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Nilörngruppen

Nilörngruppen

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Adding value to brands

Nilörngruppen 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. In 2021 group sales amounted to SEK 788m with an adjusted EBIT of SEK 120m, yielding a margin of 15.2%. The shares are listed on OMX Small Cap since 2018.

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

Financials

SEKm 2022 2023e 2024e
Sales 943 874 928
Sales growth (%) 19,6 -7,3 6,1
EBITDA 166 116 137
EBITDA margin (%) 17,6 13,2 14,7
EBIT adj. 136 86 106
EBIT adj. margin (%) 14,5 9,9 11,5
Pretax profit 132 79 100
EPS 8,85 5,25 6,64
EPS growth (%) 14,8 -40,7 26,6
EPS adj. 8,85 5,25 6,64
DPS 5 5 5,5
EV/EBITDA (x) 4,7 6,8 5,8
EV/EBIT adj. (x) 5,7 9,1 7,5
P/E (x) 7,9 13,3 10,5
P/E adj. (x) 7,9 13,3 10,5
EV/sales (x) 0,83 0,9 0,86
FCF yield (%) 0,9 7,9 7,4
Le. adj. FCF yld. (%) -1,1 6 5,4
Dividend yield (%) 7,1 7,1 7,9
Net IB debt/EBITDA (x) -0,1 -0,1 0
Le. adj. ND/EBITDA (x) 0,3 0,3 0,2
SEKm 2022 2023e 2024e
Sales 943 874 928
COGS -526 -493 -519
Gross profit 416 381 408
Other operating items -250 -265 -272
EBITDA 166 116 137
Depreciation and amortisation -30 -29 -30
of which leasing depreciation -18 -16 -16
EBITA 136 86 106
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 136 86 106
Net financial items -4 -8 -7
Pretax profit 132 79 100
Tax -31 -19 -24
Net profit 101 60 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 101 60 76
EPS 8,85 5,25 6,64
EPS adj. 8,85 5,25 6,64
Total extraordinary items after tax 0 0 0
Leasing payments -18 -16 -16
Tax rate (%) 23,8 23,9 24
Gross margin (%) 44,2 43,6 44
EBITDA margin (%) 17,6 13,2 14,7
EBITA margin (%) 14,5 9,9 11,5
EBIT margin (%) 14,5 9,9 11,5
Pre-tax margin (%) 14 9 10,7
Net margin (%) 10,7 6,8 8,2
Sales growth (%) 19,6 -7,3 6,1
EBITDA growth (%) 14,2 -30,4 18,1
EBITA growth (%) 13,6 -36,7 23,2
EBIT growth (%) 13,6 -36,7 23,2
Net profit growth (%) 14,8 -40,7 26,6
EPS growth (%) 14,8 -40,7 26,6
Profitability N/A N/A N/A
ROE (%) 33 17,9 21,9
ROE adj. (%) 33 17,9 21,9
ROCE (%) 34,8 20,1 24,1
ROCE adj. (%) 34,8 20,1 24,1
ROIC (%) 37,6 20,6 23,9
ROIC adj. (%) 37,6 20,6 23,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 166 116 137
EBITDA adj. margin (%) 17,6 13,2 14,7
EBITDA lease adj. 149 99 120
EBITDA lease adj. margin (%) 15,8 11,4 13
EBITA adj. 136 86 106
EBITA adj. margin (%) 14,5 9,9 11,5
EBIT adj. 136 86 106
EBIT adj. margin (%) 14,5 9,9 11,5
Pretax profit Adj. 132 79 100
Net profit Adj. 101 60 76
Net profit to shareholders adj. 101 60 76
Net adj. margin (%) 10,7 6,8 8,2
SEKm 2022 2023e 2024e
EBITDA 166 116 137
Goodwill 0 0 0
Net financial items -4 -8 -7
Other intangible assets 39 44 49
Paid tax -33 -16 -24
Tangible fixed assets 100 116 144
Non-cash items -24 -4 0
Right-of-use asset 23 18 17
Cash flow before change in WC 105 88 106
Total other fixed assets 0 0 0
Change in working capital -82 8 0
Fixed assets 162 178 210
Operating cash flow 23 96 106
Inventories 212 188 195
Capex tangible fixed assets -10 -28 -42
Receivables 127 149 153
Capex intangible fixed assets -7 -4 -5
Other current assets 0 0 0
Acquisitions and Disposals 1 0 0
Cash and liquid assets 113 109 96
Free cash flow 7 63 59
Total assets 614 624 653
Dividend paid -57 -57 -57
Shareholders equity 333 336 355
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -16 -16
Total equity 333 336 355
Other non-cash items 41 -1 0
Long-term debt 25 25 25
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 17 17
Total other long-term liabilities 7 15 15
Short-term debt 48 52 52
Accounts payable 0 0 0
Other current liabilities 178 178 189
Total liabilities and equity 614 624 653
Net IB debt -17 -15 -1
Net IB debt excl. pension debt -17 -15 -1
Net IB debt excl. leasing -39 -32 -19
Capital employed 429 431 450
Capital invested 316 322 354
Working capital 161 159 159
Market cap. diluted (m) 798 798 798
Net IB debt adj. -17 -15 -1
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 781 783 797
Total assets turnover (%) 161,1 141,3 145,3
Working capital/sales (%) 13 18,3 17,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,2 -4,4 -0,4
Net debt / market cap (%) -2,2 -1,9 -0,2
Equity ratio (%) 54,3 53,9 54,4
Net IB debt adj. / equity (%) -5,2 -4,4 -0,4
Current ratio 2 1,94 1,84
EBITDA/net interest 41,6 15,1 20,7
Net IB debt/EBITDA (x) -0,1 -0,1 0
Net IB debt/EBITDA lease adj. (x) -0,3 -0,3 -0,2
Interest coverage 34,1 11,3 16,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 8,85 5,25 6,64
Dividend per share 5 5 5,5
EPS adj. 8,85 5,25 6,64
BVPS 29,22 29,51 31,15
BVPS adj. 25,84 25,62 26,86
Net IB debt/share -1,53 -1,31 -0,12
Share price 70 70 70
Market cap. (m) 798 798 798
P/E (x) 7,9 13,3 10,5
EV/sales (x) 0,83 0,9 0,86
EV/EBITDA (x) 4,7 6,8 5,8
EV/EBITA (x) 5,7 9,1 7,5
EV/EBIT (x) 5,7 9,1 7,5
Dividend yield (%) 7,1 7,1 7,9
FCF yield (%) 0,9 7,9 7,4
Le. adj. FCF yld. (%) -1,1 6 5,4
P/BVPS (x) 2,4 2,37 2,25
P/BVPS adj. (x) 2,4 2,37 2,25
P/E adj. (x) 7,9 13,3 10,5
EV/EBITDA adj. (x) 4,7 6,8 5,8
EV/EBITA adj. (x) 5,7 9,1 7,5
EV/EBIT adj. (x) 5,7 9,1 7,5
EV/CE (x) 1,8 1,8 1,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 3,7 5
Capex/depreciation 1,4 2,5 3,3
Capex tangibles / tangible fixed assets 10,3 24,1 29,2
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 12,3 11,22 9,7

Equity research

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Media

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

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Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 29 Mar 2023
Fondsfinans Kapitalforvaltning 5.9 % 3.3 % 12 May 2023
Cervantes Capital 5.3 % 3.0 % 31 Mar 2023
Johan Hagberg 3.6 % 2.1 % 29 Mar 2023
VJ Invest AS 3.1 % 1.7 % 29 Mar 2023
Avanza Pension 2.4 % 1.4 % 29 Mar 2023
Varner AS 2.0 % 1.1 % 29 Mar 2023
Handelsbanken Fonder 1.6 % 0.9 % 30 Apr 2023
Bengt Ribbing 1.4 % 0.8 % 29 Mar 2023
eQ Asset Management Oy 1.4 % 0.8 % 30 Apr 2023
Source: Holdings by Modular Finance AB

Insider list - Nilörngruppen

Name Quantity Code Date
Krister Carl Magnus Magnusson + 25 000 BUY 20 Jul 2020
Petter Stillström +2 040 000 BUY 27 May 2020
Petter Stillström -2 040 000 SELL 27 May 2020
Petter Stillström + 960 000 BUY 27 May 2020
Petter Stillström - 960 000 SELL 27 May 2020
Traction Branding AB - 300 000 SELL 22 Oct 2018
Traction Branding AB - 600 000 SELL 10 Nov 2017
Traction Branding AB - 200 000 SELL 29 Jun 2017
Johan Vilhelm Schottenius - 10 000 SELL 7 Jun 2017
Claes af Wetterstedt - 15 961 SELL 10 May 2017

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