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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 2021 2022e 2023e
Sales 2561 2894 3354
Sales growth (%) 8,6 13 15,9
EBITDA 116 214 268
EBITDA margin (%) 4,5 7,4 8
EBIT adj 106 166 220
EBIT adj margin (%) 4,2 5,7 6,6
Pretax profit 79 151 205
EPS rep 4,21 8,17 11,18
EPS growth (%) -30,7 94,1 36,8
EPS adj 5,07 8,17 11,18
DPS 2 3,27 4,47
EV/EBITDA (x) 16,2 8,6 6,8
EV/EBIT adj (x) 17,7 11,1 8,2
P/E (x) 29,2 15 11
P/E adj (x) 24,3 15 11
EV/sales (x) 0,7 0,6 0,5
FCF yield (%) -1,1 4,6 5,4
Dividend yield (%) 1,6 2,7 3,6
Net IB debt/EBITDA 1,4 0,6 0,3
Lease adj. FCF yield (%) -1,1 4,6 5,4
Lease adj. ND/EBITDA 1 0,4 0,2
SEKm 2021 2022e 2023e
Sales 2561 2894 3354
COGS -2004 -2206 -2549
Gross profit 557 688 804
Other operating items -440 -474 -536
EBITDA 116 214 268
Depreciation on tangibles -28 -29 -30
Depreciation on intangibles 0 0 0
EBITA 95 166 220
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 95 166 220
Other financial items 0 0 0
Net financial items -15 -15 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 79 151 205
Tax -20 -33 -45
Net profit 60 118 160
Minority interest -1 -4 -4
Net profit discontinued 0 0 0
Net profit to shareholders 59 114 156
EPS 4,21 8,17 11,18
EPS Adj 5,07 8,17 11,18
Total extraordinary items after tax -11,9 0 0
Tax rate (%) -24,9 -22 -22
Gross margin (%) 21,7 23,8 24
EBITDA margin (%) 4,5 7,4 8
EBITA margin (%) 3,7 5,7 6,6
EBIT margin (%) 3,7 5,7 6,6
Pretax margin (%) 3,1 5,2 6,1
Net margin (%) 2,3 4,1 4,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 8,6 13 15,9
EBITDA growth (%) 2,2 83,9 25,2
EBIT growth (%) 8,2 75,7 32,5
Net profit growth (%) -22,1 97,8 35,7
EPS growth (%) -30,7 94,1 36,8
Profitability 2021 2022 2023
ROE (%) 12,8 21,9 25,2
ROE Adj (%) 15,4 21,9 25,2
ROCE (%) 12,7 18,8 22,4
ROCE Adj(%) 14,3 18,8 22,4
ROIC (%) 11,3 19,2 23,2
ROIC Adj (%) 12,7 19,2 23,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 128 214 268
EBITDA Adj margin (%) 5 7,4 8
EBITA Adj 106 166 220
EBITA Adj margin (%) 4,2 5,7 6,6
EBIT Adj 106 166 220
EBIT Adj margin (%) 4,2 5,7 6,6
Pretax profit Adj 91 151 205
Net profit Adj 71 118 160
Net profit to shareholders Adj 70 114 156
Net Adj margin (%) 2,8 4,1 4,8
Depreciation and amortisation -22 -48 -48
Of which leasing depreciation 0 0 0
EO items -12 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 128 214 268
EBITDA lease Adj margin (%) 5 7,4 8
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 116 214 268
Net financial items -15 -15 -15
Paid tax -20 -33 -45
Non-cash items 0 0 0
Cash flow before change in WC 81 166 208
Change in WC -37 -67 -92
Operating cash flow 45 98 116
CAPEX tangible fixed assets -18 -20 -23
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -18 78 93
Dividend paid 0 -28 -45
Share issues and buybacks 0 0 0
Other non cash items -9 -33 -45
Decrease in net IB debt 37 85 91
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 90 90 90
Indefinite intangible assets 19 19 19
Definite intangible assets 0 0 0
Tangible fixed assets 13 9 8
Other fixed assets 6 6 6
Fixed assets 163 150 141
Inventories 487 550 637
Receivables 474 535 620
Other current assets 63 71 82
Cash and liquid assets 193 233 265
Total assets 1379 1539 1745
Shareholders equity 473 563 673
Minority 13 13 13
Total equity 486 576 686
Long-term debt 319 319 319
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 366 414 480
Other current liabilities 169 191 221
Total liabilities and equity 1379 1539 1745
Net IB debt 158 119 87
Net IB debt excl. pension debt 158 119 87
Capital invested 651 701 779
Working capital 488 551 639
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1711 1711 1711
Net IB debt Adj 158 119 87
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 1884 1844 1812
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 202,3 198,4 204,3
Capital invested turnover (%) 423,1 433,7 449,1
Capital employed turnover (%) 382,4 352,9 327,4
Inventories / sales (%) 17,6 18,2 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,7 14,1 14
Working capital / sales (%) 18,4 17,9 17,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 32,6 20,6 12,6
Net debt / market cap (%) 11,8 6,9 5,1
Equity ratio (%) 35,2 37,4 39,3
Net IB debt adj. / equity (%) 32,6 20,6 12,6
Current ratio (%) 220,9 224 224
EBITDA / net interest (%) 766 1427,1 1786,9
Net IB debt / EBITDA (%) 135,9 55,4 32,3
Interest cover (%) 621,9 1107,1 1466,9
Lease liability amortisation 0 0 0
Other intangible assets 19 19 19
Right-of-use asset 36 27 18
Total other fixed assets 6 6 6
Leasing liability 33 33 33
Total other long-term liabilities 7 7 7
Net IB debt excl. leasing 126 86 54
Net IB debt / EBITDA lease Adj (%) 97,9 40,2 20,2
SEKm 2021 2022e 2023e
Shares outstanding adj. 14 14 14
Fully diluted shares Adj 14 14 14
EPS 4,21 8,17 11,18
Dividend per share Adj 2 3,3 4,5
EPS Adj 5,07 8,17 11,18
BVPS 34 40,49 48,41
BVPS Adj 27,57 34,06 41,97
Net IB debt / share 11,4 8,5 6,2
Share price 95,98 123 123
Market cap. (m) 1335 1711 1711
Valuation 2021 2022 2023
P/E 29,2 15 11
EV/sales 0,74 0,64 0,54
EV/EBITDA 16,2 8,6 6,8
EV/EBITA 19,9 11,1 8,2
EV/EBIT 19,9 11,1 8,2
Dividend yield (%) 1,6 2,7 3,6
FCF yield (%) -1,1 4,6 5,4
P/BVPS 3,62 3,04 2,54
P/BVPS Adj 4,46 3,61 2,93
P/E Adj 24,3 15 11
EV/EBITDA Adj 14,7 8,6 6,8
EV/EBITA Adj 17,7 11,1 8,2
EV/EBIT Adj 17,7 11,1 8,2
EV/cap. employed 2,3 2 1,7
Investment ratios 2021 2022 2023
Capex / sales 0,7 0,7 0,7
Capex / depreciation 81,9 42,2 48,9
Capex tangibles / tangible fixed assets 141,4 226,8 279,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 172,8 537,4 570,9
Lease adj. FCF yield (%) -1,1 4,6 5,4

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Media

DistIT - Company presentation with CEO Robert Rosenzweig
DistIT - Company presentation with CEO Robert Rosenzweig & CFO Philip Gunnarsson

Main shareholders - DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 21.2 % 21.2 % 31 Dec 2021
Redstone Investment Group SA 12.6 % 12.6 % 24 Nov 2021
Anders Bladh (Ribbskottet AB) 12.2 % 12.2 % 31 Dec 2021
Theodor Jeansson 4.4 % 4.4 % 31 Dec 2021
BI Asset Mgmt Fondsmaeglerselskab A/S 4.1 % 4.1 % 31 Dec 2021
Avanza Pension 4.1 % 4.1 % 31 Dec 2021
Humle Fonder 3.4 % 3.4 % 31 Dec 2021
FE Fonder 2.0 % 2.0 % 31 Dec 2021
Carl Rosvall 1.5 % 1.5 % 31 Dec 2021
Måns Flodberg 1.5 % 1.5 % 31 Dec 2021
Source: Holdings by Modular Finance AB