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Swedol

Swedol

Tools and work clothes for professionals

Swedol operates through c.95 stores and an omni-channel concept where all sales channels work together to create a unique Swedol experience. This setup is challenging larger companies within the professional segment. Swedol offers a broad range of products that combines quality and value and includes both external brands and strong private labels. The group consists of c.50% workwear and personal protection and c.50% tools and supplies.

Increased cross-selling with Swedol and Grolls, leverage of existing sales force. M&A potential to reach the ambition of SEK 5bn in 2020. The recent years’ integration work could bear more synergies than we currently assume.

Nordic construction activity, acquisition integration issues, intensified competition in the workwear segment.

SEKm 2020 2021e 2022e
Sales 3849 4072 4384
Sales growth (%) 6,3 5,8 7,7
EBITDA 851 910 956
EBITDA margin (%) 22,1 22,3 21,8
EBIT adj 375 431 475
EBIT adj margin (%) 9,8 10,6 10,8
Pretax profit 358 411 460
EPS rep 3,28 3,82 4,28
EPS growth (%) 15,2 16,7 12
EPS adj 3,37 3,91 4,37
DPS 1,4 1,4 0
EV/EBITDA (x) 5,3 4,1 3,3
EV/EBIT adj (x) 12,1 8,7 6,7
P/E (x) 14,2 12,2 10,9
P/E adj (x) 13,9 11,9 10,7
EV/sales (x) 1,2 0,9 0,7
FCF yield (%) 7,1 18,2 13,6
Dividend yield (%) 3 3 0
Net IB debt/EBITDA 0,8 -0,1 -0,7
SEKm 2020 2021e 2022e
Sales 3849 4072 4384
COGS -2279 -2409 -2586
Gross profit 1569 1663 1797
Other operating items -718 -754 -841
EBITDA 851 910 956
Depreciation on tangibles -285 -288 -291
Depreciation on intangibles 0 0 0
EBITA 383 439 482
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 375 431 475
Other financial items 0 0 0
Net financial items -17 -21 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 358 411 460
Tax -85 -92 -103
Net profit 273 318 356
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 273 318 356
EPS 3,28 3,82 4,28
EPS Adj 3,37 3,91 4,37
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,8 -22,5 -22,5
Gross margin (%) 40,8 40,9 41
EBITDA margin (%) 22,1 22,3 21,8
EBITA margin (%) 10 10,8 11
EBIT margin (%) 9,8 10,6 10,8
Pretax margin (%) 9,3 10,1 10,5
Net margin (%) 7,1 7,8 8,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,3 5,8 7,7
EBITDA growth (%) 10,2 6,9 5,1
EBIT growth (%) 11,8 14,9 10
Net profit growth (%) 15,2 16,7 12
EPS growth (%) 15,2 16,7 12
Profitability 2020 2021 2022
ROE (%) 18,3 19 18,8
ROE Adj (%) 18,8 19,5 19,2
ROCE (%) 16 18,4 18,5
ROCE Adj(%) 16,3 18,8 18,8
ROIC (%) 11,5 15,9 22,4
ROIC Adj (%) 11,5 15,9 22,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 851 910 956
EBITDA Adj margin (%) 22,1 22,3 21,8
EBITA Adj 383 439 482
EBITA Adj margin (%) 10 10,8 11
EBIT Adj 375 431 475
EBIT Adj margin (%) 9,8 10,6 10,8
Pretax profit Adj 366 418 467
Net profit Adj 280 326 364
Net profit to shareholders Adj 280 326 364
Net Adj margin (%) 7,3 8 8,3
SEKm 2020 2021e 2022e
EBITDA 851 910 956
Net financial items -17 -21 -15
Paid tax -85 -92 -103
Non-cash items 0 0 0
Cash flow before change in WC 748 797 838
Change in WC -56 154 -61
Operating cash flow 509 768 594
CAPEX tangible fixed assets -234 -61 -66
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 275 707 528
Dividend paid -108 -116 -116
Share issues and buybacks 0 0 0
Other non cash items 183 183 183
Decrease in net IB debt 350 773 594
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 489 431 372
Tangible fixed assets 249 73 -102
Other fixed assets 9 9 9
Fixed assets 1437 1020 605
Inventories 1076 925 996
Receivables 478 550 592
Other current assets 0 0 0
Cash and liquid assets 9 782 1376
Total assets 3000 3277 3569
Shareholders equity 1573 1775 2015
Minority 0 0 0
Total equity 1573 1775 2015
Long-term debt -4 -4 -4
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 161 161 161
Short-term debt 112 112 112
Accounts payable 601 676 728
Other current liabilities 0 0 0
Total liabilities and equity 3000 3277 3569
Net IB debt 657 -117 -711
Net IB debt excl. pension debt 657 -117 -711
Capital invested 2391 1819 1465
Working capital 953 799 860
EV breakdown 2020 2021 2022
Market cap. diluted (m) 3885 3885 3885
Net IB debt Adj 657 -117 -711
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4542 3769 3174
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 124,5 129,7 128,1
Capital invested turnover (%) 155 193,4 266,9
Capital employed turnover (%) 164 174,1 171,2
Inventories / sales (%) 27,1 24,6 21,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 15,7 16
Working capital / sales (%) 24 21,5 18,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 41,7 -6,6 -35,3
Net debt / market cap (%) 16,9 -3 -18,3
Equity ratio (%) 52,4 54,2 56,5
Net IB debt adj. / equity (%) 41,7 -6,6 -35,3
Current ratio (%) 175,8 234,1 291,9
EBITDA / net interest (%) 4869,6 4360 6511,3
Net IB debt / EBITDA (%) 77,2 -12,8 -74,4
Interest cover (%) 2191,8 2103,6 3284,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,28 3,82 4,28
Dividend per share Adj 1,4 1,4 0
EPS Adj 3,37 3,91 4,37
BVPS 18,91 21,33 24,22
BVPS Adj 9,52 12,65 16,23
Net IB debt / share 7,9 -1,4 -8,5
Share price 46,7 46,7 46,7
Market cap. (m) 3885 3885 3885
Valuation 2020 2021 2022
P/E 14,2 12,2 10,9
EV/sales 1,18 0,93 0,72
EV/EBITDA 5,3 4,1 3,3
EV/EBITA 11,9 8,6 6,6
EV/EBIT 12,1 8,7 6,7
Dividend yield (%) 3 3 0
FCF yield (%) 7,1 18,2 13,6
P/BVPS 2,47 2,19 1,93
P/BVPS Adj 4,91 3,69 2,88
P/E Adj 13,9 11,9 10,7
EV/EBITDA Adj 5,3 4,1 3,3
EV/EBITA Adj 11,9 8,6 6,6
EV/EBIT Adj 12,1 8,7 6,7
EV/cap. employed 2 1,5 1,2
Investment ratios 2020 2021 2022
Capex / sales 6,1 1,5 1,5
Capex / depreciation 82 21,2 22,6
Capex tangibles / tangible fixed assets 94,1 84 -64,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 114,7 396 -285,8

Equity research

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Media

Swedol - Interview with CEO Clein Johansson Ullenvik (in Swedish)
Swedol - Company presentation with CEO Clein Johansson Ullenvik (in Swedish)

Main shareholders - Swedol

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 66.4 % 72.0 %
Handelsbanken Fonder 6.6 % 5.5 %
Familjen Zetterberg 2.6 % 2.2 %
Canaccord Genuity Wealth Management 2.1 % 1.8 %
Avanza Pension 1.7 % 1.4 %
Danica Pension 1.4 % 1.2 %
AMF Försäkring & Fonder 1.2 % 1.0 %
Martin Gren (Grenspecialisten) 1.2 % 1.0 %
La Financière de l'Echiquier 1.0 % 0.8 %
Dimensional Fund Advisors 0.9 % 0.8 %

Insider list - Swedol

Name Quantity Code Date
Christina Åqvist - 6 760 SELL 23 Mar 2020
Gunstein Lauvrak - 3 200 SELL 23 Mar 2020
Irene Wisenborn Bellander - 4 500 SELL 23 Mar 2020
Clein Johansson Ullenvik - 165 400 SELL 23 Mar 2020
Håkan Wanselius - 33 776 SELL 23 Mar 2020
Staffan Andersson + 2 222 BUY 12 Aug 2019
Irene Wisenborn Bellander + 500 BUY 9 Aug 2019
Håkan Wanselius + 6 000 SUBS 6 Aug 2019
Irene Wisenborn Bellander + 300 BUY 2 Aug 2019
Irene Wisenborn Bellander + 200 BUY 29 Jul 2019

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