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Pricer

Pricer

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.

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 2024 2025e 2026e
Sales 2667 3150 3665
Sales growth (%) -0,5 18,1 16,4
EBITDA 255 296 335
EBITDA margin (%) 9,6 9,4 9,1
EBIT adj. 186 226 265
EBIT adj. margin (%) 7 7,2 7,2
Pretax profit 162 211 260
EPS 0,84 1,02 1,26
EPS growth (%) -384,4 22,3 23,5
EPS adj. 0,84 1,02 1,26
DPS 0 0,5 0,75
EV/EBITDA (x) 6,6 5,1 4,5
EV/EBIT adj. (x) 9 6,7 5,7
P/E (x) 12,4 10,1 8,2
P/E adj. (x) 12,4 10,1 8,2
EV/sales (x) 0,63 0,48 0,41
FCF yield (%) 2 10,5 6,3
Le. adj. FCF yld. (%) 1,2 9,8 5,5
Dividend yield (%) 0 4,8 7,2
Net IB debt/EBITDA (x) -0,1 -0,6 -0,6
Le. adj. ND/EBITDA (x) -0,1 -0,7 -0,7
SEKm 2024 2025e 2026e
Sales 2667 3150 3665
COGS -2104 -2517 -2947
Gross profit 562 633 718
Other operating items -307 -337 -383
EBITDA 255 296 335
Depreciation and amortisation -69 -70 -70
of which leasing depreciation -13 -13 -13
EBITA 186 226 265
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 186 226 265
Net financial items -24 -15 -5
Pretax profit 162 211 260
Tax -25 -43 -53
Net profit 137 168 207
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 137 168 207
EPS 0,84 1,02 1,26
EPS adj. 0,84 1,02 1,26
Total extraordinary items after tax 0 0 0
Leasing payments -13 -13 -13
Tax rate (%) 15,5 20,4 20,4
Gross margin (%) 21,1 20,1 19,6
EBITDA margin (%) 9,6 9,4 9,1
EBITA margin (%) 7 7,2 7,2
EBIT margin (%) 7 7,2 7,2
Pre-tax margin (%) 6,1 6,7 7,1
Net margin (%) 5,1 5,3 5,6
Sales growth (%) -0,5 18,1 16,4
EBITDA growth (%) 181,9 15,9 13,3
EBITA growth (%) 517,4 21 17,5
EBIT growth (%) N/A 21 17,5
Net profit growth (%) -384,4 22,3 23,5
EPS growth (%) -384,4 22,3 23,5
Profitability N/A N/A N/A
ROE (%) 13,4 14,2 15,6
ROE adj. (%) 13,4 14,2 15,6
ROCE (%) 14,5 16,9 19,2
ROCE adj. (%) 14,5 16,9 19,2
ROIC (%) 15,5 16,7 18,6
ROIC adj. (%) 15,5 16,7 18,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 255 296 335
EBITDA adj. margin (%) 9,6 9,4 9,1
EBITDA lease adj. 242 282 322
EBITDA lease adj. margin (%) 9,1 9 8,8
EBITA adj. 186 226 265
EBITA adj. margin (%) 7 7,2 7,2
EBIT adj. 186 226 265
EBIT adj. margin (%) 7 7,2 7,2
Pretax profit Adj. 162 211 260
Net profit Adj. 137 168 207
Net profit to shareholders adj. 137 168 207
Net adj. margin (%) 5,1 5,3 5,6
SEKm 2024 2025e 2026e
EBITDA 255 296 335
Goodwill N/A N/A N/A
Net financial items -24 -15 -5
Other intangible assets 412 429 451
Paid tax -25 -43 -53
Tangible fixed assets 88 85 81
Non-cash items 0 0 0
Right-of-use asset 18 18 18
Cash flow before change in WC 206 238 277
Total other fixed assets 67 67 67
Change in working capital -105 11 -95
Fixed assets 586 599 617
Operating cash flow 101 249 182
Inventories 762 829 965
Capex tangible fixed assets -25 -25 -25
Receivables 627 693 770
Capex intangible fixed assets -42 -45 -50
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 276 242 254
Free cash flow 34 179 107
Total assets 2250 2362 2605
Dividend paid 0 0 -82
Shareholders equity 1094 1262 1387
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -13 -13 -13
Total equity 1094 1262 1387
Other non-cash items 0 0 0
Long-term debt 240 40 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 693 819 916
Other current liabilities 155 174 194
Total liabilities and equity 2250 2362 2605
Net IB debt -17 -182 -194
Net IB debt excl. pension debt -17 -182 -194
Net IB debt excl. leasing -36 -202 -213
Capital employed 1354 1321 1447
Capital invested 1077 1080 1193
Working capital 540 529 624
Market cap. diluted (m) 1696 1696 1696
Net IB debt adj. -17 -182 -194
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 1679 1514 1502
Total assets turnover (%) 125,6 136,6 147,6
Working capital/sales (%) 18,3 17 15,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -1,5 -14,4 -14
Net debt / market cap (%) -1 -10,8 -11,5
Equity ratio (%) 48,6 53,4 53,3
Net IB debt adj. / equity (%) -1,5 -14,4 -14
Current ratio 1,96 1,78 1,79
EBITDA/net interest 10,5 19,7 67
Net IB debt/EBITDA (x) -0,1 -0,6 -0,6
Net IB debt/EBITDA lease adj. (x) -0,1 -0,7 -0,7
Interest coverage 7,7 15 53
SEKm 2024 2025e 2026e
Shares outstanding adj. 163 163 163
Diluted shares adj. 164 164 164
EPS 0,84 1,02 1,26
Dividend per share 0 0,5 0,75
EPS adj. 0,84 1,02 1,26
BVPS 6,68 7,71 8,47
BVPS adj. 4,17 5,09 5,72
Net IB debt/share -0,1 -1,11 -1,19
Share price 10,36 10,36 10,36
Market cap. (m) 1693 1693 1693
P/E (x) 12,4 10,1 8,2
EV/sales (x) 0,63 0,48 0,41
EV/EBITDA (x) 6,6 5,1 4,5
EV/EBITA (x) 9 6,7 5,7
EV/EBIT (x) 9 6,7 5,7
Dividend yield (%) 0 4,8 7,2
FCF yield (%) 2 10,5 6,3
Le. adj. FCF yld. (%) 1,2 9,8 5,5
P/BVPS (x) 1,55 1,34 1,22
P/BVPS adj. (x) 1,55 1,34 1,22
P/E adj. (x) 12,4 10,1 8,2
EV/EBITDA adj. (x) 6,6 5,1 4,5
EV/EBITA adj. (x) 9 6,7 5,7
EV/EBIT adj. (x) 9 6,7 5,7
EV/CE (x) 1,2 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 2,5 2,2 2
Capex/depreciation 1,2 1,2 1,3
Capex tangibles / tangible fixed assets 28,4 29,5 30,7
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 31,44 33,43 34,79

Equity research

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Media

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

Main shareholders - Pricer

Main shareholders Share capital % Voting shares % Verified
Sterling Strategic Value Fund 10.3 % 10.2 % 23 Dec 2024
Göran Sundholm 10.1 % 10.0 % 15 Feb 2024
Quaero Capital S.A. 6.9 % 6.9 % 31 Dec 2024
Avanza Pension 5.5 % 5.5 % 23 Dec 2024
Nordnet Pensionsförsäkring 4.9 % 4.9 % 15 Jan 2025
Lars Ingvarsson 3.3 % 3.3 % 23 Dec 2024
Retraites Populaires 2.5 % 2.5 % 20 Oct 2023
Arbona AB (publ) 2.3 % 2.3 % 30 Jun 2024
Handelsbanken Fonder 2.2 % 2.1 % 31 Dec 2024
Hans Granberg 1.8 % 1.8 % 23 Dec 2024
Source: Holdings by Modular Finance AB