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Elanders

Elanders

Supply Chain Management

Elanders operates two business areas: Supply Chain solutions and Print & Packaging. Supply Chain solutions is the largest segment and offers various solutions ranging from logistics solutions to outsourcing of global deliveries, including procurement, warehousing, configuration, production, distribution, order management, payment solutions and after-sales services. Print & Packaging mainly focuses on customized paper solutions.

The supply chain business is asset-heavy and demand is cyclical. Outsourcing is a competitive market and the margin is in the single digits, making it vulnerable in economic downturns.

SEKm 2022 2023e 2024e
Sales 14974 15740 16369
Sales growth (%) 27,6 5,1 4
EBITDA 1940 2058 2125
EBITDA margin (%) 13 13,1 13
EBIT adj. 875 1006 1069
EBIT adj. margin (%) 5,8 6,4 6,5
Pretax profit 666 766 829
EPS 13,28 14,94 16,18
EPS growth (%) 45,7 12,5 8,3
EPS adj. 15,71 16,76 18,08
DPS 4,15 5 5,5
EV/EBITDA (x) 6,9 6,1 5,7
EV/EBIT adj. (x) 15,2 12,5 11,4
P/E (x) 12,8 11,4 10,5
P/E adj. (x) 10,8 10,1 9,4
EV/sales (x) 0,89 0,8 0,74
FCF yield (%) 13,9 27,5 22,6
Le. adj. FCF yld. (%) 1 14,6 9,7
Dividend yield (%) 2,4 2,9 3,2
Net IB debt/EBITDA (x) 3,8 3,2 2,9
Le. adj. ND/EBITDA (x) 2,5 1,8 1,4
SEKm 2022 2023e 2024e
Sales 14974 15740 16369
COGS -12744 -13235 -13774
Gross profit 2231 2505 2595
Other operating items -291 -447 -471
EBITDA 1940 2058 2125
Depreciation and amortisation -1000 -960 -960
of which leasing depreciation -801 -760 -760
EBITA 940 1098 1165
EO Items -26 0 0
Impairment and PPA amortisation -91 -92 -96
EBIT 849 1006 1069
Net financial items -183 -240 -240
Pretax profit 666 766 829
Tax -180 -230 -249
Net profit 486 536 580
Minority interest -16 -8 -8
Net profit discontinued 0 0 0
Net profit to shareholders 470 528 572
EPS 13,28 14,94 16,18
EPS adj. 15,71 16,76 18,08
Total extraordinary items after tax -19 0 0
Leasing payments -774 -775 -775
Tax rate (%) 27 30 30
Gross margin (%) 14,9 15,9 15,9
EBITDA margin (%) 13 13,1 13
EBITA margin (%) 6,3 7 7,1
EBIT margin (%) 5,7 6,4 6,5
Pre-tax margin (%) 4,4 4,9 5,1
Net margin (%) 3,2 3,4 3,5
Sales growth (%) 27,6 5,1 4
EBITDA growth (%) 32,2 6,1 3,2
EBITA growth (%) 46,6 16,9 6
EBIT growth (%) 46,2 18,6 6,2
Net profit growth (%) 46,6 10,4 8,1
EPS growth (%) 45,7 12,5 8,3
Profitability N/A N/A N/A
ROE (%) 13,2 13,1 12,9
ROE adj. (%) 16,3 15,4 15,1
ROCE (%) 7,9 8,2 8,5
ROCE adj. (%) 9 9 9,2
ROIC (%) 10,9 11,9 12,9
ROIC adj. (%) 11,3 11,9 12,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1966 2058 2125
EBITDA adj. margin (%) 13,1 13,1 13
EBITDA lease adj. 1192 1283 1350
EBITDA lease adj. margin (%) 8 8,2 8,2
EBITA adj. 966 1098 1165
EBITA adj. margin (%) 6,5 7 7,1
EBIT adj. 875 1006 1069
EBIT adj. margin (%) 5,8 6,4 6,5
Pretax profit Adj. 783 858 925
Net profit Adj. 596 628 676
Net profit to shareholders adj. 580 620 668
Net adj. margin (%) 4 4 4,1
SEKm 2022 2023e 2024e
EBITDA 1940 2058 2125
Goodwill 3655 3655 3655
Net financial items -183 -240 -240
Other intangible assets 1268 1223 1176
Paid tax -196 -230 -249
Tangible fixed assets 2296 2285 2282
Non-cash items 21 0 0
Right-of-use asset 2674 2689 2704
Cash flow before change in WC 1582 1588 1636
Total other fixed assets 453 453 453
Change in working capital -476 301 -31
Fixed assets 10345 10304 10269
Operating cash flow 1106 1889 1605
Inventories 619 598 622
Capex tangible fixed assets -229 -236 -246
Receivables 2139 2172 2259
Capex intangible fixed assets 0 0 0
Other current assets 567 598 622
Acquisitions and Disposals -44 0 0
Cash and liquid assets 904 1635 2043
Free cash flow 833 1653 1360
Total assets 14574 15308 15815
Dividend paid -136 -147 -177
Shareholders equity 3843 4224 4619
Share issues and buybacks 0 0 0
Minority 27 35 43
Leasing liability amortisation -774 -775 -775
Total equity 3870 4260 4663
Other non-cash items -1968 0 0
Long-term debt 3747 3747 3747
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 4254 4254 4254
Total other long-term liabilities 271 271 271
Short-term debt 179 179 179
Accounts payable 2253 2597 2701
Other current liabilities 0 0 0
Total liabilities and equity 14574 15308 15815
Net IB debt 7276 6545 6137
Net IB debt excl. pension debt 7276 6545 6137
Net IB debt excl. leasing 3022 2291 1883
Capital employed 12050 12440 12843
Capital invested 11146 10805 10800
Working capital 1072 771 802
Market cap. diluted (m) 6011 6011 6011
Net IB debt adj. 7276 6545 6137
Market value of minority 27 35 43
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 13314 12591 12192
Total assets turnover (%) 113,6 105,3 105,2
Working capital/sales (%) 5,5 5,9 4,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 188 153,7 131,6
Net debt / market cap (%) 121 108,9 102,1
Equity ratio (%) 26,6 27,8 29,5
Net IB debt adj. / equity (%) 188 153,7 131,6
Current ratio 1,74 1,8 1,93
EBITDA/net interest 10,6 8,6 8,9
Net IB debt/EBITDA (x) 3,8 3,2 2,9
Net IB debt/EBITDA lease adj. (x) 2,5 1,8 1,4
Interest coverage 5,1 4,6 4,9
SEKm 2022 2023e 2024e
Shares outstanding adj. 35 35 35
Diluted shares adj. 35 35 35
EPS 13,28 14,94 16,18
Dividend per share 4,15 5 5,5
EPS adj. 15,71 16,76 18,08
BVPS 108,68 119,47 130,64
BVPS adj. -30,55 -18,49 -5,99
Net IB debt/share 205,78 185,11 173,58
Share price 170 170 170
Market cap. (m) 6011 6011 6011
P/E (x) 12,8 11,4 10,5
EV/sales (x) 0,89 0,8 0,74
EV/EBITDA (x) 6,9 6,1 5,7
EV/EBITA (x) 14,2 11,5 10,5
EV/EBIT (x) 15,7 12,5 11,4
Dividend yield (%) 2,4 2,9 3,2
FCF yield (%) 13,9 27,5 22,6
Le. adj. FCF yld. (%) 1 14,6 9,7
P/BVPS (x) 1,56 1,42 1,3
P/BVPS adj. (x) 32,04 10,56 6,23
P/E adj. (x) 10,8 10,1 9,4
EV/EBITDA adj. (x) 6,8 6,1 5,7
EV/EBITA adj. (x) 13,8 11,5 10,5
EV/EBIT adj. (x) 15,2 12,5 11,4
EV/CE (x) 1,1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,5 1,5
Capex/depreciation 1,2 1,2 1,2
Capex tangibles / tangible fixed assets 10 10,3 10,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 8,64 8,75 8,77

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Media

Elanders - Company presentation with President & CEO Magnus Nilsson
Elanders - Company presentation with CEO Magnus Nilsson

Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 24 Feb 2023
Svolder 9.6 % 6.6 % 24 Feb 2023
Fjärde AP-fonden 5.3 % 3.6 % 24 Feb 2023
Carnegie Fonder 5.1 % 3.5 % 28 Feb 2023
Protector Forsikring ASA 5.1 % 3.5 % 24 Feb 2023
Tredje AP-fonden 2.3 % 1.5 % 24 Feb 2023
ODDO BHF Asset Management 1.4 % 1.0 % 28 Feb 2023
Söderberg & Partners Asset Management SA 1.3 % 0.9 % 28 Feb 2023
Dimensional Fund Advisors 1.0 % 0.7 % 28 Feb 2023
Canaccord Genuity Wealth Management 0.8 % 0.5 % 24 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - Elanders

Name Quantity Code Date
Magnus Nilsson + 6 000 BUY 12 Mar 2020
Johan Erik Stern + 3 000 BUY 12 Dec 2019
Magnus Nilsson + 9 000 BUY 23 Oct 2019
Caroline Ekelund Sundewall + 1 334 BUY 11 Jun 2019
Anne Lenerius + 671 BUY 23 Jul 2018
Sommer Peter - 600 000 SELL 17 Nov 2016
Carl Bennet AB -4 325 000 SELL 17 Nov 2016
Sommer Peter + 192 666 BUY 19 Oct 2016
CAROLINE EKELUND SUNDEWALL + 1 666 SUBS 17 Oct 2016
Nina Bennet - 1 SELL 7 Oct 2016

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