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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 13983 14597
Sales growth (%) 6,2 19,2 4,4
EBITDA 1467 1895 1913
EBITDA margin (%) 12,5 13,5 13,1
EBIT adj 597 820 903
EBIT adj margin (%) 5,1 5,9 6,2
Pretax profit 482 718 761
EPS rep 9,11 13,83 14,9
EPS growth (%) 11,9 51,7 7,7
EPS adj 11,31 15,21 17,16
DPS 3,6 4,5 5
EV/EBITDA (x) 7,8 5,5 5,2
EV/EBIT adj (x) 19,1 12,7 11
P/E (x) 19,1 11,5 10,6
P/E adj (x) 15,4 10,4 9,2
EV/sales (x) 1 0,7 0,7
FCF yield (%) -5,4 22,6 23,9
Dividend yield (%) 2,1 2,8 3,2
Net IB debt/EBITDA 3,6 2,6 2,3
Lease adj. FCF yield (%) -15,9 10,5 11,6
Lease adj. ND/EBITDA 3 1,8 1,3
SEKm 2021 2022e 2023e
Sales 11733 13983 14597
COGS -10088 -11858 -12302
Gross profit 1645 2125 2294
Other operating items -177 -231 -381
EBITDA 1467 1895 1913
Depreciation on tangibles -120 -100 -170
Depreciation on intangibles 0 0 0
EBITA 641 949 983
Goodwill impairment charges 0 0 0
Other impairment and amortisation -52 -52 -52
EBIT 580 860 903
Other financial items 0 0 0
Net financial items -98 -142 -142
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 482 718 761
Tax -151 -217 -228
Net profit 331 500 533
Minority interest -9 -12 -6
Net profit discontinued 0 0 0
Net profit to shareholders 322 489 527
EPS 9,11 13,83 14,9
EPS Adj 11,31 15,21 17,16
Total extraordinary items after tax -17 40 0
Tax rate (%) -31,3 -30,3 -30
Gross margin (%) 14 15,2 15,7
EBITDA margin (%) 12,5 13,5 13,1
EBITA margin (%) 5,5 6,8 6,7
EBIT margin (%) 4,9 6,1 6,2
Pretax margin (%) 4,1 5,1 5,2
Net margin (%) 2,8 3,6 3,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 6,2 19,2 4,4
EBITDA growth (%) 3,5 29,1 1
EBIT growth (%) 6,4 48,1 5
Net profit growth (%) 13,5 51,1 6,4
EPS growth (%) 11,9 51,7 7,7
Profitability 2021 2022 2023
ROE (%) 10,5 14,1 13,8
ROE Adj (%) 13 15,6 15,9
ROCE (%) 7,1 8,9 9
ROCE Adj(%) 8 9,4 9,8
ROIC (%) 5,5 7 7,5
ROIC Adj (%) 5,7 6,7 7,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 1484 1855 1913
EBITDA Adj margin (%) 12,7 13,3 13,1
EBITA Adj 658 909 983
EBITA Adj margin (%) 5,6 6,5 6,7
EBIT Adj 597 820 903
EBIT Adj margin (%) 5,1 5,9 6,2
Pretax profit Adj 560 767 841
Net profit Adj 409 549 613
Net profit to shareholders Adj 400 538 607
Net Adj margin (%) 3,5 3,9 4,2
Leasing payments -648 -680 -690
Depreciation and amortisation -826 -946 -930
Of which leasing depreciation -653 -750 -750
EO items -17 40 0
Impairment and PPA amortisation -61 -89 -80
EBITDA lease Adj 837 1175 1223
EBITDA lease Adj margin (%) 7,1 8,4 8,4
SEKm 2021 2022e 2023e
EBITDA 1467 1895 1913
Net financial items -98 -142 -142
Paid tax -128 -217 -228
Non-cash items -230 -84 -23
Cash flow before change in WC 1011 1451 1520
Change in WC 52 -18 -6
Operating cash flow 1063 1433 1513
CAPEX tangible fixed assets -128 -168 -175
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1267 0 0
Free cash flow -332 1265 1338
Dividend paid -112 -127 -159
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 698 637 597
Other fixed assets 297 297 297
Fixed assets 8241 8096 7951
Inventories 400 475 496
Receivables 1822 2167 2263
Other current assets 438 522 545
Cash and liquid assets 898 1356 1845
Total assets 11800 12617 13100
Shareholders equity 3277 3638 4006
Minority 27 39 45
Total equity 3304 3677 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 2498 2608
Other current liabilities 0 0 0
Total liabilities and equity 11800 12617 13100
Net IB debt 5249 4833 4344
Net IB debt excl. pension debt 5249 4833 4344
Capital invested 8553 8510 8394
Working capital 565 667 696
EV breakdown 2021 2022 2023
Market cap. diluted (m) 6152 5601 5601
Net IB debt Adj 5249 4833 4344
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 10434 9944
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 114,8 114,5 113,5
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 4,4 4,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 158,9 131,4 107,2
Net debt / market cap (%) 91,7 86,3 77,6
Equity ratio (%) 28 29,1 30,9
Net IB debt adj. / equity (%) 158,9 131,4 107,2
Current ratio (%) 122 136,2 150,2
EBITDA / net interest (%) 1494,3 1334,3 1347,2
Net IB debt / EBITDA (%) 357,7 255,1 227,1
Interest cover (%) 652,7 668,1 692,3
Lease liability amortisation -648 -680 -690
Other intangible assets 1212 1156 1111
Right-of-use asset 2674 2603 2543
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 2078 1589
Net IB debt / EBITDA lease Adj (%) 298,1 176,9 129,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 35 35 35
Fully diluted shares Adj 35 35 35
EPS 9,11 13,83 14,9
Dividend per share Adj 3,6 4,5 5
EPS Adj 11,31 15,21 17,16
BVPS 92,67 102,89 113,29
BVPS Adj -0,8 8,23 18,63
Net IB debt / share 148,4 136,7 122,8
Share price 161,86 158,4 158,4
Market cap. (m) 5723 5601 5601
Valuation 2021 2022 2023
P/E 19,1 11,5 10,6
EV/sales 0,97 0,75 0,68
EV/EBITDA 7,8 5,5 5,2
EV/EBITA 17,8 11 10,1
EV/EBIT 19,6 12,1 11
Dividend yield (%) 2,1 2,8 3,2
FCF yield (%) -5,4 22,6 23,9
P/BVPS 1,88 1,54 1,4
P/BVPS Adj -216,63 19,24 8,5
P/E Adj 15,4 10,4 9,2
EV/EBITDA Adj 7,7 5,6 5,2
EV/EBITA Adj 17,3 11,5 10,1
EV/EBIT Adj 19,1 12,7 11
EV/cap. employed 1,2 1,1 1
Investment ratios 2021 2022 2023
Capex / sales 1,1 1,2 1,2
Capex / depreciation 73,8 85,8 97,3
Capex tangibles / tangible fixed assets 18,3 26,3 29,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,8 30,7 30,2
Lease adj. FCF yield (%) -15,9 10,5 11,6

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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 % 27 Jul 2022
Svolder 8.7 % 6.0 % 27 Jul 2022
Protector Forsikring ASA 5.5 % 3.8 % 27 Jul 2022
Fjärde AP-fonden 5.3 % 3.6 % 27 Jul 2022
Carnegie Fonder 5.2 % 3.5 % 27 Jul 2022
Tredje AP-fonden 2.3 % 1.5 % 27 Jul 2022
ODDO BHF Asset Management 1.8 % 1.2 % 30 Jun 2022
Söderberg & Partners Asset Management SA 1.3 % 0.9 % 31 Jul 2022
Canaccord Genuity Wealth Management 1.0 % 0.7 % 30 Apr 2022
Dimensional Fund Advisors 0.9 % 0.6 % 30 Jun 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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