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ITAB Shop Concept

Complete shop concepts

ITAB Shop Concept delivers complete shop concepts and is currently the market leader of checkouts to retailers in Europe, and one of Europe’s largest suppliers of shop fitting concepts and lighting systems. Customers include larger retail chains, both national and international, as well as specialized retail stores and grocery chains.

Although e-commerce is growing fast, the majority of global retail sales are still offline. For traditional retail to remain competitive, we believe physical retail stores need to offer more digital, streamlined and convenient shopping experiences. With its shop concepts/solutions, we believe ITAB has the opportunity to harvest on this paradigm shift in retail. Moreover, ITAB has a strong record of value-enhancing M&A, which we think will continue. Supported by acquisitions and the continued long-term work aimed at streamlining all parts of ITAB’s operation, there is potential for margin expansion.

High dependency on a few customers, e.g. H&M and IKEA. E-commerce should be seen as both an opportunity and a threat, but for now, our understanding is that the focus of ITAB’s customers is more on closing down shops than to fill them with new digital offerings. ITAB’s product portfolio in self-checkout systems and its digital offering might not grow according to expectations. The gross margin is also affected by swings in the steel price. Naturally, ITAB is affected by consumer trends and the general economic environment.

SEKm 2018 2019e 2020e
Sales 6031 5863 5867
Sales growth (%) -5,5 -2,8 0,1
EBITDA 372 374 468
EBITDA margin (%) 6,2 6,4 8
EBIT adj 238 260 321
EBIT adj margin (%) 3,9 4,4 5,5
Pretax profit 157 167 261
EPS rep 0,86 1,05 1,72
EPS growth (%) -71,6 22,3 62,8
EPS adj 0,94 1,34 1,72
DPS 0 0,5 1
EV/EBITDA (x) 9,9 10,9 8,5
EV/EBIT adj (x) 15,5 15,7 12,4
P/E (x) 17,4 19,2 11,8
P/E adj (x) 16 15 11,8
EV/sales (x) 0,6 0,7 0,7
FCF yield (%) 16,5 6,3 7,5
Dividend yield (%) 0 2,5 5
Net IB debt/EBITDA 5,4 5 3,8
SEKm 2018 2019e 2020e
Sales 6031 5863 5867
COGS -4423 -4305 -4254
Gross profit 1608 1559 1613
Other operating items -1236 -1184 -1146
EBITDA 372 374 468
Depreciation on tangibles -142 -144 -147
Depreciation on intangibles 0 0 0
EBITA 230 230 321
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 230 230 321
Other financial items 0 0 0
Net financial items -73 -63 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 157 167 261
Tax -60 -40 -63
Net profit 97 127 198
Minority interest -7 -17 -19
Net profit discontinued 0 0 0
Net profit to shareholders 90 110 179
EPS 0,86 1,05 1,72
EPS Adj 0,94 1,34 1,72
Total extraordinary items after tax -8 -30 0
Tax rate (%) -38,2 -24 -24
Gross margin (%) 26,7 26,6 27,5
EBITDA margin (%) 6,2 6,4 8
EBITA margin (%) 3,8 3,9 5,5
EBIT margin (%) 3,8 3,9 5,5
Pretax margin (%) 2,6 2,9 4,4
Net margin (%) 1,6 2,2 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -5,5 -2,8 0,1
EBITDA growth (%) -41,8 0,6 25
EBIT growth (%) -54 0,1 39,4
Net profit growth (%) -70,5 31 56
EPS growth (%) -71,6 22,3 62,8
Profitability 2018 2019 2020
ROE (%) 5,4 6,3 9,6
ROE Adj (%) 5,8 8 9,6
ROCE (%) 6 6 8,4
ROCE Adj(%) 6,2 6,8 8,4
ROIC (%) 3,7 4,6 6,4
ROIC Adj (%) 3,9 5,2 6,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 380 404 468
EBITDA Adj margin (%) 6,3 6,9 8
EBITA Adj 238 260 321
EBITA Adj margin (%) 3,9 4,4 5,5
EBIT Adj 238 260 321
EBIT Adj margin (%) 3,9 4,4 5,5
Pretax profit Adj 165 197 261
Net profit Adj 105 157 198
Net profit to shareholders Adj 98 140 179
Net Adj margin (%) 1,7 2,7 3,4
SEKm 2018 2019e 2020e
EBITDA 372 374 468
Net financial items -73 -63 -60
Paid tax -60 -40 -63
Non-cash items 0 0 0
Cash flow before change in WC 239 271 345
Change in WC 29 25 -27
Operating cash flow 500 279 299
CAPEX tangible fixed assets -242 -147 -141
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 258 132 158
Dividend paid -179 0 -51
Share issues and buybacks 0 0 0
Other non cash items -57 0 0
Decrease in net IB debt 22 132 107
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1807 1809 1804
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 939 940 938
Other fixed assets 109 109 109
Fixed assets 2855 2858 2852
Inventories 1019 1080 1107
Receivables 1219 1256 1232
Other current assets 0 0 0
Cash and liquid assets 271 191 98
Total assets 5364 5385 5288
Shareholders equity 1698 1808 1936
Minority 128 128 128
Total equity 1826 1936 2064
Long-term debt 2375 2163 1963
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1163 1286 1261
Other current liabilities 0 0 0
Total liabilities and equity 5315 5657 5364
Net IB debt 1995 1863 1756
Net IB debt excl. pension debt 1995 1863 1756
Capital invested 3821 3799 3820
Working capital 1075 1050 1078
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1565 2108 2108
Net IB debt Adj 1995 1863 1756
Market value of minority 128 128 128
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 3688 4098 3992
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 109,4 109,1 109,9
Capital invested turnover (%) 158,3 153,9 154
Capital employed turnover (%) 158,3 153,9 154
Inventories / sales (%) 18,2 17,9 18,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,7 20,9 21,7
Working capital / sales (%) 18,1 18,1 18,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 109,3 96,2 85,1
Net debt / market cap (%) 59,4 88,4 83,3
Equity ratio (%) 34 36 39
Net IB debt adj. / equity (%) 109,3 96,2 85,1
Current ratio (%) 215,7 196,6 193,2
EBITDA / net interest (%) 509,6 592,9 777,3
Net IB debt / EBITDA (%) 536,3 497,7 375,4
Interest cover (%) 315,1 364,8 533,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 0,86 1,05 1,72
Dividend per share Adj 0 0,5 1
EPS Adj 0,94 1,34 1,72
BVPS 16,27 17,33 18,56
BVPS Adj -1,04 -0,01 1,26
Net IB debt / share 19,1 17,9 16,8
Share price 32,19 20,2 20,2
Market cap. (m) 3359 2108 2108
Valuation 2018 2019 2020
P/E 17,4 19,2 11,8
EV/sales 0,61 0,7 0,68
EV/EBITDA 9,9 10,9 8,5
EV/EBITA 16 17,8 12,4
EV/EBIT 16 17,8 12,4
Dividend yield (%) 0 2,5 5
FCF yield (%) 16,5 6,3 7,5
P/BVPS 0,92 1,17 1,09
P/BVPS Adj -14,36 -2364,23 16,01
P/E Adj 16 15 11,8
EV/EBITDA Adj 9,7 10,1 8,5
EV/EBITA Adj 15,5 15,7 12,4
EV/EBIT Adj 15,5 15,7 12,4
EV/cap. employed 1 1,1 1
Investment ratios 2018 2019 2020
Capex / sales 4 2,5 2,4
Capex / depreciation 170,4 101,8 95,9
Capex tangibles / tangible fixed assets 25,8 15,6 15
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,1 15,3 15,7

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Main shareholders

ITAB Shop Concept

Main shareholders Share capital % Voting shares % Verified
Petter Fägersten 17.2 % 52.6 % 31 Dec 2018
Pomona-gruppen AB 29.8 % 29.4 % 31 Dec 2018
Anna Benjamin 10.6 % 3.6 % 31 Dec 2018
Svolder 5.7 % 1.9 % 28 Feb 2019
Kennert Persson 3.7 % 1.3 % 31 Dec 2018
Stig-Olof Simonsson 3.3 % 1.1 % 31 Dec 2018
Öhman Fonder 2.2 % 0.7 % 31 Dec 2018
Avanza Pension 1.5 % 0.5 % 31 Dec 2018
Tredje AP-fonden 1.3 % 0.4 % 31 Dec 2018
Cliens Fonder 1.1 % 0.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

ITAB Shop Concept

Name Quantity Code Date
Anders Christer Moberg + 100 000 BUY 19 Dec 2018
Ulf Rostedt + 10 000 BUY 19 Dec 2018
Sune William Lantz - 40 500 SELL 22 May 2018
Alesa Securities Inc + 100 000 BUY 14 May 2018
CityKattens veterinärklinik AB + 10 000 BUY 22 Mar 2018
Matilda Rapp + 14 400 BUY 6 Mar 2018
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Fredrik Rapp + 341 416 BUY 19 Feb 2018

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