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ITAB Shop Concept

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 2019 2020e 2021e
Sales 6064 5145 5721
Sales growth (%) 0,5 -15,2 11,2
EBITDA 532 325 479
EBITDA margin (%) 8,8 6,3 8,4
EBIT adj 241 155 283
EBIT adj margin (%) 4 3 4,9
Pretax profit 174 -17 121
EPS rep 1,15 -0,29 0,82
EPS growth (%) 33,3 -125,1 382,3
EPS adj 1 0,66 1,7
DPS 0 0 0
EV/EBITDA (x) 8,3 11,5 7,4
EV/EBIT adj (x) 18,2 24,2 12,5
P/E (x) 14,6 -43,2 15,3
P/E adj (x) 16,9 19 7,3
EV/sales (x) 0,7 0,7 0,6
FCF yield (%) 22,1 7,9 20,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,7 7,1 4,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 6064 5145 5721
COGS -4441 -3804 -4159
Gross profit 1623 1341 1562
Other operating items -1091 -1016 -1083
EBITDA 532 325 479
Depreciation on tangibles -143 -141 -167
Depreciation on intangibles 0 0 0
EBITA 257 55 183
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 257 55 183
Other financial items 0 0 0
Net financial items -83 -72 -62
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 174 -17 121
Tax -54 -12 -29
Net profit 120 -29 92
Minority interest 0 -1 0
Net profit discontinued 0 0 0
Net profit to shareholders 120 -30 92
EPS 1,15 -0,29 0,82
EPS Adj 1 0,66 1,7
Total extraordinary items after tax 16 -100 -100
Tax rate (%) -31 68,6 -24
Gross margin (%) 26,8 26,1 27,3
EBITDA margin (%) 8,8 6,3 8,4
EBITA margin (%) 4,2 1,1 3,2
EBIT margin (%) 4,2 1,1 3,2
Pretax margin (%) 2,9 -0,3 2,1
Net margin (%) 2 -0,6 1,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 -15,2 11,2
EBITDA growth (%) 43 -39 47,5
EBIT growth (%) 11,7 -78,8 235,7
Net profit growth (%) 23,7 -124,6 411,7
EPS growth (%) 33,3 -125,1 382,3
Profitability 2019 2020 2021
ROE (%) 7 -1,7 5
ROE Adj (%) 6 3,9 10,5
ROCE (%) 5,8 1,2 4,3
ROCE Adj(%) 5,4 3,4 6,7
ROIC (%) 4,3 2,1 3,4
ROIC Adj (%) 4 6,1 5,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 516 425 579
EBITDA Adj margin (%) 8,5 8,3 10,1
EBITA Adj 241 155 283
EBITA Adj margin (%) 4 3 4,9
EBIT Adj 241 155 283
EBIT Adj margin (%) 4 3 4,9
Pretax profit Adj 158 83 221
Net profit Adj 104 71 192
Net profit to shareholders Adj 104 70 192
Net Adj margin (%) 1,7 1,4 3,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 532 325 479
Net financial items -83 -72 -62
Paid tax -54 -12 -29
Non-cash items -305 -19 0
Cash flow before change in WC 90 222 388
Change in WC 263 -78 -41
Operating cash flow 353 144 346
CAPEX tangible fixed assets 34 -40 -57
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 387 104 289
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -660 235 129
Decrease in net IB debt -405 210 289
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1837 1762 1643
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 858 671 552
Other fixed assets 130 129 129
Fixed assets 3573 3310 3072
Inventories 926 959 1079
Receivables 1095 1112 1064
Other current assets 0 0 0
Cash and liquid assets 302 90 180
Total assets 5896 5472 5395
Shareholders equity 1748 1776 1868
Minority 128 125 125
Total equity 1876 1901 1993
Long-term debt 2057 1635 1435
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 1209 1182 1213
Other current liabilities 0 0 0
Total liabilities and equity 5896 5472 5395
Net IB debt 2509 2299 2009
Net IB debt excl. pension debt 2509 2299 2009
Capital invested 4385 4199 4002
Working capital 812 890 931
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1755 1318 1408
Net IB debt Adj 2509 2299 2009
Market value of minority 128 125 125
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4392 3741 3542
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,7 90,5 105,3
Capital invested turnover (%) 145,9 119,9 139,5
Capital employed turnover (%) 136,5 114,6 135,1
Inventories / sales (%) 16 18,3 17,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 23,2 20,9
Working capital / sales (%) 15,6 16,5 15,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 133,7 120,9 100,8
Net debt / market cap (%) 109,6 174,4 142,7
Equity ratio (%) 31,8 34,7 36,9
Net IB debt adj. / equity (%) 133,7 120,9 100,8
Current ratio (%) 174,7 165,9 174,2
EBITDA / net interest (%) 641 450,6 770,6
Net IB debt / EBITDA (%) 471,6 708,3 419,8
Interest cover (%) 309,6 75,7 294,7
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 104 105 113
Fully diluted shares Adj 104 105 113
EPS 1,15 -0,29 0,82
Dividend per share Adj 0 0 0
EPS Adj 1 0,66 1,7
BVPS 16,75 16,84 16,58
BVPS Adj -0,85 0,13 2
Net IB debt / share 24 21,8 17,8
Share price 21,94 12,5 12,5
Market cap. (m) 2289 1318 1408
Valuation 2019 2020 2021
P/E 14,6 -43,2 15,3
EV/sales 0,72 0,73 0,62
EV/EBITDA 8,3 11,5 7,4
EV/EBITA 17,1 68,6 19,3
EV/EBIT 17,1 68,6 19,3
Dividend yield (%) 0 0 0
FCF yield (%) 22,1 7,9 20,5
P/BVPS 1 0,74 0,75
P/BVPS Adj -19,72 94,61 6,26
P/E Adj 16,9 19 7,3
EV/EBITDA Adj 8,5 8,8 6,1
EV/EBITA Adj 18,2 24,2 12,5
EV/EBIT Adj 18,2 24,2 12,5
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales -0,6 0,8 1
Capex / depreciation -23,8 28,3 34,3
Capex tangibles / tangible fixed assets -4 6 10,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,7 21 30,2
N/A N/A N/A

Equity research

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Media

ITAB Shop Concept - Interview with CEO Ulf Rostedt (in Swedish)
ITAB Shop Concept - Company presentation with CEO Ulf Rostedt (in Swedish)

Main shareholders - ITAB Shop Concept

Main shareholders Share capital % Voting shares % Verified
Petter Fägersten 17.2 % 52.6 %
Pomona-gruppen AB 29.8 % 29.4 %
Anna Benjamin 10.6 % 3.6 %
Kennert Persson 3.7 % 1.3 %
Stig-Olof Simonsson 3.2 % 1.1 %
Handelsbanken Fonder 3.1 % 1.0 %
Svolder 2.6 % 0.9 %
Öhman Fonder 2.3 % 0.8 %
Cliens Fonder 1.9 % 0.6 %
Catella Fonder 1.4 % 0.5 %

Insider list - ITAB Shop Concept

Name Quantity Code Date
Ulf Rostedt + 10 000 BUY 19 Dec 2018
Anders Christer Moberg + 100 000 BUY 19 Dec 2018
Sune William Lantz - 40 500 SELL 22 May 2018
Anders Christer Moberg + 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
Fredrik Rapp + 341 416 BUY 19 Feb 2018
Anna Benjamin + 12 000 GIFT 18 Dec 2017

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