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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 496 536 573
Sales growth (%) -8,8 8 7
EBITDA 46 67 76
EBITDA margin (%) 9,3 12,5 13,2
EBIT adj 36 57 65
EBIT adj margin (%) 7,3 10,7 11,4
Pretax profit 31 53 62
EPS rep 1,41 2,43 2,84
EPS growth (%) -34,1 72,4 16,6
EPS adj 1,41 2,43 2,84
DPS 0,5 0,5 0,5
EV/EBITDA (x) 9,1 5,7 4,4
EV/EBIT adj (x) 11,6 6,7 5,1
P/E (x) 12,8 7,4 6,4
P/E adj (x) 12,8 7,4 6,4
EV/sales (x) 0,8 0,7 0,6
FCF yield (%) 1,2 15,4 17,7
Dividend yield (%) 2,8 2,8 2,8
Net IB debt/EBITDA 2,5 1,2 0,4
SEKm 2019 2020e 2021e
Sales 496 536 573
COGS -363 -388 -416
Gross profit 133 147 158
Other operating items -87 -80 -82
EBITDA 46 67 76
Depreciation on tangibles -10 -10 -10
Depreciation on intangibles 0 0 0
EBITA 36 57 65
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 36 57 65
Other financial items 0 0 0
Net financial items -5 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 31 53 62
Tax -7 -12 -14
Net profit 24 42 49
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 24 42 49
EPS 1,41 2,43 2,84
EPS Adj 1,41 2,43 2,84
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,2 -22 -22
Gross margin (%) 26,8 27,5 27,5
EBITDA margin (%) 9,3 12,5 13,2
EBITA margin (%) 7,3 10,7 11,4
EBIT margin (%) 7,3 10,7 11,4
Pretax margin (%) 6,3 10 10,9
Net margin (%) 4,9 7,8 8,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -8,8 8 7
EBITDA growth (%) -20,8 45,3 13
EBIT growth (%) -36,2 57,6 14
Net profit growth (%) -33,4 72,4 16,6
EPS growth (%) -34,1 72,4 16,6
Profitability 2019 2020 2021
ROE (%) 11,9 18,2 18,3
ROE Adj (%) 11,9 18,2 18,3
ROCE (%) 10,8 17,1 18,6
ROCE Adj(%) 10,8 17,1 18,6
ROIC (%) 8,8 13,7 16
ROIC Adj (%) 8,8 13,7 16
Adj earnings numbers 2019 2020 2021
EBITDA Adj 46 67 76
EBITDA Adj margin (%) 9,3 12,5 13,2
EBITA Adj 36 57 65
EBITA Adj margin (%) 7,3 10,7 11,4
EBIT Adj 36 57 65
EBIT Adj margin (%) 7,3 10,7 11,4
Pretax profit Adj 31 53 62
Net profit Adj 24 42 49
Net profit to shareholders Adj 24 42 49
Net Adj margin (%) 4,9 7,8 8,5
SEKm 2019 2020e 2021e
Inventories 72 75 79
Receivables 48 55 62
Other current assets 0 0 0
Cash and liquid assets 2 18 46
Total assets 430 448 477
Shareholders equity 212 245 285
Minority 0 0 0
Total equity 212 245 285
Long-term debt 119 95 77
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 99 107 115
Other current liabilities 0 0 0
Total liabilities and equity 416 454 430
Net IB debt 116 77 31
Net IB debt excl. pension debt 116 77 31
Capital invested 328 322 316
Working capital 20 23 26
EV breakdown 2019 2020 2021
Market cap. diluted (m) 305 305 305
Net IB debt Adj 116 77 31
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 422 382 336
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 112,2 122,1 124,1
Capital invested turnover (%) 154,7 164,7 179,6
Capital employed turnover (%) 147,8 159,6 163,3
Inventories / sales (%) 15 13,7 13,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 19,3 19,3
Working capital / sales (%) 4,1 4 4,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 54,9 31,4 10,8
Net debt / market cap (%) 28,4 25,3 10,1
Equity ratio (%) 49,3 54,8 59,9
Net IB debt adj. / equity (%) 54,9 31,4 10,8
Current ratio (%) 122,9 138,3 162,3
EBITDA / net interest (%) 864,7 1710,9 2451,8
Net IB debt / EBITDA (%) 252,6 115,1 40,7
Interest cover (%) 682,7 1464,5 2117,4
EBITDA 46 67 76
Net financial items -5 -4 -3
Paid tax -7 -12 -14
Non-cash items 0 0 0
Cash flow before change in WC 34 51 59
Change in WC 0 -3 -3
Operating cash flow 6 49 56
CAPEX tangible fixed assets -2 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 4 48 55
Dividend paid -8 -8 -8
Share issues and buybacks 0 0 0
Other non cash items 7 0 0
Decrease in net IB debt 2 39 46
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 288 282 275
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 19 17 15
Other fixed assets 0 0 0
Fixed assets 308 299 290
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 1,41 2,43 2,84
Dividend per share Adj 0,5 0,5 0,5
EPS Adj 1,41 2,43 2,84
BVPS 12,57 14,55 16,93
BVPS Adj -4,54 -2,18 0,6
Net IB debt / share 6,9 4,6 1,8
Share price 24,3 18,1 18,1
Market cap. (m) 410 305 305
Valuation 2019 2020 2021
P/E 12,8 7,4 6,4
EV/sales 0,85 0,71 0,59
EV/EBITDA 9,1 5,7 4,4
EV/EBITA 11,6 6,7 5,1
EV/EBIT 11,6 6,7 5,1
Dividend yield (%) 2,8 2,8 2,8
FCF yield (%) 1,2 15,4 17,7
P/BVPS 1,44 1,24 1,07
P/BVPS Adj -3,99 -8,31 29,98
P/E Adj 12,8 7,4 6,4
EV/EBITDA Adj 9,1 5,7 4,4
EV/EBITA Adj 11,6 6,7 5,1
EV/EBIT Adj 11,6 6,7 5,1
EV/cap. employed 1,3 1,1 0,9
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,2 0,2
Capex / depreciation 22,2 10 12,8
Capex tangibles / tangible fixed assets 11,2 5,7 8,9
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 50,5 56,6 69,7

Equity research

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Media

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

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 12.4 % 12.4 % 30 Dec 2019
Anders Bladh 11.0 % 11.0 % 31 Dec 2019
Humle Fonder 6.5 % 6.5 % 31 Dec 2019
Investment AB Spiltan 6.2 % 6.2 % 31 Dec 2019
Theodor Jeansson 5.4 % 5.4 % 31 Dec 2019
Avanza Pension 4.9 % 4.9 % 31 Dec 2019
Nordic Cross Asset Management 4.8 % 4.8 % 31 Dec 2019
Carl Rosvall 2.1 % 2.1 % 31 Dec 2019
Jonas Mårtensson 1.8 % 1.8 % 31 Dec 2019
Nordnet Pensionsförsäkring 1.6 % 1.6 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Stefan Charette + 337 550 BUY 10 Jan 2020
Stefan Charette - 337 550 SELL 10 Jan 2020
Stefan Charette + 5 896 BUY 30 Dec 2019
Stefan Charette + 1 554 BUY 30 Dec 2019
Stefan Charette + 2 216 BUY 30 Dec 2019
Stefan Charette + 256 BUY 27 Nov 2019
Stefan Charette + 68 BUY 27 Nov 2019
Stefan Charette + 99 BUY 27 Nov 2019
Stefan Charette + 22 174 BUY 20 Nov 2019
Stefan Charette + 5 981 BUY 20 Nov 2019

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