Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

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 2379 2480
Sales growth (%) 27,6 4,7 4,2
EBITDA 84 64 121
EBITDA margin (%) 3,7 2,7 4,9
EBIT adj 86 70 109
EBIT adj margin (%) 3,8 2,9 4,4
Pretax profit 56 3 100
EPS rep 3,27 2,87 6,08
EPS growth (%) -90,6 -12,2 111,7
EPS adj 4,4 3,85 6,08
DPS 1 2 2,15
EV/EBITDA (x) 8,4 10,1 5,1
EV/EBIT adj (x) 8,2 9,4 5,7
P/E (x) 11,1 11,8 5,6
P/E adj (x) 8,3 8,8 5,6
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 0,5 -0,9 14,7
Dividend yield (%) 2,7 5,9 6,3
Net IB debt/EBITDA 2,8 3,3 1,4
SEKm 2018 2019e 2020e
Sales 2272 2379 2480
COGS -1779 -1872 -1931
Gross profit 493 507 549
Other operating items -410 -443 -427
EBITDA 84 64 121
Depreciation on tangibles -11 -51 -12
Depreciation on intangibles 0 0 0
EBITA 72 13 109
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 72 13 109
Other financial items 0 0 0
Net financial items -16 -11 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 56 3 100
Tax -12 -10 -22
Net profit 44 -7 78
Minority interest -4 -2 -4
Net profit discontinued 0 45 0
Net profit to shareholders 40 35 75
EPS 3,27 2,87 6,08
EPS Adj 4,4 3,85 6,08
Total extraordinary items after tax -13,8 -56,5 0
Tax rate (%) -21,6 -378,6 -22
Gross margin (%) 21,7 21,3 22,1
EBITDA margin (%) 3,7 2,7 4,9
EBITA margin (%) 3,2 0,6 4,4
EBIT margin (%) 3,2 0,6 4,4
Pretax margin (%) 2,5 0,1 4
Net margin (%) 1,9 -0,3 3,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,6 4,7 4,2
EBITDA growth (%) 17,3 -22,8 88,1
EBIT growth (%) 22,2 -81,6 722,5
Net profit growth (%) 6,3 -116 1213,9
EPS growth (%) -90,6 -12,2 111,7
Profitability 2018 2019 2020
ROE (%) 11,6 9,6 18,4
ROE Adj (%) 15,6 12,8 18,4
ROCE (%) 10 1,7 14,1
ROCE Adj(%) 11,9 9 14,1
ROIC (%) 8,4 -5,3 11,4
ROIC Adj (%) 10 -27,9 11,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 97 121 121
EBITDA Adj margin (%) 4,3 5,1 4,9
EBITA Adj 86 70 109
EBITA Adj margin (%) 3,8 2,9 4,4
EBIT Adj 86 70 109
EBIT Adj margin (%) 3,8 2,9 4,4
Pretax profit Adj 70 59 100
Net profit Adj 58 49 78
Net profit to shareholders Adj 54 47 75
Net Adj margin (%) 2,5 2,1 3,2
SEKm 2018 2019e 2020e
EBITDA 84 64 121
Net financial items -16 -11 -9
Paid tax -12 -10 -22
Non-cash items 0 0 0
Cash flow before change in WC 55 44 90
Change in WC -13 -31 -86
Operating cash flow 70 21 74
CAPEX tangible fixed assets -68 -25 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 2 -4 61
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Other non cash items -27 13 -40
Decrease in net IB debt -5 23 37
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 135 118 119
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 49 50 50
Other fixed assets 10 11 11
Fixed assets 194 179 180
Inventories 488 503 528
Receivables 434 430 466
Other current assets 52 68 35
Cash and liquid assets 178 145 162
Total assets 1345 1326 1370
Shareholders equity 355 383 429
Minority 20 22 26
Total equity 375 405 455
Long-term debt 411 355 335
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 427 408 382
Other current liabilities 132 159 198
Total liabilities and equity 1010 1109 1345
Net IB debt 233 210 173
Net IB debt excl. pension debt 233 210 173
Capital invested 689 705 792
Working capital 494 526 612
EV breakdown 2018 2019 2020
Market cap. diluted (m) 447 418 418
Net IB debt Adj 233 210 173
Market value of minority 24 27 31
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 704 654 622
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,1 178,1 183,9
Capital invested turnover (%) 335,7 341,3 331,3
Capital employed turnover (%) 314,4 307,8 319,9
Inventories / sales (%) 19,6 20,8 20,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 17,5 15,9
Working capital / sales (%) 21,5 21,4 22,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 62,2 51,8 38
Net debt / market cap (%) 48,7 50,3 41,5
Equity ratio (%) 27,9 30,5 33,2
Net IB debt adj. / equity (%) 62,2 51,8 38
Current ratio (%) 205,8 202,6 205,2
EBITDA / net interest (%) 515,4 599,1 1366
Net IB debt / EBITDA (%) 279,4 325,5 142,7
Interest cover (%) 445,7 123,4 1230,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,27 2,87 6,08
Dividend per share Adj 1 2 2,1
EPS Adj 4,4 3,85 6,08
BVPS 28,89 31,17 34,95
BVPS Adj 17,89 21,52 25,28
Net IB debt / share 19 17,1 14,1
Share price 39,02 34 34
Market cap. (m) 479 418 418
Valuation 2018 2019 2020
P/E 11,1 11,8 5,6
EV/sales 0,31 0,27 0,25
EV/EBITDA 8,4 10,1 5,1
EV/EBITA 9,8 49,2 5,7
EV/EBIT 9,8 49,2 5,7
Dividend yield (%) 2,7 5,9 6,3
FCF yield (%) 0,5 -0,9 14,7
P/BVPS 1,26 1,09 0,97
P/BVPS Adj 2,03 1,58 1,34
P/E Adj 8,3 8,8 5,6
EV/EBITDA Adj 7,2 5,4 5,1
EV/EBITA Adj 8,2 9,4 5,7
EV/EBIT Adj 8,2 9,4 5,7
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 3 1 0,5
Capex / depreciation 600 48,8 103,3
Capex tangibles / tangible fixed assets 138,9 49,6 24,6
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 23,2 101,6 23,8

Equity research

Read earlier research

Media

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

View more media

Main shareholders - DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 17.0 % 17.0 % 28 Oct 2019
Anders Bladh 13.3 % 13.3 % 23 May 2019
Avanza Pension 13.2 % 13.2 % 30 Sep 2019
Humle Fonder 6.9 % 6.9 % 31 Oct 2019
Theodor Jeansson 6.6 % 6.6 % 30 Sep 2019
Carl Rosvall 2.9 % 2.9 % 30 Sep 2019
Kristoffer Jeansson 2.0 % 2.0 % 30 Sep 2019
Nordnet Pensionsförsäkring 2.0 % 2.0 % 30 Sep 2019
United Computer Systems in Scandinavia AB 1.7 % 1.7 % 30 Sep 2019
Jonas Mårtensson 1.6 % 1.6 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
Stefan Charette + 10 662 BUY 28 Oct 2019
Stefan Charette + 15 258 BUY 28 Oct 2019
Stefan Charette + 40 058 BUY 28 Oct 2019
Stefan Charette + 28 670 BUY 25 Oct 2019
Stefan Charette + 41 024 BUY 25 Oct 2019
Stefan Charette + 107 616 BUY 25 Oct 2019
Stefan Charette + 28 670 BUY 25 Oct 2019
Stefan Charette + 41 024 BUY 25 Oct 2019
Stefan Charette + 107 616 BUY 25 Oct 2019
Robert Erik Rosenzweig + 25 000 BUY 25 Oct 2019

Show More