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GARO

GARO

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Products and systems for the electrical installations industry

GARO develops and manufactures innovative and solution-oriented products and systems for the electrical installations industry under its own brand. The product areas are Electrical distribution products, Project business, Temporary power and E-mobility. GARO has a broad product assortment and is a market leader in several product areas. The corporate culture strives for common sense and willingness to move ahead, which it says allows it to offer truly user-friendly solutions with continuous innovation.

Weaker construction market and lower industry growth. Unexpected competition in the EV charger segment.

Financials

SEKm 2022 2023e 2024e
Sales 1391 1470 1758
Sales growth (%) 7,3 5,7 19,6
EBITDA 189 225 348
EBITDA margin (%) 13,6 15,3 19,8
EBIT adj. 168 185 306
EBIT adj. margin (%) 12,1 12,6 17,4
Pretax profit 154 173 296
EPS 2,41 2,72 4,61
EPS growth (%) -27,6 12,7 69,7
EPS adj. 2,65 2,72 4,61
DPS 0,8 1,09 2,08
EV/EBITDA (x) 23,2 19,3 12,2
EV/EBIT adj. (x) 26,1 23,5 13,9
P/E (x) 35,1 31,2 18,4
P/E adj. (x) 32 31,2 18,4
EV/sales (x) 3,15 2,95 2,41
FCF yield (%) -0,7 2,2 3,8
Le. adj. FCF yld. (%) -1 1,9 3,6
Dividend yield (%) 0,9 1,3 2,5
Net IB debt/EBITDA (x) 0,8 0,5 0
Le. adj. ND/EBITDA (x) 0,4 0,1 0,2
SEKm 2022 2023e 2024e
Sales 1391 1470 1758
COGS -727 -779 -844
Gross profit 663 691 914
Other operating items -475 -466 -566
EBITDA 189 225 348
Depreciation and amortisation -36 -40 -42
of which leasing depreciation -8 -9 -10
EBITA 153 185 306
EO Items -15 0 0
Impairment and PPA amortisation 0 0 0
EBIT 153 185 306
Net financial items 1 -12 -10
Pretax profit 154 173 296
Tax -33 -37 -65
Net profit 121 136 231
Minority interest 0 0 0
Net profit to shareholders 121 136 231
Net profit discontinued 0 0 0
EPS 2,41 2,72 4,61
EPS adj. 2,65 2,72 4,61
Total extraordinary items after tax -12 0 0
Tax rate (%) 21,5 21,5 22,1
Gross margin (%) 47,7 47 52
Leasing payments 0 0 0
EBITDA margin (%) 13,6 15,3 19,8
EBITA margin (%) 11 12,6 17,4
EBIT margin (%) 11 12,6 17,4
Pre-tax margin (%) 11 11,8 16,8
Net margin (%) 8,7 9,2 13,1
Sales growth (%) 7,3 5,7 19,6
EBITDA growth (%) -22,3 19,2 54,6
EBITA growth (%) -26,3 21,2 65,4
EBIT growth (%) -26,3 21,2 65,4
Net profit growth (%) -27,6 12,7 69,7
EPS growth (%) -27,6 12,7 69,7
ROE (%) 20,7 20,5 28,9
ROE adj. (%) 22,7 20,5 28,9
Profitability N/A N/A N/A
ROCE (%) 21,7 21,3 29,7
ROCE adj. (%) 23,5 21,3 29,7
ROIC (%) 18,2 18,3 27,7
ROIC adj. (%) 20 18,3 27,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 204 225 348
EBITDA adj. margin (%) 14,7 15,3 19,8
EBITDA lease adj. 204 225 348
EBITDA lease adj. margin (%) 14,7 15,3 19,8
EBITA adj. 168 185 306
EBITA adj. margin (%) 12,1 12,6 17,4
EBIT adj. 168 185 306
EBIT adj. margin (%) 12,1 12,6 17,4
Pretax profit Adj. 169 173 296
Net profit Adj. 132 136 231
Net profit to shareholders adj. 132 136 231
Net adj. margin (%) 9,5 9,2 13,1
SEKm 2022 2023e 2024e
EBITDA 189 225 348
Goodwill 46 46 46
Net financial items 1 -12 -10
Other intangible assets 82 116 157
Paid tax -33 -37 -65
Tangible fixed assets 231 276 300
Non-cash items 0 0 0
Cash flow before change in WC 162 176 273
Right-of-use asset 39 40 41
Change in working capital -73 27 -13
Total other fixed assets 4 4 4
Operating cash flow 89 203 259
Fixed assets 401 482 548
Capex tangible fixed assets -87 -74 -53
Inventories 345 323 334
Capex intangible fixed assets -31 -37 -44
Receivables 378 323 387
Cash and liquid assets 30 122 219
Free cash flow -29 93 162
Other current assets 0 0 0
Total assets 1154 1251 1488
Acquisitions and Disposals 0 0 0
Dividend paid -70 -40 -54
Shareholders equity 614 710 886
Leasing liability amortisation -12 -11 -11
Total equity 614 710 886
Other non-cash items -45 0 0
Minority 0 0 0
Long-term debt 37 87 87
Share issues and buybacks 0 0 0
Pension debt 9 9 9
Leasing liability 79 79 79
Short-term debt 58 58 58
Convertible debt 0 0 0
Accounts payable 187 162 193
Other current liabilities 170 147 176
Total other long-term liabilities 0 0 0
Total liabilities and equity 1154 1251 1488
Net IB debt 153 110 13
Net IB debt excl. pension debt 144 101 4
Net IB debt excl. leasing 74 32 -65
Capital employed 796 942 1118
Capital invested 767 820 899
Working capital 366 338 352
Market cap. diluted (m) 4233 4233 4233
Net IB debt adj. 153 110 13
EV 4385 4343 4246
Total assets turnover (%) 133 122,3 128,4
Working capital/sales (%) 23,7 23,9 19,6
Financial risk and debt service N/A N/A N/A
Market value of minority 0 0 0
Net debt/equity (%) 24,9 15,6 1,5
Reversal of shares and participations 0 0 0
Net debt / market cap (%) 3,6 2,6 0,3
Reversal of conv. debt assumed equity N/A N/A N/A
Equity ratio (%) 53,2 56,8 59,6
Net IB debt adj. / equity (%) 24,9 15,6 1,5
Current ratio 1,81 2,1 2,2
EBITDA/net interest 209,8 18,8 34,8
Net IB debt/EBITDA (x) 0,8 0,5 0
Net IB debt/EBITDA lease adj. (x) 0,4 0,1 -0,2
Interest coverage 169,7 15,4 30,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 2,41 2,72 4,61
Dividend per share 0,8 1,09 2,08
EPS adj. 2,65 2,72 4,61
BVPS 12,28 14,2 17,72
BVPS adj. 9,73 10,97 13,68
Net IB debt/share 3,05 2,21 0,26
Share price 84,7 84,7 84,7
Market cap. (m) 4233 4233 4233
P/E (x) 35,1 31,2 18,4
EV/sales (x) 3,15 2,95 2,41
EV/EBITDA (x) 23,2 19,3 12,2
EV/EBITA (x) 28,7 23,5 13,9
EV/EBIT (x) 28,7 23,5 13,9
Dividend yield (%) 0,9 1,3 2,5
FCF yield (%) -0,7 2,2 3,8
Le. adj. FCF yld. (%) -1 1,9 3,6
P/BVPS (x) 6,89 5,96 4,78
P/BVPS adj. (x) 8,7 7,72 6,19
P/E adj. (x) 32 31,2 18,4
EV/EBITDA adj. (x) 21,5 19,3 12,2
EV/EBITA adj. (x) 26,1 23,5 13,9
EV/EBIT adj. (x) 26,1 23,5 13,9
EV/CE (x) 5,5 4,6 3,8
Investment ratios N/A N/A N/A
Capex/sales (%) 8,5 7,5 5,5
Capex/depreciation 4,2 3,6 3
Capex tangibles / tangible fixed assets 37,9 26,6 17,6
Capex intangibles / definite intangibles 37,5 31,7 28
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 10,87 10,13 9,66

Equity research

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Media

GARO - Company presentation with President & CEO Patrik Andersson
GARO - Company presentation with CEO Patrik Andersson

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Main shareholders - GARO

Main shareholders Share capital % Voting shares % Verified
Lars Svensson 35.7 % 35.7 % 28 Dec 2022
Svolder 8.3 % 8.3 % 28 Dec 2022
Swedbank Robur Fonder 7.9 % 7.9 % 31 Jan 2023
SEB Fonder 5.0 % 5.0 % 16 Mar 2023
Nordea Fonder 4.9 % 4.9 % 31 Jan 2023
Spiltan Fonder 3.9 % 3.9 % 28 Feb 2023
Stefan Jonsson 3.3 % 3.3 % 28 Dec 2022
Tredje AP-fonden 2.6 % 2.6 % 31 Dec 2022
Lannebo Fonder 1.3 % 1.3 % 31 Jan 2023
Carnegie Investment Fund 1.0 % 1.0 % 28 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - GARO

Name Quantity Code Date
Jan Larsgaard - 5 000 SELL 13 Apr 2021
Stefan Jonsson - 5 000 SELL 2 Mar 2021
Stefan Jonsson - 5 000 SELL 1 Mar 2021
Lars-Åke Rydh - 2 500 SELL 15 Feb 2021
GARO Aktiebolag - 2 500 SELL 15 Feb 2021
Rickard Blomqvist - 10 918 SELL 7 Jan 2021
Rickard Blomqvist - 9 082 SELL 5 Jan 2021
Rickard Blomqvist - 10 000 SELL 4 Jan 2021
Stefan Jonsson - 20 000 SELL 17 Dec 2020
Stefan Jonsson - 10 000 SELL 15 Dec 2020

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