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Pricer

Pricer

Electronic shelf labels

Pricer is a global leader in in-store automation and communication solutions. Its 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. Pricer delivers 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.

Sustainability information

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 2994 3498
Sales growth (%) 18,2 11,7 16,8
EBITDA 91 234 280
EBITDA margin (%) 3,4 7,8 8
EBIT adj. 35 169 210
EBIT adj. margin (%) 1,3 5,7 6
Pretax profit -41 142 190
EPS -0,29 0,71 0,92
EPS growth (%) -765,8 -339,4 31,2
EPS adj. -0,05 0,71 0,92
DPS 0 0 0,5
EV/EBITDA (x) 21 7,9 6,3
EV/EBIT adj. (x) 54,6 11 8,4
P/E (x) -39,3 16,4 12,5
P/E adj. (x) -239,1 16,4 12,5
EV/sales (x) 0,71 0,62 0,5
FCF yield (%) -10,9 2,8 5,5
Le. adj. FCF yld. (%) -11,7 2,1 4,7
Dividend yield (%) 0 0 4,3
Net IB debt/EBITDA (x) 0 -0,2 -0,4
Le. adj. ND/EBITDA (x) -0,2 -0,3 -0,5
SEKm 2023 2024e 2025e
Sales 2681 2994 3498
COGS -2227 -2432 -2861
Gross profit 455 562 637
Other operating items -364 -328 -356
EBITDA 91 234 280
Depreciation and amortisation -60 -64 -70
of which leasing depreciation -13 -13 -13
EBITA 30 169 210
EO Items -19 0 0
Impairment and PPA amortisation -15 0 0
EBIT 15 169 210
Net financial items -56 -27 -20
Pretax profit -41 142 190
Tax -7 -27 -39
Net profit -48 115 151
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 115 151
EPS -0,29 0,71 0,92
EPS adj. -0,05 0,71 0,92
Total extraordinary items after tax -23 0 0
Leasing payments -13 -13 -13
Tax rate (%) -18,1 18,9 20,4
Gross margin (%) 17 18,8 18,2
EBITDA margin (%) 3,4 7,8 8
EBITA margin (%) 1,1 5,7 6
EBIT margin (%) 0,6 5,7 6
Pre-tax margin (%) -1,5 4,8 5,4
Net margin (%) -1,8 3,9 4,3
Sales growth (%) 18,2 11,7 16,8
EBITDA growth (%) 7,4 158,2 19,9
EBITA growth (%) 43,1 461,1 24,1
EBIT growth (%) -27 N/A 24,1
Net profit growth (%) -1083,7 -339,4 31,2
EPS growth (%) -765,8 -339,4 31,2
Profitability N/A N/A N/A
ROE (%) -5,7 11,4 13,2
ROE adj. (%) -1,3 11,4 13,2
ROCE (%) 1,4 13,3 16,1
ROCE adj. (%) 4,5 13,3 16,1
ROIC (%) 4,1 13,8 15,7
ROIC adj. (%) 6,7 13,8 15,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 110 234 280
EBITDA adj. margin (%) 4,1 7,8 8
EBITDA lease adj. 96 220 267
EBITDA lease adj. margin (%) 3,6 7,4 7,6
EBITA adj. 50 169 210
EBITA adj. margin (%) 1,8 5,7 6
EBIT adj. 35 169 210
EBIT adj. margin (%) 1,3 5,7 6
Pretax profit Adj. -7 142 190
Net profit Adj. -11 115 151
Net profit to shareholders adj. -11 115 151
Net adj. margin (%) -0,4 3,9 4,3
SEKm 2023 2024e 2025e
EBITDA 91 234 280
Goodwill N/A N/A N/A
Net financial items -56 -27 -20
Other intangible assets 398 412 429
Paid tax -7 -27 -39
Tangible fixed assets 91 100 107
Non-cash items 40 0 0
Right-of-use asset 18 18 18
Cash flow before change in WC 67 180 221
Total other fixed assets 67 67 67
Change in working capital -183 -52 -38
Fixed assets 574 597 621
Operating cash flow -116 127 183
Inventories 654 730 853
Capex tangible fixed assets -43 -35 -35
Receivables 513 704 840
Capex intangible fixed assets -48 -39 -45
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 256 295 185
Free cash flow -207 53 103
Total assets 1996 2326 2499
Dividend paid 0 0 0
Shareholders equity 957 1073 1224
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -14 -13 -13
Total equity 957 1073 1224
Other non-cash items 242 0 0
Long-term debt 240 240 40
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 588 778 979
Other current liabilities 143 168 188
Total liabilities and equity 1996 2326 2499
Net IB debt 4 -36 -126
Net IB debt excl. pension debt 4 -36 -126
Net IB debt excl. leasing -16 -55 -145
Capital employed 1217 1332 1283
Capital invested 961 1036 1098
Working capital 435 487 526
Market cap. diluted (m) 1892 1892 1892
Net IB debt adj. 4 -36 -126
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 1896 1856 1766
Total assets turnover (%) 132,9 138,5 145
Working capital/sales (%) 12,8 15,4 14,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 0,4 -3,4 -10,3
Net debt / market cap (%) 0,2 -1,9 -6,7
Equity ratio (%) 48 46,1 49
Net IB debt adj. / equity (%) 0,4 -3,4 -10,3
Current ratio 1,94 1,83 1,61
EBITDA/net interest 1,6 8,6 14
Net IB debt/EBITDA (x) 0 -0,2 -0,4
Net IB debt/EBITDA lease adj. (x) -0,2 -0,3 -0,5
Interest coverage 0,5 6,2 10,5
SEKm 2023 2024e 2025e
Shares outstanding adj. 163 163 163
Diluted shares adj. 164 164 164
EPS -0,29 0,71 0,92
Dividend per share 0 0 0,5
EPS adj. -0,05 0,71 0,92
BVPS 5,85 6,55 7,48
BVPS adj. 3,41 4,04 4,86
Net IB debt/share 0,02 -0,22 -0,77
Share price 11,56 11,56 11,56
Market cap. (m) 1889 1889 1889
P/E (x) -39,3 16,4 12,5
EV/sales (x) 0,71 0,62 0,5
EV/EBITDA (x) 21 7,9 6,3
EV/EBITA (x) 62,8 11 8,4
EV/EBIT (x) 123,1 11 8,4
Dividend yield (%) 0 0 4,3
FCF yield (%) -10,9 2,8 5,5
Le. adj. FCF yld. (%) -11,7 2,1 4,7
P/BVPS (x) 1,98 1,76 1,55
P/BVPS adj. (x) 1,97 1,76 1,54
P/E adj. (x) -239,1 16,4 12,5
EV/EBITDA adj. (x) 17,3 7,9 6,3
EV/EBITA adj. (x) 38,3 11 8,4
EV/EBIT adj. (x) 54,6 11 8,4
EV/CE (x) 1,6 1,4 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 3,4 2,5 2,3
Capex/depreciation 1,9 1,5 1,4
Capex tangibles / tangible fixed assets 47,5 34,9 32,7
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 25,35 26,47

Equity research

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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 Apr 2024
Göran Sundholm 10.1 % 10.0 % 15 Feb 2024
Quaero Capital S.A. 7.6 % 7.6 % 30 Apr 2024
Avanza Pension 7.1 % 7.1 % 26 Apr 2024
Nordnet Pensionsförsäkring 4.5 % 4.5 % 26 Apr 2024
Lars Ingvarsson 3.3 % 3.3 % 26 Apr 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 Apr 2024
Handelsbanken Fonder 1.8 % 1.7 % 30 Apr 2024
Source: Holdings by Modular Finance AB