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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 544 496 536
Sales growth (%) -6,2 -8,8 8
EBITDA 58 46 67
EBITDA margin (%) 10,7 9,3 12,5
EBIT adj 58 36 57
EBIT adj margin (%) 10,6 7,3 10,7
Pretax profit 47 31 53
EPS rep 2,14 1,41 2,43
EPS growth (%) -27,3 -34,1 72,4
EPS adj 2,19 1,41 2,43
DPS 0,5 0,5 0,5
EV/EBITDA (x) 10,7 8,2 5,1
EV/EBIT adj (x) 10,8 10,4 5,9
P/E (x) 14 11 6,4
P/E adj (x) 13,7 11 6,4
EV/sales (x) 1,1 0,8 0,6
FCF yield (%) -0,7 1,4 18
Dividend yield (%) 1,7 3,2 3,2
Net IB debt/EBITDA 2 2,5 1,2
SEKm 2018 2019e 2020e
Sales 544 496 536
COGS -394 -363 -388
Gross profit 151 133 147
Other operating items -92 -87 -80
EBITDA 58 46 67
Depreciation on tangibles -1 -10 -10
Depreciation on intangibles 0 0 0
EBITA 57 36 57
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 57 36 57
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 31 53
Tax -11 -7 -12
Net profit 36 24 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 24 42
EPS 2,14 1,41 2,43
EPS Adj 2,19 1,41 2,43
Total extraordinary items after tax -0,9 0 0
Tax rate (%) -22,8 -22,2 -22
Gross margin (%) 27,7 26,8 27,5
EBITDA margin (%) 10,7 9,3 12,5
EBITA margin (%) 10,5 7,3 10,7
EBIT margin (%) 10,5 7,3 10,7
Pretax margin (%) 8,6 6,3 10
Net margin (%) 6,7 4,9 7,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -6,2 -8,8 8
EBITDA growth (%) -19,7 -20,8 45,3
EBIT growth (%) -20,3 -36,2 57,6
Net profit growth (%) -25,3 -33,4 72,4
EPS growth (%) -27,3 -34,1 72,4
Profitability 2018 2019 2020
ROE (%) 21,4 11,9 18,2
ROE Adj (%) 21,9 11,9 18,2
ROCE (%) 17,9 10,8 17,1
ROCE Adj(%) 18,2 10,8 17,1
ROIC (%) 15,6 8,8 13,7
ROIC Adj (%) 15,8 8,8 13,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 59 46 67
EBITDA Adj margin (%) 10,9 9,3 12,5
EBITA Adj 58 36 57
EBITA Adj margin (%) 10,6 7,3 10,7
EBIT Adj 58 36 57
EBIT Adj margin (%) 10,6 7,3 10,7
Pretax profit Adj 48 31 53
Net profit Adj 37 24 42
Net profit to shareholders Adj 37 24 42
Net Adj margin (%) 6,8 4,9 7,8
SEKm 2018 2019e 2020e
Inventories 77 72 75
Receivables 57 48 55
Other current assets 0 0 0
Cash and liquid assets 28 2 18
Total assets 454 430 448
Shareholders equity 195 212 245
Minority 0 0 0
Total equity 195 212 245
Long-term debt 146 119 95
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 99 107
Other current liabilities 0 0 0
Total liabilities and equity 252 416 454
Net IB debt 118 116 77
Net IB debt excl. pension debt 118 116 77
Capital invested 313 328 322
Working capital 21 20 23
EV breakdown 2018 2019 2020
Market cap. diluted (m) 506 261 261
Net IB debt Adj 118 116 77
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 624 378 338
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 125,1 112,2 122,1
Capital invested turnover (%) 192,8 154,7 164,7
Capital employed turnover (%) 171,3 147,8 159,6
Inventories / sales (%) 12,5 15 13,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 21,5 19,3
Working capital / sales (%) 4,2 4,1 4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 60,8 54,9 31,4
Net debt / market cap (%) 16,7 44,5 29,5
Equity ratio (%) 42,9 49,3 54,8
Net IB debt adj. / equity (%) 60,8 54,9 31,4
Current ratio (%) 142,5 122,9 138,3
EBITDA / net interest (%) 581,6 864,7 1710,9
Net IB debt / EBITDA (%) 203,4 252,6 115,1
Interest cover (%) 570,2 682,7 1464,5
EBITDA 58 46 67
Net financial items -10 -5 -4
Paid tax -11 -7 -12
Non-cash items 0 0 0
Cash flow before change in WC 37 34 51
Change in WC 4 0 -3
Operating cash flow 43 6 49
CAPEX tangible fixed assets -1 -2 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -4 4 48
Dividend paid -8 -8 -8
Share issues and buybacks 0 0 0
Other non cash items 0 7 0
Decrease in net IB debt -11 2 39
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 290 288 282
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2 19 17
Other fixed assets 0 0 0
Fixed assets 292 308 299
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 2,14 1,41 2,43
Dividend per share Adj 0,5 0,5 0,5
EPS Adj 2,19 1,41 2,43
BVPS 11,54 12,57 14,55
BVPS Adj -5,65 -4,54 -2,18
Net IB debt / share 7 6,9 4,6
Share price 42,12 15,5 15,5
Market cap. (m) 710 261 261
Valuation 2018 2019 2020
P/E 14 11 6,4
EV/sales 1,15 0,76 0,63
EV/EBITDA 10,7 8,2 5,1
EV/EBITA 10,9 10,4 5,9
EV/EBIT 10,9 10,4 5,9
Dividend yield (%) 1,7 3,2 3,2
FCF yield (%) -0,7 1,4 18
P/BVPS 2,6 1,23 1,07
P/BVPS Adj -5,31 -3,42 -7,12
P/E Adj 13,7 11 6,4
EV/EBITDA Adj 10,6 8,2 5,1
EV/EBITA Adj 10,8 10,4 5,9
EV/EBIT Adj 10,8 10,4 5,9
EV/cap. employed 1,8 1,1 1
Investment ratios 2018 2019 2020
Capex / sales 0,2 0,4 0,2
Capex / depreciation 78,9 22,2 10
Capex tangibles / tangible fixed assets 45 11,2 5,7
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 50,5 56,6

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Media

Alcadon - Interview with CEO Pierre Fors (in Swedish)
Alcadon - Company presentation with CEO Pierre Fors (in Swedish)

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Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 12.1 % 12.1 % 11 Nov 2019
Anders Bladh 11.0 % 11.0 % 30 Sep 2019
Humle Fonder 6.5 % 6.5 % 31 Oct 2019
Investment AB Spiltan 6.2 % 6.2 % 30 Sep 2019
Theodor Jeansson 5.2 % 5.2 % 30 Sep 2019
Nordic Cross Asset Management 5.0 % 5.0 % 31 Oct 2019
Avanza Pension 4.7 % 4.7 % 30 Sep 2019
Carl Rosvall 2.1 % 2.1 % 30 Sep 2019
Jonas Mårtensson 1.8 % 1.8 % 30 Sep 2019
Nordnet Pensionsförsäkring 1.6 % 1.6 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Stefan Charette + 3 160 BUY 11 Nov 2019
Stefan Charette + 2 208 BUY 11 Nov 2019
Stefan Charette + 8 251 BUY 11 Nov 2019
Stefan Charette + 42 BUY 28 Oct 2019
Stefan Charette + 62 BUY 28 Oct 2019
Stefan Charette + 161 BUY 28 Oct 2019
Stefan Charette + 9 043 BUY 25 Oct 2019
Stefan Charette + 9 043 BUY 25 Oct 2019
Stefan Charette + 9 043 BUY 25 Oct 2019
Stefan Charette + 9 043 BUY 25 Oct 2019

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