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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 485 505 545
Sales growth (%) -10,8 4 8
EBITDA 41 65 65
EBITDA margin (%) 8,5 13 12
EBIT adj 33 56 54
EBIT adj margin (%) 6,7 11,1 9,9
Pretax profit 25 51 50
EPS rep 1,15 2,34 2,31
EPS growth (%) -46,8 102,9 -1,2
EPS adj 1,24 2,37 2,31
DPS 0,5 0 0
EV/EBITDA (x) 10,6 8,5 7,9
EV/EBIT adj (x) 13,4 9,9 9,5
P/E (x) 15,9 12,2 12,3
P/E adj (x) 14,7 12 12,3
EV/sales (x) 0,9 1,1 0,9
FCF yield (%) 11 11,6 4,2
Dividend yield (%) 2,7 0 0
Net IB debt/EBITDA 3,1 1,2 0,6
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 485 505 545
COGS -355 -362 -390
Gross profit 130 143 155
Other operating items -89 -78 -90
EBITDA 41 65 65
Depreciation on tangibles -10 -10 -11
Depreciation on intangibles 0 0 0
EBITA 31 55 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 55 54
Other financial items 0 0 0
Net financial items -6 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 25 51 50
Tax -6 -11 -11
Net profit 19 39 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 39 39
EPS 1,15 2,34 2,31
EPS Adj 1,24 2,37 2,31
Total extraordinary items after tax -1,5 -0,6 0
Tax rate (%) -22,1 -22,5 -22
Gross margin (%) 26,8 28,3 28,5
EBITDA margin (%) 8,5 13 12
EBITA margin (%) 6,4 11 9,9
EBIT margin (%) 6,4 11 9,9
Pretax margin (%) 5,1 10,1 9,2
Net margin (%) 4 7,8 7,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -10,8 4 8
EBITDA growth (%) -29,2 59,1 0
EBIT growth (%) -45,6 78,3 -2,4
Net profit growth (%) -46,4 102,9 -1,2
EPS growth (%) -46,8 102,9 -1,2
Profitability 2019 2020 2021
ROE (%) 9,7 17,5 14,8
ROE Adj (%) 10,4 17,7 14,8
ROCE (%) 9 15 13,7
ROCE Adj(%) 9,4 15,2 13,7
ROIC (%) 7,5 13,1 13,2
ROIC Adj (%) 7,8 13,2 13,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 43 66 65
EBITDA Adj margin (%) 8,8 13,1 12
EBITA Adj 33 56 54
EBITA Adj margin (%) 6,7 11,1 9,9
EBIT Adj 33 56 54
EBIT Adj margin (%) 6,7 11,1 9,9
Pretax profit Adj 26 51 50
Net profit Adj 21 40 39
Net profit to shareholders Adj 21 40 39
Net Adj margin (%) 4,3 7,9 7,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Inventories 75 72 78
Receivables 40 64 69
Other current assets 9 8 9
Cash and liquid assets 18 65 85
Total assets 451 512 541
Shareholders equity 207 244 283
Minority 0 0 0
Total equity 207 244 283
Long-term debt 106 107 108
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 21 0
Accounts payable 53 83 90
Other current liabilities 46 43 47
Total liabilities and equity 451 512 541
Net IB debt 127 76 36
Net IB debt excl. pension debt 127 76 36
Capital invested 334 320 320
Working capital 26 17 19
EV breakdown 2019 2020 2021
Market cap. diluted (m) 308 479 479
Net IB debt Adj 127 76 36
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 435 555 515
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,3 104,9 103,6
Capital invested turnover (%) 149,9 154,2 170,4
Capital employed turnover (%) 140,4 137,2 138,4
Inventories / sales (%) 15,7 14,6 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,1 13,5 15,9
Working capital / sales (%) 4,8 4,3 3,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,3 31,1 12,7
Net debt / market cap (%) 31 15,8 7,5
Equity ratio (%) 45,9 47,6 52,3
Net IB debt adj. / equity (%) 61,3 31,1 12,7
Current ratio (%) 111 135,9 168,7
EBITDA / net interest (%) 673,8 1458,4 1605,1
Net IB debt / EBITDA (%) 308,7 115,9 55,1
Interest cover (%) 508,2 1233,1 1324,2
EBITDA 41 65 65
Net financial items -6 -4 -4
Paid tax -6 -11 -11
Non-cash items 0 0 0
Cash flow before change in WC 30 49 50
Change in WC 6 9 -28
Operating cash flow 36 59 23
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 34 55 20
Dividend paid -8 -8 0
Share issues and buybacks 0 0 0
Other non cash items -22 6 16
Decrease in net IB debt -9 51 40
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 13 11
Other fixed assets 0 0 0
Fixed assets 308 303 301
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 2,34 2,31
Dividend per share Adj 0,5 0 0
EPS Adj 1,24 2,37 2,31
BVPS 12,27 14,46 16,77
BVPS Adj -4,89 -2,69 -0,39
Net IB debt / share 7,5 4,5 2,1
Share price 24,3 28,4 28,4
Market cap. (m) 410 479 479
Valuation 2019 2020 2021
P/E 15,9 12,2 12,3
EV/sales 0,9 1,1 0,94
EV/EBITDA 10,6 8,5 7,9
EV/EBITA 14 10 9,5
EV/EBIT 14 10 9,5
Dividend yield (%) 2,7 0 0
FCF yield (%) 11 11,6 4,2
P/BVPS 1,49 1,96 1,69
P/BVPS Adj -3,73 -10,54 -73,55
P/E Adj 14,7 12 12,3
EV/EBITDA Adj 10,2 8,4 7,9
EV/EBITA Adj 13,4 9,9 9,5
EV/EBIT Adj 13,4 9,9 9,5
EV/cap. employed 1,2 1,4 1,3
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,6 0,5
Capex / depreciation 18,8 30,1 23,8
Capex tangibles / tangible fixed assets 10,4 23,6 25,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 55,5 78,4 107
N/A N/A N/A

Equity research

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Media

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

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 Jun 2020
Humle Fonder 6.5 % 6.5 % 31 Aug 2020
Investment AB Spiltan 6.2 % 6.2 % 30 Jun 2020
Theodor Jeansson 5.3 % 5.3 % 30 Jun 2020
Avanza Pension 5.1 % 5.1 % 30 Jun 2020
Nordic Cross Asset Management 4.7 % 4.7 % 31 Aug 2020
Roy W. Furulund 2.5 % 2.5 % 31 Dec 2019
Carl Rosvall 2.1 % 2.1 % 30 Jun 2020
Jonas Mårtensson 1.8 % 1.8 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Magnus Larsson + 18 000 BUY 7 Sep 2020
Niklas Svensson + 24 000 BUY 7 Sep 2020
Lars Engström + 5 850 BUY 20 Aug 2020
Stefan Charette - 130 660 SELL 8 Jul 2020
Stefan Charette + 130 660 BUY 8 Jul 2020
Sonny Mirborn + 7 479 BUY 16 Jun 2020
Niklas Svensson + 5 940 BUY 16 Jun 2020
Pierre Fors + 8 000 BUY 11 Mar 2020
Stefan Charette + 541 136 BUY 24 Feb 2020
Stefan Charette + 158 864 BUY 24 Feb 2020

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