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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 2018 2019e 2020e
Sales 544 531 574
Sales growth (%) -6,2 -2,4 8
EBITDA 58 54 72
EBITDA margin (%) 10,7 10,2 12,5
EBIT adj 58 45 61
EBIT adj margin (%) 10,6 8,5 10,7
Pretax profit 47 39 57
EPS rep 2,14 1,8 2,61
EPS growth (%) -27,3 -15,9 45,4
EPS adj 2,19 1,8 2,61
DPS 0,5 0,5 0,5
EV/EBITDA (x) 10,7 8,4 5,8
EV/EBIT adj (x) 10,8 10,2 6,7
P/E (x) 14 11,3 7,8
P/E adj (x) 13,7 11,3 7,8
EV/sales (x) 1,1 0,9 0,7
FCF yield (%) -0,7 6,3 14,8
Dividend yield (%) 1,7 2,4 2,5
Net IB debt/EBITDA 2 2,1 1
SEKm 2018 2019e 2020e
Sales 544 531 574
COGS -394 -389 -416
Gross profit 151 143 158
Other operating items -92 -89 -86
EBITDA 58 54 72
Depreciation on tangibles -1 -9 -10
Depreciation on intangibles 0 0 0
EBITA 57 45 61
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 57 45 61
Other financial items 0 0 0
Net financial items -10 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 39 57
Tax -11 -9 -13
Net profit 36 31 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 31 44
EPS 2,14 1,8 2,61
EPS Adj 2,19 1,8 2,61
Total extraordinary items after tax -0,9 0 0
Tax rate (%) -22,8 -22,6 -22
Gross margin (%) 27,7 26,9 27,5
EBITDA margin (%) 10,7 10,2 12,5
EBITA margin (%) 10,5 8,5 10,7
EBIT margin (%) 10,5 8,5 10,7
Pretax margin (%) 8,6 7,4 9,9
Net margin (%) 6,7 5,7 7,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -6,2 -2,4 8
EBITDA growth (%) -19,7 -6,6 32,1
EBIT growth (%) -20,3 -21,2 36,7
Net profit growth (%) -25,3 -15,9 45,4
EPS growth (%) -27,3 -15,9 45,4
Profitability 2018 2019 2020
ROE (%) 21,4 14,8 18,8
ROE Adj (%) 21,9 14,8 18,8
ROCE (%) 17,9 12,9 16,8
ROCE Adj(%) 18,2 12,9 16,8
ROIC (%) 15,6 10,8 14,7
ROIC Adj (%) 15,8 10,8 14,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 59 54 72
EBITDA Adj margin (%) 10,9 10,2 12,5
EBITA Adj 58 45 61
EBITA Adj margin (%) 10,6 8,5 10,7
EBIT Adj 58 45 61
EBIT Adj margin (%) 10,6 8,5 10,7
Pretax profit Adj 48 39 57
Net profit Adj 37 31 44
Net profit to shareholders Adj 37 31 44
Net Adj margin (%) 6,8 5,7 7,7
SEKm 2018 2019e 2020e
Inventories 77 79 81
Receivables 57 53 59
Other current assets 0 0 0
Cash and liquid assets 28 28 47
Total assets 454 467 485
Shareholders equity 195 218 254
Minority 0 0 0
Total equity 195 218 254
Long-term debt 146 140 117
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 114 109 115
Other current liabilities 0 0 0
Total liabilities and equity 252 416 454
Net IB debt 118 112 69
Net IB debt excl. pension debt 118 112 69
Capital invested 313 330 323
Working capital 21 22 25
EV breakdown 2018 2019 2020
Market cap. diluted (m) 506 344 344
Net IB debt Adj 118 112 69
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 624 456 413
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 125,1 115,4 120,5
Capital invested turnover (%) 192,8 165,2 175,5
Capital employed turnover (%) 171,3 152,1 157,4
Inventories / sales (%) 12,5 14,6 13,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 20,9 19,5
Working capital / sales (%) 4,2 4 4,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 60,8 51,6 27,4
Net debt / market cap (%) 16,7 32,7 20,2
Equity ratio (%) 42,9 46,7 52,3
Net IB debt adj. / equity (%) 60,8 51,6 27,4
Current ratio (%) 142,5 146,1 162,5
EBITDA / net interest (%) 581,6 988,5 1577,5
Net IB debt / EBITDA (%) 203,4 206,9 96,8
Interest cover (%) 570,2 817,4 1350,4
EBITDA 58 54 72
Net financial items -10 -5 -5
Paid tax -11 -9 -13
Non-cash items 0 0 0
Cash flow before change in WC 37 40 55
Change in WC 4 -2 -2
Operating cash flow 43 24 52
CAPEX tangible fixed assets -1 -2 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -4 22 51
Dividend paid -8 -8 -8
Share issues and buybacks 0 0 0
Other non cash items 0 -7 0
Decrease in net IB debt -11 6 43
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 290 287 280
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2 21 18
Other fixed assets 0 0 0
Fixed assets 292 308 299
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 2,14 1,8 2,61
Dividend per share Adj 0,5 0,5 0,5
EPS Adj 2,19 1,8 2,61
BVPS 11,54 12,93 15,06
BVPS Adj -5,65 -4,09 -1,55
Net IB debt / share 7 6,7 4,1
Share price 42,12 20,4 20,4
Market cap. (m) 710 344 344
Valuation 2018 2019 2020
P/E 14 11,3 7,8
EV/sales 1,15 0,86 0,72
EV/EBITDA 10,7 8,4 5,8
EV/EBITA 10,9 10,2 6,7
EV/EBIT 10,9 10,2 6,7
Dividend yield (%) 1,7 2,4 2,5
FCF yield (%) -0,7 6,3 14,8
P/BVPS 2,6 1,58 1,35
P/BVPS Adj -5,31 -4,99 -13,19
P/E Adj 13,7 11,3 7,8
EV/EBITDA Adj 10,6 8,4 5,8
EV/EBITA Adj 10,8 10,2 6,7
EV/EBIT Adj 10,8 10,2 6,7
EV/cap. employed 1,8 1,3 1,1
Investment ratios 2018 2019 2020
Capex / sales 0,2 0,3 0,2
Capex / depreciation 78,9 19,5 10
Capex tangibles / tangible fixed assets 45 8,8 5,6
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 57 45,3 56,1

Equity research

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Media

Alcadon - Interview with CEO Pierre Fors (in Swedish)
Alcadon - Company presentation with CEO Pierre Fors (in Swedish)

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Main shareholders

Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 11.7 % 11.7 % 28 Dec 2018
Anders Bladh 11.0 % 11.0 % 30 Jun 2019
Humle Fonder 6.5 % 6.5 % 31 Jul 2019
Investment AB Spiltan 4.8 % 4.8 % 30 Jun 2019
Nordic Cross Asset Management 4.7 % 4.7 % 31 Jul 2019
Theodor Jeansson 4.4 % 4.4 % 30 Jun 2019
Avanza Pension 4.3 % 4.3 % 30 Jun 2019
Catella Fonder 3.0 % 3.0 % 31 Jul 2019
Carl Rosvall 2.1 % 2.1 % 30 Jun 2019
Jonas Mårtensson 1.8 % 1.8 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Alcadon

Name Quantity Code Date
Pierre Fors - 125 000 SELL 16 Aug 2019
Pierre Fors - 110 000 SELL 15 Aug 2019
Pierre Fors + 110 000 BUY 15 Aug 2019
Sonny Mirborn + 240 000 BUY 11 Jul 2019
Stefan Charette - 2 086 SELL 27 Jun 2019
Joacim Löwstett - 7 412 SELL 30 Apr 2019
Pierre Fors + 4 300 BUY 1 Mar 2019
Pierre Fors + 10 700 BUY 21 Feb 2019
Athanase Industrial Partners II AB + 11 486 BUY 28 Dec 2018
Athanase Industrial Partners Fund II Ltd + 16 019 BUY 28 Dec 2018

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