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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. 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.

SEKm 2022 2023e 2024e
Sales 943 872 915
Sales growth (%) 19,6 -7,5 5
EBITDA 166 125 138
EBITDA margin (%) 17,6 14,4 15,1
EBIT adj. 136 98 109
EBIT adj. margin (%) 14,5 11,2 11,9
Pretax profit 132 98 109
EPS 8,85 6,52 7,29
EPS growth (%) 14,8 -26,3 11,9
EPS adj. 8,85 6,52 7,29
DPS 5 5 5,5
EV/EBITDA (x) 6 7,9 7,3
EV/EBIT adj. (x) 7,3 10,1 9,2
P/E (x) 10 13,6 12,1
P/E adj. (x) 10 13,6 12,1
EV/sales (x) 1,06 1,14 1,09
FCF yield (%) 0,7 7,8 6,2
Le. adj. FCF yld. (%) -0,8 6,3 4,6
Dividend yield (%) 5,6 5,6 6,2
Net IB debt/EBITDA (x) -0,1 -0,1 -0,1
Le. adj. ND/EBITDA (x) 0,2 0,4 0,2
SEKm 2022 2023e 2024e
Sales 943 872 915
COGS -526 -491 -509
Gross profit 416 381 406
Other operating items -250 -256 -268
EBITDA 166 125 138
Depreciation and amortisation -30 -28 -29
of which leasing depreciation -18 -15 -15
EBITA 136 98 109
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 136 98 109
Net financial items -4 0 0
Pretax profit 132 98 109
Tax -31 -23 -26
Net profit 101 74 83
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 101 74 83
EPS 8,85 6,52 7,29
EPS adj. 8,85 6,52 7,29
Total extraordinary items after tax 0 0 0
Leasing payments -18 -15 -15
Tax rate (%) 23,8 24 24
Gross margin (%) 44,2 43,7 44,4
EBITDA margin (%) 17,6 14,4 15,1
EBITA margin (%) 14,5 11,2 11,9
EBIT margin (%) 14,5 11,2 11,9
Pre-tax margin (%) 14 11,2 11,9
Net margin (%) 10,7 8,5 9,1
Sales growth (%) 19,6 -7,5 5
EBITDA growth (%) 14,2 -24,5 9,9
EBITA growth (%) 13,6 -28,3 11,7
EBIT growth (%) 13,6 -28,3 11,7
Net profit growth (%) 14,8 -26,3 11,9
EPS growth (%) 14,8 -26,3 11,9
Profitability N/A N/A N/A
ROE (%) 33 21,7 22,9
ROE adj. (%) 33 21,7 22,9
ROCE (%) 34,8 22,4 23,9
ROCE adj. (%) 34,8 22,3 23,8
ROIC (%) 37,1 22,7 23,6
ROIC adj. (%) 37,1 22,7 23,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 166 125 138
EBITDA adj. margin (%) 17,6 14,4 15,1
EBITDA lease adj. 149 111 123
EBITDA lease adj. margin (%) 15,8 12,7 13,5
EBITA adj. 136 98 109
EBITA adj. margin (%) 14,5 11,2 11,9
EBIT adj. 136 98 109
EBIT adj. margin (%) 14,5 11,2 11,9
Pretax profit Adj. 132 98 109
Net profit Adj. 101 74 83
Net profit to shareholders adj. 101 74 83
Net adj. margin (%) 10,7 8,5 9,1
SEKm 2022 2023e 2024e
EBITDA 166 125 138
Goodwill 0 0 0
Net financial items -4 0 0
Other intangible assets 28 32 37
Paid tax -33 -23 -26
Tangible fixed assets 101 114 141
Non-cash items -24 0 0
Right-of-use asset 23 23 24
Cash flow before change in WC 105 102 112
Total other fixed assets 0 0 0
Change in working capital -82 7 -4
Fixed assets 152 170 202
Operating cash flow 23 109 108
Inventories 212 196 206
Capex tangible fixed assets -10 -26 -41
Receivables 127 148 151
Capex intangible fixed assets -7 -4 -5
Other current assets 0 0 0
Acquisitions and Disposals 1 0 0
Cash and liquid assets 107 113 103
Free cash flow 7 79 62
Total assets 598 628 662
Dividend paid -57 -57 -57
Shareholders equity 333 351 377
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -16 -16
Total equity 333 351 377
Other non-cash items 35 0 0
Long-term debt 25 25 25
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 22 22
Total other long-term liabilities 7 7 7
Short-term debt 48 48 48
Accounts payable 0 0 0
Other current liabilities 162 174 183
Total liabilities and equity 598 628 662
Net IB debt -11 -18 -7
Net IB debt excl. pension debt -11 -18 -7
Net IB debt excl. leasing -33 -40 -29
Capital employed 429 446 472
Capital invested 322 333 369
Working capital 177 170 174
Market cap. diluted (m) 1009 1009 1009
Net IB debt adj. -11 -18 -7
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 998 991 1002
Total assets turnover (%) 163,3 142,3 141,9
Working capital/sales (%) 13,9 19,9 18,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -3,4 -5,1 -2
Net debt / market cap (%) -1,1 -1,8 -0,7
Equity ratio (%) 55,7 55,9 56,9
Net IB debt adj. / equity (%) -3,4 -5,1 -2
Current ratio 2,12 2,05 1,99
EBITDA/net interest 41,6 3524,2 817,4
Net IB debt/EBITDA (x) -0,1 -0,1 -0,1
Net IB debt/EBITDA lease adj. (x) -0,2 -0,4 -0,2
Interest coverage 34,1 2744,5 647,4
SEKm 2022 2023e 2024e
Shares outstanding adj. 11 11 11
Diluted shares adj. 11 11 11
EPS 8,85 6,52 7,29
Dividend per share 5 5 5,5
EPS adj. 8,85 6,52 7,29
BVPS 29,22 30,74 33,03
BVPS adj. 26,76 27,89 29,78
Net IB debt/share -0,98 -1,56 -0,65
Share price 88,5 88,5 88,5
Market cap. (m) 1009 1009 1009
P/E (x) 10 13,6 12,1
EV/sales (x) 1,06 1,14 1,09
EV/EBITDA (x) 6 7,9 7,3
EV/EBITA (x) 7,3 10,1 9,2
EV/EBIT (x) 7,3 10,1 9,2
Dividend yield (%) 5,6 5,6 6,2
FCF yield (%) 0,7 7,8 6,2
Le. adj. FCF yld. (%) -0,8 6,3 4,6
P/BVPS (x) 3,03 2,88 2,68
P/BVPS adj. (x) 3,03 2,88 2,68
P/E adj. (x) 10 13,6 12,1
EV/EBITDA adj. (x) 6 7,9 7,3
EV/EBITA adj. (x) 7,3 10,1 9,2
EV/EBIT adj. (x) 7,3 10,1 9,2
EV/CE (x) 2,3 2,2 2,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,8 3,4 5
Capex/depreciation 1,4 2,3 3,3
Capex tangibles / tangible fixed assets 10,2 22,5 29,1
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 12,18 11,47 9,94

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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 % 28 Dec 2022
Cervantes Capital 5.3 % 3.0 % 31 Dec 2022
Fondsfinans Kapitalforvaltning 4.5 % 2.5 % 28 Feb 2023
Johan Hagberg 3.4 % 1.9 % 28 Dec 2022
VJ Invest AS 3.1 % 1.7 % 28 Dec 2022
Avanza Pension 2.4 % 1.4 % 28 Dec 2022
La Financière de l'Echiquier 2.3 % 1.3 % 31 Jan 2023
Varner AS 2.0 % 1.1 % 28 Dec 2022
Handelsbanken Fonder 1.6 % 0.9 % 28 Feb 2023
Bengt Ribbing 1.4 % 0.8 % 28 Dec 2022
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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