10 12,5 10,8
Dividend yield (%) 0 5,6 3,6
FCF yield (%) 13,2 3,4 6,7
P/BVPS 2 2,81 2,55
P/BVPS Adj 4,33 6,68 5,38
P/E Adj 10,8 16,7 14,7
EV/EBITDA Adj 6,2 10 9
EV/EBITA Adj 8,1 12,5 10,8
EV/EBIT Adj 8,1 12,5 10,8
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 82 105,1
Capex tangibles / tangible fixed assets 28,8 37,2 40,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 41,3 37,4 28,7
Depreciation on tangibles / tangibles 38,6 34,3 29,8

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Main shareholders - Semcon

Main shareholders Share capital % Voting shares % Verified
JCE Group 25.9 % 25.9 % 31 Aug 2021
Nordea Fonder 11.1 % 11.1 % 31 Aug 2021
Otus Capital Management 8.6 % 8.6 % 9 Jul 2021
Ennismore Fund Management 5.2 % 5.2 % 19 Jul 2021
Semcon AB 3.4 % 3.4 % 31 Aug 2021
Dimensional Fund Advisors 3.1 % 3.1 % 31 Jul 2021
Avanza Pension 2.6 % 2.6 % 31 Aug 2021
Taiga Fund Management AS 2.4 % 2.4 % 23 Jun 2021
Amiral Gestion 2.0 % 2.0 % 23 Jun 2021
Waag & Zübert Value AG 1.7 % 1.7 % 30 Jun 2021
Source: Holdings by Modular Finance AB

Insider list - Semcon

Name Quantity Code Date
Björn Strömberg + 1 334 ALTM 21 Jul 2021
Markus Granlund + 4 047 ALTM 21 Jul 2021
Björn Strömberg - 1 334 SELL 21 Jul 2021
Per Nilsson + 402 ALTM 21 Jul 2021
Karl Thedéen + 2 000 BUY 19 Jul 2021
Carsten Browall + 4 000 BUY 26 May 2021
Johan Per Vilhelm Ekener + 3 382 ALTM 4 May 2021
Carin Wiberg + 1 334 ALTM 4 May 2021
Markus Granlund + 6 138 ALTM 4 May 2021
Björn Strömberg + 2 025 ALTM 4 May 2021

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