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Christian Berner Tech Trade

Christian Berner Tech Trade

Christian Berner Tech Trade 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.

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

SEKm 2023 2024e 2025e
Sales 943 972 1011
Sales growth (%) 12 3,1 4
EBITDA 102 116 121
EBITDA margin (%) 10,8 11,9 12
EBIT adj. 71 77 82
EBIT adj. margin (%) 7,5 7,9 8,1
Pretax profit 59 67 72
EPS 2,45 2,8 2,99
EPS growth (%) 88,9 14,4 6,7
EPS adj. 2,56 2,8 2,99
DPS 0,9 1,12 1,2
EV/EBITDA (x) 7,3 6,2 5,7
EV/EBIT adj. (x) 10,6 9,2 8,4
P/E (x) 12,6 11 10,3
P/E adj. (x) 12 11 10,3
EV/sales (x) 0,79 0,73 0,68
FCF yield (%) 13,1 16 14,9
Le. adj. FCF yld. (%) 8,8 11,7 9,9
Dividend yield (%) 2,9 3,6 3,9
Net IB debt/EBITDA (x) 1,7 1,2 0,9
Le. adj. ND/EBITDA (x) 1 0,4 -0,1
SEKm 2023 2024e 2025e
Sales 943 972 1011
COGS -566 -578 -600
Gross profit 377 395 412
Other operating items -274 -279 -290
EBITDA 102 116 121
Depreciation and amortisation -33 -39 -39
of which leasing depreciation -27 -33 -34
EBITA 69 77 82
EO Items -2 0 0
Impairment and PPA amortisation -1 0 0
EBIT 69 77 82
Net financial items -10 -10 -10
Pretax profit 59 67 72
Tax -13 -15 -16
Net profit 46 53 56
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 46 53 56
EPS 2,45 2,8 2,99
EPS adj. 2,56 2,8 2,99
Total extraordinary items after tax -2 0 0
Leasing payments -27 -33 -34
Tax rate (%) 21,7 22 22
Gross margin (%) 40 40,6 40,7
EBITDA margin (%) 10,8 11,9 12
EBITA margin (%) 7,4 7,9 8,1
EBIT margin (%) 7,3 7,9 8,1
Pre-tax margin (%) 6,2 6,9 7,1
Net margin (%) 4,9 5,4 5,5
Sales growth (%) 12 3,1 4
EBITDA growth (%) 48,6 13,1 4,9
EBITA growth (%) 71,6 11 6,3
EBIT growth (%) 74,1 12 6,3
Net profit growth (%) 88,9 14,4 6,7
EPS growth (%) 88,9 14,4 6,7
Profitability N/A N/A N/A
ROE (%) 21,2 21,1 19,7
ROE adj. (%) 22,3 21,1 19,7
ROCE (%) 12,8 13,6 13,2
ROCE adj. (%) 13,3 13,6 13,2
ROIC (%) 13,8 15 15,7
ROIC adj. (%) 14,1 15 15,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 104 116 121
EBITDA adj. margin (%) 11,1 11,9 12
EBITDA lease adj. 77 82 88
EBITDA lease adj. margin (%) 8,2 8,5 8,7
EBITA adj. 71 77 82
EBITA adj. margin (%) 7,6 7,9 8,1
EBIT adj. 71 77 82
EBIT adj. margin (%) 7,5 7,9 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 102 116 121
Goodwill 196 196 196
Net financial items -10 -10 -10
Other intangible assets 47 48 48
Paid tax -5 -15 -16
Tangible fixed assets 16 17 18
Non-cash items -7 0 0
Right-of-use asset 91 96 103
Cash flow before change in WC 80 91 95
Total other fixed assets 2 2 2
Change in working capital 1 8 -2
Fixed assets 352 359 368
Operating cash flow 82 99 93
Inventories 85 88 91
Capex tangible fixed assets 0 -6 -6
Receivables 134 126 131
Capex intangible fixed assets -6 -1 -1
Other current assets 29 19 20
Acquisitions and Disposals 0 0 0
Cash and liquid assets 70 121 157
Free cash flow 76 93 86
Total assets 671 714 768
Dividend paid -11 -17 -21
Shareholders equity 232 267 302
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -25 -25 -29
Total equity 232 267 302
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 91 105 117
Total other long-term liabilities 11 11 11
Short-term debt 150 150 150
Accounts payable 63 63 66
Other current liabilities 124 117 121
Total liabilities and equity 671 714 768
Net IB debt 171 134 109
Net IB debt excl. pension debt 171 134 109
Net IB debt excl. leasing 80 29 -7
Capital employed 473 522 569
Capital invested 402 401 412
Working capital 62 53 56
Market cap. diluted (m) 578 578 578
Net IB debt adj. 171 134 109
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 749 712 687
Total assets turnover (%) 144,1 140,4 136,5
Working capital/sales (%) 6,6 5,9 5,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 73,8 50,1 36,1
Net debt / market cap (%) 29,6 23,2 18,9
Equity ratio (%) 34,5 37,5 39,4
Net IB debt adj. / equity (%) 73,8 50,1 36,1
Current ratio 0,95 1,07 1,19
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 1,7 1,2 0,9
Net IB debt/EBITDA lease adj. (x) 1 0,4 -0,1
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 2,45 2,8 2,99
Dividend per share 0,9 1,12 1,2
EPS adj. 2,56 2,8 2,99
BVPS 12,35 14,25 16,12
BVPS adj. -0,63 1,25 3,1
Net IB debt/share 9,11 7,14 5,83
Share price 30,8 30,8 30,8
Market cap. (m) 578 578 578
P/E (x) 12,6 11 10,3
EV/sales (x) 0,79 0,73 0,68
EV/EBITDA (x) 7,3 6,2 5,7
EV/EBITA (x) 10,8 9,2 8,4
EV/EBIT (x) 10,9 9,2 8,4
Dividend yield (%) 2,9 3,6 3,9
FCF yield (%) 13,1 16 14,9
Le. adj. FCF yld. (%) 8,8 11,7 9,9
P/BVPS (x) 2,49 2,16 1,91
P/BVPS adj. (x) -49,16 24,56 9,94
P/E adj. (x) 12 11 10,3
EV/EBITDA adj. (x) 7,2 6,2 5,7
EV/EBITA adj. (x) 10,5 9,2 8,4
EV/EBIT adj. (x) 10,6 9,2 8,4
EV/CE (x) 1,6 1,4 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,7 0,7
Capex/depreciation 1 1,3 1,3
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

Christian Berner Tech Trade - Fireside chat with CEO Caroline Reuterskiöld
Christian Berner - Company presentation with CEO Bo Söderqvist & CFO Torbjörn Gustafsson

Main shareholders - Christian Berner Tech Trade

Main shareholders Share capital % Voting shares % Verified
Joachim Berner 23.8 % 52.4 % 26 Mar 2024
Cervantes Capital 11.2 % 7.0 % 31 Dec 2023
Concejo AB 10.3 % 6.4 % 26 Mar 2024
Isolde Stensdotter Berner 8.7 % 5.4 % 26 Mar 2024
Lannebo Fonder 5.2 % 3.2 % 26 Mar 2024
Ksenia Berner 4.2 % 2.7 % 26 Mar 2024
Unionen 4.0 % 2.5 % 26 Mar 2024
Avanza Pension 4.0 % 2.5 % 26 Mar 2024
Nordnet Pensionsförsäkring 2.6 % 1.6 % 26 Mar 2024
Mikael Gunnarsson 2.0 % 1.3 % 26 Mar 2024
Source: Holdings by Modular Finance AB