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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 2023 2024e 2025e
Sales 13867 14832 15573
Sales growth (%) -7,4 7 5
EBITDA 1967 2230 2300
EBITDA margin (%) 14,2 15 14,8
EBIT adj. 830 1002 1072
EBIT adj. margin (%) 6 6,8 6,9
Pretax profit 398 594 664
EPS 7,01 11,53 12,92
EPS growth (%) -47,2 64,4 12
EPS adj. 10,72 13,67 15,06
DPS 4,15 5 5,5
EV/EBITDA (x) 6 5 4,6
EV/EBIT adj. (x) 14,1 11,2 9,9
P/E (x) 14,2 8,6 7,7
P/E adj. (x) 9,3 7,3 6,6
EV/sales (x) 0,85 0,75 0,68
FCF yield (%) 9,6 41,9 44
Le. adj. FCF yld. (%) -16,9 19,9 22
Dividend yield (%) 4,2 5 5,5
Net IB debt/EBITDA (x) 4,2 3,4 3,1
Le. adj. ND/EBITDA (x) 3,2 2,1 1,6
SEKm 2023 2024e 2025e
Sales 13867 14832 15573
COGS -11519 -12403 -13002
Gross profit 2348 2429 2570
Other operating items -381 -199 -271
EBITDA 1967 2230 2300
Depreciation and amortisation -1147 -1120 -1120
of which leasing depreciation -942 -920 -920
EBITA 820 1110 1180
EO Items -106 0 0
Impairment and PPA amortisation -96 -108 -108
EBIT 724 1002 1072
Net financial items -326 -408 -408
Pretax profit 398 594 664
Tax -140 -178 -199
Net profit 258 416 465
Minority interest -10 -8 -8
Net profit discontinued 0 0 0
Net profit to shareholders 248 408 457
EPS 7,01 11,53 12,92
EPS adj. 10,72 13,67 15,06
Total extraordinary items after tax -69 0 0
Leasing payments -929 -775 -775
Tax rate (%) 35,2 30 30
Gross margin (%) 16,9 16,4 16,5
EBITDA margin (%) 14,2 15 14,8
EBITA margin (%) 5,9 7,5 7,6
EBIT margin (%) 5,2 6,8 6,9
Pre-tax margin (%) 2,9 4 4,3
Net margin (%) 1,9 2,8 3
Sales growth (%) -7,4 7 5
EBITDA growth (%) 1,4 13,4 3,1
EBITA growth (%) -12,7 35,4 6,3
EBIT growth (%) -14,7 38,4 7
Net profit growth (%) -46,9 61,2 11,8
EPS growth (%) -47,2 64,4 12
Profitability N/A N/A N/A
ROE (%) 6,5 10,3 10,8
ROE adj. (%) 10,7 13 13,3
ROCE (%) 5,7 7,5 8
ROCE adj. (%) 7,3 8,3 8,8
ROIC (%) 4,6 6,5 7,1
ROIC adj. (%) 5,2 6,5 7,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 2073 2230 2300
EBITDA adj. margin (%) 14,9 15 14,8
EBITDA lease adj. 1144 1455 1525
EBITDA lease adj. margin (%) 8,2 9,8 9,8
EBITA adj. 926 1110 1180
EBITA adj. margin (%) 6,7 7,5 7,6
EBIT adj. 830 1002 1072
EBIT adj. margin (%) 6 6,8 6,9
Pretax profit Adj. 600 702 772
Net profit Adj. 423 524 573
Net profit to shareholders adj. 413 516 565
Net adj. margin (%) 3 3,5 3,7
SEKm 2023 2024e 2025e
EBITDA 1967 2230 2300
Goodwill 4452 4452 4452
Net financial items -326 -408 -408
Other intangible assets 1361 1292 1224
Paid tax -242 -178 -199
Tangible fixed assets 1127 1081 1043
Non-cash items 12 0 0
Right-of-use asset 4152 4007 3862
Cash flow before change in WC 1411 1644 1693
Total other fixed assets 459 459 459
Change in working capital 371 22 57
Fixed assets 11551 11291 11040
Operating cash flow 1782 1666 1750
Inventories 349 519 545
Capex tangible fixed assets -178 -193 -202
Receivables 2038 2076 2149
Capex intangible fixed assets 0 0 0
Other current assets 586 593 592
Acquisitions and Disposals -1268 0 0
Cash and liquid assets 1107 1658 1813
Free cash flow 337 1473 1547
Total assets 15630 16137 16139
Dividend paid -165 -147 -177
Shareholders equity 3836 4097 4377
Share issues and buybacks 0 0 0
Minority 28 36 44
Leasing liability amortisation -929 -775 -775
Total equity 3864 4133 4421
Other non-cash items -294 0 0
Long-term debt 4070 4070 3630
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 4536 4536 4536
Total other long-term liabilities 408 408 408
Short-term debt 691 691 691
Accounts payable 2061 2299 2453
Other current liabilities 0 0 0
Total liabilities and equity 15630 16137 16139
Net IB debt 8191 7640 7044
Net IB debt excl. pension debt 8191 7640 7044
Net IB debt excl. leasing 3655 3104 2508
Capital employed 13161 13430 13278
Capital invested 12055 11773 11465
Working capital 912 890 833
Market cap. diluted (m) 3515 3515 3515
Net IB debt adj. 8191 7640 7044
Market value of minority 28 36 44
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 11733 11190 10603
Total assets turnover (%) 91,8 93,4 96,5
Working capital/sales (%) 7,2 6,1 5,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 212 184,8 159,3
Net debt / market cap (%) 233 217,4 200,4
Equity ratio (%) 24,7 25,6 27,4
Net IB debt adj. / equity (%) 212 184,8 159,3
Current ratio 1,48 1,62 1,62
EBITDA/net interest 6 5,5 5,6
Net IB debt/EBITDA (x) 4,2 3,4 3,1
Net IB debt/EBITDA lease adj. (x) 3,2 2,1 1,6
Interest coverage 2,5 2,7 2,9
SEKm 2023 2024e 2025e
Shares outstanding adj. 35 35 35
Diluted shares adj. 35 35 35
EPS 7,01 11,53 12,92
Dividend per share 4,15 5 5,5
EPS adj. 10,72 13,67 15,06
BVPS 108,49 115,87 123,79
BVPS adj. -55,91 -46,57 -36,74
Net IB debt/share 231,64 216,07 199,23
Share price 99,4 99,4 99,4
Market cap. (m) 3515 3515 3515
P/E (x) 14,2 8,6 7,7
EV/sales (x) 0,85 0,75 0,68
EV/EBITDA (x) 6 5 4,6
EV/EBITA (x) 14,3 10,1 9
EV/EBIT (x) 16,2 11,2 9,9
Dividend yield (%) 4,2 5 5,5
FCF yield (%) 9,6 41,9 44
Le. adj. FCF yld. (%) -16,9 19,9 22
P/BVPS (x) 0,92 0,86 0,8
P/BVPS adj. (x) -5,71 -9,9 -46,88
P/E adj. (x) 9,3 7,3 6,6
EV/EBITDA adj. (x) 5,7 5 4,6
EV/EBITA adj. (x) 12,7 10,1 9
EV/EBIT adj. (x) 14,1 11,2 9,9
EV/CE (x) 0,9 0,8 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,3 1,3 1,3
Capex/depreciation 0,9 1 1
Capex tangibles / tangible fixed assets 15,8 17,8 19,4
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 18,17 18,5 19,17

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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 % 29 Jan 2024
Svolder 10.2 % 7.0 % 29 Jan 2024
Fjärde AP-fonden 8.5 % 5.8 % 29 Jan 2024
Protector Forsikring ASA 5.3 % 3.6 % 29 Jan 2024
Carnegie Fonder 5.0 % 3.4 % 31 Jan 2024
Tredje AP-fonden 2.1 % 1.5 % 29 Jan 2024
Söderberg & Partners Asset Management SA 1.5 % 1.1 % 31 Jan 2024
Keel Capital 1.0 % 0.7 % 30 Sep 2022
Dimensional Fund Advisors 1.0 % 0.7 % 31 Jan 2024
Avanza Pension 0.7 % 0.5 % 29 Jan 2024
Source: Holdings by Modular Finance AB