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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 2025 2026e 2027e
Sales 945 923 964
Sales growth (%) 0 -2,4 4,5
EBITDA 106 111 124
EBITDA margin (%) 11,2 12 12,9
EBIT adj. 79 81 93
EBIT adj. margin (%) 8,3 8,7 9,7
Pretax profit 67 77 90
EPS 4,43 5,12 5,97
EPS growth (%) -14,3 15,6 16,6
EPS adj. 4,9 5,12 5,97
DPS 1,5 2 2,5
EV/EBITDA (x) 5,5 5,1 4,3
EV/EBIT adj. (x) 7,4 7 5,8
P/E (x) 12,3 10,6 9,1
P/E adj. (x) 11,1 10,6 9,1
EV/sales (x) 0,62 0,61 0,56
FCF yield (%) 9,9 8,4 10,3
Le. adj. FCF yld. (%) 6,8 5,6 7,5
Dividend yield (%) 2,8 3,7 4,6
Net IB debt/EBITDA (x) -0,4 -0,5 -0,6
Le. adj. ND/EBITDA (x) -0,7 -0,9 -1
SEKm 2025 2026e 2027e
Sales 945 923 964
COGS -511 -508 -536
Gross profit 434 415 428
Other operating items -329 -304 -304
EBITDA 106 111 124
Depreciation and amortisation -32 -30 -31
of which leasing depreciation -18 -18 -18
EBITA 73 81 93
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 73 81 93
Net financial items -6 -4 -4
Pretax profit 67 77 90
Tax -17 -18 -22
Net profit 51 58 68
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 51 58 68
EPS 4,43 5,12 5,97
EPS adj. 4,9 5,12 5,97
Total extraordinary items after tax -4 0 0
Leasing payments -18 -18 -18
Tax rate (%) 24,9 24 24
Gross margin (%) 46 45 44,4
EBITDA margin (%) 11,2 12 12,9
EBITA margin (%) 7,8 8,7 9,7
EBIT margin (%) 7,8 8,7 9,7
Pre-tax margin (%) 7,1 8,3 9,3
Net margin (%) 5,3 6,3 7,1
Sales growth (%) 0 -2,4 4,5
EBITDA growth (%) -10,1 5,1 12
EBITA growth (%) -11,3 9,9 15,8
EBIT growth (%) -11,3 9,9 15,8
Net profit growth (%) -14,3 15,6 16,6
EPS growth (%) -14,3 15,6 16,6
Profitability N/A N/A N/A
ROE (%) 14,5 16 16,7
ROE adj. (%) 15,7 16 16,7
ROCE (%) 17,5 18,8 19,8
ROCE adj. (%) 18,7 18,8 19,8
ROIC (%) 17,3 19,2 20,8
ROIC adj. (%) 18,5 19,2 20,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 111 111 124
EBITDA adj. margin (%) 11,7 12 12,9
EBITDA lease adj. 93 93 107
EBITDA lease adj. margin (%) 9,8 10,1 11
EBITA adj. 79 81 93
EBITA adj. margin (%) 8,3 8,7 9,7
EBIT adj. 79 81 93
EBIT adj. margin (%) 8,3 8,7 9,7
Pretax profit Adj. 73 77 90
Net profit Adj. 54 58 68
Net profit to shareholders adj. 54 58 68
Net adj. margin (%) 5,8 6,3 7,1
SEKm 2025 2026e 2027e
EBITDA 106 111 124
Goodwill 0 0 0
Net financial items -6 -4 -4
Other intangible assets 54 70 87
Paid tax -5 -18 -22
Tangible fixed assets 110 107 107
Non-cash items -23 0 0
Right-of-use asset 29 29 28
Cash flow before change in WC 71 89 99
Total other fixed assets 0 0 0
Change in working capital 20 -11 -6
Fixed assets 193 206 222
Operating cash flow 91 78 93
Inventories 144 138 154
Capex tangible fixed assets -8 -10 -13
Receivables 137 157 154
Capex intangible fixed assets -21 -16 -17
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 102 119 143
Free cash flow 61 52 64
Total assets 576 621 673
Dividend paid -18 -17 -23
Shareholders equity 344 386 431
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -19 -17 -17
Total equity 344 386 431
Other non-cash items -4 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 29 29 29
Total other long-term liabilities 5 5 5
Short-term debt 35 35 35
Accounts payable 0 0 0
Other current liabilities 162 166 174
Total liabilities and equity 576 621 673
Net IB debt -37 -55 -79
Net IB debt excl. pension debt -37 -55 -79
Net IB debt excl. leasing -66 -84 -107
Capital employed 409 450 495
Capital invested 307 331 352
Working capital 118 129 135
Market cap. diluted (m) 619 619 619
Net IB debt adj. -37 -55 -79
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 582 564 541
Total assets turnover (%) 161,1 154,2 149
Working capital/sales (%) 13,6 13,4 13,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -10,8 -14,2 -18,2
Net debt / market cap (%) -6 -8,9 -12,7
Equity ratio (%) 59,8 62,1 64
Net IB debt adj. / equity (%) -10,8 -14,2 -18,2
Current ratio 1,93 2,06 2,16
EBITDA/net interest 17 28,7 32,2
Net IB debt/EBITDA (x) -0,4 -0,5 -0,6
Net IB debt/EBITDA lease adj. (x) -0,7 -0,9 -1
Interest coverage 11,8 20,9 24,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 4,43 5,12 5,97
Dividend per share 1,5 2 2,5
EPS adj. 4,9 5,12 5,97
BVPS 30,19 33,81 37,79
BVPS adj. 25,43 27,65 30,17
Net IB debt/share -3,27 -4,81 -6,9
Share price 54,3 54,3 54,3
Market cap. (m) 619 619 619
P/E (x) 12,3 10,6 9,1
EV/sales (x) 0,6 0,6 0,6
EV/EBITDA (x) 5,5 5,1 4,3
EV/EBITA (x) 7,9 7 5,8
EV/EBIT (x) 7,9 7 5,8
Dividend yield (%) 2,8 3,7 4,6
FCF yield (%) 9,9 8,4 10,3
Le. adj. FCF yld. (%) 6,8 5,6 7,5
P/BVPS (x) 1,8 1,61 1,44
P/BVPS adj. (x) 1,8 1,61 1,44
P/E adj. (x) 11,1 10,6 9,1
EV/EBITDA adj. (x) 5,3 5,1 4,3
EV/EBITA adj. (x) 7,4 7 5,8
EV/EBIT adj. (x) 7,4 7 5,8
EV/CE (x) 1,4 1,3 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 3,1 2,8 3
Capex/depreciation 2,1 2,1 2,2
Capex tangibles / tangible fixed assets 7,6 9,3 11,8
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 13 11,5 12,2

Equity research

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Media

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

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 23 Dec 2025
Avanza Pension 6.7 % 3.8 % 23 Dec 2025
Fondsfinans Kapitalforvaltning 6.5 % 3.7 % 31 Jan 2026
Protector Forsikring ASA 4.4 % 2.5 % 23 Dec 2025
Kavaljer Fonder 2.9 % 1.6 % 31 Jan 2026
Nordnet Pensionsförsäkring 2.2 % 1.2 % 23 Dec 2025
Swedbank Försäkring 1.5 % 0.9 % 23 Dec 2025
Bengt Ribbing 1.4 % 0.8 % 23 Dec 2025
Mats Lindberg 1.3 % 0.7 % 23 Dec 2025
Mikael Gunnarsson 1.2 % 0.7 % 23 Dec 2025
Source: Holdings by Modular Finance AB