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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 2358 2473 2621
Sales growth (%) 1,2 4,9 6
EBITDA 114 143 177
EBITDA margin (%) 4,8 5,8 6,7
EBIT adj 87 117 149
EBIT adj margin (%) 3,7 4,7 5,7
Pretax profit 87 106 137
EPS rep 6,07 6,73 8,35
EPS growth (%) 91,3 10,8 24,1
EPS adj 6,07 6,73 8,35
DPS 0 2 1,25
EV/EBITDA (x) 6,5 7,7 5,8
EV/EBIT adj (x) 8,5 9,4 6,9
P/E (x) 7,8 12,2 9,8
P/E adj (x) 7,8 12,2 9,8
EV/sales (x) 0,3 0,4 0,4
FCF yield (%) 13,7 8,5 8,8
Dividend yield (%) 0 2,4 1,5
Net IB debt/EBITDA 1,3 0,6 0,1
Lease adj. FCF yield (%) 13,7 8,5 8,8
Lease adj. ND/EBITDA 1 0,4 0
SEKm 2020 2021e 2022e
Sales 2358 2473 2621
COGS -1839 -1915 -2009
Gross profit 519 558 612
Other operating items -405 -415 -435
EBITDA 114 143 177
Depreciation on tangibles -27 -28 -29
Depreciation on intangibles 0 0 0
EBITA 87 117 149
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 87 117 149
Other financial items 0 0 0
Net financial items 0 -11 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 87 106 137
Tax -11 -22 -30
Net profit 76 84 107
Minority interest -2 -1 -4
Net profit discontinued 0 0 0
Net profit to shareholders 75 83 103
EPS 6,07 6,73 8,35
EPS Adj 6,07 6,73 8,35
Total extraordinary items after tax 0 0 0
Tax rate (%) -12,5 -20,7 -22
Gross margin (%) 22 22,6 23,3
EBITDA margin (%) 4,8 5,8 6,7
EBITA margin (%) 3,7 4,7 5,7
EBIT margin (%) 3,7 4,7 5,7
Pretax margin (%) 3,7 4,3 5,2
Net margin (%) 3,2 3,4 4,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 1,2 4,9 6
EBITDA growth (%) 52,7 25,9 23,1
EBIT growth (%) 439,4 33,9 27
Net profit growth (%) 2933 9,8 26,8
EPS growth (%) 91,3 10,8 24,1
Profitability 2020 2021 2022
ROE (%) 17,8 17,5 18,9
ROE Adj (%) 17,8 17,5 18,9
ROCE (%) 13,4 17,2 19,7
ROCE Adj(%) 13,4 17,2 19,7
ROIC (%) 12,2 15,4 19
ROIC Adj (%) 12,2 15,4 19
Adj earnings numbers 2020 2021 2022
EBITDA Adj 114 143 177
EBITDA Adj margin (%) 4,8 5,8 6,7
EBITA Adj 87 117 149
EBITA Adj margin (%) 3,7 4,7 5,7
EBIT Adj 87 117 149
EBIT Adj margin (%) 3,7 4,7 5,7
Pretax profit Adj 87 106 137
Net profit Adj 76 84 107
Net profit to shareholders Adj 75 83 103
Net Adj margin (%) 3,2 3,4 4,1
Depreciation and amortisation -27 -26 -28
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 114 143 177
EBITDA lease Adj margin (%) 4,8 5,8 6,7
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 114 143 177
Net financial items 0 -11 -12
Paid tax -11 -22 -30
Non-cash items 0 0 0
Cash flow before change in WC 103 110 135
Change in WC -12 -7 -31
Operating cash flow 91 103 104
CAPEX tangible fixed assets -11 -17 -16
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 80 86 88
Dividend paid -12 0 -25
Share issues and buybacks 0 0 0
Other non cash items 1 -31 -2
Decrease in net IB debt 105 37 85
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 90 90 90
Indefinite intangible assets 19 19 19
Definite intangible assets 0 0 0
Tangible fixed assets 6 -3 -16
Other fixed assets 6 6 6
Fixed assets 152 143 131
Inventories 431 457 485
Receivables 458 457 485
Other current assets 58 60 64
Cash and liquid assets 54 115 188
Total assets 1153 1233 1352
Shareholders equity 442 500 587
Minority 13 13 13
Total equity 455 513 600
Long-term debt 166 179 180
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 337 354 375
Other current liabilities 156 163 173
Total liabilities and equity 1153 1233 1352
Net IB debt 144 82 10
Net IB debt excl. pension debt 144 82 10
Capital invested 606 601 617
Working capital 454 458 486
EV breakdown 2020 2021 2022
Market cap. diluted (m) 582 1005 1005
Net IB debt Adj 144 82 10
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 742 1101 1029
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 211,6 207,3 202,8
Capital invested turnover (%) 375,6 423,1 433,7
Capital employed turnover (%) 365,4 382,4 352,9
Inventories / sales (%) 18,3 17,6 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,1 13,7 14,1
Working capital / sales (%) 19,8 18,5 18
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 31,8 15,9 1,6
Net debt / market cap (%) 31,1 8,1 1
Equity ratio (%) 39,5 41,6 44,4
Net IB debt adj. / equity (%) 31,8 15,9 1,6
Current ratio (%) 197 210,9 223
EBITDA / net interest (%) 0 1303,9 1471,7
Net IB debt / EBITDA (%) 126,8 56,9 5,5
Interest cover (%) 0 1063,7 1238,4
Lease liability amortisation 0 0 0
Other intangible assets 19 19 19
Right-of-use asset 32 32 32
Total other fixed assets 6 6 6
Leasing liability 33 17 17
Total other long-term liabilities 7 7 7
Net IB debt excl. leasing 112 64 -8
Net IB debt / EBITDA lease Adj (%) 98,3 44,7 -4,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 6,07 6,73 8,35
Dividend per share Adj 0 2 1,3
EPS Adj 6,07 6,73 8,35
BVPS 36 40,73 47,83
BVPS Adj 28,72 33,44 40,54
Net IB debt / share 11,8 6,6 0,8
Share price 37,76 81,8 81,8
Market cap. (m) 464 1005 1005
Valuation 2020 2021 2022
P/E 7,8 12,2 9,8
EV/sales 0,31 0,45 0,39
EV/EBITDA 6,5 7,7 5,8
EV/EBITA 8,5 9,4 6,9
EV/EBIT 8,5 9,4 6,9
Dividend yield (%) 0 2,4 1,5
FCF yield (%) 13,7 8,5 8,8
P/BVPS 1,32 2,01 1,71
P/BVPS Adj 1,65 2,45 2,02
P/E Adj 7,8 12,2 9,8
EV/EBITDA Adj 6,5 7,7 5,8
EV/EBITA Adj 8,5 9,4 6,9
EV/EBIT Adj 8,5 9,4 6,9
EV/cap. employed 1,1 1,6 1,3
Investment ratios 2020 2021 2022
Capex / sales 0,4 0,7 0,6
Capex / depreciation 40 65,5 56,2
Capex tangibles / tangible fixed assets 186 -506,7 -100,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 464,9 -773,5 -178,5
Lease adj. FCF yield (%) 13,7 8,5 8,8

Equity research

Read earlier research

Media

DistIT - Company presentation with CEO Robert Rosenzweig & CFO Philip Gunnarsson
DistIT - Interview with CEO Robert Rosenzweig (in Swedish)

Main shareholders - DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 26.1 % 26.1 % 31 Mar 2021
Anders Bladh 14.0 % 14.0 % 31 Mar 2021
Avanza Pension 5.7 % 5.7 % 31 Mar 2021
Theodor Jeansson 5.3 % 5.3 % 31 Mar 2021
Humle Fonder 4.1 % 4.1 % 30 Apr 2021
Carl Rosvall 2.9 % 2.9 % 31 Mar 2021
FE Fonder 2.3 % 2.3 % 30 Apr 2021
Nordnet Pensionsförsäkring 1.7 % 1.7 % 31 Mar 2021
Måns Flodberg 1.6 % 1.6 % 31 Mar 2021
Jonas Mårtensson 1.6 % 1.6 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
Martin Gutberg + 7 400 BUY 11 May 2021
Martin Gutberg + 2 460 BUY 11 May 2021
Martin Gutberg + 40 BUY 10 May 2021
Philip Gunnarsson + 750 BUY 7 May 2021
Philip Gunnarsson + 3 000 BUY 6 May 2021
Philip Gunnarsson + 5 000 BUY 5 May 2021
Johan Ramskov + 5 000 SUBS 18 Mar 2021
Niklas Carl Ulrich + 2 153 BUY 12 Mar 2021
Niklas Carl Ulrich + 2 BUY 12 Mar 2021
Johan Ramskov + 1 200 SUBS 11 Mar 2021

Show More