Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Alcadon

Alcadon

Data and telecommunications products

Alcadon is a leading supplier of data and telecommunications products in the Nordics. It offers a wide range of high quality products and components from leading brands and their own brands ECS and DC-line (20%+ of sales). Alcadon has a heritage from 1988 and was divested from DistIT (publ) in 2015/2016. The shares are listed on Nasdaq First North since 2016. In 2017 sales were SEK 0.6bn with an EBIT margin of 12.3%. Financial targets include >10% EPS growth p.a.

Momentum in own brands and roll-out of broadband in the Scandinavian market. Demand drivers are fiber for various areas of use, called Fiber to the X (FTTX), the 5G expansion and data centers. Additionally, there are opportunities in cross-selling synergies and value-added M&A opportunities.

Price pressure in broadband projects, shifts in technology development.

SEKm 2019 2020e 2021e
Sales 485 508 549
Sales growth (%) -10,8 4,7 8
EBITDA 41 51 59
EBITDA margin (%) 8,5 10,1 10,8
EBIT adj 33 41 47
EBIT adj margin (%) 6,7 8 8,6
Pretax profit 25 36 42
EPS rep 1,15 1,66 1,95
EPS growth (%) -46,8 44,5 17,5
EPS adj 1,24 1,66 1,95
DPS 0,5 0 0
EV/EBITDA (x) 10,6 8,4 6,7
EV/EBIT adj (x) 13,4 10,7 8,5
P/E (x) 15,9 11,6 9,9
P/E adj (x) 14,7 11,6 9,9
EV/sales (x) 0,9 0,9 0,7
FCF yield (%) 11 8 10,7
Dividend yield (%) 2,7 0 0
Net IB debt/EBITDA 3,1 2,1 1,3
SEKm 2019 2020e 2021e
Sales 485 508 549
COGS -355 -376 -398
Gross profit 130 132 151
Other operating items -89 -81 -92
EBITDA 41 51 59
Depreciation on tangibles -10 -11 -12
Depreciation on intangibles 0 0 0
EBITA 31 41 47
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 41 47
Other financial items 0 0 0
Net financial items -6 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 25 36 42
Tax -6 -8 -9
Net profit 19 28 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 28 33
EPS 1,15 1,66 1,95
EPS Adj 1,24 1,66 1,95
Total extraordinary items after tax -1,5 0 0
Tax rate (%) -22,1 -22,2 -22
Gross margin (%) 26,8 25,9 27,5
EBITDA margin (%) 8,5 10,1 10,8
EBITA margin (%) 6,4 8 8,6
EBIT margin (%) 6,4 8 8,6
Pretax margin (%) 5,1 7,1 7,7
Net margin (%) 4 5,5 6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -10,8 4,7 8
EBITDA growth (%) -29,2 24,7 15,6
EBIT growth (%) -45,6 30,8 16,4
Net profit growth (%) -46,4 44,5 17,5
EPS growth (%) -46,8 44,5 17,5
Profitability 2019 2020 2021
ROE (%) 9,7 12,8 13,2
ROE Adj (%) 10,4 12,8 13,2
ROCE (%) 9 11,2 12,1
ROCE Adj(%) 9,4 11,2 12,1
ROIC (%) 7,5 9,3 10,8
ROIC Adj (%) 7,8 9,3 10,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 43 51 59
EBITDA Adj margin (%) 8,8 10,1 10,8
EBITA Adj 33 41 47
EBITA Adj margin (%) 6,7 8 8,6
EBIT Adj 33 41 47
EBIT Adj margin (%) 6,7 8 8,6
Pretax profit Adj 26 36 42
Net profit Adj 21 28 33
Net profit to shareholders Adj 21 28 33
Net Adj margin (%) 4,3 5,5 6
SEKm 2019 2020e 2021e
Inventories 75 73 79
Receivables 40 69 74
Other current assets 9 8 9
Cash and liquid assets 18 33 66
Total assets 451 487 528
Shareholders equity 207 233 265
Minority 0 0 0
Total equity 207 233 265
Long-term debt 127 127 127
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 53 66 71
Other current liabilities 46 46 50
Total liabilities and equity 451 487 528
Net IB debt 127 108 75
Net IB debt excl. pension debt 127 108 75
Capital invested 334 341 341
Working capital 26 37 40
EV breakdown 2019 2020 2021
Market cap. diluted (m) 308 325 325
Net IB debt Adj 127 108 75
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 435 432 400
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,3 108,5 108,1
Capital invested turnover (%) 149,9 150,5 160,8
Capital employed turnover (%) 140,4 140,3 140,8
Inventories / sales (%) 15,7 14,6 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,1 11,7 12,5
Working capital / sales (%) 4,8 6,2 7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,3 46,3 28,3
Net debt / market cap (%) 31 33,2 23,2
Equity ratio (%) 45,9 47,8 50,2
Net IB debt adj. / equity (%) 61,3 46,3 28,3
Current ratio (%) 133,1 153,6 177,5
EBITDA / net interest (%) 673,8 1134,5 1193,9
Net IB debt / EBITDA (%) 308,6 210 126,9
Interest cover (%) 508,2 897,7 950,7
EBITDA 41 51 59
Net financial items -6 -5 -5
Paid tax -6 -8 -9
Non-cash items 0 0 0
Cash flow before change in WC 30 39 45
Change in WC -5 -11 -3
Operating cash flow 36 27 37
CAPEX tangible fixed assets -2 -1 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 34 26 35
Dividend paid -8 -8 0
Share issues and buybacks 0 0 0
Other non cash items -22 1 -6
Decrease in net IB debt -9 19 32
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 289 289 289
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 18 14 11
Other fixed assets 0 0 0
Fixed assets 308 304 302
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 1,15 1,66 1,95
Dividend per share Adj 0,5 0 0
EPS Adj 1,24 1,66 1,95
BVPS 12,27 13,79 15,75
BVPS Adj -4,89 -3,36 -1,41
Net IB debt / share 7,5 6,4 4,5
Share price 24,3 19,25 19,25
Market cap. (m) 410 325 325
Valuation 2019 2020 2021
P/E 15,9 11,6 9,9
EV/sales 0,9 0,85 0,73
EV/EBITDA 10,6 8,4 6,7
EV/EBITA 14 10,7 8,5
EV/EBIT 14 10,7 8,5
Dividend yield (%) 2,7 0 0
FCF yield (%) 11 8 10,7
P/BVPS 1,49 1,4 1,22
P/BVPS Adj -3,73 -5,73 -13,68
P/E Adj 14,7 11,6 9,9
EV/EBITDA Adj 10,2 8,4 6,7
EV/EBITA Adj 13,4 10,7 8,5
EV/EBIT Adj 13,4 10,7 8,5
EV/cap. employed 1,2 1,2 1
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,2 0,4
Capex / depreciation 18,8 8,5 18,2
Capex tangibles / tangible fixed assets 10,4 6,6 19,2
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 55,5 76,9 105,4

Equity research

Read earlier research

Media

Alcadon - Company presentation with CEO Sonny Mirborn (in English)
Alcadon - Interview with CEO Sonny Mirborn (in Swedish)

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 16.5 % 16.5 % 24 Feb 2020
Anders Bladh 11.0 % 11.0 % 31 Mar 2020
Humle Fonder 6.5 % 6.5 % 31 May 2020
Investment AB Spiltan 6.2 % 6.2 % 31 Mar 2020
Avanza Pension 4.8 % 4.8 % 31 Mar 2020
Nordic Cross Asset Management 4.5 % 4.5 % 31 May 2020
Roy W. Furulund 2.5 % 2.5 % 31 Dec 2019
Carl Rosvall 2.1 % 2.1 % 31 Mar 2020
Jonas Mårtensson 1.8 % 1.8 % 31 Mar 2020
Mikael Ljungman 1.5 % 1.5 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Niklas Svensson + 5 940 BUY 16 Jun 2020
Sonny Mirborn + 7 479 BUY 16 Jun 2020
Pierre Fors + 8 000 BUY 11 Mar 2020
Stefan Charette + 541 136 BUY 24 Feb 2020
Stefan Charette + 158 864 BUY 24 Feb 2020
Pierre Fors + 12 000 BUY 18 Feb 2020
Pierre Fors + 10 000 BUY 14 Feb 2020
Stefan Charette - 337 550 SELL 10 Jan 2020
Stefan Charette + 337 550 BUY 10 Jan 2020
Stefan Charette + 1 554 BUY 30 Dec 2019

Show More