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Pricer

Pricer

Electronic shelf labels

Pricer is delivering systems that are optimizing and simplifying the processes of price labeling and information dissemination via electronic shelf labels (ESL) in retail stores. Pricer is a global company, which has an in-house sales organization as well as commercialization through its partners-network in markets with very low penetration rates. The products are self-developed and are externally manufactured, mainly in Asia. Today, Pricer’s biggest market consists of Europe, in particular France. In total, Pricer has installed more than 140 million labels in 50+ countries.

Lately, the ESL market has attracted competition, which has led to a trend with decreased margins. This is especially notable in the initial pilot projects, where many different actors are involved in the procurement processes. There is a risk that this trend might continue. Furthermore, since Pricer is operating in the retail segment, decreasing investments in this area could affect profitability negatively. Technology risk is also a factor that could affect Pricer’s business.

SEKm 2022 2023e 2024e
Sales 2214 2663 3173
Sales growth (%) 25,4 20,3 19,2
EBITDA 70 170 233
EBITDA margin (%) 3,1 6,4 7,3
EBIT adj. 6 100 160
EBIT adj. margin (%) 0,3 3,8 5
Pretax profit -4 83 146
EPS -0,01 0,59 1,04
EPS growth (%) -102 -4164,6 76,1
EPS adj. -0,01 0,59 1,04
DPS 0 0 0,7
EV/EBITDA (x) 31,3 12,5 8,8
EV/EBIT adj. (x) 356,8 21,3 12,9
P/E (x) -1190,8 29,3 16,6
P/E adj. (x) -1190,8 29,3 16,6
EV/sales (x) 0,99 0,8 0,65
FCF yield (%) -0,7 3,4 4,6
Le. adj. FCF yld. (%) -1,3 2,8 4
Dividend yield (%) 0 0 4,1
Net IB debt/EBITDA (x) 3,8 1,3 0,6
Le. adj. ND/EBITDA (x) 4 1,1 0,5
SEKm 2022 2023e 2024e
Sales 2214 2663 3173
COGS -1841 -2193 -2605
Gross profit 373 469 568
Other operating items -303 -299 -335
EBITDA 70 170 233
Depreciation and amortisation -64 -70 -73
of which leasing depreciation -12 -12 -12
EBITA 6 100 160
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 6 100 160
Net financial items -10 -17 -14
Pretax profit -4 83 146
Tax 2 -17 -31
Net profit -2 65 115
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -2 65 115
EPS -0,01 0,59 1,04
EPS adj. -0,01 0,59 1,04
Total extraordinary items after tax 0 0 0
Leasing payments -12 -12 -12
Tax rate (%) 55 21 21
Gross margin (%) 16,8 17,6 17,9
EBITDA margin (%) 3,1 6,4 7,3
EBITA margin (%) 0,3 3,8 5
EBIT margin (%) 0,3 3,8 5
Pre-tax margin (%) -0,2 3,1 4,6
Net margin (%) -0,1 2,5 3,6
Sales growth (%) 25,4 20,3 19,2
EBITDA growth (%) -54,7 144,1 36,8
EBITA growth (%) -93,7 1536,7 59,5
EBIT growth (%) -93,7 N/A 59,5
Net profit growth (%) -102 -4164,6 76,1
EPS growth (%) -102 -4164,6 76,1
Profitability N/A N/A N/A
ROE (%) -0,2 9,1 14,3
ROE adj. (%) -0,2 9,1 14,3
ROCE (%) 0,6 10,3 16
ROCE adj. (%) 0,6 10,3 16
ROIC (%) 1 12,6 19,7
ROIC adj. (%) 1 12,6 19,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 70 170 233
EBITDA adj. margin (%) 3,1 6,4 7,3
EBITDA lease adj. 58 158 221
EBITDA lease adj. margin (%) 2,6 5,9 7
EBITA adj. 6 100 160
EBITA adj. margin (%) 0,3 3,8 5
EBIT adj. 6 100 160
EBIT adj. margin (%) 0,3 3,8 5
Pretax profit Adj. -4 83 146
Net profit Adj. -2 65 115
Net profit to shareholders adj. -2 65 115
Net adj. margin (%) -0,1 2,5 3,6
SEKm 2022 2023e 2024e
EBITDA 70 170 233
Goodwill N/A N/A N/A
Net financial items -10 -17 -14
Other intangible assets 377 397 415
Paid tax 2 -17 -31
Tangible fixed assets 60 64 70
Non-cash items 0 0 0
Right-of-use asset 35 35 35
Cash flow before change in WC 62 135 188
Total other fixed assets 62 62 62
Change in working capital 14 12 -15
Fixed assets 533 557 582
Operating cash flow 76 148 173
Inventories 671 683 738
Capex tangible fixed assets -35 -25 -27
Receivables 686 799 952
Capex intangible fixed assets -55 -57 -58
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 20 14 20
Free cash flow -14 66 88
Total assets 1911 2053 2292
Dividend paid -110 0 0
Shareholders equity 685 750 866
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -12 -12 -12
Total equity 685 750 866
Other non-cash items 0 0 0
Long-term debt 0 0 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 37 37 37
Total other long-term liabilities 22 22 22
Short-term debt 252 192 122
Accounts payable 775 905 1079
Other current liabilities 141 147 167
Total liabilities and equity 1911 2053 2292
Net IB debt 268 214 138
Net IB debt excl. pension debt 268 214 138
Net IB debt excl. leasing 231 177 101
Capital employed 973 979 1024
Capital invested 953 964 1003
Working capital 442 429 444
Market cap. diluted (m) 1916 1916 1916
Net IB debt adj. 268 214 138
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 2184 2131 2054
Total assets turnover (%) 121,6 134,3 146,1
Working capital/sales (%) 20,3 16,4 13,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 39,1 28,5 15,9
Net debt / market cap (%) 14,1 11,3 7,2
Equity ratio (%) 35,8 36,5 37,8
Net IB debt adj. / equity (%) 39,1 28,5 15,9
Current ratio 1,18 1,2 1,25
EBITDA/net interest 7,2 9,8 16,6
Net IB debt/EBITDA (x) 3,8 1,3 0,6
Net IB debt/EBITDA lease adj. (x) 4 1,1 0,5
Interest coverage 0,6 5,8 11,4
SEKm 2022 2023e 2024e
Shares outstanding adj. 110 110 110
Diluted shares adj. 111 111 111
EPS -0,01 0,59 1,04
Dividend per share 0 0 0,7
EPS adj. -0,01 0,59 1,04
BVPS 6,17 6,75 7,79
BVPS adj. 2,77 3,18 4,05
Net IB debt/share 2,41 1,93 1,24
Share price 17,3 17,3 17,3
Market cap. (m) 1903 1903 1903
P/E (x) -1190,8 29,3 16,6
EV/sales (x) 0,99 0,8 0,65
EV/EBITDA (x) 31,3 12,5 8,8
EV/EBITA (x) 356,8 21,3 12,9
EV/EBIT (x) 356,8 21,3 12,9
Dividend yield (%) 0 0 4,1
FCF yield (%) -0,7 3,4 4,6
Le. adj. FCF yld. (%) -1,3 2,8 4
P/BVPS (x) 2,8 2,55 2,21
P/BVPS adj. (x) 2,78 2,54 2,2
P/E adj. (x) -1190,8 29,3 16,6
EV/EBITDA adj. (x) 31,3 12,5 8,8
EV/EBITA adj. (x) 356,8 21,3 12,9
EV/EBIT adj. (x) 356,8 21,3 12,9
EV/CE (x) 2,2 2,2 2
Investment ratios N/A N/A N/A
Capex/sales (%) 4,1 3,1 2,7
Capex/depreciation 1,7 1,4 1,4
Capex tangibles / tangible fixed assets 58,7 38,4 38,9
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 30,16 31,62 30,46

Equity research

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Media

Pricer - Company presentation with CEO Magnus Larsson
Pricer - Interview with CEO Magnus Larsson

Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Göran Sundholm 10.8 % 10.7 % 27 Apr 2022
Quaero Capital S.A. 5.8 % 5.8 % 31 Dec 2022
Arbona AB (publ) 5.7 % 5.6 % 30 Jun 2022
Avanza Pension 4.8 % 4.8 % 28 Sep 2022
Nordnet Pensionsförsäkring 4.8 % 4.7 % 28 Dec 2022
Lars Ingvarsson 3.4 % 3.4 % 28 Dec 2022
Tredje AP-fonden 2.2 % 2.2 % 28 Dec 2022
Hans Granberg 2.1 % 2.1 % 28 Dec 2022
Dimensional Fund Advisors 1.9 % 1.9 % 30 Jan 2023
Investment AB Spiltan 1.4 % 1.4 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Pricer

Name Quantity Code Date
Jörgen Jost Auf Der Stroth - 14 655 SELL 3 Jun 2021
Jörgen Jost Auf Der Stroth - 11 056 SELL 3 Jun 2021
Edvin Ruud - 15 552 SELL 1 Jun 2021
Helena Holmgren + 49 813 ALTM 1 Jun 2021
Edvin Ruud + 27 285 ALTM 1 Jun 2021
Jonas Guldstrand + 6 439 BUY 31 May 2021
Jonas Guldstrand + 6 000 BUY 25 Feb 2021
Thomas Krishan - 215 962 SELL 18 Dec 2020
Thomas Krishan - 40 617 SELL 17 Dec 2020
Thomas Krishan - 225 875 SELL 16 Dec 2020

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