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Nilörn

Nilörn

Nilörn is one of Europe's leading label and branding companies in the fashion and apparel industry. The company adds value to trademarks through branding and design of labels, packaging etc. Nilörn delivers 1.5+ billion labels per year. The shares are listed on OMX Small Cap since 2018.

Sustainability information

General downturn in the apparel industry, tougher environment for the fashion industry's middle-segment customers, price pressure.

SEKm 2024 2025e 2026e
Sales 945 944 966
Sales growth (%) 8,6 -0,1 2,4
EBITDA 117 117 121
EBITDA margin (%) 12,4 12,4 12,5
EBIT adj. 87 85 88
EBIT adj. margin (%) 9,2 9,1 9,1
Pretax profit 78 77 83
EPS 5,17 5,11 5,52
EPS growth (%) 49,6 -1,2 8,1
EPS adj. 5,55 5,28 5,52
DPS 1,5 3,5 3,5
EV/EBITDA (x) 5,5 5,5 5,5
EV/EBIT adj. (x) 7,4 7,6 7,6
P/E (x) 11,3 11,5 10,6
P/E adj. (x) 10,5 11,1 10,6
EV/sales (x) 0,69 0,69 0,69
FCF yield (%) 10,7 6,5 5,4
Le. adj. FCF yld. (%) 7,4 3,6 2,6
Dividend yield (%) 2,6 6 6
Net IB debt/EBITDA (x) -0,2 -0,2 0
Le. adj. ND/EBITDA (x) -0,6 -0,5 -0,3
SEKm 2024 2025e 2026e
Sales 945 944 966
COGS -517 -512 -535
Gross profit 428 432 431
Other operating items -310 -315 -309
EBITDA 117 117 121
Depreciation and amortisation -35 -33 -33
of which leasing depreciation -21 -18 -18
EBITA 83 83 88
EO Items -4 -2 0
Impairment and PPA amortisation 0 0 0
EBIT 83 83 88
Net financial items -5 -6 -5
Pretax profit 78 77 83
Tax -19 -19 -20
Net profit 59 58 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 58 63
EPS 5,17 5,11 5,52
EPS adj. 5,55 5,28 5,52
Total extraordinary items after tax -3 -2 0
Leasing payments -21 -18 -18
Tax rate (%) 24,5 24,3 24
Gross margin (%) 45,3 45,8 44,6
EBITDA margin (%) 12,4 12,4 12,5
EBITA margin (%) 8,8 8,8 9,1
EBIT margin (%) 8,8 8,8 9,1
Pre-tax margin (%) 8,3 8,2 8,6
Net margin (%) 6,2 6,2 6,5
Sales growth (%) 8,6 -0,1 2,4
EBITDA growth (%) 24,7 -0,6 3,8
EBITA growth (%) 31,5 0,7 5,6
EBIT growth (%) 31,5 0,7 5,6
Net profit growth (%) 49,6 -1,2 8,1
EPS growth (%) 49,6 -1,2 8,1
Profitability N/A N/A N/A
ROE (%) 18,3 16,4 17
ROE adj. (%) 19,3 16,9 17
ROCE (%) 19,8 19 19,2
ROCE adj. (%) 20,8 19,4 19,2
ROIC (%) 19,8 18,8 18,5
ROIC adj. (%) 20,8 19,3 18,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 122 119 121
EBITDA adj. margin (%) 12,9 12,6 12,5
EBITDA lease adj. 101 100 103
EBITDA lease adj. margin (%) 10,7 10,6 10,7
EBITA adj. 87 85 88
EBITA adj. margin (%) 9,2 9,1 9,1
EBIT adj. 87 85 88
EBIT adj. margin (%) 9,2 9,1 9,1
Pretax profit Adj. 82 79 83
Net profit Adj. 62 60 63
Net profit to shareholders adj. 62 60 63
Net adj. margin (%) 6,6 6,3 6,5
SEKm 2024 2025e 2026e
EBITDA 117 117 121
Goodwill 0 0 0
Net financial items -5 -6 -5
Other intangible assets 53 54 59
Paid tax -10 -7 -20
Tangible fixed assets 104 108 135
Non-cash items -5 -18 0
Right-of-use asset 42 31 32
Cash flow before change in WC 97 85 96
Total other fixed assets 0 0 0
Change in working capital -3 -12 -13
Fixed assets 199 193 226
Operating cash flow 94 72 83
Inventories 171 179 174
Capex tangible fixed assets -9 -24 -42
Receivables 127 142 164
Capex intangible fixed assets -14 -4 -5
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 101 107 84
Free cash flow 71 43 36
Total assets 597 622 649
Dividend paid -11 -18 -40
Shareholders equity 350 359 382
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -22 -19 -19
Total equity 350 359 382
Other non-cash items -12 -5 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 41 30 30
Total other long-term liabilities 7 5 5
Short-term debt 40 57 57
Accounts payable 0 0 0
Other current liabilities 159 170 174
Total liabilities and equity 597 622 649
Net IB debt -19 -20 3
Net IB debt excl. pension debt -19 -20 3
Net IB debt excl. leasing -60 -50 -27
Capital employed 432 446 469
Capital invested 331 339 385
Working capital 138 151 164
Market cap. diluted (m) 667 667 667
Net IB debt adj. -19 -20 3
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 648 647 670
Total assets turnover (%) 160,7 154,8 152,1
Working capital/sales (%) 14,7 15,3 16,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,5 -5,5 0,8
Net debt / market cap (%) -2,9 -3 0,5
Equity ratio (%) 58,6 57,7 58,9
Net IB debt adj. / equity (%) -5,5 -5,5 0,8
Current ratio 2 1,88 1,83
EBITDA/net interest 24,4 18 23
Net IB debt/EBITDA (x) -0,2 -0,2 0
Net IB debt/EBITDA lease adj. (x) -0,6 -0,5 -0,3
Interest coverage 17,2 12,9 16,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 5,17 5,11 5,52
Dividend per share 1,5 3,5 3,5
EPS adj. 5,55 5,28 5,52
BVPS 30,73 31,47 33,49
BVPS adj. 26,06 26,73 28,32
Net IB debt/share -1,69 -1,73 0,28
Share price 58,5 58,5 58,5
Market cap. (m) 667 667 667
P/E (x) 11,3 11,5 10,6
EV/sales (x) 0,7 0,7 0,7
EV/EBITDA (x) 5,5 5,5 5,5
EV/EBITA (x) 7,8 7,8 7,6
EV/EBIT (x) 7,8 7,8 7,6
Dividend yield (%) 2,6 6 6
FCF yield (%) 10,7 6,5 5,4
Le. adj. FCF yld. (%) 7,4 3,6 2,6
P/BVPS (x) 1,9 1,86 1,75
P/BVPS adj. (x) 1,9 1,86 1,75
P/E adj. (x) 10,5 11,1 10,6
EV/EBITDA adj. (x) 5,3 5,5 5,5
EV/EBITA adj. (x) 7,4 7,6 7,6
EV/EBIT adj. (x) 7,4 7,6 7,6
EV/CE (x) 1,5 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 2,4 3 4,8
Capex/depreciation 1,7 1,9 3,1
Capex tangibles / tangible fixed assets 8,4 22,5 31,1
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 13 13,8 11,3

Equity research

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Media

Nilörn - Company presentation with CEO Krister Magnusson
Nilörngruppen - Company presentation with CEO Krister Magnusson

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 26 Sep 2025
Fondsfinans Kapitalforvaltning 6.9 % 4.0 % 30 Sep 2025
Avanza Pension 5.7 % 3.3 % 26 Sep 2025
Protector Forsikring ASA 4.4 % 2.5 % 26 Sep 2025
Kavaljer Fonder 2.9 % 1.6 % 30 Sep 2025
Nordnet Pensionsförsäkring 1.7 % 1.0 % 26 Sep 2025
Handelsbanken Fonder 1.6 % 0.9 % 30 Sep 2025
Bengt Ribbing 1.4 % 0.8 % 26 Sep 2025
Swedbank Försäkring 1.4 % 0.8 % 26 Sep 2025
Mats Lindberg 1.3 % 0.7 % 26 Sep 2025
Source: Holdings by Modular Finance AB