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Berner Industrier

Berner Industrier

Berner Industrier AB 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 2023 2024e 2025e
Sales 943 971 1012
Sales growth (%) 12 3 4,2
EBITDA 102 109 117
EBITDA margin (%) 10,8 11,2 11,6
EBIT adj. 70 75 82
EBIT adj. margin (%) 7,4 7,8 8,1
Pretax profit 58 65 75
EPS 2,42 2,71 3,12
EPS growth (%) 86,2 12,1 14,8
EPS adj. 2,61 2,88 3,21
DPS 0,9 1,09 1,25
EV/EBITDA (x) 7,6 6,7 5,9
EV/EBIT adj. (x) 11,1 9,6 8,5
P/E (x) 13,3 11,9 10,4
P/E adj. (x) 12,4 11,2 10,1
EV/sales (x) 0,82 0,75 0,69
FCF yield (%) 12,5 16,7 13,6
Le. adj. FCF yld. (%) 8,4 12,1 9,6
Dividend yield (%) 2,8 3,4 3,9
Net IB debt/EBITDA (x) 1,7 1,1 0,8
Le. adj. ND/EBITDA (x) 1 0,3 -0,2
SEKm 2023 2024e 2025e
Sales 943 971 1012
COGS -566 -587 -606
Gross profit 377 385 405
Other operating items -274 -276 -288
EBITDA 102 109 117
Depreciation and amortisation -33 -33 -33
of which leasing depreciation -27 -29 -29
EBITA 70 76 84
EO Items -2 -1 0
Impairment and PPA amortisation -1 -2 -2
EBIT 68 74 82
Net financial items -10 -9 -7
Pretax profit 58 65 75
Tax -13 -14 -16
Net profit 45 51 58
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 45 51 58
EPS 2,42 2,71 3,12
EPS adj. 2,61 2,88 3,21
Total extraordinary items after tax -2 -1 0
Leasing payments -27 -31 -27
Tax rate (%) 21,7 21,4 22
Gross margin (%) 40 39,6 40,1
EBITDA margin (%) 10,8 11,2 11,6
EBITA margin (%) 7,4 7,8 8,3
EBIT margin (%) 7,2 7,6 8,1
Pre-tax margin (%) 6,1 6,7 7,4
Net margin (%) 4,8 5,2 5,8
Sales growth (%) 12 3 4,2
EBITDA growth (%) 48,6 6,7 7,3
EBITA growth (%) 71,6 9,2 10,2
EBIT growth (%) 72,2 8,8 10,4
Net profit growth (%) 86,5 12,3 14,6
EPS growth (%) 86,2 12,1 14,8
Profitability N/A N/A N/A
ROE (%) 21 20,5 20,6
ROE adj. (%) 22,5 21,6 21,2
ROCE (%) 15,2 15,2 16,3
ROCE adj. (%) 16 15,9 16,7
ROIC (%) 13,8 15,1 16,8
ROIC adj. (%) 14,2 15,4 16,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 104 116 121
EBITA adj. 72 77 84
EBITDA adj. margin (%) 11,1 11,9 12
EBITA adj. margin (%) 7,6 7,9 8,3
EBITDA lease adj. 77 82 88
EBIT adj. 70 75 82
EBITDA lease adj. margin (%) 8,2 8,5 8,7
EBIT adj. margin (%) 7,4 7,8 8,1
Pretax profit Adj. 61 67 72
Net profit Adj. 48 53 56
Net profit to shareholders adj. 48 53 56
Net adj. margin (%) 5,1 5,4 5,5
SEKm 2023 2024e 2025e
EBITDA 102 109 117
Goodwill 196 196 196
Net financial items -10 -9 -7
Other intangible assets 47 48 49
Paid tax -5 -16 -16
Tangible fixed assets 16 16 18
Non-cash items 0 -2 0
Right-of-use asset 91 96 98
Cash flow before change in WC 87 83 94
Total other fixed assets 2 2 2
Change in working capital -5 26 -2
Fixed assets 352 359 363
Operating cash flow 82 109 92
Inventories 85 85 89
Capex tangible fixed assets 0 -5 -6
Receivables 134 131 137
Capex intangible fixed assets -6 -2 -3
Other current assets 29 20 21
Acquisitions and Disposals 0 0 0
Cash and liquid assets 70 110 148
Free cash flow 76 102 83
Total assets 671 705 757
Dividend paid -11 -17 -20
Shareholders equity 232 265 303
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -25 -28 -24
Total equity 232 265 303
Other non-cash items -24 -14 -12
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 91 98 104
Total other long-term liabilities 11 11 11
Short-term debt 150 133 133
Accounts payable 63 68 71
Other current liabilities 124 130 135
Total liabilities and equity 671 705 757
Net IB debt 171 120 89
Net IB debt excl. pension debt 171 120 89
Net IB debt excl. leasing 80 23 -15
Capital employed 473 496 540
Capital invested 402 385 392
Working capital 62 38 40
Market cap. diluted (m) 606 606 606
Net IB debt adj. 171 120 89
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 777 726 695
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 144,1 141,2 138,4
Working capital/sales (%) 6,6 5,1 3,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 73,8 45,4 29,2
Net debt / market cap (%) 28,2 19,9 14,6
Equity ratio (%) 34,5 37,6 40
Net IB debt adj. / equity (%) 73,8 45,4 29,2
Current ratio 0,95 1,05 1,16
EBITDA/net interest 10,2 15,8 16,8
Net IB debt/EBITDA (x) 1,7 1,1 0,8
Net IB debt/EBITDA lease adj. (x) 1 0,3 -0,2
Interest coverage 5,9 8,7 9
SEKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 2,42 2,71 3,12
Dividend per share 0,9 1,09 1,25
EPS adj. 2,61 2,88 3,21
BVPS 12,35 14,13 16,16
BVPS adj. -0,63 1,13 3,09
Net IB debt/share 9,11 6,42 4,72
Share price 32,3 32,3 32,3
Market cap. (m) 606 606 606
P/E (x) 13,3 11,9 10,4
EV/sales (x) 0,82 0,75 0,69
EV/EBITDA (x) 7,6 6,7 5,9
EV/EBITA (x) 11,2 9,6 8,3
EV/EBIT (x) 11,4 9,8 8,5
Dividend yield (%) 2,8 3,4 3,9
FCF yield (%) 12,5 16,7 13,6
Le. adj. FCF yld. (%) 8,4 12,1 9,6
P/BVPS (x) 2,62 2,29 2
P/BVPS adj. (x) -51,55 28,56 10,45
P/E adj. (x) 12,4 11,2 10,1
EV/EBITDA adj. (x) 7,2 6,2 5,7
EV/EBITA adj. (x) 10,9 9,4 8,3
EV/EBIT adj. (x) 11,1 9,6 8,5
EV/CE (x) 1,6 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,7 0,9
Capex/depreciation 1 1,6 2,1
Capex tangibles / tangible fixed assets 0,8 34,4 33,5
Capex intangibles / definite intangibles 11,8 2 2,1
Depreciation on intang / def. intang 1 1 1
Depreciation on tangibles / tangibles 33,89 26,82 27,24

Equity research

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Media

Berner Industrier - Company presentation with CEO Caroline Reuterskiöld & CFO Henrik Nordin
Christian Berner Tech Trade - Fireside chat with CEO Caroline Reuterskiöld

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.8 % 52.4 % 26 Apr 2024
Cervantes Capital 11.2 % 7.0 % 31 Dec 2023
Concejo AB 10.3 % 6.4 % 26 Apr 2024
Isolde Stensdotter Berner 8.7 % 5.4 % 26 Apr 2024
Lannebo Fonder 5.2 % 3.2 % 26 Apr 2024
Ksenia Berner 4.2 % 2.7 % 26 Apr 2024
Unionen 4.0 % 2.5 % 26 Apr 2024
Avanza Pension 3.8 % 2.4 % 26 Apr 2024
Nordnet Pensionsförsäkring 2.6 % 1.6 % 26 Apr 2024
Mikael Gunnarsson 2.1 % 1.3 % 26 Apr 2024
Source: Holdings by Modular Finance AB