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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 2018 2019e 2020e
Sales 2272 2447 2548
Sales growth (%) 27,6 7,7 4,2
EBITDA 84 83 129
EBITDA margin (%) 3,7 3,4 5,1
EBIT adj 86 97 119
EBIT adj margin (%) 3,8 4 4,7
Pretax profit 56 61 111
EPS rep 3,27 7,1 6,75
EPS growth (%) 10,2 116,8 -4,9
EPS adj 4,4 5,55 6,75
DPS 1 2 2,15
EV/EBITDA (x) 8,4 7,9 4,9
EV/EBIT adj (x) 8,2 6,8 5,3
P/E (x) 11,1 5,5 5,8
P/E adj (x) 8,3 7,1 5,8
EV/sales (x) 0,3 0,3 0,2
FCF yield (%) 0,5 30,6 11,5
Dividend yield (%) 2,7 5,1 5,5
Net IB debt/EBITDA 2,8 1,8 0,9
SEKm 2018 2019e 2020e
Sales 2272 2447 2548
COGS -1779 -1904 -1979
Gross profit 493 543 569
Other operating items -410 -460 -440
EBITDA 84 83 129
Depreciation on tangibles -11 -11 -11
Depreciation on intangibles 0 0 0
EBITA 72 72 119
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 72 72 119
Other financial items 0 0 0
Net financial items -16 -12 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 56 61 111
Tax -12 -14 -24
Net profit 44 46 87
Minority interest -4 -3 -4
Net profit discontinued 0 44 0
Net profit to shareholders 40 87 83
EPS 3,27 7,1 6,75
EPS Adj 4,4 5,55 6,75
Total extraordinary items after tax -13,8 -25 0
Tax rate (%) -21,6 -23,7 -22
Gross margin (%) 21,7 22,2 22,3
EBITDA margin (%) 3,7 3,4 5,1
EBITA margin (%) 3,2 2,9 4,7
EBIT margin (%) 3,2 2,9 4,7
Pretax margin (%) 2,5 2,5 4,4
Net margin (%) 1,9 1,9 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,6 7,7 4,2
EBITDA growth (%) 17,3 -1,1 56,6
EBIT growth (%) 22,2 -0,1 64,9
Net profit growth (%) 6,3 5,2 88,1
EPS growth (%) 10,2 116,8 -4,9
Profitability 2018 2019 2020
ROE (%) 11,6 22,1 18
ROE Adj (%) 15,6 17,3 18
ROCE (%) 10 9,3 15,3
ROCE Adj(%) 11,9 12,6 15,3
ROIC (%) 8,4 8 12,4
ROIC Adj (%) 10 10,7 12,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 97 108 129
EBITDA Adj margin (%) 4,3 4,4 5,1
EBITA Adj 86 97 119
EBITA Adj margin (%) 3,8 4 4,7
EBIT Adj 86 97 119
EBIT Adj margin (%) 3,8 4 4,7
Pretax profit Adj 70 86 111
Net profit Adj 58 71 87
Net profit to shareholders Adj 54 68 83
Net Adj margin (%) 2,5 2,9 3,4
SEKm 2018 2019e 2020e
EBITDA 84 83 129
Net financial items -16 -12 -8
Paid tax -12 -14 -24
Non-cash items 0 0 0
Cash flow before change in WC 55 57 97
Change in WC -13 -31 -103
Operating cash flow 70 136 68
CAPEX tangible fixed assets -38 -37 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -30 48 0
Free cash flow 2 147 55
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Other non cash items -27 -75 -45
Decrease in net IB debt -5 86 31
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 135 141 143
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 49 16 17
Other fixed assets 10 10 10
Fixed assets 194 167 169
Inventories 488 503 542
Receivables 434 430 479
Other current assets 52 68 36
Cash and liquid assets 178 155 166
Total assets 1345 1324 1392
Shareholders equity 355 433 487
Minority 20 23 27
Total equity 375 456 514
Long-term debt 411 302 282
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 427 408 392
Other current liabilities 132 159 204
Total liabilities and equity 1010 1109 1345
Net IB debt 233 147 116
Net IB debt excl. pension debt 233 147 116
Capital invested 689 693 798
Working capital 494 526 629
EV breakdown 2018 2019 2020
Market cap. diluted (m) 447 481 481
Net IB debt Adj 233 147 116
Market value of minority 24 28 32
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 704 656 630
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,1 183,4 187,7
Capital invested turnover (%) 335,7 354,2 341,8
Capital employed turnover (%) 314,4 317 328,1
Inventories / sales (%) 19,6 20,2 20,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 17,1 15,7
Working capital / sales (%) 21,5 20,9 22,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 62,2 32,2 22,6
Net debt / market cap (%) 48,7 30,5 24,1
Equity ratio (%) 27,9 34,4 36,9
Net IB debt adj. / equity (%) 62,2 32,2 22,6
Current ratio (%) 205,8 204,3 205,1
EBITDA / net interest (%) 515,4 712,2 1713,8
Net IB debt / EBITDA (%) 279,4 177,8 89,8
Interest cover (%) 445,7 621,7 1574,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,27 7,1 6,75
Dividend per share Adj 1 2 2,1
EPS Adj 4,4 5,55 6,75
BVPS 28,89 35,22 39,64
BVPS Adj 17,89 23,74 28,03
Net IB debt / share 19 12 9,5
Share price 39,02 39,2 39,2
Market cap. (m) 479 481 481
Valuation 2018 2019 2020
P/E 11,1 5,5 5,8
EV/sales 0,31 0,27 0,25
EV/EBITDA 8,4 7,9 4,9
EV/EBITA 9,8 9,1 5,3
EV/EBIT 9,8 9,1 5,3
Dividend yield (%) 2,7 5,1 5,5
FCF yield (%) 0,5 30,6 11,5
P/BVPS 1,26 1,11 0,99
P/BVPS Adj 2,03 1,65 1,4
P/E Adj 8,3 7,1 5,8
EV/EBITDA Adj 7,2 6,1 4,9
EV/EBITA Adj 8,2 6,8 5,3
EV/EBIT Adj 8,2 6,8 5,3
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 1,7 1,5 0,5
Capex / depreciation 334,5 353,3 121,3
Capex tangibles / tangible fixed assets 77,5 226,9 75,3
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 23,2 64,2 62,1

Equity research

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Media

DistIT - Interview with CEO Robert Rosenzweig (in Swedish)
DistIT - Company presentation with CEO Robert Rosenzweig (in Swedish)

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Main shareholders

DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 15.0 % 15.0 % 25 Apr 2019
Avanza Pension 13.9 % 13.9 % 30 Jun 2019
Anders Bladh 13.3 % 13.3 % 23 May 2019
Humle Fonder 6.9 % 6.9 % 31 Aug 2019
Theodor Jeansson 6.6 % 6.6 % 30 Jun 2019
Carl Rosvall 2.9 % 2.9 % 30 Jun 2019
Kristoffer Jeansson 2.0 % 2.0 % 30 Jun 2019
Nordnet Pensionsförsäkring 1.7 % 1.7 % 30 Jun 2019
United Computer Systems in Scandinavia AB 1.7 % 1.7 % 30 Jun 2019
Siamak Alian 1.7 % 1.7 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

DistIT

Name Quantity Code Date
Stefan Charette - 465 466 SELL 26 Aug 2019
Stefan Charette - 645 664 SELL 26 Aug 2019
Stefan Charette +1 111 130 BUY 26 Aug 2019
Robert Erik Rosenzweig + 15 000 BUY 19 Aug 2019
Erik Bech-Jansen + 2 500 BUY 23 May 2019
Anders Bladh - 83 502 SELL 23 May 2019
Robert Erik Rosenzweig + 5 000 BUY 8 May 2019
Erik Bech-Jansen + 2 500 BUY 30 Apr 2019
Robert Erik Rosenzweig + 10 314 BUY 26 Apr 2019
Charlotte Gaarn Hansson + 794 BUY 26 Apr 2019

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