Gullberg & Jansson (NGM:GJAB) - Share price, News & Analysis

GJAB fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	3/6
Financial Health	6/6
Dividends	4/6

GJAB Stock Overview

Gullberg & Jansson AB (publ) develops, produces, and markets products for use in the green space, swimming pool, and relaxation and wellness industries in the Nordic markets.

Rewards

Trading at 66.8% below our estimate of its fair value

Earnings have grown 65.7% per year over the past 5 years

Risk Analysis

Unstable dividend track record

Does not have a meaningful market cap (SEK460M)

Gullberg & Jansson Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Gullberg & Jansson
Historical stock prices
Current Share Price	kr52.80
52 Week High	kr102.00
52 Week Low	kr48.80
Beta	1.63
1 Month Change	-16.98%
3 Month Change	-24.79%
1 Year Change	-42.98%
3 Year Change	758.54%
5 Year Change	970.99%
Change since IPO	1,086.52%

Recent News & Updates

Jun 16

Returns On Capital Are A Standout For Gullberg & Jansson (NGM:GJAB)

What are the early trends we should look for to identify a stock that could multiply in value over the long term? One...

Shareholder Returns

	GJAB	SE Leisure	SE Market
7D	4.6%	-1.9%	-1.3%
1Y	-43.0%	-30.0%	-23.6%

Return vs Industry: GJAB underperformed the Swedish Leisure industry which returned -30% over the past year.

Return vs Market: GJAB underperformed the Swedish Market which returned -23.6% over the past year.

Price Volatility

Is GJAB's price volatile compared to industry and market?
GJAB volatility
GJAB Average Weekly Movement	6.8%
Leisure Industry Average Movement	7.2%
Market Average Movement	7.4%
10% most volatile stocks in SE Market	12.2%
10% least volatile stocks in SE Market	4.7%

Stable Share Price: GJAB is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: GJAB's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2002	23	Peter Bäck	https://www.gullbergjansson.se

Gullberg & Jansson AB (publ) develops, produces, and markets products for use in the green space, swimming pool, and relaxation and wellness industries in the Nordic markets. The company provides pool roof, heat pumps, protection products, water purification products, robots, liners, and stairs. It sells its products to retailers and end consumers.

Gullberg & Jansson Fundamentals Summary

How do Gullberg & Jansson's earnings and revenue compare to its market cap?
GJAB fundamental statistics
Market Cap	kr460.20m
Earnings (TTM)	kr46.20m
Revenue (TTM)	kr402.52m

10.0x

P/E Ratio

1.1x

P/S Ratio

Is GJAB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
GJAB income statement (TTM)
Revenue	kr402.52m
Cost of Revenue	kr280.65m
Gross Profit	kr121.87m
Other Expenses	kr75.67m
Earnings	kr46.20m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	5.30
Gross Margin	30.28%
Net Profit Margin	11.48%
Debt/Equity Ratio	0.0%

How did GJAB perform over the long term?

See historical performance and comparison

Dividends

2.8%

Current Dividend Yield

28%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is GJAB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GJAB?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for GJAB. This is calculated by dividing GJAB's market cap by their current preferred multiple.
What is GJAB's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr460.20m

GJAB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.9x
Enterprise Value/EBITDA	4.8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does GJAB's PE Ratio compare to its peers?

GJAB PE Ratio vs Peers

The above table shows the PE ratio for GJAB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	269.5x

Forward PE

Price-To-Earnings vs Peers: GJAB is good value based on its Price-To-Earnings Ratio (10x) compared to the peer average (269.5x).

Price to Earnings Ratio vs Industry

How does GJAB's PE Ratio compare vs other companies in the Leisure Industry?

Price-To-Earnings vs Industry: GJAB is good value based on its Price-To-Earnings Ratio (10x) compared to the Swedish Leisure industry average (12.4x)

Price to Earnings Ratio vs Fair Ratio

What is GJAB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GJAB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate GJAB's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of GJAB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GJAB (SEK52.8) is trading below our estimate of fair value (SEK159.16)

Significantly Below Fair Value: GJAB is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate GJAB's PEG Ratio to determine if it is good value.

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Future Growth

How is Gullberg & Jansson forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

15.9%

Forecasted Consumer Durables industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Gullberg & Jansson has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Gullberg & Jansson is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Gullberg & Jansson performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

65.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GJAB has high quality earnings.

Growing Profit Margin: GJAB's current net profit margins (11.5%) are lower than last year (16.2%).

Past Earnings Growth Analysis

Earnings Trend: GJAB's earnings have grown significantly by 65.7% per year over the past 5 years.

Accelerating Growth: GJAB's earnings growth over the past year (25.6%) is below its 5-year average (65.7% per year).

Earnings vs Industry: GJAB earnings growth over the past year (25.6%) underperformed the Leisure industry 25.8%.

Return on Equity

High ROE: GJAB's Return on Equity (37.5%) is considered high.

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Financial Health

How is Gullberg & Jansson's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: GJAB's short term assets (SEK230.8M) exceed its short term liabilities (SEK93.9M).

Long Term Liabilities: GJAB's short term assets (SEK230.8M) exceed its long term liabilities (SEK95.5M).

Debt to Equity History and Analysis

Debt Level: GJAB is debt free.

Reducing Debt: GJAB has no debt compared to 5 years ago when its debt to equity ratio was 26.9%.

Debt Coverage: GJAB has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: GJAB has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Gullberg & Jansson current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.84%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: GJAB's dividend (2.84%) is higher than the bottom 25% of dividend payers in the Swedish market (1.67%).

High Dividend: GJAB's dividend (2.84%) is low compared to the top 25% of dividend payers in the Swedish market (5.41%).

Stability and Growth of Payments

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

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

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (28.4%), GJAB's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (31.6%), GJAB's dividend payments are well covered by cash flows.

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Management

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

4.3yrs

Average management tenure

CEO

Peter Bäck (57 yo)

4yrs

Tenure

kr1,354,000

Compensation

Mr. Peter Bäck has been the Chief Executive Officer of Gullberg & Jansson AB (publ) since June 2018. Mr. Bäck served as Sales Manager of Gullberg & Jansson AB (publ) from January 11, 2017 to June 2018. Mr....

CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD133.71K) is below average for companies of similar size in the Swedish market ($USD233.45K).

Compensation vs Earnings: Peter's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: GJAB's management team is considered experienced (4.3 years average tenure).

Board Members

Experienced Board: GJAB's board of directors are considered experienced (7.4 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: GJAB insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

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

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/23 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31