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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 945 941 966
Sales growth (%) 8,6 -0,4 2,6
EBITDA 117 130 132
EBITDA margin (%) 12,4 13,8 13,7
EBIT adj. 87 96 98
EBIT adj. margin (%) 9,2 10,2 10,2
Pretax profit 78 89 92
EPS 5,17 5,94 6,17
EPS growth (%) 49,6 14,8 3,9
EPS adj. 5,55 5,94 6,17
DPS 1,5 3,5 3,5
EV/EBITDA (x) 5,8 5,4 5,4
EV/EBIT adj. (x) 7,8 7,3 7,2
P/E (x) 11,9 10,3 9,9
P/E adj. (x) 11 10,3 9,9
EV/sales (x) 0,72 0,74 0,74
FCF yield (%) 10,2 3,7 6,3
Le. adj. FCF yld. (%) 7,1 0,8 3,4
Dividend yield (%) 2,4 5,7 5,7
Net IB debt/EBITDA (x) -0,2 0 0,1
Le. adj. ND/EBITDA (x) -0,6 -0,4 -0,2
SEKm 2024 2025e 2026e
Sales 945 941 966
COGS -517 -516 -536
Gross profit 428 425 430
Other operating items -310 -295 -297
EBITDA 117 130 132
Depreciation and amortisation -35 -34 -34
of which leasing depreciation -21 -19 -19
EBITA 83 96 98
EO Items -4 0 0
Impairment and PPA amortisation 0 0 0
EBIT 83 96 98
Net financial items -5 -6 -6
Pretax profit 78 89 92
Tax -19 -21 -22
Net profit 59 68 70
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 68 70
EPS 5,17 5,94 6,17
EPS adj. 5,55 5,94 6,17
Total extraordinary items after tax -3 0 0
Leasing payments -21 -19 -19
Tax rate (%) 24,5 24,1 24
Gross margin (%) 45,3 45,2 44,5
EBITDA margin (%) 12,4 13,8 13,7
EBITA margin (%) 8,8 10,2 10,2
EBIT margin (%) 8,8 10,2 10,2
Pre-tax margin (%) 8,3 9,5 9,6
Net margin (%) 6,2 7,2 7,3
Sales growth (%) 8,6 -0,4 2,6
EBITDA growth (%) 24,7 10,4 2,1
EBITA growth (%) 31,5 15,3 2,7
EBIT growth (%) 31,5 15,3 2,7
Net profit growth (%) 49,6 14,8 3,9
EPS growth (%) 49,6 14,8 3,9
Profitability N/A N/A N/A
ROE (%) 18,3 18,6 17,9
ROE adj. (%) 19,3 18,6 17,9
ROCE (%) 19,8 21,1 20,1
ROCE adj. (%) 20,8 21,1 20,1
ROIC (%) 19,8 20,6 18,8
ROIC adj. (%) 20,8 20,6 18,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 122 130 132
EBITDA adj. margin (%) 12,9 13,8 13,7
EBITDA lease adj. 101 111 114
EBITDA lease adj. margin (%) 10,7 11,8 11,8
EBITA adj. 87 96 98
EBITA adj. margin (%) 9,2 10,2 10,2
EBIT adj. 87 96 98
EBIT adj. margin (%) 9,2 10,2 10,2
Pretax profit Adj. 82 89 92
Net profit Adj. 62 68 70
Net profit to shareholders adj. 62 68 70
Net adj. margin (%) 6,6 7,2 7,3
SEKm 2024 2025e 2026e
EBITDA 117 130 132
Goodwill 0 0 0
Net financial items -5 -6 -6
Other intangible assets 53 56 61
Paid tax -10 -21 -22
Tangible fixed assets 104 136 163
Non-cash items -5 -9 0
Right-of-use asset 42 38 39
Cash flow before change in WC 97 93 104
Total other fixed assets 0 0 0
Change in working capital -3 -12 -14
Fixed assets 199 230 263
Operating cash flow 94 81 91
Inventories 171 179 174
Capex tangible fixed assets -9 -51 -42
Receivables 127 141 164
Capex intangible fixed assets -14 -4 -5
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 101 99 83
Free cash flow 71 26 44
Total assets 597 649 684
Dividend paid -11 -17 -40
Shareholders equity 350 378 409
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -22 -20 -20
Total equity 350 378 409
Other non-cash items -12 -3 0
Long-term debt 0 20 20
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 41 36 36
Total other long-term liabilities 7 6 6
Short-term debt 40 38 38
Accounts payable 0 0 0
Other current liabilities 159 169 174
Total liabilities and equity 597 649 684
Net IB debt -19 -4 12
Net IB debt excl. pension debt -19 -4 12
Net IB debt excl. leasing -60 -40 -24
Capital employed 432 473 504
Capital invested 331 374 421
Working capital 138 150 164
Market cap. diluted (m) 699 699 699
Net IB debt adj. -19 -4 12
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 680 695 711
Total assets turnover (%) 160,7 150,9 144,9
Working capital/sales (%) 14,7 15,4 16,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,5 -1,1 3
Net debt / market cap (%) -2,8 -0,6 1,7
Equity ratio (%) 58,6 58,3 59,8
Net IB debt adj. / equity (%) -5,5 -1,1 3
Current ratio 2 2,02 1,98
EBITDA/net interest 24,4 20,3 23,3
Net IB debt/EBITDA (x) -0,2 0 0,1
Net IB debt/EBITDA lease adj. (x) -0,6 -0,4 -0,2
Interest coverage 17,2 14,9 17,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 5,17 5,94 6,17
Dividend per share 1,5 3,5 3,5
EPS adj. 5,55 5,94 6,17
BVPS 30,73 33,18 35,85
BVPS adj. 26,06 28,28 30,52
Net IB debt/share -1,69 -0,36 1,06
Share price 61,3 61,3 61,3
Market cap. (m) 699 699 699
P/E (x) 11,9 10,3 9,9
EV/sales (x) 0,72 0,74 0,74
EV/EBITDA (x) 5,8 5,4 5,4
EV/EBITA (x) 8,2 7,3 7,2
EV/EBIT (x) 8,2 7,3 7,2
Dividend yield (%) 2,4 5,7 5,7
FCF yield (%) 10,2 3,7 6,3
Le. adj. FCF yld. (%) 7,1 0,8 3,4
P/BVPS (x) 1,99 1,85 1,71
P/BVPS adj. (x) 1,99 1,85 1,71
P/E adj. (x) 11 10,3 9,9
EV/EBITDA adj. (x) 5,6 5,4 5,4
EV/EBITA adj. (x) 7,8 7,3 7,2
EV/EBIT adj. (x) 7,8 7,3 7,2
EV/CE (x) 1,6 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 2,4 5,9 4,9
Capex/depreciation 1,7 3,7 3,1
Capex tangibles / tangible fixed assets 8,4 37,6 25,9
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 12,96 11,04 9,41

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 % 27 Mar 2025
Fondsfinans Kapitalforvaltning 7.0 % 4.0 % 31 May 2025
Avanza Pension 5.0 % 2.8 % 27 May 2025
Protector Forsikring ASA 4.4 % 2.5 % 27 Mar 2025
Johan Hagberg 3.1 % 1.8 % 27 Mar 2025
Kavaljer Fonder 2.7 % 1.5 % 31 May 2025
Swedbank Försäkring 1.5 % 0.8 % 27 Mar 2025
Nordnet Pensionsförsäkring 1.4 % 0.8 % 27 Mar 2025
Bengt Ribbing 1.4 % 0.8 % 27 Mar 2025
Mats Lindberg 1.3 % 0.7 % 27 Mar 2025
Source: Holdings by Modular Finance AB