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Svedbergs Group

Svedbergs Group

Svedbergs 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 2024 2025e 2026e
Sales 2183 2206 2293
Sales growth (%) 19,7 1 3,9
EBITDA 374 407 434
EBITDA margin (%) 17,1 18,5 18,9
EBIT adj. 297 320 345
EBIT adj. margin (%) 13,6 14,5 15
Pretax profit 229 266 310
EPS 3,17 3,75 4,39
EPS growth (%) -5,9 18,3 16,9
EPS adj. 3,18 3,75 4,39
DPS 1,5 1,75 2
EV/EBITDA (x) 9,5 8,2 7,3
EV/EBIT adj. (x) 12 10,4 9,1
P/E (x) 16,6 14 12
P/E adj. (x) 16,6 14 12
EV/sales (x) 1,63 1,51 1,37
FCF yield (%) 4,6 3,7 9,6
Le. adj. FCF yld. (%) 3,8 2,8 8,7
Dividend yield (%) 2,9 3,3 3,8
Net IB debt/EBITDA (x) 2,1 1,3 0,8
Le. adj. ND/EBITDA (x) 1,9 1,2 0,7
SEKm 2024 2025e 2026e
Sales 2183 2206 2293
COGS -1188 -1177 -1219
Gross profit 996 1029 1074
Other operating items -621 -622 -640
EBITDA 374 407 434
Depreciation and amortisation -62 -73 -75
of which leasing depreciation -24 -24 -24
EBITA 312 334 360
EO Items 0 0 0
Impairment and PPA amortisation -16 -15 -15
EBIT 296 320 345
Net financial items -67 -53 -35
Pretax profit 229 266 310
Tax -61 -68 -77
Net profit 168 199 232
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 168 199 232
EPS 3,17 3,75 4,39
EPS adj. 3,18 3,75 4,39
Total extraordinary items after tax 0 0 0
Leasing payments -24 -24 -24
Tax rate (%) 26,6 25,4 25
Gross margin (%) 45,6 46,6 46,8
EBITDA margin (%) 17,1 18,5 18,9
EBITA margin (%) 14,3 15,2 15,7
EBIT margin (%) 13,6 14,5 15
Pre-tax margin (%) 10,5 12,1 13,5
Net margin (%) 7,7 9 10,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 19,7 1 3,9
EBITDA growth (%) 36,7 8,8 6,7
EBITA growth (%) 40,7 7,2 7,6
EBIT growth (%) 40,7 7,9 7,9
Net profit growth (%) 41,2 18,3 16,9
EPS growth (%) -5,9 18,3 16,9
Profitability N/A N/A N/A
ROE (%) 13,4 12,7 13,9
ROE adj. (%) 14,7 13,6 14,8
ROCE (%) 12,2 13,1 14,8
ROCE adj. (%) 12,9 13,7 15,5
ROIC (%) 10,4 11,2 12,7
ROIC adj. (%) 10,4 11,2 12,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 375 407 434
EBITDA adj. margin (%) 17,2 18,5 18,9
EBITDA lease adj. 351 383 410
EBITDA lease adj. margin (%) 16,1 17,4 17,9
EBITA adj. 312 334 360
EBITA adj. margin (%) 14,3 15,2 15,7
EBIT adj. 297 320 345
EBIT adj. margin (%) 13,6 14,5 15
Pretax profit Adj. 245 281 325
Net profit Adj. 184 214 247
Net profit to shareholders adj. 184 214 247
Net adj. margin (%) 8,4 9,7 10,8
SEKm 2024 2025e 2026e
EBITDA 374 407 434
Goodwill 886 840 840
Net financial items -67 -53 -35
Other intangible assets 559 523 517
Paid tax -61 -68 -77
Tangible fixed assets 515 481 457
Non-cash items 50 -1 0
Right-of-use asset 0 0 0
Cash flow before change in WC 296 285 322
Total other fixed assets 0 0 0
Change in working capital -107 54 3
Fixed assets 1959 1843 1814
Operating cash flow 189 339 325
Inventories 559 507 505
Capex tangible fixed assets -24 -42 -27
Receivables 295 298 310
Capex intangible fixed assets -7 -8 -9
Other current assets 73 76 79
Acquisitions and Disposals -30 -185 -23
Cash and liquid assets 236 201 201
Free cash flow 128 103 267
Total assets 3121 2926 2908
Dividend paid -53 -79 -93
Shareholders equity 1530 1603 1743
Share issues and buybacks 394 0 0
Minority 0 0 0
Leasing liability amortisation -23 -25 -24
Total equity 1530 1603 1743
Other non-cash items -118 245 23
Long-term debt 651 482 332
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 90 90 90
Total other long-term liabilities 199 189 189
Short-term debt 265 166 144
Accounts payable 183 188 195
Other current liabilities 205 208 216
Total liabilities and equity 3121 2926 2908
Net IB debt 769 536 364
Net IB debt excl. pension debt 769 536 364
Net IB debt excl. leasing 680 447 274
Capital employed 2534 2341 2308
Capital invested 2299 2139 2106
Working capital 539 485 482
Market cap. diluted (m) 2787 2787 2787
Net IB debt adj. 769 536 364
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 3556 3323 3150
Total assets turnover (%) 72,3 73 78,6
Working capital/sales (%) 22,2 23,2 21,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 50,3 33,4 20,9
Net debt / market cap (%) 27,6 19,2 13
Equity ratio (%) 49 54,8 59,9
Net IB debt adj. / equity (%) 50,3 33,4 20,9
Current ratio 1,78 1,93 1,97
EBITDA/net interest 5,6 7,7 12,4
Net IB debt/EBITDA (x) 2,1 1,3 0,8
Net IB debt/EBITDA lease adj. (x) 1,9 1,2 0,7
Interest coverage 4,6 6,3 10,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 53 53 53
Diluted shares adj. 53 53 53
EPS 3,17 3,75 4,39
Dividend per share 1,5 1,75 2
EPS adj. 3,18 3,75 4,39
BVPS 28,87 30,26 32,89
BVPS adj. 1,61 4,54 7,28
Net IB debt/share 14,52 10,12 6,86
Share price 52,6 52,6 52,6
Market cap. (m) 2787 2787 2787
Valuation N/A N/A N/A
P/E (x) 16,6 14 12
EV/sales (x) 1,63 1,51 1,37
EV/EBITDA (x) 9,5 8,2 7,3
EV/EBITA (x) 11,4 9,9 8,8
EV/EBIT (x) 12 10,4 9,1
Dividend yield (%) 2,9 3,3 3,8
FCF yield (%) 4,6 3,7 9,6
Le. adj. FCF yld. (%) 3,8 2,8 8,7
P/BVPS (x) 1,82 1,74 1,6
P/BVPS adj. (x) 32,75 11,59 7,22
P/E adj. (x) 16,6 14 12
EV/EBITDA adj. (x) 9,5 8,2 7,3
EV/EBITA adj. (x) 11,4 9,9 8,8
EV/EBIT adj. (x) 12 10,4 9,1
EV/CE (x) 1,4 1,4 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 2,3 1,6
Capex/depreciation 0,8 1 0,7
Capex tangibles / tangible fixed assets 4,6 8,8 5,9
Capex intangibles / definite intangibles 1,2 1,6 1,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 7,48 10,14 11,1

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 Group

Main shareholders Share capital % Voting shares % Verified
Stena 43.0 % 43.0 % 28 Apr 2025
Nordea Funds 14.5 % 14.5 % 28 Apr 2025
If Skadeförsäkring AB 11.5 % 11.5 % 28 Apr 2025
Avanza Pension 2.8 % 2.8 % 28 Apr 2025
Nordnet Pensionsförsäkring 1.8 % 1.8 % 28 Apr 2025
Sune Svedberg 0.9 % 0.9 % 28 Apr 2025
Ida Svedberg Sandström 0.8 % 0.8 % 28 Apr 2025
Nordea Funds (Lux) 0.8 % 0.8 % 31 Mar 2025
Kavaljer Fonder 0.7 % 0.7 % 30 Apr 2025
Handelsbanken Fonder 0.6 % 0.6 % 30 Apr 2025
Source: Holdings by Modular Finance AB