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DistIT

A Nordic acquisition-oriented distribution group in IT accessories and consumer electronics

DistIT acquires, owns and develops distributors of accessories for IT, Mobility, Multimedia, Network and data communications in the Nordic and Baltic countries. DistIT and its subsidiaries have a firm track record of value-added acquisitions, but also divestments such as Alcadon in 2016. Today DistIT consists of Deltaco, Aurora Group, Septon Electronics and Sominis Technology. Sales were SEK 1.8bn in 2017 with an EBIT margin of 3.3%. Financial targets are 10% EPS growth and an equity ratio >35%. The shares are listed on NASDAQ First North.

New distribution rights agreements, bolt-on acquisitions as well as bigger acquisitions with decentralized areas of responsibilities, synergies and cross-selling.

Shift in technology preferences and disruptive technologies, price pressure.

SEKm 2018 2019e 2020e
Sales 2272 2417 2499
Sales growth (%) 27,6 6,4 3,4
EBITDA 84 112 118
EBITDA margin (%) 3,7 4,6 4,7
EBIT adj 86 100 106
EBIT adj margin (%) 3,8 4,1 4,2
Pretax profit 56 87 96
EPS rep 3,27 5,31 5,76
EPS growth (%) -90,6 62,2 8,5
EPS adj 4,4 5,31 5,76
DPS 1 2 2,15
EV/EBITDA (x) 8,4 6,8 6,3
EV/EBIT adj (x) 8,2 7,7 7
P/E (x) 11,1 8,3 7,6
P/E adj (x) 8,3 8,3 7,6
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 0,5 9,1 8,9
Dividend yield (%) 2,7 4,6 4,9
Net IB debt/EBITDA 2,8 1,8 1,5
SEKm 2018 2019e 2020e
Sales 2272 2417 2499
COGS -1779 -1891 -1951
Gross profit 493 527 548
Other operating items -410 -415 -430
EBITDA 84 112 118
Depreciation on tangibles -11 -12 -12
Depreciation on intangibles 0 0 0
EBITA 72 100 106
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 72 100 106
Other financial items 0 0 0
Net financial items -16 -12 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 56 87 96
Tax -12 -19 -21
Net profit 44 68 75
Minority interest -4 -3 -4
Net profit discontinued 0 0 0
Net profit to shareholders 40 65 71
EPS 3,27 5,31 5,76
EPS Adj 4,4 5,31 5,76
Total extraordinary items after tax -13,8 0 0
Tax rate (%) -21,6 -22 -22
Gross margin (%) 21,7 21,8 21,9
EBITDA margin (%) 3,7 4,6 4,7
EBITA margin (%) 3,2 4,1 4,2
EBIT margin (%) 3,2 4,1 4,2
Pretax margin (%) 2,5 3,6 3,8
Net margin (%) 1,9 2,8 3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,6 6,4 3,4
EBITDA growth (%) 17,3 33,9 5,6
EBIT growth (%) 22,2 38,1 6,4
Net profit growth (%) 6,3 55,2 9,6
EPS growth (%) -90,6 62,2 8,5
Profitability 2018 2019 2020
ROE (%) 11,6 17,2 16,6
ROE Adj (%) 15,6 17,2 16,6
ROCE (%) 12,1 16,2 16,7
ROCE Adj(%) 14,4 16,2 16,7
ROIC (%) 9,7 12,8 13,2
ROIC Adj (%) 11,5 12,8 13,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 97 112 118
EBITDA Adj margin (%) 4,3 4,6 4,7
EBITA Adj 86 100 106
EBITA Adj margin (%) 3,8 4,1 4,2
EBIT Adj 86 100 106
EBIT Adj margin (%) 3,8 4,1 4,2
Pretax profit Adj 70 87 96
Net profit Adj 58 68 75
Net profit to shareholders Adj 54 65 71
Net Adj margin (%) 2,5 2,8 3
SEKm 2018 2019e 2020e
EBITDA 84 112 118
Net financial items -16 -12 -10
Paid tax -12 -19 -21
Non-cash items 0 0 0
Cash flow before change in WC 55 80 87
Change in WC -14 -16 -22
Operating cash flow 70 61 61
CAPEX tangible fixed assets -9 -12 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -59 0 0
Free cash flow 2 49 48
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Other non cash items -8 0 0
Decrease in net IB debt -5 37 24
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 135 135 135
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 49 49 49
Other fixed assets 10 10 10
Fixed assets 194 194 195
Inventories 488 497 532
Receivables 486 492 505
Other current assets 0 0 0
Cash and liquid assets 178 215 218
Total assets 1345 1398 1450
Shareholders equity 355 405 447
Minority 20 23 27
Total equity 375 428 474
Long-term debt 411 411 391
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 559 559 585
Other current liabilities 0 0 0
Total liabilities and equity 1010 1109 1345
Net IB debt 233 196 173
Net IB debt excl. pension debt 233 196 173
Capital invested 598 614 636
Working capital 414 430 452
EV breakdown 2018 2019 2020
Market cap. diluted (m) 447 539 539
Net IB debt Adj 233 196 173
Market value of minority 24 28 32
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 704 763 744
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,1 176,3 175,5
Capital invested turnover (%) 387,9 399,1 400
Capital employed turnover (%) 381,7 392,4 393,4
Inventories / sales (%) 19,6 20,4 20,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,2 23,1 22,9
Working capital / sales (%) 17,9 17,4 17,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 62,2 45,9 36,4
Net debt / market cap (%) 48,7 36,4 32
Equity ratio (%) 27,9 30,6 32,7
Net IB debt adj. / equity (%) 62,2 45,9 36,4
Current ratio (%) 205,8 215,3 214,6
EBITDA / net interest (%) 515,4 906,5 1148,4
Net IB debt / EBITDA (%) 279,4 175,6 146,3
Interest cover (%) 445,7 808,3 1031,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,27 5,31 5,76
Dividend per share Adj 1 2 2,1
EPS Adj 4,4 5,31 5,76
BVPS 28,89 32,96 36,4
BVPS Adj 17,89 21,96 25,37
Net IB debt / share 19 16 14,1
Share price 39,02 43,9 43,9
Market cap. (m) 479 539 539
Valuation 2018 2019 2020
P/E 11,1 8,3 7,6
EV/sales 0,31 0,32 0,3
EV/EBITDA 8,4 6,8 6,3
EV/EBITA 9,8 7,7 7
EV/EBIT 9,8 7,7 7
Dividend yield (%) 2,7 4,6 4,9
FCF yield (%) 0,5 9,1 8,9
P/BVPS 1,26 1,33 1,21
P/BVPS Adj 2,03 2 1,73
P/E Adj 8,3 8,3 7,6
EV/EBITDA Adj 7,2 6,8 6,3
EV/EBITA Adj 8,2 7,7 7
EV/EBIT Adj 8,2 7,7 7
EV/cap. employed 1,2 1,2 1,2
Investment ratios 2018 2019 2020
Capex / sales 0,4 0,5 0,5
Capex / depreciation 82,3 99,9 104,1
Capex tangibles / tangible fixed assets 19,1 24,8 25,5
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 23,2 24,8 24,5

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Main shareholders

DistIT

Main shareholders Share capital % Voting shares % Verified
Anders Bladh 13.8 % 13.8 % 30 Sep 2018
Athanase Industrial Partners 13.4 % 13.4 % 22 Feb 2019
Avanza Pension 10.6 % 10.6 % 31 Dec 2018
Humle Fonder 6.7 % 6.7 % 31 Mar 2019
Theodor Jeansson 6.6 % 6.6 % 31 Dec 2018
Catella Fonder 4.3 % 4.3 % 31 Mar 2019
Carl Rosvall 2.9 % 2.9 % 31 Dec 2018
Siamak Alian 2.4 % 2.4 % 31 Dec 2018
Kristoffer Jeansson 2.0 % 2.0 % 31 Dec 2018
Jonas Wikström 1.7 % 1.7 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

DistIT

Name Quantity Code Date
Robert Erik Rosenzweig + 300 000 BUY 19 Mar 2019
Robert Erik Rosenzweig + 5 687 BUY 5 Mar 2019
Robert Erik Rosenzweig + 4 313 BUY 4 Mar 2019
Stefan Charette + 41 768 BUY 22 Feb 2019
Stefan Charette + 58 232 BUY 22 Feb 2019
Robert Erik Rosenzweig + 3 654 BUY 3 Jan 2019
Robert Erik Rosenzweig + 1 346 BUY 2 Jan 2019
Robert Erik Rosenzweig + 5 000 BUY 28 Dec 2018
Athanase Industrial Partners Fund II Ltd + 614 BUY 28 Dec 2018
Athanase Capital Partners AB + 1 810 BUY 28 Dec 2018

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