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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 2019 2020e 2021e
Sales 485 476 519
Sales growth (%) -10,8 -1,9 9
EBITDA 41 53 64
EBITDA margin (%) 8,5 11,1 12,4
EBIT adj 33 44 53
EBIT adj margin (%) 6,7 9,1 10,3
Pretax profit 25 38 49
EPS rep 1,15 1,73 2,27
EPS growth (%) -46,8 50,1 31,3
EPS adj 1,24 1,76 2,27
DPS 0 0,5 0,5
EV/EBITDA (x) 10,6 10,9 8,5
EV/EBIT adj (x) 13,4 13,3 10,3
P/E (x) 15,9 15,6 11,9
P/E adj (x) 14,7 15,3 11,9
EV/sales (x) 0,9 1,2 1,1
FCF yield (%) 11 3,3 4,4
Dividend yield (%) 0 1,9 1,9
Net IB debt/EBITDA 3,1 2,3 1,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 485 476 519
COGS -355 -341 -369
Gross profit 130 135 150
Other operating items -89 -82 -86
EBITDA 41 53 64
Depreciation on tangibles -10 -10 -11
Depreciation on intangibles 0 0 0
EBITA 31 43 53
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 43 53
Other financial items 0 0 0
Net financial items -6 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 25 38 49
Tax -6 -9 -11
Net profit 19 29 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 29 38
EPS 1,15 1,73 2,27
EPS Adj 1,24 1,76 2,27
Total extraordinary items after tax -1,5 -0,6 0
Tax rate (%) -22,1 -23,2 -22
Gross margin (%) 26,8 28,3 28,9
EBITDA margin (%) 8,5 11,1 12,4
EBITA margin (%) 6,4 9 10,3
EBIT margin (%) 6,4 9 10,3
Pretax margin (%) 5,1 8 9,4
Net margin (%) 4 6,1 7,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -10,8 -1,9 9
EBITDA growth (%) -29,2 29,1 21,3
EBIT growth (%) -45,6 38,5 24,4
Net profit growth (%) -46,4 50,1 31,3
EPS growth (%) -46,8 50,1 31,3
Profitability 2019 2020 2021
ROE (%) 9,7 13,2 15,4
ROE Adj (%) 10,4 13,5 15,4
ROCE (%) 9 11,4 13,1
ROCE Adj(%) 9,4 11,6 13,1
ROIC (%) 7,5 9,5 11,6
ROIC Adj (%) 7,8 9,6 11,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 43 54 64
EBITDA Adj margin (%) 8,8 11,3 12,4
EBITA Adj 33 44 53
EBITA Adj margin (%) 6,7 9,1 10,3
EBIT Adj 33 44 53
EBIT Adj margin (%) 6,7 9,1 10,3
Pretax profit Adj 26 39 49
Net profit Adj 21 30 38
Net profit to shareholders Adj 21 30 38
Net Adj margin (%) 4,3 6,2 7,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Inventories 75 66 72
Receivables 40 63 69
Other current assets 9 8 8
Cash and liquid assets 18 44 55
Total assets 451 507 529
Shareholders equity 207 234 264
Minority 0 0 0
Total equity 207 234 264
Long-term debt 106 114 115
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 21 19 0
Accounts payable 53 66 72
Other current liabilities 46 39 43
Total liabilities and equity 451 507 529
Net IB debt 127 124 95
Net IB debt excl. pension debt 127 124 95
Capital invested 334 359 360
Working capital 26 32 34
EV breakdown 2019 2020 2021
Market cap. diluted (m) 308 454 454
Net IB debt Adj 127 124 95
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 435 578 548
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,3 99,4 100,2
Capital invested turnover (%) 149,9 137,3 144,5
Capital employed turnover (%) 140,4 126,5 127,3
Inventories / sales (%) 15,7 14,8 13,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,1 12,4 13,2
Working capital / sales (%) 4,8 6,1 6,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,3 53 36
Net debt / market cap (%) 31 27,3 20,9
Equity ratio (%) 45,9 46,1 49,9
Net IB debt adj. / equity (%) 61,3 53 36
Current ratio (%) 111 137,3 167,3
EBITDA / net interest (%) 673,8 1058 1450,1
Net IB debt / EBITDA (%) 308,7 233,7 147,6
Interest cover (%) 508,2 856,5 1204,5
EBITDA 41 53 64
Net financial items -6 -5 -4
Paid tax -6 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 30 39 49
Change in WC 6 9 -27
Operating cash flow 36 49 22
CAPEX tangible fixed assets -2 -28 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -5 0
Free cash flow 34 15 20
Dividend paid -8 0 -8
Share issues and buybacks 0 0 0
Other non cash items -22 -6 14
Decrease in net IB debt -9 3 29
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 289 289 289
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 18 37 35
Other fixed assets 0 0 0
Fixed assets 308 327 325
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 1,15 1,73 2,27
Dividend per share Adj 0 0,5 0,5
EPS Adj 1,24 1,76 2,27
BVPS 12,27 13,88 15,65
BVPS Adj -4,89 -3,27 -1,51
Net IB debt / share 7,5 7,4 5,6
Share price 24,3 26,9 26,9
Market cap. (m) 410 454 454
Valuation 2019 2020 2021
P/E 15,9 15,6 11,9
EV/sales 0,9 1,21 1,06
EV/EBITDA 10,6 10,9 8,5
EV/EBITA 14 13,4 10,3
EV/EBIT 14 13,4 10,3
Dividend yield (%) 0 1,9 1,9
FCF yield (%) 11 3,3 4,4
P/BVPS 1,49 1,94 1,72
P/BVPS Adj -3,73 -8,22 -17,87
P/E Adj 14,7 15,3 11,9
EV/EBITDA Adj 10,2 10,8 8,5
EV/EBITA Adj 13,4 13,3 10,3
EV/EBIT Adj 13,4 13,3 10,3
EV/cap. employed 1,2 1,4 1,3
Investment ratios 2019 2020 2021
Capex / sales 0,4 6 0,5
Capex / depreciation 18,8 280,7 23,8
Capex tangibles / tangible fixed assets 10,4 77,2 7,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 55,5 27,5 31,5
N/A N/A N/A

Equity research

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Media

Alcadon - Interview with CEO Sonny Mirborn (in Swedish)
Alcadon - Company presentation with CEO Sonny Mirborn (in English)

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 16.5 % 16.5 % 24 Feb 2020
Anders Bladh 11.6 % 11.6 % 30 Sep 2020
Investment AB Spiltan 6.2 % 6.2 % 30 Sep 2020
Theodor Jeansson 5.3 % 5.3 % 30 Sep 2020
Avanza Pension 5.0 % 5.0 % 30 Sep 2020
Nordic Cross Asset Management 4.8 % 4.8 % 31 Oct 2020
Roy W. Furulund 2.5 % 2.5 % 31 Dec 2019
Carl Rosvall 2.1 % 2.1 % 30 Sep 2020
Jonas Mårtensson 1.8 % 1.8 % 30 Sep 2020
Nordnet Pensionsförsäkring 1.5 % 1.5 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
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
Stefan Charette - 130 660 SELL 8 Jul 2020
Niklas Svensson + 5 940 BUY 16 Jun 2020
Sonny Mirborn + 7 479 BUY 16 Jun 2020
Pierre Fors + 8 000 BUY 11 Mar 2020
Stefan Charette + 158 864 BUY 24 Feb 2020

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