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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.

During 2017, Pricer announced an initial deal with the American retail chain Best Buy. Further on, this led to follow-up orders, and we believe there are more to come. Even though the orders themselves could make a significant impact on Pricer’s sales, another great positive is the ability to use Best Buy as a reference customer. The US market is huge, and through this, we see an opportunity for Pricer to establish itself as a bigger player on this market. In addition, other markets such as Germany and Italy are growing fast and have low penetration rates. Thus, we see opportunities for further expansion in these markets.

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 2021 2022e 2023e
Lease adj. FCF yield (%) -9,3 9,6 2,8
Lease adj. ND/EBITDA 0,7 0,3 0,4
Sales 1766 2208 2522
Sales growth (%) 0,4 25,1 14,2
EBITDA 154 131 224
EBITDA margin (%) 8,7 5,9 8,9
EBIT adj 97 69 159
EBIT adj margin (%) 5,5 3,1 6,3
Pretax profit 98 61 153
EPS rep 0,71 0,43 1,09
EPS growth (%) -37,9 -39,2 151,6
EPS adj 0,71 0,43 1,09
DPS 1 1 1
EV/EBITDA (x) 18,5 14,3 8,6
EV/EBIT adj (x) 29,4 27,2 12,1
P/E (x) 34,4 37,4 14,9
P/E adj (x) 34,4 37,4 14,9
EV/sales (x) 1,6 0,8 0,8
FCF yield (%) -8,9 10,2 3,4
Dividend yield (%) 4,1 6,2 6,2
Net IB debt/EBITDA 0,9 0,5 0,6
SEKm 2021 2022e 2023e
Depreciation and amortisation -57 -62 -64
Of which leasing depreciation -12 -12 -12
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 142 119 212
EBITDA lease Adj margin (%) 8 5,4 8,4
Sales 1766 2208 2522
COGS -1371 -1804 -2013
Gross profit 395 405 510
Other operating items -241 -274 -286
EBITDA 154 131 224
Depreciation on tangibles -17 -13 -14
Depreciation on intangibles -17 -24 -25
EBITA 97 69 159
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 97 69 159
Other financial items 0 0 0
Net financial items 0 -8 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 98 61 153
Tax -19 -13 -32
Net profit 79 48 121
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 79 48 121
EPS 0,71 0,43 1,09
EPS Adj 0,71 0,43 1,09
Total extraordinary items after tax 0 0 0
Tax rate (%) -19 -21,3 -21
Gross margin (%) 22,4 18,3 20,2
EBITDA margin (%) 8,7 5,9 8,9
EBITA margin (%) 5,5 3,1 6,3
EBIT margin (%) 5,5 3,1 6,3
Pretax margin (%) 5,5 2,8 6,1
Net margin (%) 4,5 2,2 4,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 0,4 25,1 14,2
EBITDA growth (%) -23,3 -14,8 70,5
EBIT growth (%) -37,4 -29,3 131,7
Net profit growth (%) -37,9 -39,2 151,6
EPS growth (%) -37,9 -39,2 151,6
Profitability 2021 2022 2023
ROE (%) 9,8 6,3 16,4
ROE Adj (%) 9,8 6,3 16,4
ROCE (%) 10,7 7,4 17,4
ROCE Adj(%) 10,7 7,4 17,4
ROIC (%) 10,3 6,2 15
ROIC Adj (%) 10,3 6,2 15
Adj earnings numbers 2021 2022 2023
EBITDA Adj 154 131 224
EBITDA Adj margin (%) 8,7 5,9 8,9
EBITA Adj 97 69 159
EBITA Adj margin (%) 5,5 3,1 6,3
EBIT Adj 97 69 159
EBIT Adj margin (%) 5,5 3,1 6,3
Pretax profit Adj 98 61 153
Net profit Adj 79 48 121
Net profit to shareholders Adj 79 48 121
Net Adj margin (%) 4,5 2,2 4,8
Leasing payments -12 -12 -12
SEKm 2021 2022e 2023e
Lease liability amortisation -12 -12 -12
Other intangible assets 356 369 384
Right-of-use asset 35 35 35
Total other fixed assets 62 62 62
Leasing liability 37 37 37
Total other long-term liabilities 22 22 22
Net IB debt excl. leasing 95 33 93
Net IB debt / EBITDA lease Adj (%) 67,1 27,8 44,1
EBITDA 154 131 224
Net financial items 0 -8 -6
Paid tax -3 -13 -32
Non-cash items -18 0 0
Cash flow before change in WC 133 111 185
Change in WC -308 144 -51
Operating cash flow -175 254 135
CAPEX tangible fixed assets -21 -21 -22
CAPEX intangible fixed assets -45 -49 -51
Acquisitions and disposals 0 0 0
Free cash flow -242 184 62
Dividend paid -110 -110 -110
Share issues and buybacks 0 0 0
Other non cash items 16 0 0
Decrease in net IB debt 136 -148 -28
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 338 371 404
Definite intangible assets 0 0 0
Tangible fixed assets 43 49 55
Other fixed assets 75 75 75
Fixed assets 495 514 535
Inventories 633 442 504
Receivables 586 552 631
Other current assets 0 0 0
Cash and liquid assets 17 119 28
Total assets 1731 1627 1698
Shareholders equity 797 735 745
Minority 0 0 0
Total equity 797 735 745
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 112 152 122
Accounts payable 651 552 631
Other current liabilities 112 129 142
Total liabilities and equity 1731 1627 1698
Net IB debt 132 70 130
Net IB debt excl. pension debt 132 70 130
Capital invested 929 805 876
Working capital 456 312 363
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2722 1800 1800
Net IB debt Adj 132 70 130
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 2854 1870 1930
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 113 131,5 151,7
Capital invested turnover (%) 270,6 219,2 220
Capital employed turnover (%) 196,8 177,6 200,9
Inventories / sales (%) 14,8 20,7 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 31 27,1
Working capital / sales (%) 16,8 17,4 13,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 16,5 9,5 17,5
Net debt / market cap (%) 3,8 3,9 7,3
Equity ratio (%) 46 45,2 43,9
Net IB debt adj. / equity (%) 16,5 9,5 17,5
Current ratio (%) 139,2 131,5 128,3
EBITDA / net interest (%) -38494,5 1725,4 3726,9
Net IB debt / EBITDA (%) 85,6 53,2 58,2
Interest cover (%) -24314,8 904,3 2653,6
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,3 9,6 2,8
Shares outstanding adj. 110 110 110
Fully diluted shares Adj 111 111 111
EPS 0,71 0,43 1,09
Dividend per share Adj 1 1 1
EPS Adj 0,71 0,43 1,09
BVPS 7,22 6,66 6,76
BVPS Adj 7,22 6,66 6,76
Net IB debt / share 1,2 0,6 1,2
Share price 31,45 16,2 16,2
Market cap. (m) 3469 1787 1787
Valuation 2021 2022 2023
P/E 34,4 37,4 14,9
EV/sales 1,62 0,85 0,77
EV/EBITDA 18,5 14,3 8,6
EV/EBITA 29,3 27,2 12,1
EV/EBIT 29,4 27,2 12,1
Dividend yield (%) 4,1 6,2 6,2
FCF yield (%) -8,9 10,2 3,4
P/BVPS 3,39 2,43 2,4
P/BVPS Adj 3,39 2,43 2,4
P/E Adj 34,4 37,4 14,9
EV/EBITDA Adj 18,5 14,3 8,6
EV/EBITA Adj 29,3 27,2 12,1
EV/EBIT Adj 29,4 27,2 12,1
EV/cap. employed 3 2 2,1
Investment ratios 2021 2022 2023
Capex / sales 3,8 3,2 2,9
Capex / depreciation 150,8 138,8 139,2
Capex tangibles / tangible fixed assets 50,1 43,1 39,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 27,8 31,1 28,7

Equity research

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Media

Pricer - Interview with CEO Magnus Larsson
Pricer - Interview with CEO Helena Holmgren

Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Göran Sundholm 10.8 % 10.7 % 27 Apr 2022
Arbona AB (publ) 5.7 % 5.7 % 31 Dec 2021
Nordnet Pensionsförsäkring 5.4 % 5.4 % 31 May 2022
Avanza Pension 5.2 % 5.2 % 31 Mar 2022
Quaero Capital S.A 3.8 % 3.8 % 31 Mar 2022
Lars Ingvarsson 3.4 % 3.4 % 31 May 2022
Alcur Fonder 3.3 % 3.3 % 31 Mar 2022
Tredje AP-fonden 2.2 % 2.2 % 31 May 2022
Hans Granberg 2.1 % 2.1 % 31 May 2022
Dimensional Fund Advisors 2.0 % 2.0 % 31 May 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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