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Pricer

Pricer

Electronic shelf labels

Pricer is a global leader in in-store automation and communication solutions. Pricer’s suite of solutions, based on electronic shelf labels, enables retailers to connect with their customers, employees and brands. Backed by its cloud-based platform, Pricer Plaza, Pricer provides a solid foundation for retailers to streamline operations, elevate the customer experience and boost sales. With global operations, Pricer is delivering automation and communication solutions across any screen to drive success and growth for the customers. Pricer was founded in Sweden in 1991 and has since then deployed its in-store solutions in more than 25,000 stores in over 70 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 2023 2024e 2025e
Sales 2681 2858 3338
Sales growth (%) 18,2 6,6 16,8
EBITDA 91 220 260
EBITDA margin (%) 3,4 7,7 7,8
EBIT adj. 35 149 185
EBIT adj. margin (%) 1,3 5,2 5,5
Pretax profit -41 122 173
EPS -0,29 0,58 0,82
EPS growth (%) -765,8 -297 41,8
EPS adj. -0,05 0,58 0,82
DPS 0 0 0,5
EV/EBITDA (x) 16,8 6,5 5,4
EV/EBIT adj. (x) 43,7 9,6 7,5
P/E (x) -31,4 15,9 11,2
P/E adj. (x) -191,3 15,9 11,2
EV/sales (x) 0,57 0,5 0,42
FCF yield (%) -13,7 7,3 3
Le. adj. FCF yld. (%) -14,6 6,4 2,1
Dividend yield (%) 0 0 5,4
Net IB debt/EBITDA (x) 0 -0,4 -0,5
Le. adj. ND/EBITDA (x) -0,2 -0,5 -0,6
SEKm 2023 2024e 2025e
Sales 2681 2858 3338
COGS -2227 -2332 -2731
Gross profit 455 527 608
Other operating items -364 -307 -348
EBITDA 91 220 260
Depreciation and amortisation -60 -71 -75
of which leasing depreciation -13 -13 -13
EBITA 30 149 185
EO Items -19 0 0
Impairment and PPA amortisation -15 0 0
EBIT 15 149 185
Net financial items -56 -27 -12
Pretax profit -41 122 173
Tax -7 -27 -38
Net profit -48 95 135
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 95 135
EPS -0,29 0,58 0,82
EPS adj. -0,05 0,58 0,82
Total extraordinary items after tax -23 0 0
Leasing payments -13 -13 -13
Tax rate (%) -18,1 22 22
Gross margin (%) 17 18,4 18,2
EBITDA margin (%) 3,4 7,7 7,8
EBITA margin (%) 1,1 5,2 5,5
EBIT margin (%) 0,6 5,2 5,5
Pre-tax margin (%) -1,5 4,3 5,2
Net margin (%) -1,8 3,3 4
Sales growth (%) 18,2 6,6 16,8
EBITDA growth (%) 7,4 142,8 18,2
EBITA growth (%) 43,1 392,5 24,1
EBIT growth (%) -27 N/A 24,1
Net profit growth (%) -1083,7 -297 41,8
EPS growth (%) -765,8 -297 41,8
Profitability N/A N/A N/A
ROE (%) -5,7 9,5 12
ROE adj. (%) -1,3 9,5 12
ROCE (%) 1,4 12,6 15,7
ROCE adj. (%) 4,5 12,6 15,7
ROIC (%) 4,1 12,1 14,2
ROIC adj. (%) 6,7 12,1 14,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 110 220 260
EBITDA adj. margin (%) 4,1 7,7 7,8
EBITDA lease adj. 96 206 246
EBITDA lease adj. margin (%) 3,6 7,2 7,4
EBITA adj. 50 149 185
EBITA adj. margin (%) 1,8 5,2 5,5
EBIT adj. 35 149 185
EBIT adj. margin (%) 1,3 5,2 5,5
Pretax profit Adj. -7 122 173
Net profit Adj. -11 95 135
Net profit to shareholders adj. -11 95 135
Net adj. margin (%) -0,4 3,3 4
SEKm 2023 2024e 2025e
EBITDA 91 220 260
Goodwill N/A N/A N/A
Net financial items -56 -27 -12
Other intangible assets 398 406 420
Paid tax -7 -27 -38
Tangible fixed assets 91 97 106
Non-cash items 40 0 0
Right-of-use asset 18 18 18
Cash flow before change in WC 67 166 210
Total other fixed assets 67 67 67
Change in working capital -183 15 -79
Fixed assets 574 587 611
Operating cash flow -116 181 130
Inventories 654 697 814
Capex tangible fixed assets -43 -35 -40
Receivables 513 700 818
Capex intangible fixed assets -48 -36 -45
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 256 192 144
Free cash flow -207 110 45
Total assets 1996 2177 2387
Dividend paid 0 0 0
Shareholders equity 957 1052 1187
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -14 -13 -13
Total equity 957 1052 1187
Other non-cash items 242 0 0
Long-term debt 240 80 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 19 19 19
Total other long-term liabilities 48 48 48
Short-term debt 0 0 0
Accounts payable 588 800 935
Other current liabilities 143 177 198
Total liabilities and equity 1996 2177 2387
Net IB debt 4 -93 -125
Net IB debt excl. pension debt 4 -93 -125
Net IB debt excl. leasing -16 -112 -144
Capital employed 1217 1151 1206
Capital invested 961 959 1062
Working capital 435 420 499
Market cap. diluted (m) 1514 1514 1514
Net IB debt adj. 4 -93 -125
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 1518 1422 1389
Total assets turnover (%) 132,9 137 146,3
Working capital/sales (%) 12,8 15 13,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 0,4 -8,8 -10,5
Net debt / market cap (%) 0,2 -6,1 -8,3
Equity ratio (%) 48 48,3 49,7
Net IB debt adj. / equity (%) 0,4 -8,8 -10,5
Current ratio 1,94 1,63 1,57
EBITDA/net interest 1,6 8,1 21,6
Net IB debt/EBITDA (x) 0 -0,4 -0,5
Net IB debt/EBITDA lease adj. (x) -0,2 -0,5 -0,6
Interest coverage 0,5 5,5 15,4
SEKm 2023 2024e 2025e
Shares outstanding adj. 163 163 163
Diluted shares adj. 164 164 164
EPS -0,29 0,58 0,82
Dividend per share 0 0 0,5
EPS adj. -0,05 0,58 0,82
BVPS 5,85 6,43 7,25
BVPS adj. 3,41 3,95 4,69
Net IB debt/share 0,02 -0,57 -0,76
Share price 9,25 9,25 9,25
Market cap. (m) 1511 1511 1511
P/E (x) -31,4 15,9 11,2
EV/sales (x) 0,57 0,5 0,42
EV/EBITDA (x) 16,8 6,5 5,4
EV/EBITA (x) 50,3 9,6 7,5
EV/EBIT (x) 98,6 9,6 7,5
Dividend yield (%) 0 0 5,4
FCF yield (%) -13,7 7,3 3
Le. adj. FCF yld. (%) -14,6 6,4 2,1
P/BVPS (x) 1,58 1,44 1,28
P/BVPS adj. (x) 1,58 1,44 1,27
P/E adj. (x) -191,3 15,9 11,2
EV/EBITDA adj. (x) 13,8 6,5 5,4
EV/EBITA adj. (x) 30,7 9,6 7,5
EV/EBIT adj. (x) 43,7 9,6 7,5
EV/CE (x) 1,2 1,2 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 3,4 2,5 2,5
Capex/depreciation 1,9 1,2 1,4
Capex tangibles / tangible fixed assets 47,5 36,2 37,7
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 13,62 29,75 29,06

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Media

Pricer - Fireside chat with CEO Magnus Larsson
Pricer - Company presentation with CEO Magnus Larsson

Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Sterling Strategic Value Fund 10.2 % 10.1 % 26 Mar 2024
Göran Sundholm 10.1 % 10.0 % 15 Feb 2024
Quaero Capital S.A. 7.6 % 7.6 % 31 Mar 2024
Avanza Pension 7.5 % 7.4 % 26 Mar 2024
Nordnet Pensionsförsäkring 4.9 % 4.9 % 26 Mar 2024
Lars Ingvarsson 3.3 % 3.3 % 26 Mar 2024
Retraites Populaires 2.5 % 2.5 % 20 Oct 2023
Arbona AB (publ) 2.4 % 2.4 % 31 Dec 2023
Hans Granberg 1.8 % 1.8 % 26 Mar 2024
Handelsbanken Fonder 1.8 % 1.7 % 31 Mar 2024
Source: Holdings by Modular Finance AB