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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

Catalyst Potential is a Premium members feature in Redeye Universe.

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Redeye Rating

Viktor Westman

Equity Analyst

viktor.westman@redeye.se

+46854501330

Company Quality

  • 9.0
  • 7.0
  • 8.0
  • 6.0
  • 7.5

Leadership

Exclusive for members
VD anslöt relativt nyligt från en annan industri men har bra hjälp av ett erfaret team. Ledningen har dragit lärdom av tidigare mindre lyckade satsningar som LDI och gör nu i stället, med de senaste lanseringarna flera, mindre tekniksprång i närmare samarbete med kunderna. Historiskt har Mycronic varit olönsamt, men tack vare satsningar på eftermarknad och kostnadsdisciplin genereras nu starka kassaflöden som tillåter generösa utdelningar. Samtidigt kan bolaget hålla en stor kassa, vilket känns rätt med tanke på volatiliteten på bolagets marknader.

Ownership

Exclusive for members

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Profit outlook

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Profitability

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

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Fair Value Range

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Catalyst Potential

Impact

Timeframe

Short
Mid
Long

Company description

Mid-cap company Mycronic develops systems for electronics manufacturing, and sells these directly and via distribution partners to hundreds of customers worldwide. Mycronic has been around for 30 years, but in its present form since 2009 when pattern generator manufacturer Micronic acquired Mydata, with operations in surface mount technology. The company’s operations are divided into two business areas, Pattern Generators (PG) and Surface Mount Technology (SMT), but following the AEI acquisition there are also now Camera Module Assembly and Test systems (CMAT). Read more...
Mid-cap company Mycronic develops systems for electronics manufacturing, and sells these directly and via distribution partners to hundreds of customers worldwide. Mycronic has been around for 30 years, but in its present form since 2009 when pattern generator manufacturer Micronic acquired Mydata, with operations in surface mount technology. The company’s operations are divided into two business areas, Pattern Generators (PG) and Surface Mount Technology (SMT), but following the AEI acquisition there are also now Camera Module Assembly and Test systems (CMAT). R&D is conducted at the company’s headquarters in Täby and occupies 25 percent of the approximately 500 employees. Mycronic’s main strength is that the company has a market share of 100 percent in terms of pattern generators for monitors, which means that every single smartphone and tablet has been made using the company’s equipment. We believe this is a niche market that is not large enough to support another provider. In its SMT business unit Mycronic has a share of 1-2 percent of the total market, but within the company’s niche the proportion is over 20 percent. The company has made development investment costing billions of SEK, and over 150 patents have been granted, which in some ways is the company’s weakness; technology risk is forcing it to invest in order to remain relevant. Mycronic’s target is to achieve SEK 2 billion in sales by 2019, which will mostly take place through organic growth and the new strategy to replace old systems, but acquisitions have now also been made. The company had EBIT of SEK 540 million on sales of SEK 1,815 million in 2015. Less...

TODAY

Day High
92.25
90.75
1.50
-1.6%
Day Low
90.50
Day Open
89.75
Prev Close
92.25
VWAP
91.2
Volume
32K
Turnover
2.930M
Top Broker
AVA
VWAP
90.1
Avg Volume
268K
Avg Turnover
24.101M
Top Brokers
AVA/MSI

52 WEEK SUMMARY

Price Range
Beta
n/a
Market Cap
9,032.8M
Total Return
34.1%
Trailing P/E
16.9
Div Yield
2.2%
Shares Outstanding
97.9M
Next Earnings Date
20 Apr
Stock Exchange
NASDAQ Stockholm

Identify and measure trend strength in stocks with our Momentum tool to identify potential entry and exit signals. The tool provides a set of the most simple but powerful indicators that identify whether a stock is under sell or buy pressure.

Relative Price Strength
Rel Price Chg 3 Months -10.9%
Rel Price Chg 12 Months 13.4%
Volume Trend
Avg Vol 10 vs 60 Days -7.6%
Price vs...
52-Week High -20.7%
50-Day Moving Average -7.8%
200-Day Moving Average -9.0%

Historic pricing of Mycronic

Last price: 90.75 SEK

Loading data...

Prev Close [[ prevClose|number:2 ]] SEK Change [[ changeValue|number:2 ]] %
High [[ highValue|number:2 ]] SEK Avg Daily Volume [[ avgVolume|number:0 ]] Shares
Low [[ lowValue|number:2 ]] SEK Avg Daily Turnover [[ graphAvgTurnover|number:2 ]] SEK

Management

Lena Olving, CEO
Torbjörn Wingårdh, CFO

Executive Board

Patrik Tigerschiöld, Chairman of the board
Katarina Bonde
Ulla-Britt Fräjdin-Hellqvist
Per Holmberg
Magnus Lindquist
Stefan Skarin

Last updated: 2017-02-22 Source: Redeye

Major Holders

Owner Equity Votes
 Bure Equity 29.9%
29.9%
Fjärde AP-Fonden 6.4%
6.4%
 Swedbank Robur Fonder 4.8%
4.8%
 Handelsbanken Fonder 4.5%
4.5%
 Catella Fonder 2.7%
2.7%
Avanza Pension 1.9%
1.9%
 Dimensional Fund Advisors 1.9%
1.9%
 Andra AP-Fonden 1.3%
1.3%
 JP Morgan Asset Management 1.2%
1.2%
 SEB Fonder inkl. Lux 1.0%
1.0%

Last updated: 2017-02-22 Source: Redeye

Insider transaction summary

Total insider purchases and sales reported

Timeframe Transactions Net Shares
Last 12 Weeks

0 Purchases

+ 0

0 Sales

- 0

Last 24 Weeks

0 Purchases

+ 0

0 Sales

- 0

Most recent insider transactions

Exclusive for members
Report Date Name Position Transaction Shares Chg Est Value (SEK)
2015-12-15 Kvist, Sture ANB Sale + 93 77
2015-12-15 Kvist, Malin ANB Sale + 79 181
2015-12-15 Svensson, Kim ANB Sale + 80 18
2015-12-15 Kvist, Sture ANB Sale + 73 142
2015-12-15 Kvist, Sture ANB Sale + 6 75

Source: Millistream – FI

More
  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (SEK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (SEKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (SEKm)
  • Capital employed (SEKm)
  • Capital turnover rate
Previous year Next year
2014
  • 22.4%
  • 23.4%
  • 39.0%
  • 18.9%
  • 18.7%
  • 18.1%
  • 2.72
  • 2.72
  • 0.00
  • -6.75
  • 97.9M
  • 8,225.0
  • 33.4
  • 33.4
  • 6.0
  • 5.6
  • 29.5
  • 29.8
  • 7.4
  • 75.5%
  • 0.0%
  • -661
  • 546
  • 0.9
2015
  • 35.9%
  • 43.7%
  • 81.0%
  • 30.0%
  • 29.8%
  • 24.4%
  • 4.52
  • 4.52
  • 1.50
  • -9.04
  • 97.9M
  • 8,000.7
  • 20.1
  • 20.1
  • 4.9
  • 4.4
  • 14.7
  • 14.8
  • 7.1
  • 72.1%
  • 0.2%
  • -885
  • 370
  • 1.0
2016
  • 39.5%
  • 51.4%
  • 142.4%
  • 30.1%
  • 29.8%
  • 22.7%
  • 5.37
  • 5.37
  • 2.00
  • -2.13
  • 97.9M
  • 8,677.4
  • 16.9
  • 16.9
  • 3.8
  • 3.7
  • 12.4
  • 12.6
  • 6.3
  • 51.2%
  • 0.0%
  • -209
  • 1,203
  • 0.8
2017E
  • 33.8%
  • 45.0%
  • 44.3%
  • 25.9%
  • 24.8%
  • 18.6%
  • 5.45
  • 5.45
  • 2.70
  • -5.90
  • 97.9M
  • 8,308.1
  • 16.6
  • 16.6
  • 3.1
  • 2.9
  • 11.2
  • 11.7
  • 5.1
  • 53.4%
  • 0.0%
  • -578
  • 1,172
  • 0.9
2018E
  • 30.9%
  • 41.2%
  • 50.4%
  • 26.2%
  • 25.1%
  • 18.9%
  • 6.04
  • 6.04
  • 3.02
  • -9.17
  • 97.9M
  • 7,987.9
  • 15.0
  • 15.0
  • 2.8
  • 2.6
  • 9.7
  • 10.1
  • 4.3
  • 55.7%
  • 0.0%
  • -898
  • 1,178
  • 0.8
2019E
  • 30.2%
  • 40.2%
  • 58.0%
  • 27.0%
  • 25.9%
  • 19.5%
  • 6.99
  • 6.99
  • 3.50
  • -12.94
  • 97.9M
  • 7,618.5
  • 13.0
  • 13.0
  • 2.5
  • 2.2
  • 8.0
  • 8.4
  • 3.6
  • 59.0%
  • 0.0%
  • -1,267
  • 1,198
  • 0.8
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014
  • 1,475
  • -1,197
  • 278
  • -2
  • 0
  • 0
  • 276
  • 0
  • 2
  • 0
  • 278
  • -12
  • 266
2015
  • 1,815
  • -1,270
  • 545
  • -4
  • 0
  • 0
  • 540
  • 0
  • 0
  • 0
  • 540
  • -98
  • 443
2016
  • 2,319
  • -1,622
  • 698
  • -7
  • 0
  • 0
  • 691
  • 0
  • -2
  • 0
  • 689
  • -163
  • 526
2017E
  • 3
  • 6
  • 2
  • 7
  • 8
  • 5
  • 3
  • 3
  • 9
  • 4
  • 0
  • 7
  • 1
Q1E
  • 1
  • 1
  • 9
  • 8
  • 9
  • 5
  • 5
  • 0
  • 7
  • 7
  • 9
  • 10
  • 6
Q2E
  • 0
  • 5
  • 5
  • 4
  • 7
  • 2
  • 3
  • 0
  • 7
  • 0
  • 4
  • 1
  • 1
Q3E
  • 2
  • 6
  • 2
  • 0
  • 3
  • 0
  • 7
  • 5
  • 4
  • 5
  • 6
  • 6
  • 9
Q4E
  • 10
  • 7
  • 4
  • 9
  • 3
  • 2
  • 5
  • 4
  • 5
  • 4
  • 3
  • 1
  • 10
2017E
  • 5
  • 1
  • 1
  • 5
  • 10
  • 4
  • 10
  • 1
  • 5
  • 6
  • 5
  • 10
  • 0
2018E
  • 5
  • 7
  • 3
  • 3
  • 1
  • 10
  • 2
  • 3
  • 10
  • 10
  • 5
  • 5
  • 7
Q1E
  • 9
  • 1
  • 10
  • 1
  • 5
  • 9
  • 6
  • 8
  • 3
  • 8
  • 0
  • 5
  • 7
Q2E
  • 0
  • 4
  • 5
  • 0
  • 9
  • 9
  • 6
  • 1
  • 2
  • 9
  • 4
  • 9
  • 8
Q3E
  • 5
  • 9
  • 2
  • 6
  • 9
  • 3
  • 0
  • 1
  • 8
  • 4
  • 8
  • 9
  • 3
Q4E
  • 2
  • 7
  • 2
  • 2
  • 9
  • 8
  • 2
  • 7
  • 10
  • 7
  • 4
  • 10
  • 1
2018E
  • 10
  • 6
  • 4
  • 8
  • 8
  • 2
  • 6
  • 10
  • 1
  • 6
  • 1
  • 6
  • 1
2019E
  • 3
  • 10
  • 4
  • 2
  • 10
  • 4
  • 0
  • 8
  • 2
  • 1
  • 4
  • 1
  • 8
Previous year Next year
    (SEKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014
  • 661
  • 341
  • 233
  • 79
  • 1,314
  • 28
  • 0
  • 0
  • 64
  • 0
  • 65
  • 28
  • 185
  • 101
  • 1,600
  • 0
  • 76
  • 301
  • 377
  • 0
  • 5
  • 0
  • 382
  • 0
  • 11
  • 1,207
  • 0
  • 1,207
  • 1,600
2015
  • 898
  • 271
  • 276
  • 55
  • 1,500
  • 38
  • 0
  • 0
  • 64
  • 0
  • 59
  • 40
  • 201
  • 41
  • 1,742
  • 12
  • 91
  • 347
  • 450
  • 0
  • 15
  • 0
  • 465
  • 0
  • 21
  • 1,256
  • 0
  • 1,256
  • 1,742
2016
  • 209
  • 597
  • 575
  • 151
  • 1,531
  • 60
  • 0
  • 0
  • 751
  • 293
  • 41
  • 23
  • 1,168
  • 57
  • 2,755
  • 0
  • 186
  • 823
  • 1,009
  • 0
  • 76
  • 0
  • 1,085
  • 0
  • 259
  • 1,412
  • 0
  • 1,412
  • 2,755
2017E
  • 4
  • 4
  • 2
  • 7
  • 4
  • 3
  • 10
  • 5
  • 9
  • 7
  • 7
  • 6
  • 9
  • 5
  • 9
  • 7
  • 10
  • 1
  • 10
  • 6
  • 10
  • 10
  • 6
  • 3
  • 10
  • 6
  • 6
  • 8
  • 6
2018E
  • 8
  • 4
  • 3
  • 4
  • 8
  • 10
  • 9
  • 0
  • 2
  • 5
  • 6
  • 5
  • 9
  • 0
  • 0
  • 2
  • 2
  • 6
  • 3
  • 10
  • 7
  • 4
  • 4
  • 3
  • 0
  • 10
  • 6
  • 6
  • 10
2019E
  • 2
  • 6
  • 5
  • 9
  • 2
  • 2
  • 10
  • 9
  • 10
  • 7
  • 7
  • 4
  • 4
  • 1
  • 4
  • 4
  • 10
  • 5
  • 10
  • 7
  • 0
  • 7
  • 6
  • 5
  • 2
  • 3
  • 4
  • 5
  • 4
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014
  • 1,475
  • -1,197
  • -2
  • 276
  • -12
  • 265
  • 2
  • 267
  • 138
  • 6
  • 397
2015
  • 1,815
  • -1,270
  • -4
  • 540
  • -98
  • 442
  • 4
  • 447
  • 111
  • -20
  • 618
2016
  • 2,319
  • -1,622
  • -7
  • 691
  • -163
  • 527
  • 7
  • 534
  • -149
  • -974
  • -305
2017E
  • 10
  • 2
  • 10
  • 4
  • 0
  • 7
  • 3
  • 6
  • 2
  • 0
  • 1
2018E
  • 10
  • 6
  • 2
  • 4
  • 2
  • 1
  • 5
  • 9
  • 8
  • 7
  • 4
2019E
  • 0
  • 2
  • 0
  • 7
  • 7
  • 4
  • 1
  • 5
  • 3
  • 10
  • 6
Previous year Next year
More