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Svedbergs Group

Svedbergs Group

Premium bathroom manufacturer

Svedberg is a premium bathroom manufacturer with a Nordic market share of 7%. The company supplies bathroom furnishings through its subsidiaries Svedbergs, Macro Design, Cassoe, Thebalux 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%.

Sustainability Information

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 2023 2024e 2025e
Sales 1824 2222 2326
Sales growth (%) -0,5 21,9 4,7
EBITDA 274 403 442
EBITDA margin (%) 15 18,1 19
EBIT adj. 229 317 356
EBIT adj. margin (%) 12,6 14,3 15,3
Pretax profit 160 260 303
EPS 3,37 3,88 4,52
EPS growth (%) -27,7 15,1 16,7
EPS adj. 3,63 3,99 4,52
DPS 1 1,81 1,81
EV/EBITDA (x) 9,5 6,8 5,8
EV/EBIT adj. (x) 11,3 8,6 7,2
P/E (x) 12,3 10,7 9,2
P/E adj. (x) 11,5 10,4 9,2
EV/sales (x) 1,42 1,23 1,11
FCF yield (%) -20,9 10,2 3,1
Le. adj. FCF yld. (%) -21,4 10,1 3
Dividend yield (%) 2,4 4,3 4,3
Net IB debt/EBITDA (x) 4,1 1,3 0,8
Le. adj. ND/EBITDA (x) 3,7 1,2 0,8
SEKm 2023 2024e 2025e
Sales 1824 2222 2326
COGS -1028 -1217 -1269
Gross profit 795 1005 1057
Other operating items -522 -603 -615
EBITDA 274 403 442
Depreciation and amortisation -52 -73 -74
of which leasing depreciation -2 -2 -2
EBITA 222 330 369
EO Items -18 0 0
Impairment and PPA amortisation -11 -13 -13
EBIT 211 317 356
Net financial items -51 -57 -53
Pretax profit 160 260 303
Tax -41 -55 -64
Net profit 119 205 240
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 119 205 240
EPS 3,37 3,88 4,52
EPS adj. 3,63 3,99 4,52
Total extraordinary items after tax -18 0 0
Leasing payments -2 -2 -2
Tax rate (%) 25,5 21 21
Gross margin (%) 43,6 45,2 45,4
EBITDA margin (%) 15 18,1 19
EBITA margin (%) 12,2 14,9 15,9
EBIT margin (%) 11,5 14,3 15,3
Pre-tax margin (%) 8,8 11,7 13
Net margin (%) 6,5 9,2 10,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -0,5 21,9 4,7
EBITDA growth (%) -5,8 47,2 9,8
EBITA growth (%) -9,1 48,9 11,8
EBIT growth (%) -9,2 50,7 12,2
Net profit growth (%) -27,7 72,6 16,7
EPS growth (%) -27,7 15,1 16,7
Profitability N/A N/A N/A
ROE (%) 12,4 16,2 14,7
ROE adj. (%) 15,5 17,2 15,5
ROCE (%) 10,4 13,5 15
ROCE adj. (%) 11,8 14 15,6
ROIC (%) 9 12,5 14
ROIC adj. (%) 9,8 12,5 14
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 292 403 442
EBITDA adj. margin (%) 16 18,1 19
EBITDA lease adj. 290 400 440
EBITDA lease adj. margin (%) 15,9 18 18,9
EBITA adj. 240 330 369
EBITA adj. margin (%) 13,2 14,9 15,9
EBIT adj. 229 317 356
EBIT adj. margin (%) 12,6 14,3 15,3
Pretax profit Adj. 189 273 316
Net profit Adj. 149 218 252
Net profit to shareholders adj. 149 218 252
Net adj. margin (%) 8,1 9,8 10,8
SEKm 2023 2024e 2025e
EBITDA 274 403 442
Goodwill 838 838 838
Net financial items -51 -57 -53
Other intangible assets 546 545 546
Paid tax -41 -55 -64
Tangible fixed assets 461 424 389
Non-cash items -80 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 102 291 326
Total other fixed assets 0 0 0
Change in working capital 94 -20 -21
Fixed assets 1845 1807 1774
Operating cash flow 196 271 305
Inventories 499 489 512
Capex tangible fixed assets -21 -33 -37
Receivables 296 400 419
Capex intangible fixed assets -5 -12 -14
Other current assets 64 78 82
Acquisitions and Disposals -477 0 -185
Cash and liquid assets 217 310 281
Free cash flow -307 225 69
Total assets 2921 3085 3067
Dividend paid -27 -35 -96
Shareholders equity 979 1555 1698
Share issues and buybacks 0 406 0
Minority 0 0 0
Leasing liability amortisation -8 -2 -2
Total equity 979 1555 1698
Other non-cash items -46 0 185
Long-term debt 709 615 430
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 37 37 37
Total other long-term liabilities 177 177 177
Short-term debt 592 186 186
Accounts payable 161 189 198
Other current liabilities 266 326 341
Total liabilities and equity 2921 3085 3067
Net IB debt 1121 527 371
Net IB debt excl. pension debt 1121 527 371
Net IB debt excl. leasing 1084 490 335
Capital employed 2316 2392 2351
Capital invested 2099 2082 2070
Working capital 432 452 473
Market cap. diluted (m) 1469 2204 2204
Net IB debt adj. 1121 527 371
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 2590 2731 2575
Total assets turnover (%) 70 74 75,6
Working capital/sales (%) 26,2 19,9 19,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 114,5 33,9 21,9
Net debt / market cap (%) 76,3 23,9 16,8
Equity ratio (%) 33,5 50,4 55,4
Net IB debt adj. / equity (%) 114,5 33,9 21,9
Current ratio 1,06 1,82 1,79
EBITDA/net interest 5,4 7 8,4
Net IB debt/EBITDA (x) 4,1 1,3 0,8
Net IB debt/EBITDA lease adj. (x) 3,7 1,2 0,8
Interest coverage 4,4 5,8 7
SEKm 2023 2024e 2025e
Shares outstanding adj. 35 53 53
Diluted shares adj. 35 53 53
EPS 3,37 3,88 4,52
Dividend per share 1 1,81 1,81
EPS adj. 3,63 3,99 4,52
BVPS 27,7 29,34 32,06
BVPS adj. -11,47 3,23 5,93
Net IB debt/share 31,73 9,95 7,01
Share price 41,6 41,6 41,6
Market cap. (m) 1469 2204 2204
P/E (x) 12,3 10,7 9,2
EV/sales (x) 1,42 1,23 1,11
EV/EBITDA (x) 9,5 6,8 5,8
EV/EBITA (x) 11,7 8,3 7
EV/EBIT (x) 12,3 8,6 7,2
Dividend yield (%) 2,4 4,3 4,3
FCF yield (%) -20,9 10,2 3,1
Le. adj. FCF yld. (%) -21,4 10,1 3
P/BVPS (x) 1,5 1,42 1,3
P/BVPS adj. (x) -3,63 12,88 7,02
P/E adj. (x) 11,5 10,4 9,2
EV/EBITDA adj. (x) 8,9 6,8 5,8
EV/EBITA adj. (x) 10,8 8,3 7
EV/EBIT adj. (x) 11,3 8,6 7,2
EV/CE (x) 1,1 1,1 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 2 2,2
Capex/depreciation 0,5 0,6 0,7
Capex tangibles / tangible fixed assets 4,5 7,8 9,4
Capex intangibles / definite intangibles 0,9 2,3 2,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 10,8 16,61 18,29

Equity research

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Media

Svedbergs Group - Fireside chat with CEO Per-Arne Andersson
Svedbergs Group - Company presentation with CEO Per-Arne Andersson

Main shareholders - Svedbergs

Main shareholders Share capital % Voting shares % Verified
Stena 41.7 % 41.7 % 26 Mar 2024
Nordea Funds 14.2 % 14.2 % 26 Mar 2024
If Skadeförsäkring AB 11.5 % 11.5 % 26 Mar 2024
Avanza Pension 3.0 % 3.0 % 26 Mar 2024
Nordnet Pensionsförsäkring 2.1 % 2.1 % 26 Mar 2024
Sune Svedberg 2.1 % 2.1 % 26 Mar 2024
Ida Svedberg Sandström 1.1 % 1.1 % 26 Mar 2024
Nordea Funds (Lux) 1.1 % 1.1 % 29 Feb 2024
Handelsbanken Fonder 0.6 % 0.6 % 31 Mar 2024
Anna Svedberg 0.5 % 0.5 % 26 Mar 2024
Source: Holdings by Modular Finance AB