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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 practice of outsourcing production and other asset-heavy activities in order to streamline organisations is a development that is likely to continue. Increasing digitalisation gives the opportunity to harness data that potentially could be leveraged.

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 2021 2022e 2023e
Sales 11733 13427 14016
Sales growth (%) 6,2 14,4 4,4
EBITDA 1467 1783 1775
EBITDA margin (%) 12,5 13,3 12,7
EBIT adj 597 774 870
EBIT adj margin (%) 5,1 5,8 6,2
Pretax profit 482 669 775
EPS rep 9,11 13,11 15,18
EPS growth (%) 11,9 43,9 15,8
EPS adj 11,31 15,26 17,02
DPS 3,6 4 4
EV/EBITDA (x) 7,8 5,4 5,2
EV/EBIT adj (x) 19,1 12,5 10,6
P/E (x) 19,1 10,7 9,2
P/E adj (x) 15,4 9,2 8,2
EV/sales (x) 1 0,7 0,7
FCF yield (%) -5,4 27,8 25,3
Dividend yield (%) 2,1 2,8 2,8
Net IB debt/EBITDA 3,6 2,6 2,4
Lease adj. FCF yield (%) -15,9 14,1 11,4
Lease adj. ND/EBITDA 3 1,8 1,4
SEKm 2021 2022e 2023e
Sales 11733 13427 14016
COGS -10088 -11439 -11880
Gross profit 1645 1989 2136
Other operating items -177 -206 -360
EBITDA 1467 1783 1775
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 641 850 935
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 580 774 870
Other financial items 0 0 0
Net financial items -98 -105 -95
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 482 669 775
Tax -151 -196 -233
Net profit 331 473 543
Minority interest -9 -9 -6
Net profit discontinued 0 0 0
Net profit to shareholders 322 464 537
EPS 9,11 13,11 15,18
EPS Adj 11,31 15,26 17,02
Total extraordinary items after tax -17 0 0
Tax rate (%) -31,3 -29,3 -30
Gross margin (%) 14 14,8 15,2
EBITDA margin (%) 12,5 13,3 12,7
EBITA margin (%) 5,5 6,3 6,7
EBIT margin (%) 4,9 5,8 6,2
Pretax margin (%) 4,1 5 5,5
Net margin (%) 2,8 3,5 3,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,2 14,4 4,4
EBITDA growth (%) 3,5 21,5 -0,4
EBIT growth (%) 6,4 33,3 12,5
Net profit growth (%) 13,5 42,7 14,9
EPS growth (%) 11,9 43,9 15,8
Profitability 2021 2022 2023
ROE (%) 10,5 13,5 14,1
ROE Adj (%) 13 15,7 15,8
ROCE (%) 7,1 8 8,7
ROCE Adj(%) 8 8,8 9,3
ROIC (%) 5,5 6,5 7,3
ROIC Adj (%) 5,7 6,5 7,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 1484 1783 1775
EBITDA Adj margin (%) 12,7 13,3 12,7
EBITA Adj 658 850 935
EBITA Adj margin (%) 5,6 6,3 6,7
EBIT Adj 597 774 870
EBIT Adj margin (%) 5,1 5,8 6,2
Pretax profit Adj 560 745 840
Net profit Adj 409 549 608
Net profit to shareholders Adj 400 540 602
Net Adj margin (%) 3,5 4,1 4,3
Leasing payments -648 -680 -690
Depreciation and amortisation -826 -933 -840
Of which leasing depreciation -653 -735 -670
EO items -17 0 0
Impairment and PPA amortisation -61 -76 -65
EBITDA lease Adj 837 1103 1085
EBITDA lease Adj margin (%) 7,1 8,2 7,7
SEKm 2021 2022e 2023e
EBITDA 1467 1783 1775
Net financial items -98 -105 -95
Paid tax -128 -196 -233
Non-cash items -230 -63 -22
Cash flow before change in WC 1011 1418 1426
Change in WC 52 122 0
Operating cash flow 1063 1540 1426
CAPEX tangible fixed assets -128 -161 -168
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1267 0 0
Free cash flow -332 1379 1257
Dividend paid -112 -127 -141
Share issues and buybacks 0 0 0
Other non cash items -1178 -42 0
Decrease in net IB debt 1107 145 394
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 3305 3347 3347
Indefinite intangible assets 672 646 622
Definite intangible assets 0 0 0
Tangible fixed assets 698 629 594
Other fixed assets 297 297 297
Fixed assets 8241 8115 8068
Inventories 400 457 477
Receivables 1822 1947 2032
Other current assets 438 502 524
Cash and liquid assets 898 1470 1896
Total assets 11800 12490 12996
Shareholders equity 3277 3613 4008
Minority 27 36 42
Total equity 3304 3649 4051
Long-term debt 3260 3302 3302
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 188 200 200
Short-term debt 132 132 132
Accounts payable 2096 2399 2504
Other current liabilities 0 0 0
Total liabilities and equity 11800 12490 12996
Net IB debt 5249 4719 4293
Net IB debt excl. pension debt 5249 4719 4293
Capital invested 8553 8368 8344
Working capital 565 506 529
EV breakdown 2021 2022 2023
Market cap. diluted (m) 6152 4964 4964
Net IB debt Adj 5249 4719 4293
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 11401 9683 9258
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 114,8 110,6 110
Capital invested turnover (%) 171,3 181,3 189,2
Capital employed turnover (%) 155 156 157,2
Inventories / sales (%) 2,6 2,8 3,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 14,4 14,5 14,1
Working capital / sales (%) 4,5 4 3,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 158,9 129,3 106
Net debt / market cap (%) 91,7 95,1 86,5
Equity ratio (%) 28 29,2 31,2
Net IB debt adj. / equity (%) 158,9 129,3 106
Current ratio (%) 122 135,9 148,2
EBITDA / net interest (%) 1494,3 1697,9 1868,8
Net IB debt / EBITDA (%) 357,7 264,7 241,8
Interest cover (%) 652,7 809,4 984,6
Lease liability amortisation -648 -680 -690
Other intangible assets 1212 1168 1136
Right-of-use asset 2674 2619 2639
Total other fixed assets 352 352 352
Leasing liability 2755 2755 2755
Total other long-term liabilities 253 253 253
Net IB debt excl. leasing 2494 1964 1538
Net IB debt / EBITDA lease Adj (%) 298,1 178,1 141,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 9,11 13,11 15,18
Dividend per share Adj 3,6 4 4
EPS Adj 11,31 15,26 17,02
BVPS 92,67 102,18 113,36
BVPS Adj -0,8 7,52 18,7
Net IB debt / share 148,4 133,5 121,4
Share price 161,86 140,4 140,4
Market cap. (m) 5723 4964 4964
Valuation 2021 2022 2023
P/E 19,1 10,7 9,2
EV/sales 0,97 0,72 0,66
EV/EBITDA 7,8 5,4 5,2
EV/EBITA 17,8 11,4 9,9
EV/EBIT 19,6 12,5 10,6
Dividend yield (%) 2,1 2,8 2,8
FCF yield (%) -5,4 27,8 25,3
P/BVPS 1,88 1,37 1,24
P/BVPS Adj -216,63 18,68 7,51
P/E Adj 15,4 9,2 8,2
EV/EBITDA Adj 7,7 5,4 5,2
EV/EBITA Adj 17,3 11,4 9,9
EV/EBIT Adj 19,1 12,5 10,6
EV/cap. employed 1,2 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 1,1 1,2 1,2
Capex / depreciation 73,8 81,4 98,9
Capex tangibles / tangible fixed assets 18,3 25,6 28,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,8 31,5 28,6
Lease adj. FCF yield (%) -15,9 14,1 11,4

Equity research

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Media

Elanders - Company presentation with CEO Magnus Nilsson
Elanders - Interview with CEO Magnus Nilsson

Main shareholders - Elanders

Main shareholders Share capital % Voting shares % Verified
Carl Bennet 50.2 % 65.9 % 30 Apr 2022
Svolder 8.7 % 6.0 % 30 Apr 2022
Protector Forsikring ASA 5.4 % 3.7 % 30 Apr 2022
Fjärde AP-fonden 5.3 % 3.6 % 30 Apr 2022
Carnegie Fonder 5.2 % 3.5 % 30 Apr 2022
Tredje AP-fonden 2.3 % 1.5 % 30 Apr 2022
ODDO BHF Asset Management 1.7 % 1.1 % 30 Apr 2022
Söderberg & Partners Asset Management SA 1.3 % 0.9 % 30 Apr 2022
Dimensional Fund Advisors 0.9 % 0.6 % 31 Mar 2022
Canaccord Genuity Wealth Management 0.9 % 0.6 % 31 Jan 2022
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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