Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Humble Group

Humble Group

Send subscription Close

Humble Group is a Swedish fast-growing FMCG group with the strategy to grow both organically and through acquisitions. Through a reverse listing via Bayn Group in 2020, Humble Group in its current shape was formed. Since then the group has made over 30 acquisitions, and is aiming to become a new FMCG powerhouse consisting of entrepreneur-driven companies. This allows the group to enjoy the perks of small enterprises while still having the large-scale benefits of a big group.

We stress that the group’s history in its current form is not very long. With acquisitions being an integral part of the business, we highlight that Humble potentially could suffer from market decline, increased competition, or price pressure, which could affect the group’s acquisition agenda and its financial performance. Additionally, considering that Humble has a relatively large share of in-house production, this is associated with several risks, such as potential disruptions in the production, machinery breakdown or IT-problems. Furthermore, Humble is exposed to FX fluctuations which could affect both sales and the cost base.

Financials

SEKm 2022 2023e 2024e
Sales 4800 6940 7932
Sales growth (%) 223 44,6 14,3
EBITDA 504 784 949
EBITDA margin (%) 10,5 11,3 12
EBIT adj. 304 481 654
EBIT adj. margin (%) 6,3 6,9 8,2
Pretax profit 2 220 419
EPS -0,24 0,54 1,06
EPS growth (%) -73,3 -328,4 96,7
EPS adj. -24,86 0,99 1,54
DPS 0 0 0
EV/EBITDA (x) 10,4 6,6 5,2
EV/EBIT adj. (x) 17,3 10,8 7,5
P/E (x) -31,6 13,8 7
P/E adj. (x) -0,3 7,6 4,8
EV/sales (x) 1,1 0,75 0,62
FCF yield (%) -38,5 -5,1 2,8
Le. adj. FCF yld. (%) -40,8 -7,5 0,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 6 3,6 2,7
Le. adj. ND/EBITDA (x) 5,7 3,7 2,7
SEKm 2022 2023e 2024e
Sales 4800 6940 7932
COGS -3268 -4796 -5463
Gross profit 1532 2143 2469
Other operating items -1028 -1360 -1520
EBITDA 504 784 949
Depreciation and amortisation -85 -102 -103
of which leasing depreciation -48 -56 -56
EBITA 419 682 846
EO Items -47 9 0
Impairment and PPA amortisation -162 -192 -192
EBIT 257 490 654
Net financial items -255 -270 -235
Pretax profit 2 220 419
Tax -73 -51 -86
Net profit -71 169 333
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -71 169 333
EPS -0,24 0,54 1,06
EPS adj. -24,86 0,99 1,54
Total extraordinary items after tax 1669 7 0
Leasing payments -48 -56 -56
Tax rate (%) 3650 23 20,6
Gross margin (%) 31,9 30,9 31,1
EBITDA margin (%) 10,5 11,3 12
EBITA margin (%) 8,7 9,8 10,7
EBIT margin (%) 5,4 7,1 8,2
Pre-tax margin (%) 0 3,2 5,3
Net margin (%) -1,5 2,4 4,2
Sales growth (%) 223 44,6 14,3
EBITDA growth (%) -1360 55,5 21,1
EBITA growth (%) -754,7 62,7 24,1
EBIT growth (%) -305,6 90,6 33,5
Net profit growth (%) -67,4 -338,4 96,7
EPS growth (%) -73,3 -328,4 96,7
Profitability N/A N/A N/A
ROE (%) -2 4 7,4
ROE adj. (%) -43,9 8,4 11,7
ROCE (%) 4 6,5 8,7
ROCE adj. (%) 7,1 9 11,3
ROIC (%) -239,8 7,4 9,3
ROIC adj. (%) -266,7 7,3 9,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 551 775 949
EBITDA adj. margin (%) 11,5 11,2 12
EBITDA lease adj. 503 719 893
EBITDA lease adj. margin (%) 10,5 10,4 11,3
EBITA adj. 466 673 846
EBITA adj. margin (%) 9,7 9,7 10,7
EBIT adj. 304 481 654
EBIT adj. margin (%) 6,3 6,9 8,2
Pretax profit Adj. 211 403 611
Net profit Adj. -1578 354 525
Net profit to shareholders adj. -1578 354 525
Net adj. margin (%) -32,9 5,1 6,6
SEKm 2022 2023e 2024e
EBITDA 504 784 949
Goodwill 3725 3725 3725
Net financial items -255 -270 -235
Other intangible assets 2343 2301 2228
Paid tax -68 -52 -86
Tangible fixed assets 372 413 445
Non-cash items 275 34 0
Right-of-use asset 151 140 140
Cash flow before change in WC 456 496 628
Total other fixed assets 87 98 98
Change in working capital -201 -14 -109
Fixed assets 6678 6677 6636
Operating cash flow 255 481 518
Inventories 968 1261 1425
Capex tangible fixed assets -69 -53 -79
Receivables 745 985 1069
Capex intangible fixed assets -90 -100 -119
Other current assets 187 0 0
Acquisitions and Disposals -960 -447 -255
Cash and liquid assets 380 242 251
Free cash flow -864 -119 65
Total assets 8958 9165 9382
Dividend paid 0 0 0
Shareholders equity 4091 4329 4662
Share issues and buybacks 530 50 0
Minority 0 0 0
Leasing liability amortisation -52 -56 -56
Total equity 4091 4329 4662
Other non-cash items -525 267 255
Long-term debt 2349 2067 1916
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 149 144 144
Total other long-term liabilities 590 627 627
Short-term debt 968 934 830
Accounts payable 553 749 846
Other current liabilities 258 315 356
Total liabilities and equity 8958 9165 9382
Net IB debt 3011 2832 2568
Net IB debt excl. pension debt 3011 2832 2568
Net IB debt excl. leasing 2862 2688 2424
Capital employed 7557 7474 7552
Capital invested 7102 7161 7230
Working capital 1089 1182 1292
Market cap. diluted (m) 2246 2344 2344
Net IB debt adj. 3011 2832 2568
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 5257 5176 4912
Total assets turnover (%) 60,7 76,6 85,5
Working capital/sales (%) 15,7 16,4 15,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 73,6 65,4 55,1
Net debt / market cap (%) 134,1 120,8 109,5
Equity ratio (%) 45,7 47,2 49,7
Net IB debt adj. / equity (%) 73,6 65,4 55,1
Current ratio 1,28 1,25 1,35
EBITDA/net interest 2 2,9 4
Net IB debt/EBITDA (x) 6 3,6 2,7
Net IB debt/EBITDA lease adj. (x) 5,7 3,7 2,7
Interest coverage 1,6 2,5 3,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 301 314 314
Diluted shares adj. 301 314 314
EPS -0,24 0,54 1,06
Dividend per share 0 0 0
EPS adj. -24,86 0,99 1,54
BVPS 13,58 13,77 14,83
BVPS adj. -6,56 -5,4 -4,11
Net IB debt/share 9,99 9,01 8,17
Share price 7,46 7,46 7,46
Market cap. (m) 2246 2344 2344
P/E (x) -31,6 13,8 7
EV/sales (x) 1,1 0,75 0,62
EV/EBITDA (x) 10,4 6,6 5,2
EV/EBITA (x) 12,5 7,6 5,8
EV/EBIT (x) 20,5 10,6 7,5
Dividend yield (%) 0 0 0
FCF yield (%) -38,5 -5,1 2,8
Le. adj. FCF yld. (%) -40,8 -7,5 0,4
P/BVPS (x) 0,55 0,54 0,5
P/BVPS adj. (x) 6,14 3,88 2,5
P/E adj. (x) -0,3 7,6 4,8
EV/EBITDA adj. (x) 9,5 6,7 5,2
EV/EBITA adj. (x) 11,3 7,7 5,8
EV/EBIT adj. (x) 17,3 10,8 7,5
EV/CE (x) 0,7 0,7 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 3,3 2,2 2,5
Capex/depreciation 4,3 3,4 4,3
Capex tangibles / tangible fixed assets 18,5 12,9 17,8
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 9,95 11,05 10,46

Equity research

Read earlier research

Media

Humble Group - Company presentation with CEO Simon Petrén

View more media

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Håkan Roos (RoosGruppen) 10.1 % 10.1 % 29 May 2023
Noel Abdayem 9.1 % 9.1 % 29 May 2023
Neudi & C:o AB 6.6 % 6.6 % 29 May 2023
Avanza Pension 4.7 % 4.7 % 29 May 2023
Thomas Petrén 4.2 % 4.2 % 31 Aug 2022
Capital Group 3.5 % 3.5 % 5 May 2023
Futur Pension 2.4 % 2.4 % 29 May 2023
Creades AB 2.3 % 2.3 % 31 Aug 2022
Caldas Capital 2.1 % 2.1 % 29 May 2023
Simon Petrén 2.0 % 2.0 % 29 May 2023
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Simon Petrén + 4 158 BUY 14 Jul 2021
Noel Abdayem + 116 260 BUY 14 Jul 2021
Noel Abdayem + 84 042 BUY 6 Jul 2021
Noel Abdayem + 8 853 BUY 2 Jul 2021
Johan Lennartsson + 1 000 BUY 1 Jul 2021
Marcus Stenkil + 1 250 BUY 1 Jul 2021
Simon Petrén + 2 092 BUY 1 Jul 2021
Noel Abdayem + 289 785 BUY 1 Jul 2021
Noel Abdayem + 173 915 BUY 28 Jun 2021
Johan Lennartsson + 100 000 BUY 17 Jun 2021

Show More