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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 2021 2022e 2023e
Sales 732 1074 1133
Sales growth (%) 56,5 46,7 5,5
EBITDA 81 127 144
EBITDA margin (%) 11 11,8 12,7
EBIT adj 70 113 129
EBIT adj margin (%) 9,5 10,5 11,4
Pretax profit 63 109 125
EPS rep 2,66 4,29 4,89
EPS growth (%) 54,6 61,5 14
EPS adj 2,73 4,29 4,89
DPS 0,9 1 1,1
EV/EBITDA (x) 22,6 13,8 11,5
EV/EBIT adj (x) 26,1 15,4 12,9
P/E (x) 34,8 21,5 18,9
P/E adj (x) 33,8 21,5 18,9
EV/sales (x) 2,5 1,6 1,5
FCF yield (%) 0,5 4,3 5,6
Dividend yield (%) 1 1,1 1,2
Net IB debt/EBITDA 1,4 -0,6 -1,1
Lease adj. FCF yield (%) 0,5 4,3 5,6
Lease adj. ND/EBITDA 1,1 -0,8 -1,3
SEKm 2021 2022e 2023e
Sales 732 1074 1133
COGS -525 -799 -843
Gross profit 207 275 290
Other operating items -126 -148 -146
EBITDA 81 127 144
Depreciation on tangibles -14 -15 -16
Depreciation on intangibles 0 0 0
EBITA 68 113 129
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 68 113 129
Other financial items 0 0 0
Net financial items -5 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 63 109 125
Tax -14 -25 -29
Net profit 49 84 96
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 84 96
EPS 2,66 4,29 4,89
EPS Adj 2,73 4,29 4,89
Total extraordinary items after tax -1,4 0 0
Tax rate (%) -22,7 -23 -23
Gross margin (%) 28,2 25,6 25,6
EBITDA margin (%) 11 11,8 12,7
EBITA margin (%) 9,3 10,5 11,4
EBIT margin (%) 9,3 10,5 11,4
Pretax margin (%) 8,7 10,2 11
Net margin (%) 6,7 7,8 8,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 56,5 46,7 5,5
EBITDA growth (%) 52,4 57,3 13,5
EBIT growth (%) 59,2 65,4 14,2
Net profit growth (%) 69,2 71,8 14
EPS growth (%) 54,6 61,5 14
Profitability 2021 2022 2023
ROE (%) 18 20,7 17,7
ROE Adj (%) 18,5 20,7 17,7
ROCE (%) 15,7 19,5 18,1
ROCE Adj(%) 16,1 19,5 18,1
ROIC (%) 13,1 20,2 23,1
ROIC Adj (%) 13,3 20,2 23,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 82 127 144
EBITDA Adj margin (%) 11,2 11,8 12,7
EBITA Adj 70 113 129
EBITA Adj margin (%) 9,5 10,5 11,4
EBIT Adj 70 113 129
EBIT Adj margin (%) 9,5 10,5 11,4
Pretax profit Adj 65 109 125
Net profit Adj 50 84 96
Net profit to shareholders Adj 50 84 96
Net Adj margin (%) 6,9 7,8 8,5
Leasing payments 0 0 0
Depreciation and amortisation -12 -14 -15
Of which leasing depreciation 0 0 0
EO items -1 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 82 127 144
EBITDA lease Adj margin (%) 11,2 11,8 12,7
SEKm 2021 2022e 2023e
Inventories 102 140 147
Receivables 59 86 91
Other current assets 12 17 18
Cash and liquid assets 56 244 325
Total assets 604 853 939
Shareholders equity 310 503 580
Minority 0 0 0
Total equity 310 503 580
Long-term debt 144 144 144
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 62 90 95
Other current liabilities 59 86 91
Total liabilities and equity 604 853 939
Net IB debt 117 -71 -152
Net IB debt excl. pension debt 117 -71 -152
Capital invested 428 433 428
Working capital 53 67 70
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1705 1813 1813
Net IB debt Adj 117 -71 -152
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 1822 1743 1661
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 137,7 147,4 126,4
Capital invested turnover (%) 173,3 169,9 184
Capital employed turnover (%) 164,5 149,4 147,7
Inventories / sales (%) 11,2 13,5 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,9 8,1 8,1
Working capital / sales (%) 6,9 5,6 6,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 37,7 -14 -26,3
Net debt / market cap (%) 11,7 -3,9 -8,4
Equity ratio (%) 51,3 59 61,7
Net IB debt adj. / equity (%) 37,7 -14 -26,3
Current ratio (%) 190,9 276,2 313
EBITDA / net interest (%) 1608,7 3380 3236,6
Net IB debt / EBITDA (%) 145 -55,6 -105,8
Interest cover (%) 1365,1 3017,4 2905,3
EBITDA 81 127 144
Net financial items -5 -4 -4
Paid tax -14 -25 -29
Non-cash items 0 0 0
Cash flow before change in WC 61 98 111
Change in WC 1 -14 -4
Operating cash flow 62 84 107
CAPEX tangible fixed assets -3 -5 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -51 0 0
Free cash flow 9 79 101
Dividend paid 0 -17 -20
Share issues and buybacks 0 0 0
Other non cash items -5 98 -5
Decrease in net IB debt -12 48 54
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 330 330 330
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 42 34 25
Other fixed assets 2 2 2
Fixed assets 375 367 358
Lease liability amortisation 0 0 0
Other intangible assets 1 1 1
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 29 29 29
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing 88 -100 -182
Net IB debt / EBITDA lease Adj (%) 106,8 -78,7 -126,2
SEKm 2021 2022e 2023e
Shares outstanding adj. 18 20 20
Fully diluted shares Adj 18 20 20
EPS 2,66 4,29 4,89
Dividend per share Adj 0,9 1 1,1
EPS Adj 2,73 4,29 4,89
BVPS 16,81 25,64 29,53
BVPS Adj -1,06 8,85 12,74
Net IB debt / share 6,3 -3,6 -7,8
Share price 54,2 92,4 92,4
Market cap. (m) 1000 1813 1813
Valuation 2021 2022 2023
P/E 34,8 21,5 18,9
EV/sales 2,49 1,62 1,47
EV/EBITDA 22,6 13,8 11,5
EV/EBITA 26,6 15,4 12,9
EV/EBIT 26,6 15,4 12,9
Dividend yield (%) 1 1,1 1,2
FCF yield (%) 0,5 4,3 5,6
P/BVPS 5,5 3,6 3,13
P/BVPS Adj -87,53 10,45 7,25
P/E Adj 33,8 21,5 18,9
EV/EBITDA Adj 22,2 13,8 11,5
EV/EBITA Adj 26,1 15,4 12,9
EV/EBIT Adj 26,1 15,4 12,9
EV/cap. employed 3,8 2,6 2,2
Investment ratios 2021 2022 2023
Capex / sales 0,5 0,5 0,5
Capex / depreciation 27,1 39,5 38,5
Capex tangibles / tangible fixed assets 7,8 15,8 22,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 28,8 39,9 58,9
Lease adj. FCF yield (%) 0,5 4,3 5,6

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Media

Alcadon - Company presentation with CEO Sonny Mirborn
Alcadon - Company presentation with CEO Sonny Mirborn

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 12.2 % 12.2 % 31 Dec 2021
Anders Bladh (Ribbskottet AB) 10.9 % 10.9 % 31 Dec 2021
Athanase Industrial Partners 7.9 % 7.9 % 31 Dec 2021
Consensus Asset Management 6.4 % 6.4 % 31 Dec 2021
Susanne Stengade 5.4 % 5.4 % 31 Dec 2021
Avanza Pension 4.9 % 4.9 % 31 Dec 2021
Nordnet Pensionsförsäkring 3.6 % 3.6 % 31 Dec 2021
Theodor Jeansson 2.9 % 2.9 % 31 Dec 2021
Nordic Cross Asset Management 2.4 % 2.4 % 31 Dec 2021
Roy W. Furulund 2.3 % 2.3 % 31 Dec 2021
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
finn jepen + 1 000 BUY 21 Dec 2021
Pierre Fors - 100 000 GIFT 3 Nov 2021
Jonas Mårtensson - 100 000 SELL 10 Sep 2021
Sonny Mirborn + 4 122 BUY 13 Aug 2021
Sonny Mirborn + 2 728 BUY 26 Feb 2021
Stefan Charette - 513 966 SELL 24 Feb 2021
Stefan Charette +1 064 637 BUY 24 Feb 2021
Stefan Charette - 550 671 SELL 24 Feb 2021
Susanne stengade + 981 780 BUY 25 Jan 2021
Sonny Mirborn + 3 805 BUY 23 Oct 2020

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