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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 2350 2534
Sales growth (%) 2,6 0,8 7,8
EBITDA 75 94 128
EBITDA margin (%) 3,2 4 5
EBIT adj 73 68 117
EBIT adj margin (%) 3,1 2,9 4,6
Pretax profit 4 60 107
EPS rep 3,18 3,82 6,5
EPS growth (%) -4 20,3 70,2
EPS adj 4,15 3,82 6,5
DPS 0 1,25 1,25
EV/EBITDA (x) 10,2 7,2 5
EV/EBIT adj (x) 10,4 10,1 5,5
P/E (x) 13,1 10,8 6,3
P/E adj (x) 10 10,8 6,3
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 6,1 12,9 10,8
Dividend yield (%) 0 3 3
Net IB debt/EBITDA 3,1 1,7 1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 2330 2350 2534
COGS -1823 -1850 -1983
Gross profit 507 500 551
Other operating items -433 -405 -423
EBITDA 75 94 128
Depreciation on tangibles -58 -27 -11
Depreciation on intangibles 0 0 0
EBITA 16 68 117
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 68 117
Other financial items 0 0 0
Net financial items -12 -8 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 4 60 107
Tax -7 -11 -24
Net profit -3 49 84
Minority interest -3 -2 -4
Net profit discontinued 45 0 0
Net profit to shareholders 39 47 80
EPS 3,18 3,82 6,5
EPS Adj 4,15 3,82 6,5
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -167,5 -18 -22
Gross margin (%) 21,8 21,3 21,7
EBITDA margin (%) 3,2 4 5
EBITA margin (%) 0,7 2,9 4,6
EBIT margin (%) 0,7 2,9 4,6
Pretax margin (%) 0,2 2,6 4,2
Net margin (%) -0,1 2,1 3,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 0,8 7,8
EBITDA growth (%) -11 26,4 35,4
EBIT growth (%) -77,7 317,3 73,2
Net profit growth (%) -106,1 1923 69,7
EPS growth (%) -4 20,3 70,2
Profitability 2019 2020 2021
ROE (%) 10,3 11,2 16,8
ROE Adj (%) 13,4 11,2 16,8
ROCE (%) 3,1 10,1 16,2
ROCE Adj(%) 11 10,1 16,2
ROIC (%) -1,7 8,7 14,4
ROIC Adj (%) -7,8 8,7 14,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 131 94 128
EBITDA Adj margin (%) 5,6 4 5
EBITA Adj 73 68 117
EBITA Adj margin (%) 3,1 2,9 4,6
EBIT Adj 73 68 117
EBIT Adj margin (%) 3,1 2,9 4,6
Pretax profit Adj 61 60 107
Net profit Adj 54 49 84
Net profit to shareholders Adj 51 47 80
Net Adj margin (%) 2,3 2,1 3,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 75 94 128
Net financial items -12 -8 -10
Paid tax -7 -11 -24
Non-cash items 0 0 0
Cash flow before change in WC 56 76 94
Change in WC -65 1 -27
Operating cash flow -10 77 67
CAPEX tangible fixed assets -18 -12 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 58 0 0
Free cash flow 31 65 54
Dividend paid -12 0 -15
Share issues and buybacks 0 0 0
Other non cash items -28 4 -12
Decrease in net IB debt -1 75 38
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 90 90 90
Indefinite intangible assets 24 21 21
Definite intangible assets 0 0 0
Tangible fixed assets 6 -9 -7
Other fixed assets 10 10 10
Fixed assets 172 154 156
Inventories 432 435 469
Receivables 413 399 418
Other current assets 49 54 58
Cash and liquid assets 11 75 114
Total assets 1077 1117 1215
Shareholders equity 395 442 507
Minority 12 12 12
Total equity 408 454 519
Long-term debt 204 193 194
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 283 282 304
Other current liabilities 133 139 149
Total liabilities and equity 1077 1117 1215
Net IB debt 235 160 122
Net IB debt excl. pension debt 235 160 122
Capital invested 650 621 647
Working capital 478 468 492
EV breakdown 2019 2020 2021
Market cap. diluted (m) 510 506 506
Net IB debt Adj 235 160 122
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 759 681 642
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 192,4 214,2 217,3
Capital invested turnover (%) 368 369,7 399,4
Capital employed turnover (%) 323,9 350,1 351
Inventories / sales (%) 19,7 18,4 17,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 12 11,6
Working capital / sales (%) 19,3 20,1 18,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,6 35,2 23,4
Net debt / market cap (%) 46,5 31,6 24
Equity ratio (%) 37,9 40,7 42,7
Net IB debt adj. / equity (%) 57,6 35,2 23,4
Current ratio (%) 217,3 229 233,5
EBITDA / net interest (%) 611,5 1245,5 1277,1
Net IB debt / EBITDA (%) 314,6 169,6 95,2
Interest cover (%) 121,5 892,9 1171,1
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 3,82 6,5
Dividend per share Adj 0 1,3 1,3
EPS Adj 4,15 3,82 6,5
BVPS 32,19 36,01 41,26
BVPS Adj 24,88 28,71 33,96
Net IB debt / share 19,1 13 9,9
Share price 41,06 41,2 41,2
Market cap. (m) 504 506 506
Valuation 2019 2020 2021
P/E 13,1 10,8 6,3
EV/sales 0,33 0,29 0,25
EV/EBITDA 10,2 7,2 5
EV/EBITA 46,8 10,1 5,5
EV/EBIT 46,8 10,1 5,5
Dividend yield (%) 0 3 3
FCF yield (%) 6,1 12,9 10,8
P/BVPS 1,29 1,14 1
P/BVPS Adj 1,67 1,44 1,21
P/E Adj 10 10,8 6,3
EV/EBITDA Adj 5,8 7,2 5
EV/EBITA Adj 10,4 10,1 5,5
EV/EBIT Adj 10,4 10,1 5,5
EV/cap. employed 1,2 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 0,8 0,5 0,5
Capex / depreciation 30,1 44 119,5
Capex tangibles / tangible fixed assets 283,5 -134,2 -189,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 941,9 -305,1 -158,6
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 8.0 % 8.0 % 30 Sep 2020
Humle Fonder 6.9 % 6.9 % 31 Oct 2020
Theodor Jeansson 6.6 % 6.6 % 30 Sep 2020
Carl Rosvall 2.9 % 2.9 % 30 Sep 2020
Måns Flodberg 1.7 % 1.7 % 30 Sep 2020
Jonas Mårtensson 1.6 % 1.6 % 30 Sep 2020
Kristoffer Jeansson 1.6 % 1.6 % 30 Sep 2020
Cecilia Jeansson 1.5 % 1.5 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
Philip Gunnarsson + 4 000 BUY 13 Nov 2020
Philip Gunnarsson + 2 000 BUY 13 Nov 2020
Philip Gunnarsson + 3 000 BUY 13 Nov 2020
Robert Erik Rosenzweig + 8 700 BUY 10 Nov 2020
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

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