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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.

Key strengths are its long-established know-how, worldwide partner network and logistic system. This setup provides opportunities to gain market share. Increased geographical presence and bolt-on acquisitions. Currently, e-commerce seems to require additional investments in brand profiling, which strongly benefits companies like Nilörn.

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

SEKm 2021 2022e 2023e
Sales 788 872 926
Sales growth (%) 27,5 10,6 6,3
EBITDA 145 141 151
EBITDA margin (%) 18,5 16,1 16,3
EBIT adj 120 113 122
EBIT adj margin (%) 15,2 12,9 13,2
Pretax profit 117 111 121
EPS rep 7,71 7,23 8,07
EPS growth (%) 162,2 -6,2 11,6
EPS adj 7,71 7,23 8,07
DPS 5 5,42 6,05
EV/EBITDA (x) 6,1 8,6 7,9
EV/EBIT adj (x) 7,4 10,7 9,7
P/E (x) 10,7 15,2 13,6
P/E adj (x) 10,7 15,2 13,6
EV/sales (x) 1,1 1,4 1,3
FCF yield (%) 7,1 3,9 7,5
Dividend yield (%) 6,1 4,9 5,5
Net IB debt/EBITDA -0,4 -0,3 -0,4
Lease adj. FCF yield (%) 5,5 2,6 6,2
Lease adj. ND/EBITDA -0,7 -0,6 -0,7
SEKm 2021 2022e 2023e
Sales 788 872 926
COGS -424 -482 -513
Gross profit 364 390 414
Other operating items -219 -249 -263
EBITDA 145 141 151
Depreciation on tangibles -12 -12 -12
Depreciation on intangibles 0 0 0
EBITA 120 113 122
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 120 113 122
Other financial items 0 0 0
Net financial items -3 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 117 111 121
Tax -29 -28 -29
Net profit 88 82 92
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 88 82 92
EPS 7,71 7,23 8,07
EPS Adj 7,71 7,23 8,07
Total extraordinary items after tax 0 0 0
Tax rate (%) -24,7 -25,7 -24
Gross margin (%) 46,2 44,7 44,6
EBITDA margin (%) 18,5 16,1 16,3
EBITA margin (%) 15,2 12,9 13,2
EBIT margin (%) 15,2 12,9 13,2
Pretax margin (%) 14,8 12,7 13,1
Net margin (%) 11,1 9,5 9,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 27,5 10,6 6,3
EBITDA growth (%) 89,9 -3,3 7,1
EBIT growth (%) 136,4 -6 8,4
Net profit growth (%) 162,2 -6,2 11,6
EPS growth (%) 162,2 -6,2 11,6
Profitability 2021 2022 2023
ROE (%) 36 28,3 28,8
ROE Adj (%) 36 28,3 28,8
ROCE (%) 39 32,2 32,5
ROCE Adj(%) 39 32,2 32,5
ROIC (%) 40,7 34,4 34,3
ROIC Adj (%) 40,7 34,4 34,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 145 141 151
EBITDA Adj margin (%) 18,5 16,1 16,3
EBITA Adj 120 113 122
EBITA Adj margin (%) 15,2 12,9 13,2
EBIT Adj 120 113 122
EBIT Adj margin (%) 15,2 12,9 13,2
Pretax profit Adj 117 111 121
Net profit Adj 88 82 92
Net profit to shareholders Adj 88 82 92
Net Adj margin (%) 11,1 9,5 9,9
Depreciation and amortisation -26 -28 -28
Of which leasing depreciation -15 -16 -16
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 130 125 135
EBITDA lease Adj margin (%) 16,5 14,3 14,6
Leasing payments -15 -16 -16
SEKm 2021 2022e 2023e
EBITDA 145 141 151
Net financial items -3 -2 -1
Paid tax 0 -2 -1
Non-cash items 18 -12 -16
Cash flow before change in WC 160 125 133
Change in WC -81 -60 -20
Operating cash flow 79 65 113
CAPEX tangible fixed assets -5 -14 -16
CAPEX intangible fixed assets -6 -3 -3
Acquisitions and disposals -1 0 0
Free cash flow 67 48 94
Dividend paid -23 -57 -62
Share issues and buybacks 0 0 0
Other non cash items -45 -17 -14
Decrease in net IB debt 76 5 8
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 23 25 28
Tangible fixed assets 99 100 104
Other fixed assets 0 0 0
Fixed assets 159 158 162
Inventories 146 173 184
Receivables 114 147 156
Other current assets 21 28 30
Cash and liquid assets 116 99 117
Total assets 556 605 649
Shareholders equity 278 304 334
Minority 0 0 0
Total equity 278 304 334
Long-term debt 27 26 26
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 211 238 252
Total liabilities and equity 556 605 649
Net IB debt -55 -40 -56
Net IB debt excl. pension debt -55 -40 -56
Capital invested 223 264 278
Working capital 70 110 118
EV breakdown 2021 2022 2023
Market cap. diluted (m) 940 1252 1252
Net IB debt Adj -55 -42 -60
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 885 1210 1192
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 163,3 150,2 147,8
Capital invested turnover (%) 244,2 287,4 293,2
Capital employed turnover (%) 222,1 251,3 250,5
Inventories / sales (%) 18,2 16,6 16,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 8,9 10,3 12,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -19,8 -13,2 -16,8
Net debt / market cap (%) -7 -3,2 -4,5
Equity ratio (%) 50 50,3 51,5
Net IB debt adj. / equity (%) -19,8 -13,8 -18
Current ratio (%) 175,7 176,7 182,5
EBITDA / net interest (%) 4352 7572,4 12547
Net IB debt / EBITDA (%) -37,8 -28,5 -37,3
Interest cover (%) 3589 6073,6 10186,9
Lease liability amortisation -15 -16 -16
Other intangible assets 26 28 31
Right-of-use asset 35 31 31
Total other fixed assets 0 -2 -4
Leasing liability 34 31 31
Total other long-term liabilities 6 6 6
Net IB debt excl. leasing -89 -73 -91
Net IB debt / EBITDA lease Adj (%) -68,7 -58,1 -67,5
SEKm 2021 2022e 2023e
Shares outstanding adj. 11 11 11
Fully diluted shares Adj 11 11 11
EPS 7,71 7,23 8,07
Dividend per share Adj 5 5,4 6,1
EPS Adj 7,71 7,23 8,07
BVPS 24,4 26,69 29,33
BVPS Adj 24,4 26,69 29,33
Net IB debt / share -4,8 -3,5 -4,9
Share price 68,49 109,8 109,8
Market cap. (m) 781 1252 1252
Valuation 2021 2022 2023
P/E 10,7 15,2 13,6
EV/sales 1,12 1,39 1,29
EV/EBITDA 6,1 8,6 7,9
EV/EBITA 7,4 10,7 9,7
EV/EBIT 7,4 10,7 9,7
Dividend yield (%) 6,1 4,9 5,5
FCF yield (%) 7,1 3,9 7,5
P/BVPS 3,38 4,11 3,74
P/BVPS Adj 3,38 4,11 3,74
P/E Adj 10,7 15,2 13,6
EV/EBITDA Adj 6,1 8,6 7,9
EV/EBITA Adj 7,4 10,7 9,7
EV/EBIT Adj 7,4 10,7 9,7
EV/cap. employed 2,6 3,3 3
Investment ratios 2021 2022 2023
Capex / sales 1,4 1,9 2,1
Capex / depreciation 104,5 139,7 151,3
Capex tangibles / tangible fixed assets 4,8 13,7 15,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 10,5 12 12,1
Lease adj. FCF yield (%) 5,5 2,6 6,2

Equity research

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Media

Nilörngruppen - Company presentation with CEO Krister Magnusson
Nilörngruppen: Intervju med VD Claes af Wetterstedt

Main shareholders - Nilörngruppen

Main shareholders Share capital % Voting shares % Verified
Traction 26.3 % 58.1 % 31 Mar 2022
Cervantes Capital 5.1 % 2.9 % 31 Mar 2022
VJ Invest AS 3.0 % 1.7 % 31 Mar 2022
Avanza Pension 2.6 % 1.5 % 31 Mar 2022
Johan Hagberg 2.3 % 1.3 % 31 Mar 2022
La Financière de l'Echiquier 2.3 % 1.3 % 30 Apr 2022
Varner AS 1.9 % 1.1 % 31 Mar 2022
Nordea Fonder 1.9 % 1.1 % 31 Mar 2022
Fondsfinans Kapitalforvaltning 1.7 % 0.9 % 30 Apr 2022
Bengt Ribbing 1.4 % 0.8 % 31 Mar 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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