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Svedbergs

Svedbergs

Premium bathroom manufacturer

Svedberg is a premium bathroom manufacturer with a Nordic market share of 7%. The company supplies complete bathrooms through its four brands: Svedbergs, Macro Design, Cassoe and Roper Rhodes. The group’s strategy is to gain market share through both organic and acquisition-driven growth. Svedbergs aims to achieve annual revenue growth of 10% (including M&A) and an EBITA margin of at least 15%.

Given the ambitious financial targets, M&A activities can be a risk to the company. With the ambitious EBITA margin target of 15%, we expect the criterion for acquisitions to be rather strict. With the M&A focus in place, this can lead to 1) high acquisition multiples 2) a price focus leading to a lower quality acquisition or 3) resources spent on M&A processes that ends up leading nowhere. Further, the company is exposed to FX and raw material prices, which have short-term effects on margins.

SEKm 2022 2023e 2024e
Sales 1833 1752 1818
Sales growth (%) 111 -4,4 3,8
EBITDA 291 274 283
EBITDA margin (%) 15,9 15,6 15,6
EBIT adj. 234 211 221
EBIT adj. margin (%) 12,8 12,1 12,1
Pretax profit 198 192 201
EPS 4,52 4,32 4,53
EPS growth (%) 66,6 -4,5 4,9
EPS adj. 4,68 4,32 4,53
DPS 1,5 1,73 1,95
EV/EBITDA (x) 5,8 5,6 5,5
EV/EBIT adj. (x) 7,2 7,2 7,1
P/E (x) 7,7 8 7,7
P/E adj. (x) 7,4 8 7,7
EV/sales (x) 0,92 0,87 0,86
FCF yield (%) 3,9 17,1 1,8
Le. adj. FCF yld. (%) 3,7 16,9 1,6
Dividend yield (%) 4,3 5 5,6
Net IB debt/EBITDA (x) 1,6 1,1 1,2
Le. adj. ND/EBITDA (x) 1,5 1,1 1,2
SEKm 2022 2023e 2024e
Sales 1833 1752 1818
COGS -1076 -1026 -1064
Gross profit 757 726 754
Other operating items -467 -453 -471
EBITDA 291 274 283
Depreciation and amortisation -47 -50 -51
of which leasing depreciation -2 -2 -2
EBITA 244 223 233
EO Items -7 0 0
Impairment and PPA amortisation -17 -12 -12
EBIT 227 211 221
Net financial items -29 -19 -19
Pretax profit 198 192 201
Tax -39 -40 -41
Net profit 160 152 160
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 160 152 160
EPS 4,52 4,32 4,53
EPS adj. 4,68 4,32 4,53
Total extraordinary items after tax -7 0 0
Leasing payments -2 -2 -2
Tax rate (%) 19,5 20,6 20,6
Gross margin (%) 41,3 41,5 41,5
EBITDA margin (%) 15,9 15,6 15,6
EBITA margin (%) 13,3 12,7 12,8
EBIT margin (%) 12,4 12,1 12,1
Pre-tax margin (%) 10,8 11 11,1
Net margin (%) 8,7 8,7 8,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 111 -4,4 3,8
EBITDA growth (%) 137 -5,8 3,6
EBITA growth (%) 146 -8,4 4,2
EBIT growth (%) N/A -6,8 4,4
Net profit growth (%) 177,7 -4,5 4,9
EPS growth (%) 66,6 -4,5 4,9
Profitability N/A N/A N/A
ROE (%) 26,6 15,5 14,8
ROE adj. (%) 30,6 16,7 15,9
ROCE (%) 14,6 12,9 12,7
ROCE adj. (%) 16,2 13,6 13,4
ROIC (%) 15,2 13 13,1
ROIC adj. (%) 15,7 13 13,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 298 274 283
EBITDA adj. margin (%) 16,3 15,6 15,6
EBITDA lease adj. 296 271 281
EBITDA lease adj. margin (%) 16,1 15,5 15,5
EBITA adj. 251 223 233
EBITA adj. margin (%) 13,7 12,7 12,8
EBIT adj. 234 211 221
EBIT adj. margin (%) 12,8 12,1 12,1
Pretax profit Adj. 223 204 213
Net profit Adj. 184 164 172
Net profit to shareholders adj. 184 164 172
Net adj. margin (%) 10 9,4 9,5
SEKm 2022 2023e 2024e
EBITDA 291 274 283
Goodwill 614 614 614
Net financial items -29 -19 -19
Other intangible assets 387 385 384
Paid tax -39 -40 -41
Tangible fixed assets 320 314 309
Non-cash items 271 2 2
Right-of-use asset 0 0 0
Cash flow before change in WC 494 217 225
Total other fixed assets 0 0 0
Change in working capital -257 45 1
Fixed assets 1320 1313 1306
Operating cash flow 237 262 226
Inventories 444 407 409
Capex tangible fixed assets -32 -43 -43
Receivables 291 315 327
Capex intangible fixed assets -8 -11 -11
Other current assets 34 32 34
Acquisitions and Disposals -149 0 -150
Cash and liquid assets 200 354 313
Free cash flow 48 209 22
Total assets 2290 2422 2389
Dividend paid 0 -53 -61
Shareholders equity 935 1035 1134
Share issues and buybacks 480 0 0
Minority 0 0 0
Leasing liability amortisation -2 -2 -2
Total equity 935 1035 1134
Other non-cash items -123 0 150
Long-term debt 569 569 569
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 12 12
Total other long-term liabilities 296 296 146
Short-term debt 72 72 72
Accounts payable 113 149 155
Other current liabilities 293 287 297
Total liabilities and equity 2290 2420 2384
Net IB debt 453 299 341
Net IB debt excl. pension debt 453 299 341
Net IB debt excl. leasing 441 287 329
Capital employed 1588 1688 1787
Capital invested 1388 1336 1479
Working capital 364 318 318
Market cap. diluted (m) 1226 1226 1226
Net IB debt adj. 453 299 341
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 1525 1566
Total assets turnover (%) 78,8 74,4 75,6
Working capital/sales (%) 12,8 19,5 17,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 48,4 28,9 30
Net debt / market cap (%) 36,9 24,4 27,8
Equity ratio (%) 40,8 42,7 47,4
Net IB debt adj. / equity (%) 48,4 28,9 30
Current ratio 2,03 2,18 2,07
EBITDA/net interest 10,2 14,2 14,7
Net IB debt/EBITDA (x) 1,6 1,1 1,2
Net IB debt/EBITDA lease adj. (x) 1,5 1,1 1,2
Interest coverage 8,6 11,6 12,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 35 35 35
Diluted shares adj. 35 35 35
EPS 4,52 4,32 4,53
Dividend per share 1,5 1,73 1,95
EPS adj. 4,68 4,32 4,53
BVPS 26,47 29,29 32,09
BVPS adj. -1,84 1,01 3,85
Net IB debt/share 12,82 8,47 9,64
Share price 34,7 34,7 34,7
Market cap. (m) 1226 1226 1226
P/E (x) 7,7 8 7,7
EV/sales (x) 0,92 0,87 0,86
EV/EBITDA (x) 5,8 5,6 5,5
EV/EBITA (x) 6,9 6,8 6,7
EV/EBIT (x) 7,4 7,2 7,1
Dividend yield (%) 4,3 5 5,6
FCF yield (%) 3,9 17,1 1,8
Le. adj. FCF yld. (%) 3,7 16,9 1,6
P/BVPS (x) 1,31 1,18 1,08
P/BVPS adj. (x) -18,83 34,27 9,02
P/E adj. (x) 7,4 8 7,7
EV/EBITDA adj. (x) 5,6 5,6 5,5
EV/EBITA adj. (x) 6,7 6,8 6,7
EV/EBIT adj. (x) 7,2 7,2 7,1
EV/CE (x) 1,1 0,9 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 2,2 3 3
Capex/depreciation 0,9 1,1 1,1
Capex tangibles / tangible fixed assets 10 13,5 13,9
Capex intangibles / definite intangibles 2,1 2,8 2,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 13,91 15,27 15,69

Equity research

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Media

Svedbergs - Company presentation with CEO Per-Arne Andersson

Main shareholders - Svedbergs

Main shareholders Share capital % Voting shares % Verified
Stena 40.6 % 40.6 % 24 Feb 2023
Nordea Fonder 13.8 % 13.8 % 24 Feb 2023
If Skadeförsäkring AB 11.5 % 11.5 % 24 Feb 2023
Avanza Pension 2.6 % 2.6 % 24 Feb 2023
Nordnet Pensionsförsäkring 2.3 % 2.3 % 24 Feb 2023
Sune Svedberg 2.1 % 2.1 % 24 Feb 2023
Ida Svedberg Sandström 1.4 % 1.4 % 24 Feb 2023
Handelsbanken Fonder 1.3 % 1.3 % 28 Feb 2023
Nordea Funds (Lux) 1.1 % 1.1 % 31 Jan 2023
Thomas Wernhoff 1.0 % 1.0 % 24 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - Svedbergs

Name Quantity Code Date
Michael Cassoe - 8 368 SELL 26 Aug 2021
Michael Cassoe - 1 511 SELL 26 Aug 2021
Michael Cassoe - 54 SELL 26 Aug 2021
Michael Cassoe - 67 SELL 25 Aug 2021
Michael Cassoe + 10 000 BUY 6 Aug 2021
Erik Thörn - 3 070 SELL 27 Jul 2021
Michael Cassoe + 10 000 BUY 15 Jun 2021
Michael Cassoe + 8 286 BUY 10 Jun 2021
Michael Cassoe + 3 545 BUY 3 Jun 2021
Thomas Elvlin + 885 BUY 1 Jun 2021

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