OM:SYSR

Stock Analysis Report

Executive Summary

Systemair AB (publ), a ventilation company, designs, develops, manufactures, and markets ventilation products and systems.


Snowflake Analysis

Solid track record and good value.


Similar Companies

Share Price & News

How has Systemair's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SYSR's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.4%

SYSR

0.7%

SE Building

0.3%

SE Market


1 Year Return

10.2%

SYSR

-8.7%

SE Building

-13.2%

SE Market

Return vs Industry: SYSR exceeded the Swedish Building industry which returned -8.2% over the past year.

Return vs Market: SYSR exceeded the Swedish Market which returned -12.2% over the past year.


Shareholder returns

SYSRIndustryMarket
7 Day5.4%0.7%0.3%
30 Day-18.6%-19.3%-19.3%
90 Day-34.3%-21.6%-23.1%
1 Year12.1%10.2%-7.2%-8.7%-11.0%-13.2%
3 Year-15.3%-19.3%12.1%5.9%-0.2%-14.7%
5 Year9.7%0.9%22.2%12.2%6.0%-16.1%

Price Volatility Vs. Market

How volatile is Systemair's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Systemair undervalued compared to its fair value and its price relative to the market?

17.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SYSR (SEK119.6) is trading below our estimate of fair value (SEK144.94)

Significantly Below Fair Value: SYSR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: SYSR is good value based on its PE Ratio (13.5x) compared to the Building industry average (16.3x).

PE vs Market: SYSR is good value based on its PE Ratio (13.5x) compared to the Swedish market (14.3x).


Price to Earnings Growth Ratio

PEG Ratio: SYSR is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: SYSR is good value based on its PB Ratio (2x) compared to the SE Building industry average (2.3x).


Next Steps

Future Growth

How is Systemair forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

12.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SYSR's forecast earnings growth (12.7% per year) is above the savings rate (-0.4%).

Earnings vs Market: SYSR's earnings (12.7% per year) are forecast to grow faster than the Swedish market (8% per year).

High Growth Earnings: SYSR's earnings are forecast to grow, but not significantly.

Revenue vs Market: SYSR's revenue (4.3% per year) is forecast to grow faster than the Swedish market (4.1% per year).

High Growth Revenue: SYSR's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SYSR's Return on Equity is forecast to be low in 3 years time (15.5%).


Next Steps

Past Performance

How has Systemair performed over the past 5 years?

3.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SYSR has high quality earnings.

Growing Profit Margin: SYSR's current net profit margins (5.1%) are higher than last year (3.2%).


Past Earnings Growth Analysis

Earnings Trend: SYSR's earnings have grown by 3.7% per year over the past 5 years.

Accelerating Growth: SYSR's earnings growth over the past year (81.3%) exceeds its 5-year average (3.7% per year).

Earnings vs Industry: SYSR earnings growth over the past year (81.3%) exceeded the Building industry 11.3%.


Return on Equity

High ROE: SYSR's Return on Equity (14.8%) is considered low.


Next Steps

Financial Health

How is Systemair's financial position?


Financial Position Analysis

Short Term Liabilities: SYSR's short term assets (SEK3.7B) exceed its short term liabilities (SEK2.5B).

Long Term Liabilities: SYSR's short term assets (SEK3.7B) exceed its long term liabilities (SEK1.5B).


Debt to Equity History and Analysis

Debt Level: SYSR's debt to equity ratio (70.7%) is considered high.

Reducing Debt: SYSR's debt to equity ratio has increased from 60.5% to 70.7% over the past 5 years.

Debt Coverage: SYSR's debt is well covered by operating cash flow (34.2%).

Interest Coverage: SYSR's interest payments on its debt are well covered by EBIT (18.1x coverage).


Balance Sheet

Inventory Level: SYSR has a high level of physical assets or inventory.

Debt Coverage by Assets: SYSR's debt is covered by short term assets (assets are 1.7x debt).


Next Steps

Dividend

What is Systemair's current dividend yield, its reliability and sustainability?

1.67%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SYSR's dividend (1.67%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (1.99%).

High Dividend: SYSR's dividend (1.67%) is low compared to the top 25% of dividend payers in the Swedish market (6.49%).


Stability and Growth of Payments

Stable Dividend: SYSR's dividend payments have been volatile in the past 10 years.

Growing Dividend: SYSR's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (22.5%), SYSR's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SYSR's dividends in 3 years are forecast to be well covered by earnings (29.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.3yrs

Average management tenure


CEO

Roland Kasper (50yo)

4.67s

Tenure

kr4,300,000

Compensation

Mr. Roland Kasper has been the Group Chief Executive Officer of Systemair AB since August 27, 2015 and has been its President since August 24, 2016. Mr. Kasper served as a Vice President of Marketing for P ...


CEO Compensation Analysis

Compensation vs Market: Roland's total compensation ($USD422.45K) is below average for companies of similar size in the Swedish market ($USD765.02K).

Compensation vs Earnings: Roland's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Roland Kasper
Group CEO & President4.67yrskr4.30m0.041% SEK2.6m
Anders Ulff
CFO & Secretary to the Board21.25yrsno data0.081% SEK5.0m
Mats Sandor
Technical Directorno datano datano data
Olle Glassel
Vice President of Sales & Marketing5.25yrsno data0.025% SEK1.6m
Ivan Smolcic
Managing Director and Head of Systemair Australia Pty Ltdno datano datano data
Mudassar Ali
Group Controllerno datano datano data
Bjorn Walther
Managing Director of VEAB Heat Tech AB39.83yrsno datano data
Pär Johansson
Business Development Director of Data Center Cooling4.42yrskr1.64mno data

5.3yrs

Average Tenure

52yo

Average Age

Experienced Management: SYSR's management team is seasoned and experienced (5.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Gunilla Spongh
Director0.67yrno datano data
Patrik Nolåker
Independent Director3.67yrskr300.00k0.0077% SEK478.3k
Carina Andersson
Independent Director4.67yrskr300.00k0.0019% SEK119.4k
Svein Nilsen
Independent Director3.67yrskr300.00k0.077% SEK4.8m
Gerald Engström
Chairman of the Board4.67yrskr1.20m42.62% SEK2.7b
Åke Henningsson
Employee Representative Director4.67yrsno data0.00077% SEK47.9k
Ricky Sten
Employee Representative Director6.25yrsno datano data

4.7yrs

Average Tenure

56yo

Average Age

Experienced Board: SYSR's board of directors are considered experienced (4.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SYSR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Systemair AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Systemair AB (publ)
  • Ticker: SYSR
  • Exchange: OM
  • Founded: 1974
  • Industry: Building Products
  • Sector: Capital Goods
  • Market Cap: kr6.219b
  • Shares outstanding: 52.00m
  • Website: https://www.systemair.com

Number of Employees


Location

  • Systemair AB (publ)
  • Industrivagen 3
  • Skinnskatteberg
  • Västmanland County
  • 739 30
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SYSROM (OMX Nordic Exchange Stockholm)YesClass A SharesSESEKOct 2007
0HDKLSE (London Stock Exchange)YesClass A SharesGBSEKOct 2007
52SDB (Deutsche Boerse AG)YesClass A SharesDEEUROct 2007
SYSRsBATS-CHIXE (BATS 'Chi-X Europe')YesClass A SharesGBSEKOct 2007

Biography

Systemair AB (publ), a ventilation company, designs, develops, manufactures, and markets ventilation products and systems. The company offers heating products comprising convectors and radiators, air curtains, radiant and fan heaters; fans and accessories, including circular duct, rectangular and square duct, roof, axial, explosion proof, domestic, and smoke extract fans, as well as electrical accessories for ventilation and fans for aggressive media; and residential systems, such as residential solutions, counter flow and rotary units, vacuum and geo thermal systems, ducts, cooker hoods, filters, valves and grilles, and accessories for residential systems. It also provides fire safety products comprising fire dampers, smoke dampers, and accessories for fire safety; air distribution products consisting of grilles, air volume controls, diffusers, and accessories; air handling units, such as compact and central AHUs; air conditioning systems, including hydronic (water born) systems and DX (refrigerant) systems. Its products are used in buildings, including homes, offices, industrial premises, data centers, hospitals, swimming pools, multi-storey car parks, and tunnels. The company sells its products to ventilation contractors, distributors of ventilation and electrical products, and ventilation consultants under the Systemair, Frico, Fantech, and Menerga brand names. The company has a strategic partnership with Panasonic Corporation. It has operations in Europe, North and South America, the Middle East, Asia, and South Africa. The company was founded in 1974 and is headquartered in Skinnskatteberg, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 22:38
End of Day Share Price2020/04/03 00:00
Earnings2020/01/31
Annual Earnings2019/04/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.