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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 2379 2480 2560
Sales growth (%) 4,7 4,2 3,2
EBITDA 64 121 131
EBITDA margin (%) 2,7 4,9 5,1
EBIT adj 70 109 119
EBIT adj margin (%) 2,9 4,4 4,7
Pretax profit 3 100 111
EPS rep 2,87 6,08 6,73
EPS growth (%) -12,2 111,7 10,6
EPS adj 3,85 6,08 6,73
DPS 2 2,15 2,15
EV/EBITDA (x) 11,4 5,8 5,1
EV/EBIT adj (x) 10,5 6,4 5,6
P/E (x) 14,1 6,6 6
P/E adj (x) 10,5 6,6 6
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) -0,7 12,4 12,9
Dividend yield (%) 5 5,3 5,3
Net IB debt/EBITDA 3,3 1,4 1
SEKm 2019 2020e 2021e
Sales 2379 2480 2560
COGS -1872 -1931 -1987
Gross profit 507 549 573
Other operating items -443 -427 -442
EBITDA 64 121 131
Depreciation on tangibles -51 -12 -12
Depreciation on intangibles 0 0 0
EBITA 13 109 119
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 13 109 119
Other financial items 0 0 0
Net financial items -11 -9 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 100 111
Tax -10 -22 -24
Net profit -7 78 87
Minority interest -2 -4 -4
Net profit discontinued 45 0 0
Net profit to shareholders 35 75 83
EPS 2,87 6,08 6,73
EPS Adj 3,85 6,08 6,73
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -378,6 -22 -22
Gross margin (%) 21,3 22,1 22,4
EBITDA margin (%) 2,7 4,9 5,1
EBITA margin (%) 0,6 4,4 4,7
EBIT margin (%) 0,6 4,4 4,7
Pretax margin (%) 0,1 4 4,3
Net margin (%) -0,3 3,2 3,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 4,7 4,2 3,2
EBITDA growth (%) -22,8 88,1 8,3
EBIT growth (%) -81,6 722,5 9,2
Net profit growth (%) -116 1213,9 10,5
EPS growth (%) -12,2 111,7 10,6
Profitability 2019 2020 2021
ROE (%) 9,6 18,4 18,1
ROE Adj (%) 12,8 18,4 18,1
ROCE (%) 1,7 14,1 14,8
ROCE Adj(%) 9 14,1 14,8
ROIC (%) -5,3 11,4 11,8
ROIC Adj (%) -27,9 11,4 11,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 121 121 131
EBITDA Adj margin (%) 5,1 4,9 5,1
EBITA Adj 70 109 119
EBITA Adj margin (%) 2,9 4,4 4,7
EBIT Adj 70 109 119
EBIT Adj margin (%) 2,9 4,4 4,7
Pretax profit Adj 59 100 111
Net profit Adj 49 78 87
Net profit to shareholders Adj 47 75 83
Net Adj margin (%) 2,1 3,2 3,4
SEKm 2019 2020e 2021e
EBITDA 64 121 131
Net financial items -11 -9 -8
Paid tax -10 -22 -24
Non-cash items 0 0 0
Cash flow before change in WC 44 90 99
Change in WC -31 -86 8
Operating cash flow 21 74 77
CAPEX tangible fixed assets -25 -12 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -4 61 64
Dividend paid -12 -25 -26
Share issues and buybacks 0 0 0
Other non cash items 13 -40 24
Decrease in net IB debt 23 37 38
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 118 119 119
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 50 50 51
Other fixed assets 11 11 11
Fixed assets 179 180 181
Inventories 503 528 551
Receivables 430 466 479
Other current assets 68 35 36
Cash and liquid assets 145 162 180
Total assets 1326 1370 1426
Shareholders equity 383 429 481
Minority 22 26 30
Total equity 405 455 511
Long-term debt 355 335 315
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 408 382 425
Other current liabilities 159 198 174
Total liabilities and equity 1109 1345 1326
Net IB debt 210 173 136
Net IB debt excl. pension debt 210 173 136
Capital invested 705 792 785
Working capital 526 612 604
EV breakdown 2019 2020 2021
Market cap. diluted (m) 496 496 496
Net IB debt Adj 210 173 136
Market value of minority 27 31 36
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 733 700 667
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 178,1 183,9 183,1
Capital invested turnover (%) 341,3 331,3 324,7
Capital employed turnover (%) 307,8 319,9 316,7
Inventories / sales (%) 20,8 20,8 21,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,5 15,9 15,8
Working capital / sales (%) 21,4 22,9 23,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 51,8 38 26,5
Net debt / market cap (%) 41,6 34,9 27,3
Equity ratio (%) 30,5 33,2 35,9
Net IB debt adj. / equity (%) 51,8 38 26,5
Current ratio (%) 202,6 205,2 207,8
EBITDA / net interest (%) 599,1 1366 1567,5
Net IB debt / EBITDA (%) 325,5 142,7 103,2
Interest cover (%) 123,4 1230,8 1424,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 2,87 6,08 6,73
Dividend per share Adj 2 2,1 2,1
EPS Adj 3,85 6,08 6,73
BVPS 31,17 34,95 39,21
BVPS Adj 21,52 25,28 29,49
Net IB debt / share 17,1 14,1 11
Share price 41,06 40,4 40,4
Market cap. (m) 504 496 496
Valuation 2019 2020 2021
P/E 14,1 6,6 6
EV/sales 0,31 0,28 0,26
EV/EBITDA 11,4 5,8 5,1
EV/EBITA 55,1 6,4 5,6
EV/EBIT 55,1 6,4 5,6
Dividend yield (%) 5 5,3 5,3
FCF yield (%) -0,7 12,4 12,9
P/BVPS 1,3 1,16 1,03
P/BVPS Adj 1,88 1,6 1,37
P/E Adj 10,5 6,6 6
EV/EBITDA Adj 6,1 5,8 5,1
EV/EBITA Adj 10,5 6,4 5,6
EV/EBIT Adj 10,5 6,4 5,6
EV/cap. employed 1 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 1 0,5 0,5
Capex / depreciation 48,8 103,3 106,7
Capex tangibles / tangible fixed assets 49,6 24,6 25,3
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 101,6 23,8 23,7

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 19.8 % 19.8 % 30 Dec 2019
Anders Bladh 13.3 % 13.3 % 23 May 2019
Avanza Pension 11.0 % 11.0 % 31 Dec 2019
Humle Fonder 6.9 % 6.9 % 31 Dec 2019
Theodor Jeansson 6.8 % 6.8 % 31 Dec 2019
Carl Rosvall 2.9 % 2.9 % 31 Dec 2019
Kristoffer Jeansson 2.0 % 2.0 % 31 Dec 2019
Jonas Mårtensson 1.6 % 1.6 % 31 Dec 2019
Måns Flodberg 1.6 % 1.6 % 31 Dec 2019
Cecilia Jeansson 1.5 % 1.5 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
CLAES ERIKSSON + 3 000 BUY 20 Jan 2020
Stefan Charette + 392 840 BUY 10 Jan 2020
Stefan Charette - 392 840 SELL 10 Jan 2020
Stefan Charette + 15 791 BUY 30 Dec 2019
Stefan Charette + 4 081 BUY 30 Dec 2019
Stefan Charette + 5 824 BUY 30 Dec 2019
Stefan Charette + 69 113 BUY 23 Dec 2019
Stefan Charette + 18 220 BUY 23 Dec 2019
Stefan Charette + 25 988 BUY 23 Dec 2019
Stefan Charette + 16 077 BUY 16 Dec 2019

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