Data and telecommunications products

Alcadon

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.

Financials

ALCADON

SEKm 2018 2019 2020
Sales 578 638 677
Sales growth (%) -0,4 10,5 6
EBITDA 64 80 N/A
EBITDA margin (%) 12,5 11,1 12,5
EBIT adj 72 64 78
EBIT adj margin (%) 12,3 11,1 12,3
Pretax profit 52 72 79
EPS rep 2,38 3,3 3,64
EPS growth (%) -19 38,4 10,3
EPS adj 2,43 3,3 3,64
DPS 0,75 1 1,25
EV/EBITDA (x) 10,3 7,9 6,8
EV/EBIT adj (x) 10,3 8 6,9
P/E (x) 13,4 9,6 8,7
P/E adj (x) 13,1 9,6 8,7
EV/sales (x) 1,1 1 0,9
FCF yield (%) -2 8,9 11
Dividend yield (%) 2,4 3,1 3,9
Net IB debt/EBITDA 2 1,1 0,6

Main shareholders

Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 11.7 % 11.7 % 28 Dec 2018
Anders Bladh 10.2 % 10.2 % 31 Dec 2018
Catella Fonder 5.6 % 5.6 % 31 Dec 2018
Humle Fonder 5.6 % 5.6 % 31 Dec 2018
Nordic Cross Asset Management 5.0 % 5.0 % 31 Dec 2018
Theodor Jeansson 4.4 % 4.4 % 31 Dec 2018
Avanza Pension 3.9 % 3.9 % 31 Dec 2018
Investment AB Spiltan 3.6 % 3.6 % 31 Dec 2018
Swedbank Försäkring 2.3 % 2.3 % 31 Dec 2018
Carl Rosvall 2.1 % 2.1 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Alcadon

Name
Athanase Industrial Partners II AB
Athanase Industrial Partners Fund II Ltd
Pierre Fors
Pierre Fors
Pierre Fors
Pierre Fors
Mats Nyberg
Jonas Mårtensson
Mats Nyberg
Charette Group Ltd
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