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Nilörngruppen

Nilörngruppen

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. 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 2023 2024e 2025e
Sales 870 918 959
Sales growth (%) -7,7 5,5 4,5
EBITDA 94 114 137
EBITDA margin (%) 10,8 12,4 14,3
EBIT adj. 65 81 104
EBIT adj. margin (%) 7,5 8,8 10,9
Pretax profit 53 74 99
EPS 3,45 5,01 6,58
EPS growth (%) -60,9 45,1 31,3
EPS adj. 3,66 5,01 6,58
DPS 1 4 4,5
EV/EBITDA (x) 8,9 7,1 5,8
EV/EBIT adj. (x) 12,9 10,1 7,6
P/E (x) 21,2 14,6 11,1
P/E adj. (x) 20 14,6 11,1
EV/sales (x) 0,97 0,88 0,83
FCF yield (%) 6,7 6,6 9,6
Le. adj. FCF yld. (%) 4,7 4,4 7,4
Dividend yield (%) 1,4 5,5 6,1
Net IB debt/EBITDA (x) 0,1 -0,2 -0,3
Le. adj. ND/EBITDA (x) -0,2 -0,5 -0,5
SEKm 2023 2024e 2025e
Sales 870 918 959
COGS -490 -525 -540
Gross profit 380 393 419
Other operating items -286 -279 -282
EBITDA 94 114 137
Depreciation and amortisation -31 -33 -33
of which leasing depreciation -18 -20 -20
EBITA 63 81 104
EO Items -2 0 0
Impairment and PPA amortisation 0 0 0
EBIT 63 81 104
Net financial items -10 -6 -5
Pretax profit 53 74 99
Tax -13 -17 -24
Net profit 39 57 75
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 57 75
EPS 3,45 5,01 6,58
EPS adj. 3,66 5,01 6,58
Total extraordinary items after tax -2 0 0
Leasing payments -18 -20 -20
Tax rate (%) 25,1 23,2 24
Gross margin (%) 43,7 42,8 43,7
EBITDA margin (%) 10,8 12,4 14,3
EBITA margin (%) 7,2 8,8 10,9
EBIT margin (%) 7,2 8,8 10,9
Pre-tax margin (%) 6 8,1 10,3
Net margin (%) 4,5 6,2 7,8
Sales growth (%) -7,7 5,5 4,5
EBITDA growth (%) -43,3 20,7 20,9
EBITA growth (%) -53,8 27,8 29,4
EBIT growth (%) -53,8 27,8 29,4
Net profit growth (%) -60,9 45,1 31,3
EPS growth (%) -60,9 45,1 31,3
Profitability N/A N/A N/A
ROE (%) 12,5 17,7 20,5
ROE adj. (%) 13,1 17,7 20,5
ROCE (%) 15,1 19 22,8
ROCE adj. (%) 15,6 19 22,8
ROIC (%) 15,3 19,7 23,7
ROIC adj. (%) 15,9 19,7 23,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 96 114 137
EBITDA adj. margin (%) 11,1 12,4 14,3
EBITDA lease adj. 78 94 118
EBITDA lease adj. margin (%) 9 10,2 12,3
EBITA adj. 65 81 104
EBITA adj. margin (%) 7,5 8,8 10,9
EBIT adj. 65 81 104
EBIT adj. margin (%) 7,5 8,8 10,9
Pretax profit Adj. 55 74 99
Net profit Adj. 41 57 75
Net profit to shareholders adj. 41 57 75
Net adj. margin (%) 4,7 6,2 7,8
SEKm 2023 2024e 2025e
EBITDA 94 114 137
Goodwill 0 0 0
Net financial items -10 -6 -5
Other intangible assets 48 53 58
Paid tax -10 -18 -24
Tangible fixed assets 96 118 126
Non-cash items -15 0 0
Right-of-use asset 24 20 19
Cash flow before change in WC 59 90 108
Total other fixed assets 0 0 0
Change in working capital 16 3 -2
Fixed assets 168 191 203
Operating cash flow 75 93 107
Inventories 166 161 163
Capex tangible fixed assets -10 -32 -22
Receivables 139 147 153
Capex intangible fixed assets -9 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 105 116 132
Free cash flow 56 55 80
Total assets 578 614 651
Dividend paid -58 -11 -46
Shareholders equity 295 351 381
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -16 -19 -19
Total equity 295 351 381
Other non-cash items -5 6 0
Long-term debt 22 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 24 20 20
Total other long-term liabilities 6 6 6
Short-term debt 66 72 72
Accounts payable 0 0 0
Other current liabilities 165 165 173
Total liabilities and equity 578 614 651
Net IB debt 7 -24 -40
Net IB debt excl. pension debt 7 -24 -40
Net IB debt excl. leasing -17 -44 -60
Capital employed 406 443 472
Capital invested 302 327 340
Working capital 139 142 144
Market cap. diluted (m) 835 835 835
Net IB debt adj. 7 -24 -40
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 841 810 794
Total assets turnover (%) 146 154 151,6
Working capital/sales (%) 17,3 15,3 14,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 2,3 -7 -10,6
Net debt / market cap (%) 0,8 -2,9 -4,8
Equity ratio (%) 51 57,2 58,5
Net IB debt adj. / equity (%) 2,3 -7 -10,6
Current ratio 1,77 1,79 1,83
EBITDA/net interest 9 18,7 25,1
Net IB debt/EBITDA (x) 0,1 -0,2 -0,3
Net IB debt/EBITDA lease adj. (x) -0,2 -0,5 -0,5
Interest coverage 6 13,3 19
SEKm 2023 2024e 2025e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 3,45 5,01 6,58
Dividend per share 1 4 4,5
EPS adj. 3,66 5,01 6,58
BVPS 25,86 30,81 33,39
BVPS adj. 21,65 26,15 28,31
Net IB debt/share 0,59 -2,15 -3,54
Share price 73,2 73,2 73,2
Market cap. (m) 835 835 835
P/E (x) 21,2 14,6 11,1
EV/sales (x) 0,97 0,88 0,83
EV/EBITDA (x) 8,9 7,1 5,8
EV/EBITA (x) 13,4 10,1 7,6
EV/EBIT (x) 13,4 10,1 7,6
Dividend yield (%) 1,4 5,5 6,1
FCF yield (%) 6,7 6,6 9,6
Le. adj. FCF yld. (%) 4,7 4,4 7,4
P/BVPS (x) 2,83 2,38 2,19
P/BVPS adj. (x) 2,83 2,38 2,19
P/E adj. (x) 20 14,6 11,1
EV/EBITDA adj. (x) 8,7 7,1 5,8
EV/EBITA adj. (x) 12,9 10,1 7,6
EV/EBIT adj. (x) 12,9 10,1 7,6
EV/CE (x) 2,1 1,8 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,2 4,1 2,8
Capex/depreciation 1,5 2,8 1,9
Capex tangibles / tangible fixed assets 10,6 27,3 17,2
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 13,5 11,36 10,85

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Media

Nilörngruppen - 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 Mar 2024
Fondsfinans Kapitalforvaltning 7.0 % 4.0 % 30 Apr 2024
Cervantes Capital 6.5 % 3.7 % 30 Jun 2023
Protector Forsikring ASA 4.6 % 2.6 % 26 Mar 2024
Johan Hagberg 3.1 % 1.8 % 26 Mar 2024
Avanza Pension 2.4 % 1.4 % 26 Mar 2024
Varner AS 1.5 % 0.9 % 26 Mar 2024
Peter Hermanrud 1.4 % 0.8 % 26 Mar 2024
Bengt Ribbing 1.4 % 0.8 % 26 Mar 2024
Gunvald Berger 1.3 % 0.8 % 26 Mar 2024
Source: Holdings by Modular Finance AB