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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 2174 2430
Sales growth (%) 2,6 -6,7 11,8
EBITDA 75 72 123
EBITDA margin (%) 3,2 3,3 5,1
EBIT adj 73 58 110
EBIT adj margin (%) 3,1 2,7 4,5
Pretax profit 4 43 100
EPS rep 3,18 2,53 6,14
EPS growth (%) -4 -20,2 142,1
EPS adj 4,15 2,53 6,14
DPS 0 1,25 1,25
EV/EBITDA (x) 10,2 9,2 5,1
EV/EBIT adj (x) 10,4 11,5 5,7
P/E (x) 13,1 14,6 6
P/E adj (x) 10 14,6 6
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 6,1 9,3 11,1
Dividend yield (%) 0 3,4 3,4
Net IB debt/EBITDA 3,1 2,8 1,2
SEKm 2019 2020e 2021e
Sales 2330 2174 2430
COGS -1823 -1721 -1917
Gross profit 507 452 513
Other operating items -433 -380 -390
EBITDA 75 72 123
Depreciation on tangibles -58 -14 -13
Depreciation on intangibles 0 0 0
EBITA 16 58 110
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 58 110
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 43 100
Tax -7 -9 -22
Net profit -3 33 78
Minority interest -3 -2 -3
Net profit discontinued 45 0 0
Net profit to shareholders 39 31 75
EPS 3,18 2,53 6,14
EPS Adj 4,15 2,53 6,14
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -167,5 -22 -22
Gross margin (%) 21,8 20,8 21,1
EBITDA margin (%) 3,2 3,3 5,1
EBITA margin (%) 0,7 2,7 4,5
EBIT margin (%) 0,7 2,7 4,5
Pretax margin (%) 0,2 2 4,1
Net margin (%) -0,1 1,5 3,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 -6,7 11,8
EBITDA growth (%) -11 -2,9 69,5
EBIT growth (%) -77,7 259,2 88,9
Net profit growth (%) -106,1 1330,7 134,5
EPS growth (%) -4 -20,2 142,1
Profitability 2019 2020 2021
ROE (%) 10,3 7,5 16,3
ROE Adj (%) 13,4 7,5 16,3
ROCE (%) 3,1 8,7 15,3
ROCE Adj(%) 11 8,7 15,3
ROIC (%) -1,7 7 13,2
ROIC Adj (%) -7,8 7 13,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 131 72 123
EBITDA Adj margin (%) 5,6 3,3 5,1
EBITA Adj 73 58 110
EBITA Adj margin (%) 3,1 2,7 4,5
EBIT Adj 73 58 110
EBIT Adj margin (%) 3,1 2,7 4,5
Pretax profit Adj 61 43 100
Net profit Adj 54 33 78
Net profit to shareholders Adj 51 31 75
Net Adj margin (%) 2,3 1,5 3,2
SEKm 2019 2020e 2021e
EBITDA 75 72 123
Net financial items -12 -16 -10
Paid tax -7 -9 -22
Non-cash items 0 0 0
Cash flow before change in WC 56 47 91
Change in WC -55 11 -6
Operating cash flow -10 71 87
CAPEX tangible fixed assets -18 -29 -36
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 58 0 0
Free cash flow 31 42 51
Dividend paid -12 0 -15
Share issues and buybacks 0 0 0
Other non cash items -28 4 -3
Decrease in net IB debt -1 34 48
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 90 92 92
Indefinite intangible assets 24 26 26
Definite intangible assets 0 0 0
Tangible fixed assets 6 9 15
Other fixed assets 10 10 10
Fixed assets 172 178 184
Inventories 432 413 449
Receivables 413 413 437
Other current assets 49 51 57
Cash and liquid assets 11 43 91
Total assets 1077 1098 1219
Shareholders equity 395 432 492
Minority 12 11 11
Total equity 408 443 503
Long-term debt 204 203 203
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 0 0
Short-term debt 0 0 0
Accounts payable 283 283 328
Other current liabilities 133 128 143
Total liabilities and equity 1077 1098 1219
Net IB debt 235 201 153
Net IB debt excl. pension debt 235 201 153
Capital invested 650 644 656
Working capital 478 466 473
EV breakdown 2019 2020 2021
Market cap. diluted (m) 510 454 454
Net IB debt Adj 235 201 153
Market value of minority 15 14 14
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 759 669 621
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 192,4 199,9 209,7
Capital invested turnover (%) 368 336 373,6
Capital employed turnover (%) 323,9 324,3 338,6
Inventories / sales (%) 19,7 19,4 17,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 13 12,6
Working capital / sales (%) 19,3 21,7 19,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,6 45,3 30,4
Net debt / market cap (%) 46,5 44,2 33,7
Equity ratio (%) 37,9 40,4 41,3
Net IB debt adj. / equity (%) 57,6 45,3 30,4
Current ratio (%) 217,3 224,1 219,6
EBITDA / net interest (%) 611,5 464,2 1227,1
Net IB debt / EBITDA (%) 314,6 277,5 124,8
Interest cover (%) 121,5 373 1099,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,18 2,53 6,14
Dividend per share Adj 0 1,3 1,3
EPS Adj 4,15 2,53 6,14
BVPS 32,19 35,16 40,05
BVPS Adj 24,88 27,66 32,55
Net IB debt / share 19,1 16,4 12,5
Share price 41,06 37 37
Market cap. (m) 504 454 454
Valuation 2019 2020 2021
P/E 13,1 14,6 6
EV/sales 0,33 0,31 0,26
EV/EBITDA 10,2 9,2 5,1
EV/EBITA 46,8 11,5 5,7
EV/EBIT 46,8 11,5 5,7
Dividend yield (%) 0 3,4 3,4
FCF yield (%) 6,1 9,3 11,1
P/BVPS 1,29 1,05 0,92
P/BVPS Adj 1,67 1,34 1,14
P/E Adj 10 14,6 6
EV/EBITDA Adj 5,8 9,2 5,1
EV/EBITA Adj 10,4 11,5 5,7
EV/EBIT Adj 10,4 11,5 5,7
EV/cap. employed 1,2 1 0,8
Investment ratios 2019 2020 2021
Capex / sales 0,8 1,3 1,5
Capex / depreciation 30,1 203,2 284,7
Capex tangibles / tangible fixed assets 283,5 317,8 242,9
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 941,9 156,4 85,3

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 11.3 % 11.3 % 31 Mar 2020
Humle Fonder 6.9 % 6.9 % 31 May 2020
Theodor Jeansson 4.1 % 4.1 % 31 Mar 2020
Carl Rosvall 2.9 % 2.9 % 31 Mar 2020
Hotel Riddargatan AB 2.3 % 2.3 % 31 Mar 2020
Måns Flodberg 1.7 % 1.7 % 31 Mar 2020
Jonas Mårtensson 1.6 % 1.6 % 31 Mar 2020
Kristoffer Jeansson 1.6 % 1.6 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
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
Claes Eriksson + 37 458 SUBS 2 Jun 2020
Johan Ramskov + 41 953 SUBS 1 Jun 2020

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