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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 2390 2488
Sales growth (%) 2,6 2,6 4,1
EBITDA 75 112 133
EBITDA margin (%) 3,2 4,7 5,3
EBIT adj 73 100 121
EBIT adj margin (%) 3,1 4,2 4,8
Pretax profit 4 94 112
EPS rep 3,17 5,6 6,83
EPS growth (%) -3,2 76,8 21,9
EPS adj 4,14 5,6 6,83
DPS 1 1,25 1,25
EV/EBITDA (x) 10,1 5 4,4
EV/EBIT adj (x) 10,4 5,6 4,9
P/E (x) 13,1 5,4 4,4
P/E adj (x) 10 5,4 4,4
EV/sales (x) 0,3 0,2 0,2
FCF yield (%) -5,4 15,7 41
Dividend yield (%) 2,4 4,2 4,2
Net IB debt/EBITDA 3,1 1,6 1,5
SEKm 2019 2020e 2021e
Sales 2330 2390 2488
COGS -1823 -1867 -1943
Gross profit 507 523 545
Other operating items -433 -410 -413
EBITDA 75 112 133
Depreciation on tangibles -58 -12 -12
Depreciation on intangibles 0 0 0
EBITA 16 100 121
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 16 100 121
Other financial items 0 0 0
Net financial items -12 -6 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 4 94 112
Tax -7 -21 -25
Net profit -3 73 88
Minority interest -3 -5 -4
Net profit discontinued 45 0 0
Net profit to shareholders 39 69 84
EPS 3,17 5,6 6,83
EPS Adj 4,14 5,6 6,83
Total extraordinary items after tax -56,5 0 0
Tax rate (%) -171,8 -22 -22
Gross margin (%) 21,8 21,9 21,9
EBITDA margin (%) 3,2 4,7 5,3
EBITA margin (%) 0,7 4,2 4,8
EBIT margin (%) 0,7 4,2 4,8
Pretax margin (%) 0,2 3,9 4,5
Net margin (%) -0,1 3,1 3,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 2,6 2,6 4,1
EBITDA growth (%) -10,7 50,3 18,4
EBIT growth (%) -77,6 517,9 20,5
Net profit growth (%) -106,4 2721,1 19,3
EPS growth (%) -3,2 76,8 21,9
Profitability 2019 2020 2021
ROE (%) 10,2 16 16,6
ROE Adj (%) 13,4 16 16,6
ROCE (%) 2,2 14,4 15,7
ROCE Adj(%) 10,1 14,4 15,7
ROIC (%) -1,9 12,1 13,3
ROIC Adj (%) -8,4 12,1 13,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 131 112 133
EBITDA Adj margin (%) 5,6 4,7 5,3
EBITA Adj 73 100 121
EBITA Adj margin (%) 3,1 4,2 4,8
EBIT Adj 73 100 121
EBIT Adj margin (%) 3,1 4,2 4,8
Pretax profit Adj 60 94 112
Net profit Adj 54 73 88
Net profit to shareholders Adj 51 69 84
Net Adj margin (%) 2,3 3,1 3,5
SEKm 2019 2020e 2021e
EBITDA 75 112 133
Net financial items -12 -6 -8
Paid tax -7 -21 -25
Non-cash items 0 0 0
Cash flow before change in WC 56 85 100
Change in WC -64 -8 -106
Operating cash flow -10 87 189
CAPEX tangible fixed assets -18 -29 -37
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -27 58 151
Dividend paid -12 -12 -15
Share issues and buybacks 0 0 0
Other non cash items 30 3 -170
Decrease in net IB debt -9 56 -28
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 90 90 90
Indefinite intangible assets 24 24 24
Definite intangible assets 0 0 0
Tangible fixed assets 6 10 17
Other fixed assets 10 10 10
Fixed assets 172 176 182
Inventories 432 443 547
Receivables 413 423 441
Other current assets 49 50 52
Cash and liquid assets 11 67 38
Total assets 1077 1160 1261
Shareholders equity 395 464 548
Minority 12 11 11
Total equity 408 476 559
Long-term debt 211 211 211
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 283 290 302
Other current liabilities 133 141 147
Total liabilities and equity 1077 1160 1261
Net IB debt 232 176 204
Net IB debt excl. pension debt 232 176 204
Capital invested 639 651 764
Working capital 478 485 591
EV breakdown 2019 2020 2021
Market cap. diluted (m) 510 368 368
Net IB debt Adj 232 176 204
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 756 558 586
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 192,4 213,7 205,6
Capital invested turnover (%) 376,7 370,3 351,7
Capital employed turnover (%) 322,2 344,2 323
Inventories / sales (%) 19,7 18,3 19,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,2 12 11,9
Working capital / sales (%) 19,1 20,1 21,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 56,9 37 36,5
Net debt / market cap (%) 46 47,7 55,4
Equity ratio (%) 37,9 41 44,4
Net IB debt adj. / equity (%) 56,9 37 36,5
Current ratio (%) 217,3 228 240,3
EBITDA / net interest (%) 606,5 1862,9 1584,3
Net IB debt / EBITDA (%) 310,9 156,9 153,8
Interest cover (%) 131,7 1663,5 1439,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,17 5,6 6,83
Dividend per share Adj 1 1,3 1,3
EPS Adj 4,14 5,6 6,83
BVPS 32,19 37,79 44,62
BVPS Adj 24,88 30,48 37,31
Net IB debt / share 18,9 14,3 16,6
Share price 41,06 30 30
Market cap. (m) 504 368 368
Valuation 2019 2020 2021
P/E 13,1 5,4 4,4
EV/sales 0,32 0,23 0,24
EV/EBITDA 10,1 5 4,4
EV/EBITA 46,7 5,6 4,9
EV/EBIT 46,7 5,6 4,9
Dividend yield (%) 2,4 4,2 4,2
FCF yield (%) -5,4 15,7 41
P/BVPS 1,29 0,79 0,67
P/BVPS Adj 1,67 0,98 0,8
P/E Adj 10 5,4 4,4
EV/EBITDA Adj 5,8 5 4,4
EV/EBITA Adj 10,4 5,6 4,9
EV/EBIT Adj 10,4 5,6 4,9
EV/cap. employed 1,1 0,8 0,7
Investment ratios 2019 2020 2021
Capex / sales 0,8 1,2 1,5
Capex / depreciation 30 239 308,4
Capex tangibles / tangible fixed assets 282,3 276,6 223,8
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 941,9 115,7 72,6

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 22.3 % 22.3 % 24 Feb 2020
Anders Bladh 13.3 % 13.3 % 23 May 2019
Avanza Pension 11.0 % 11.0 % 31 Dec 2019
Humle Fonder 6.9 % 6.9 % 29 Feb 2020
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
Stefan Charette + 232 BUY 24 Feb 2020
Stefan Charette + 67 996 BUY 24 Feb 2020
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

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