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DistIT

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 2019 2020e 2021e
Sales 2330 2363 2540
Sales growth (%) 2,6 1,4 7,5
EBITDA 75 88 128
EBITDA margin (%) 3,2 3,7 5
EBIT adj 73 70 117
EBIT adj margin (%) 3,1 3 4,6
Pretax profit 4 54 107
EPS rep 3,18 3,25 6,51
EPS growth (%) -4 2,2 100,7
EPS adj 4,15 3,25 6,51
DPS 0 1,25 1,25
EV/EBITDA (x) 10,2 7,8 5,2
EV/EBIT adj (x) 10,4 9,9 5,6
P/E (x) 13,1 12,4 6,2
P/E adj (x) 10 12,4 6,2
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 6,1 9,1 9,8
Dividend yield (%) 0 3,1 3,1
Net IB debt/EBITDA 3,1 2,1 1,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 2330 2363 2540
COGS -1823 -1860 -1987
Gross profit 507 503 553
Other operating items -433 -414 -425
EBITDA 75 88 128
Depreciation on tangibles -58 -18 -11
Depreciation on intangibles 0 0 0
EBITA 16 70 117
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 70 117
Other financial items 0 0 0
Net financial items -12 -16 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 4 54 107
Tax -7 -12 -24
Net profit -3 43 83
Minority interest -3 -3 -3
Net profit discontinued 45 0 0
Net profit to shareholders 39 40 80
EPS 3,18 3,25 6,51
EPS Adj 4,15 3,25 6,51
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -167,5 -21,7 -22
Gross margin (%) 21,8 21,3 21,8
EBITDA margin (%) 3,2 3,7 5
EBITA margin (%) 0,7 3 4,6
EBIT margin (%) 0,7 3 4,6
Pretax margin (%) 0,2 2,3 4,2
Net margin (%) -0,1 1,8 3,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 1,4 7,5
EBITDA growth (%) -11 18,4 44,4
EBIT growth (%) -77,7 332,7 66,8
Net profit growth (%) -106,1 1680,2 95,5
EPS growth (%) -4 2,2 100,7
Profitability 2019 2020 2021
ROE (%) 10,3 9,6 17,1
ROE Adj (%) 13,4 9,6 17,1
ROCE (%) 3,1 10,5 16,3
ROCE Adj(%) 11 10,5 16,3
ROIC (%) -1,7 8,5 14
ROIC Adj (%) -7,8 8,5 14
Adj earnings numbers 2019 2020 2021
EBITDA Adj 131 88 128
EBITDA Adj margin (%) 5,6 3,7 5
EBITA Adj 73 70 117
EBITA Adj margin (%) 3,1 3 4,6
EBIT Adj 73 70 117
EBIT Adj margin (%) 3,1 3 4,6
Pretax profit Adj 61 54 107
Net profit Adj 54 43 83
Net profit to shareholders Adj 51 40 80
Net Adj margin (%) 2,3 1,8 3,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 75 88 128
Net financial items -12 -16 -10
Paid tax -7 -12 -24
Non-cash items 0 0 0
Cash flow before change in WC 56 61 94
Change in WC -65 3 -25
Operating cash flow -10 64 69
CAPEX tangible fixed assets -18 -19 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 58 0 0
Free cash flow 31 45 49
Dividend paid -12 0 -15
Share issues and buybacks 0 0 0
Other non cash items -28 1 -11
Decrease in net IB debt -1 52 33
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 90 89 89
Indefinite intangible assets 24 24 24
Definite intangible assets 0 0 0
Tangible fixed assets 6 7 17
Other fixed assets 10 10 10
Fixed assets 172 171 181
Inventories 432 437 470
Receivables 413 425 457
Other current assets 49 50 53
Cash and liquid assets 11 55 88
Total assets 1077 1139 1250
Shareholders equity 395 435 500
Minority 12 12 12
Total equity 408 447 512
Long-term debt 204 196 196
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 0 0 0
Accounts payable 283 307 343
Other current liabilities 133 139 150
Total liabilities and equity 1077 1139 1250
Net IB debt 235 183 150
Net IB debt excl. pension debt 235 183 150
Capital invested 650 637 669
Working capital 478 466 488
EV breakdown 2019 2020 2021
Market cap. diluted (m) 510 494 494
Net IB debt Adj 235 183 150
Market value of minority 15 15 15
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 759 691 658
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 192,4 213,4 212,7
Capital invested turnover (%) 368 367,3 389
Capital employed turnover (%) 323,9 353,3 354
Inventories / sales (%) 19,7 18,4 17,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 12,5 12,8
Working capital / sales (%) 19,3 20 18,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,6 40,8 29,3
Net debt / market cap (%) 46,5 37 30,4
Equity ratio (%) 37,9 39,3 41
Net IB debt adj. / equity (%) 57,6 40,8 29,3
Current ratio (%) 217,3 216,6 216,9
EBITDA / net interest (%) 611,5 565,3 1275,4
Net IB debt / EBITDA (%) 314,6 206,8 117,6
Interest cover (%) 121,5 448,5 1169,4
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,18 3,25 6,51
Dividend per share Adj 0 1,3 1,3
EPS Adj 4,15 3,25 6,51
BVPS 32,19 35,44 40,7
BVPS Adj 24,88 28,16 33,42
Net IB debt / share 19,1 14,9 12,2
Share price 41,06 40,2 40,2
Market cap. (m) 504 494 494
Valuation 2019 2020 2021
P/E 13,1 12,4 6,2
EV/sales 0,33 0,29 0,26
EV/EBITDA 10,2 7,8 5,2
EV/EBITA 46,8 9,9 5,6
EV/EBIT 46,8 9,9 5,6
Dividend yield (%) 0 3,1 3,1
FCF yield (%) 6,1 9,1 9,8
P/BVPS 1,29 1,13 0,99
P/BVPS Adj 1,67 1,43 1,2
P/E Adj 10 12,4 6,2
EV/EBITDA Adj 5,8 7,8 5,2
EV/EBITA Adj 10,4 9,9 5,6
EV/EBIT Adj 10,4 9,9 5,6
EV/cap. employed 1,2 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 0,8 0,8 0,8
Capex / depreciation 30,1 103,6 191,7
Capex tangibles / tangible fixed assets 283,5 275,8 122,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 941,9 266,2 63,9
N/A N/A N/A

Equity research

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Media

DistIT - Interview with CEO Robert Rosenzweig (in Swedish)
DistIT - Company presentation with CEO Robert Rosenzweig (in Swedish)

Main shareholders - DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 26.2 % 26.2 % 12 May 2020
Anders Bladh 13.9 % 13.9 % 31 Dec 2019
Avanza Pension 8.2 % 8.2 % 30 Jun 2020
Humle Fonder 6.9 % 6.9 % 31 Aug 2020
Theodor Jeansson 6.6 % 6.6 % 30 Jun 2020
Carl Rosvall 2.9 % 2.9 % 30 Jun 2020
Måns Flodberg 1.7 % 1.7 % 30 Jun 2020
Jonas Mårtensson 1.6 % 1.6 % 30 Jun 2020
Kristoffer Jeansson 1.6 % 1.6 % 30 Jun 2020
Cecilia Jeansson 1.5 % 1.5 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
Martin Gutberg + 2 500 BUY 27 Aug 2020
Robert Erik Rosenzweig + 32 873 BUY 24 Aug 2020
Stefan Charette - 145 973 SELL 8 Jul 2020
Stefan Charette + 145 973 BUY 8 Jul 2020
Philip Gunnarsson + 6 000 BUY 29 Jun 2020
Philip Gunnarsson + 5 538 BUY 26 Jun 2020
Philip Gunnarsson + 5 158 BUY 25 Jun 2020
Mikael Johansson + 31 839 SUBS 5 Jun 2020
Mikael Johansson + 31 838 SUBS 5 Jun 2020
Martin Gutberg + 35 585 BUY 2 Jun 2020

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