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Hanza

Hanza

Complete manufacturing solution

HANZA is a manufacturing company founded in 2008 with the vision “all you need is one”. This means that it aims to provide a complete manufacturing solution for its clients. The company's manufacturing expertise spans over solutions within mechanics, electronics, cabling and assembly. HANZA’s production sites are formed as clusters serving customers at a local level, with operations in the Nordic, Baltics, Asia and Central Europe.

The biggest opportunity for the industry in general is the near-sourcing trend that has hit the market. Partly for environmental reasons, but also for cost and efficiency purposes, companies are moving back their outsourcing activities to more proximate sites. For HANZA in particular, the main opportunity lies in its expansion to new markets, with Germany as the most recent through the acquisition of RITTER Technologies. The German economy is the largest in Europe, and the fourth-largest in the world.

HANZA’s biggest risk is its exposure towards the overall economic cycle. In a recession, we expect that it will be difficult for HANZA to maintain its 10% sales growth target. Increased competition and consequent price pressure might affect the group negatively. Furthermore, it could be difficult for the company to find and hire the right competence during high-growth periods.

SEKm 2021 2022e 2023e
Sales 2515 3105 3291
Sales growth (%) 16,7 23,4 6
EBITDA 232 290 328
EBITDA margin (%) 9,2 9,4 10
EBIT adj 130 163 193
EBIT adj margin (%) 5,2 5,2 5,9
Pretax profit 100 130 160
EPS rep 2,25 2,7 3,44
EPS growth (%) 5376,6 19,7 27,6
EPS adj 2,76 3,16 3,93
DPS 0,5 0,75 0,75
EV/EBITDA (x) 12,7 7 6,1
EV/EBIT adj (x) 22,7 12,5 10,4
P/E (x) 28,6 15,2 11,9
P/E adj (x) 23,3 13 10,4
EV/sales (x) 1,2 0,7 0,6
FCF yield (%) -2,6 9,1 4,4
Dividend yield (%) 0,8 1,8 1,8
Net IB debt/EBITDA 2,8 1,9 1,5
Lease adj. FCF yield (%) -2,6 9,1 4,4
Lease adj. ND/EBITDA 2 1,3 1,4
SEKm 2021 2022e 2023e
Sales 2515 3105 3291
COGS -1366 -1656 -1771
Gross profit 1149 1449 1520
Other operating items -917 -1159 -1193
EBITDA 232 290 328
Depreciation on tangibles -91 -81 -84
Depreciation on intangibles 0 0 0
EBITA 143 180 211
Goodwill impairment charges 0 0 0
Other impairment and amortisation -17 -12 -13
EBIT 128 163 193
Other financial items 0 0 0
Net financial items -28 -33 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 100 130 160
Tax -20 -32 -35
Net profit 80 98 125
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 80 98 125
EPS 2,25 2,7 3,44
EPS Adj 2,76 3,16 3,93
Total extraordinary items after tax -2,2 0 0
Tax rate (%) -19,6 -24,8 -22
Gross margin (%) 45,7 46,7 46,2
EBITDA margin (%) 9,2 9,4 10
EBITA margin (%) 5,7 5,8 6,4
EBIT margin (%) 5,1 5,2 5,9
Pretax margin (%) 4 4,2 4,9
Net margin (%) 3,2 3,1 3,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,7 23,4 6
EBITDA growth (%) 67,5 25,1 12,9
EBIT growth (%) 307,3 27,7 18,3
Net profit growth (%) 5828,6 21,8 27,6
EPS growth (%) 5376,6 19,7 27,6
Profitability 2021 2022 2023
ROE (%) 15,1 15,7 17,7
ROE Adj (%) 18,5 18,4 20,2
ROCE (%) 11,1 12,3 13,7
ROCE Adj(%) 12,7 13,6 15
ROIC (%) 9,7 10 12,2
ROIC Adj (%) 9,8 10 12,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 234 290 328
EBITDA Adj margin (%) 9,3 9,4 10
EBITA Adj 146 180 211
EBITA Adj margin (%) 5,8 5,8 6,4
EBIT Adj 130 163 193
EBIT Adj margin (%) 5,2 5,2 5,9
Pretax profit Adj 118 147 178
Net profit Adj 98 115 142
Net profit to shareholders Adj 98 115 142
Net Adj margin (%) 3,9 3,7 4,3
Depreciation and amortisation -89 -111 -117
Of which leasing depreciation 0 0 0
EO items -2 0 0
Impairment and PPA amortisation -16 -17 -18
EBITDA lease Adj 234 290 240
EBITDA lease Adj margin (%) 9,3 9,4 7,3
Leasing payments 0 0 -88
SEKm 2021 2022e 2023e
EBITDA 232 290 328
Net financial items -28 -33 -33
Paid tax -20 -32 -35
Non-cash items 0 0 0
Cash flow before change in WC 185 225 260
Change in WC -59 82 -12
Operating cash flow 126 307 248
CAPEX tangible fixed assets -141 -172 -182
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -60 135 65
Dividend paid -9 -27 -27
Share issues and buybacks 0 0 0
Other non cash items -246 -22 -19
Decrease in net IB debt 85 33 56
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 362 362 362
Indefinite intangible assets 0 0 0
Definite intangible assets 98 98 98
Tangible fixed assets 407 468 533
Other fixed assets 27 27 27
Fixed assets 1081 1142 1207
Inventories 663 652 691
Receivables 143 169 179
Other current assets 19 19 19
Cash and liquid assets 46 153 191
Total assets 1951 2135 2288
Shareholders equity 586 656 753
Minority 0 0 0
Total equity 586 656 753
Long-term debt 245 245 245
Pension debt 109 109 109
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 43 50 54
Short-term debt 171 171 171
Accounts payable 373 453 484
Other current liabilities 249 306 325
Total liabilities and equity 1951 2135 2288
Net IB debt 653 546 508
Net IB debt excl. pension debt 544 437 399
Capital invested 1239 1202 1261
Working capital 202 81 80
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2292 1488 1488
Net IB debt Adj 653 546 508
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 2945 2034 1996
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 149,5 151,9 148,8
Capital invested turnover (%) 220 243,1 258,7
Capital employed turnover (%) 209,4 221,5 227,3
Inventories / sales (%) 17,8 15,5 15,4
Customer advances / sales (%) 2,2 2 1,9
Payables / sales (%) 10 9 8,9
Working capital / sales (%) 5,9 4,6 2,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 111,6 83,2 67,4
Net debt / market cap (%) 71 36,7 34,1
Equity ratio (%) 30 30,7 32,9
Net IB debt adj. / equity (%) 111,6 83,2 67,4
Current ratio (%) 104,2 102,2 105,7
EBITDA / net interest (%) 834,9 882,8 996,3
Net IB debt / EBITDA (%) 281,5 188 154,9
Interest cover (%) 515,8 546,2 639,6
Lease liability amortisation 0 0 0
Other intangible assets 103 103 103
Right-of-use asset 188 188 188
Total other fixed assets 22 22 22
Leasing liability 174 174 174
Total other long-term liabilities 44 21 26
Net IB debt excl. leasing 479 372 334
Net IB debt / EBITDA lease Adj (%) 204,5 128 139,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 36 36 36
Fully diluted shares Adj 36 36 36
EPS 2,25 2,7 3,44
Dividend per share Adj 0,5 0,8 0,8
EPS Adj 2,76 3,16 3,93
BVPS 16,45 18,11 20,8
BVPS Adj 3,41 5,29 7,98
Net IB debt / share 18,4 15,1 14
Share price 25,86 41,1 41,1
Market cap. (m) 920 1488 1488
Valuation 2021 2022 2023
P/E 28,6 15,2 11,9
EV/sales 1,17 0,66 0,61
EV/EBITDA 12,7 7 6,1
EV/EBITA 20,5 11,3 9,5
EV/EBIT 23,1 12,5 10,4
Dividend yield (%) 0,8 1,8 1,8
FCF yield (%) -2,6 9,1 4,4
P/BVPS 3,91 2,27 1,98
P/BVPS Adj 18,91 7,76 5,15
P/E Adj 23,3 13 10,4
EV/EBITDA Adj 12,6 7 6,1
EV/EBITA Adj 20,2 11,3 9,5
EV/EBIT Adj 22,7 12,5 10,4
EV/cap. employed 2,3 1,5 1,4
Investment ratios 2021 2022 2023
Capex / sales 5,6 5,5 5,5
Capex / depreciation 159,1 155,4 155,4
Capex tangibles / tangible fixed assets 34,7 36,8 34,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,8 23,7 22
Lease adj. FCF yield (%) -2,6 9,1 4,4

Equity research

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Media

Hanza - Company presentation with CEO Erik Stenfors & CFO Lars Åkerblom

Main shareholders - Hanza

Main shareholders Share capital % Voting shares % Verified
Gerald Engström 23.9 % 23.9 % 31 Mar 2022
Francesco Franzé 10.0 % 10.0 % 6 May 2022
Ritter Beteiligungs Gmbh 8.8 % 8.8 % 25 Jul 2019
Håkan Halén 6.6 % 6.6 % 31 Mar 2022
Svenska Handelsbanken AB for PB 4.9 % 4.9 % 31 Mar 2022
Nordnet Pensionsförsäkring 4.8 % 4.8 % 31 Mar 2022
Avanza Pension 2.8 % 2.8 % 31 Mar 2022
Eugen Steiner 2.8 % 2.8 % 31 Mar 2022
Bankinter 1.6 % 1.6 % 30 Apr 2022
Hamberg Förvaltning AB 1.3 % 1.3 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Hanza

Name Quantity Code Date
Färna Invest AB + 900 000 BUY 20 Aug 2021
Francesco Franzé + 1 000 BUY 10 May 2021
Francesco Franzé + 100 000 BUY 7 May 2021
Färna Invest AB + 200 000 BUY 27 Apr 2021
Francesco Franzé + 10 000 BUY 27 Apr 2021
Francesco Franzé + 4 387 BUY 27 Apr 2021
Francesco Franzé + 4 000 BUY 26 Mar 2021
Francesco Franzé + 6 408 BUY 25 Mar 2021
Francesco Franzé + 14 360 BUY 24 Mar 2021
Färna Invest AB + 200 000 BUY 22 Mar 2021

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