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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 2020 2021e 2022e
Sales 468 724 782
Sales growth (%) -3,6 54,8 8
EBITDA 53 89 100
EBITDA margin (%) 11,3 12,2 12,8
EBIT adj 44 77 86
EBIT adj margin (%) 9,3 10,7 11
Pretax profit 38 70 81
EPS rep 1,72 3,01 3,48
EPS growth (%) 49,4 75 15,5
EPS adj 1,75 3,09 3,48
DPS 0 0,9 1
EV/EBITDA (x) 12 9,1 7,5
EV/EBIT adj (x) 14,6 10,4 8,7
P/E (x) 16,8 12,6 10,9
P/E adj (x) 16,5 12,3 10,9
EV/sales (x) 1,4 1,1 1
FCF yield (%) -3,1 0,1 9,7
Dividend yield (%) 0 2,4 2,6
Net IB debt/EBITDA 2,8 1,4 0,8
Lease adj. FCF yield (%) -3,1 0,1 9,7
Lease adj. ND/EBITDA 2,1 1 0,4
SEKm 2020 2021e 2022e
Sales 468 724 782
COGS -333 -521 -561
Gross profit 134 203 221
Other operating items -81 -114 -122
EBITDA 53 89 100
Depreciation on tangibles -10 -14 -15
Depreciation on intangibles 0 0 0
EBITA 43 76 86
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 43 76 86
Other financial items 0 0 0
Net financial items -5 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 38 70 81
Tax -9 -17 -19
Net profit 29 54 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 54 62
EPS 1,72 3,01 3,48
EPS Adj 1,75 3,09 3,48
Total extraordinary items after tax -0,6 -1,4 0
Tax rate (%) -23,2 -23,5 -23
Gross margin (%) 28,7 28 28,3
EBITDA margin (%) 11,3 12,2 12,8
EBITA margin (%) 9,2 10,5 11
EBIT margin (%) 9,2 10,5 11
Pretax margin (%) 8,1 9,7 10,3
Net margin (%) 6,2 7,4 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3,6 54,8 8
EBITDA growth (%) 28,7 67,4 12,7
EBIT growth (%) 38,6 76,8 13,5
Net profit growth (%) 49,4 85,2 15,5
EPS growth (%) 49,4 75 15,5
Profitability 2020 2021 2022
ROE (%) 13,2 19,6 18,4
ROE Adj (%) 13,4 20,1 18,4
ROCE (%) 11,6 17,5 17,2
ROCE Adj(%) 11,8 17,9 17,2
ROIC (%) 9,2 14,1 15,1
ROIC Adj (%) 9,3 14,4 15,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 54 90 100
EBITDA Adj margin (%) 11,4 12,4 12,8
EBITA Adj 44 77 86
EBITA Adj margin (%) 9,3 10,7 11
EBIT Adj 44 77 86
EBIT Adj margin (%) 9,3 10,7 11
Pretax profit Adj 38 72 81
Net profit Adj 30 55 62
Net profit to shareholders Adj 30 55 62
Net Adj margin (%) 6,3 7,6 7,9
Leasing payments 0 0 0
Depreciation and amortisation -10 -13 -14
Of which leasing depreciation 0 0 0
EO items -1 -1 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 54 90 100
EBITDA lease Adj margin (%) 11,4 12,4 12,8
SEKm 2020 2021e 2022e
Inventories 63 101 109
Receivables 49 80 86
Other current assets 8 12 13
Cash and liquid assets 6 39 89
Total assets 459 599 654
Shareholders equity 234 315 361
Minority 0 0 0
Total equity 234 315 361
Long-term debt 1 128 128
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 115 0 0
Accounts payable 39 61 66
Other current liabilities 32 58 63
Total liabilities and equity 459 599 654
Net IB debt 147 126 76
Net IB debt excl. pension debt 147 126 76
Capital invested 382 441 438
Working capital 48 74 80
EV breakdown 2020 2021 2022
Market cap. diluted (m) 487 676 676
Net IB debt Adj 147 126 76
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 634 802 752
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 102,9 136,9 124,8
Capital invested turnover (%) 130,6 173,3 169,9
Capital employed turnover (%) 126,8 164,5 149,4
Inventories / sales (%) 14,8 11,2 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,8 6,9 8,1
Working capital / sales (%) 7,9 8,4 9,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 62,8 40 21,1
Net debt / market cap (%) 40,4 18,6 11,3
Equity ratio (%) 51 52,5 55,1
Net IB debt adj. / equity (%) 62,8 40 21,1
Current ratio (%) 64,6 183,6 218,8
EBITDA / net interest (%) 1009,5 1536,7 1762,2
Net IB debt / EBITDA (%) 277,5 142,1 76,2
Interest cover (%) 819,8 1318 1522
EBITDA 53 89 100
Net financial items -5 -6 -6
Paid tax -9 -17 -19
Non-cash items 0 0 0
Cash flow before change in WC 39 66 76
Change in WC -20 -21 -6
Operating cash flow 19 45 70
CAPEX tangible fixed assets -29 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 -41 0
Free cash flow -15 1 66
Dividend paid 0 0 -16
Share issues and buybacks 0 0 0
Other non cash items 8 -5 -5
Decrease in net IB debt -20 -12 48
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 289 332 332
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 41 32 23
Other fixed assets 2 2 2
Fixed assets 333 367 358
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 37 37 37
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing 110 89 39
Net IB debt / EBITDA lease Adj (%) 205,8 99,1 39,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 18 18
Fully diluted shares Adj 17 18 18
EPS 1,72 3,01 3,48
Dividend per share Adj 0 0,9 1
EPS Adj 1,75 3,09 3,48
BVPS 13,87 17,64 20,22
BVPS Adj -3,28 -0,97 1,61
Net IB debt / share 8,7 7,1 4,3
Share price 21,57 37,9 37,9
Market cap. (m) 364 676 676
Valuation 2020 2021 2022
P/E 16,8 12,6 10,9
EV/sales 1,36 1,11 0,96
EV/EBITDA 12 9,1 7,5
EV/EBITA 14,8 10,6 8,7
EV/EBIT 14,8 10,6 8,7
Dividend yield (%) 0 2,4 2,6
FCF yield (%) -3,1 0,1 9,7
P/BVPS 2,08 2,15 1,87
P/BVPS Adj -8,81 -39,25 23,54
P/E Adj 16,5 12,3 10,9
EV/EBITDA Adj 11,9 8,9 7,5
EV/EBITA Adj 14,6 10,4 8,7
EV/EBIT Adj 14,6 10,4 8,7
EV/cap. employed 1,6 1,7 1,4
Investment ratios 2020 2021 2022
Capex / sales 6,1 0,5 0,5
Capex / depreciation 287,2 30,7 28,7
Capex tangibles / tangible fixed assets 69,5 12 17,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,2 38,9 60
Lease adj. FCF yield (%) -3,1 0,1 9,7

Equity research

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Media

Alcadon - Company presentation with CEO Sonny Mirborn
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
Investment AB Spiltan 12.5 % 12.5 % 31 Mar 2021
Anders Bladh 11.2 % 11.2 % 31 Mar 2021
Susanne Stengade 5.5 % 5.5 % 31 Mar 2021
Theodor Jeansson 5.2 % 5.2 % 31 Mar 2021
Avanza Pension 5.0 % 5.0 % 31 Mar 2021
Nordic Cross Asset Management 4.8 % 4.8 % 30 Apr 2021
Nordnet Pensionsförsäkring 2.9 % 2.9 % 31 Mar 2021
Roy W. Furulund 2.5 % 2.5 % 31 Dec 2019
Carl Rosvall 2.0 % 2.0 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Sonny Mirborn + 2 728 BUY 26 Feb 2021
Stefan Charette +1 064 637 BUY 24 Feb 2021
Stefan Charette - 550 671 SELL 24 Feb 2021
Stefan Charette - 513 966 SELL 24 Feb 2021
Susanne stengade + 981 780 BUY 25 Jan 2021
Sonny Mirborn + 3 805 BUY 23 Oct 2020
Niklas Svensson + 24 000 BUY 7 Sep 2020
Magnus Larsson + 18 000 BUY 7 Sep 2020
Lars Engström + 5 850 BUY 20 Aug 2020
Stefan Charette + 130 660 BUY 8 Jul 2020

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