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Berner Industrier

Berner Industrier

Berner Industrier is a decentralised group of B2B businesses acting both as distributors and selling their own products. The product base is very diversified, but the common theme is technical solutions for sustainable industry within clean energy, clean water, packaging, process technology and noise reduction. Examples of important products are industrial electrical water boilers, pumps, packaging machinery and industrial dampers.

Sustainability Information

Downturns in the industrial cycle, difficulties in improving underperforming subsidiaries, acquisition integration issues, inflated acquisition multiples.

SEKm 2024 2025e 2026e
Sales 963 1040 1114
Sales growth (%) 2,1 8 7,2
EBITDA 92 127 132
EBITDA margin (%) 9,6 12,2 11,9
EBIT adj. 66 93 96
EBIT adj. margin (%) 6,9 9 8,6
Pretax profit 47 80 89
EPS 1,96 3,35 3,72
EPS growth (%) -19 70,8 11
EPS adj. 2,48 3,62 3,81
DPS 0,95 1,67 1,86
EV/EBITDA (x) 13,7 10 9,4
EV/EBIT adj. (x) 19,2 13,6 12,9
P/E (x) 31,1 18,2 16,4
P/E adj. (x) 24,6 16,9 16
EV/sales (x) 1,31 1,22 1,11
FCF yield (%) 9 4,8 7,9
Le. adj. FCF yld. (%) 6,3 2,4 5,9
Dividend yield (%) 1,6 2,7 3
Net IB debt/EBITDA (x) 1,3 1 0,7
Le. adj. ND/EBITDA (x) 0,4 0,3 -0,1
SEKm 2024 2025e 2026e
Sales 963 1040 1114
COGS -590 -606 -662
Gross profit 372 434 452
Other operating items -280 -307 -320
EBITDA 92 127 132
Depreciation and amortisation -33 -37 -35
of which leasing depreciation -29 -31 -28
EBITA 59 90 98
EO Items -9 -5 0
Impairment and PPA amortisation -2 -2 -2
EBIT 57 88 96
Net financial items -10 -8 -6
Pretax profit 47 80 89
Tax -10 -18 -20
Net profit 37 63 70
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 63 70
EPS 1,96 3,35 3,72
EPS adj. 2,48 3,62 3,81
Total extraordinary items after tax -6 -4 0
Leasing payments -34 -31 -26
Tax rate (%) 21,7 22 22
Gross margin (%) 38,7 41,8 40,6
EBITDA margin (%) 9,6 12,2 11,9
EBITA margin (%) 6,1 8,6 8,8
EBIT margin (%) 5,9 8,5 8,6
Pre-tax margin (%) 4,9 7,7 8
Net margin (%) 3,8 6 6,3
Sales growth (%) 2,1 8 7,2
EBITDA growth (%) -9,9 37,6 4,5
EBITA growth (%) -15,1 52,3 8,5
EBIT growth (%) -16 54,3 8,4
Net profit growth (%) -18,8 70,3 11,1
EPS growth (%) -19 70,8 11
Profitability N/A N/A N/A
ROE (%) 15,3 23,1 22,3
ROE adj. (%) 18,5 25 22,9
ROCE (%) 12,7 18,2 18,5
ROCE adj. (%) 14,9 19,6 18,9
ROIC (%) 11,9 17,8 18,1
ROIC adj. (%) 13,7 18,8 18,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 116 121 126
EBITA adj. 68 95 98
EBITDA adj. margin (%) 11,9 12 12
EBITA adj. margin (%) 7 9,1 8,8
EBITDA lease adj. 82 88 93
EBIT adj. 66 93 96
EBITDA lease adj. margin (%) 8,5 8,7 8,8
EBIT adj. margin (%) 6,9 9 8,6
Pretax profit Adj. 67 72 76
Net profit Adj. 53 56 59
Net profit to shareholders adj. 53 56 59
Net adj. margin (%) 5,4 5,5 5,6
SEKm 2024 2025e 2026e
EBITDA 92 127 132
Goodwill 196 241 241
Net financial items -10 -8 -6
Other intangible assets 46 46 48
Paid tax -8 -19 -20
Tangible fixed assets 14 39 41
Non-cash items 0 1 0
Right-of-use asset 95 87 90
Cash flow before change in WC 73 100 106
Total other fixed assets 2 2 2
Change in working capital 31 0 -3
Fixed assets 352 414 421
Operating cash flow 105 100 103
Inventories 72 88 95
Capex tangible fixed assets -2 -5 -8
Receivables 121 130 139
Capex intangible fixed assets -1 -2 -4
Other current assets 14 23 24
Acquisitions and Disposals 0 -39 0
Cash and liquid assets 75 85 121
Free cash flow 103 55 91
Total assets 635 740 801
Dividend paid -17 -18 -31
Shareholders equity 251 293 331
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -31 -27 -23
Total equity 251 293 331
Other non-cash items -14 -12 -10
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 96 92 101
Total other long-term liabilities 13 38 38
Short-term debt 100 115 115
Accounts payable 53 68 72
Other current liabilities 122 135 144
Total liabilities and equity 635 740 801
Net IB debt 121 122 94
Net IB debt excl. pension debt 121 122 94
Net IB debt excl. leasing 25 30 -6
Capital employed 447 500 547
Capital invested 371 415 425
Working capital 32 39 42
Market cap. diluted (m) 1144 1144 1144
Net IB debt adj. 121 122 94
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 1265 1266 1239
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 147,5 151,3 144,6
Working capital/sales (%) 4,9 3,4 3,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 48,2 41,7 28,5
Net debt / market cap (%) 10,6 10,7 8,2
Equity ratio (%) 39,5 39,6 41,3
Net IB debt adj. / equity (%) 48,2 41,7 28,5
Current ratio 1,03 1,03 1,15
EBITDA/net interest 10,6 23,6 20,5
Net IB debt/EBITDA (x) 1,3 1 0,7
Net IB debt/EBITDA lease adj. (x) 0,4 0,3 -0,1
Interest coverage 5,5 15,6 12,9
SEKm 2024 2025e 2026e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 1,96 3,35 3,72
Dividend per share 0,95 1,67 1,86
EPS adj. 2,48 3,62 3,81
BVPS 13,36 15,61 17,65
BVPS adj. 0,46 0,33 2,27
Net IB debt/share 6,44 6,51 5,03
Share price 61 61 61
Market cap. (m) 1144 1144 1144
P/E (x) 31,1 18,2 16,4
EV/sales (x) 1,3 1,2 1,1
EV/EBITDA (x) 13,7 10 9,4
EV/EBITA (x) 21,4 14,1 12,7
EV/EBIT (x) 22,1 14,3 12,9
Dividend yield (%) 1,6 2,7 3
FCF yield (%) 9 4,8 7,9
Le. adj. FCF yld. (%) 6,3 2,4 5,9
P/BVPS (x) 4,57 3,91 3,46
P/BVPS adj. (x) 132,44 184,51 26,84
P/E adj. (x) 24,6 16,9 16
EV/EBITA adj. (x) 18,7 13,4 12,7
EV/EBITDA adj. (x) 6,2 5,7 5,2
EV/EBIT adj. (x) 19,2 13,6 12,9
EV/CE (x) 2,8 2,5 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,6 1,1
Capex/depreciation 0,5 1,1 1,8
Capex tangibles / tangible fixed assets 34,4 33,5 33,4
Capex intangibles / definite intangibles 2 2,1 2,2
Depreciation on intang / def. intang 1 1 1
Depreciation on tangibles / tangibles 26,82 27,24 29,4

Equity research

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Media

Berner Industrier - Company presentation with CEO Caroline Reuterskiöld
Berner Industrier - Company presentation with CEO Caroline Reuterskiöld & CFO Henrik Nordin

Main shareholders - Berner Industrier

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 22.7 % 51.7 % 22 Jul 2025
Cervantes Capital 11.2 % 7.0 % 31 Dec 2024
Isolde Stensdotter Berner 8.7 % 5.4 % 26 Jun 2025
Lannebo Kapitalförvaltning 5.2 % 3.2 % 26 Jun 2025
Ksenia Berner 4.1 % 2.6 % 26 Jun 2025
Unionen 4.0 % 2.5 % 26 Jun 2025
Concejo AB 2.8 % 1.8 % 26 Jun 2025
Mikael Gunnarsson 2.7 % 1.7 % 26 Jun 2025
Johan Lannebo 2.2 % 1.4 % 26 Jun 2025
Sun Mountain Partners 2.1 % 1.3 % 26 Jun 2025
Source: Holdings by Modular Finance AB