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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 544 573 622
Sales growth (%) -6,2 5,4 8,5
EBITDA 58 62 72
EBITDA margin (%) 10,7 10,8 11,5
EBIT adj 58 61 70
EBIT adj margin (%) 10,6 10,6 11,3
Pretax profit 47 56 66
EPS rep 2,14 2,57 3,04
EPS growth (%) -27,3 20,3 18,1
EPS adj 2,19 2,57 3,04
DPS 0,5 0,8 1
EV/EBITDA (x) 10,7 9,3 7,5
EV/EBIT adj (x) 10,8 9,5 7,7
P/E (x) 14 11,3 9,5
P/E adj (x) 13,7 11,3 9,5
EV/sales (x) 1,1 1 0,9
FCF yield (%) -0,7 8,3 9,9
Dividend yield (%) 1,7 2,8 3,4
Net IB debt/EBITDA 2 1,4 0,7
SEKm 2018 2019e 2020e
Sales 544 573 622
COGS -394 -414 -451
Gross profit 151 159 171
Other operating items -92 -97 -100
EBITDA 58 62 72
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles 0 0 0
EBITA 57 61 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 57 61 70
Other financial items 0 0 0
Net financial items -10 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 56 66
Tax -11 -12 -15
Net profit 36 44 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 44 52
EPS 2,14 2,57 3,04
EPS Adj 2,19 2,57 3,04
Total extraordinary items after tax -0,9 0 0
Tax rate (%) -22,8 -22 -22
Gross margin (%) 27,7 27,8 27,5
EBITDA margin (%) 10,7 10,8 11,5
EBITA margin (%) 10,5 10,6 11,3
EBIT margin (%) 10,5 10,6 11,3
Pretax margin (%) 8,6 9,8 10,6
Net margin (%) 6,7 7,6 8,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -6,2 5,4 8,5
EBITDA growth (%) -19,7 6,5 15,5
EBIT growth (%) -20,3 6,4 15,7
Net profit growth (%) -25,3 20,3 18,1
EPS growth (%) -27,3 20,3 18,1
Profitability 2018 2019 2020
ROE (%) 21,4 20,6 20,7
ROE Adj (%) 21,9 20,6 20,7
ROCE (%) 20,2 19,3 22,1
ROCE Adj(%) 20,5 19,3 22,1
ROIC (%) 15,6 15,1 17,3
ROIC Adj (%) 15,9 15,1 17,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 59 62 72
EBITDA Adj margin (%) 10,9 10,8 11,5
EBITA Adj 58 61 70
EBITA Adj margin (%) 10,6 10,6 11,3
EBIT Adj 58 61 70
EBIT Adj margin (%) 10,6 10,6 11,3
Pretax profit Adj 48 56 66
Net profit Adj 37 44 52
Net profit to shareholders Adj 37 44 52
Net Adj margin (%) 6,8 7,6 8,3
SEKm 2018 2019e 2020e
Inventories 77 84 88
Receivables 57 56 63
Other current assets 0 0 0
Cash and liquid assets 28 41 53
Total assets 454 473 496
Shareholders equity 195 230 268
Minority 0 0 0
Total equity 195 230 268
Long-term debt 146 127 104
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 114 116 124
Other current liabilities 0 0 0
Total liabilities and equity 252 416 454
Net IB debt 118 86 50
Net IB debt excl. pension debt 118 86 50
Capital invested 313 315 318
Working capital 21 24 27
EV breakdown 2018 2019 2020
Market cap. diluted (m) 506 489 489
Net IB debt Adj 118 86 50
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 624 575 539
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 125,1 123,6 128,4
Capital invested turnover (%) 193,1 182,6 196,5
Capital employed turnover (%) 192,8 182,4 196,2
Inventories / sales (%) 12,5 14 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 20 19,3
Working capital / sales (%) 4,2 3,9 4,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 60,8 37,4 18,8
Net debt / market cap (%) 16,7 17,6 10,3
Equity ratio (%) 42,9 48,6 54
Net IB debt adj. / equity (%) 60,8 37,4 18,8
Current ratio (%) 142,5 156 164,1
EBITDA / net interest (%) 581,6 1314,6 1755,6
Net IB debt / EBITDA (%) 203,4 138,7 70,5
Interest cover (%) 570,2 1287,8 1722
EBITDA 58 62 72
Net financial items -10 -5 -4
Paid tax -11 -12 -15
Non-cash items 0 0 0
Cash flow before change in WC 37 45 53
Change in WC 4 -3 -3
Operating cash flow 43 42 50
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -4 41 49
Dividend paid -8 -8 -13
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -11 32 35
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 290 290 289
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2 2 2
Other fixed assets 0 0 0
Fixed assets 292 292 292
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 2,14 2,57 3,04
Dividend per share Adj 0,5 0,8 1
EPS Adj 2,19 2,57 3,04
BVPS 11,54 13,63 15,89
BVPS Adj -5,65 -3,55 -1,28
Net IB debt / share 7 5,1 3
Share price 42,12 29 29
Market cap. (m) 710 489 489
Valuation 2018 2019 2020
P/E 14 11,3 9,5
EV/sales 1,15 1 0,87
EV/EBITDA 10,7 9,3 7,5
EV/EBITA 10,9 9,5 7,7
EV/EBIT 10,9 9,5 7,7
Dividend yield (%) 1,7 2,8 3,4
FCF yield (%) -0,7 8,3 9,9
P/BVPS 2,6 2,13 1,83
P/BVPS Adj -5,31 -8,18 -22,7
P/E Adj 13,7 11,3 9,5
EV/EBITDA Adj 10,6 9,3 7,5
EV/EBITA Adj 10,8 9,5 7,7
EV/EBIT Adj 10,8 9,5 7,7
EV/cap. employed 2 1,8 1,7
Investment ratios 2018 2019 2020
Capex / sales 0,2 0,2 0,2
Capex / depreciation 78,9 79,4 81,8
Capex tangibles / tangible fixed assets 45 51,7 59,8
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 65,1 73,1

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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 10.2 % 10.2 % 31 Dec 2018
Humle Fonder 6.5 % 6.5 % 31 Mar 2019
Nordic Cross Asset Management 5.0 % 5.0 % 31 Mar 2019
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
Catella Fonder 3.4 % 3.4 % 31 Mar 2019
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 Quantity Code Date
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
Pierre Fors + 10 000 BUY 5 Dec 2018
Pierre Fors - 10 000 SELL 5 Dec 2018
Pierre Fors - 120 000 GIFT 5 Dec 2018
Pierre Fors + 3 000 BUY 20 Nov 2018
Mats Nyberg + 1 000 BUY 19 Nov 2018
Jonas Mårtensson + 5 000 BUY 6 Nov 2018

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