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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 2438 2524
Sales growth (%) 27,6 7,3 3,5
EBITDA 84 108 123
EBITDA margin (%) 3,7 4,4 4,9
EBIT adj 86 86 100
EBIT adj margin (%) 3,8 3,5 4
Pretax profit 56 72 91
EPS rep 3,27 7,97 5,52
EPS growth (%) -90,6 143,4 -30,8
EPS adj 4,4 4,54 5,52
DPS 1 2 2,15
EV/EBITDA (x) 8,4 6,6 5,6
EV/EBIT adj (x) 8,2 8,2 6,9
P/E (x) 11,1 5,4 7,8
P/E adj (x) 8,3 9,4 7,8
EV/sales (x) 0,3 0,3 0,3
FCF yield (%) 0,5 29,2 9,9
Dividend yield (%) 2,7 4,7 5
Net IB debt/EBITDA 2,8 1,4 1
SEKm 2018 2019e 2020e
Sales 2272 2438 2524
COGS -1779 -1905 -1971
Gross profit 493 533 552
Other operating items -410 -426 -429
EBITDA 84 108 123
Depreciation on tangibles -11 -24 -24
Depreciation on intangibles 0 0 0
EBITA 72 84 100
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 72 84 100
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 72 91
Tax -12 -16 -20
Net profit 44 56 71
Minority interest -4 -3 -3
Net profit discontinued 0 44 0
Net profit to shareholders 40 98 68
EPS 3,27 7,97 5,52
EPS Adj 4,4 4,54 5,52
Total extraordinary items after tax -13,8 -1,9 0
Tax rate (%) -21,6 -21,9 -22
Gross margin (%) 21,7 21,9 21,9
EBITDA margin (%) 3,7 4,4 4,9
EBITA margin (%) 3,2 3,4 4
EBIT margin (%) 3,2 3,4 4
Pretax margin (%) 2,5 3 3,6
Net margin (%) 1,9 2,3 2,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,6 7,3 3,5
EBITDA growth (%) 17,3 28,8 14,7
EBIT growth (%) 22,2 16,4 18,7
Net profit growth (%) 6,3 28,5 26,3
EPS growth (%) -90,6 143,4 -30,8
Profitability 2018 2019 2020
ROE (%) 11,6 24,6 14,7
ROE Adj (%) 15,6 14 14,7
ROCE (%) 10 10,6 12,3
ROCE Adj(%) 11,9 10,8 12,3
ROIC (%) 9,5 10,7 12,4
ROIC Adj (%) 11,3 10,9 12,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 97 109 123
EBITDA Adj margin (%) 4,3 4,5 4,9
EBITA Adj 86 86 100
EBITA Adj margin (%) 3,8 3,5 4
EBIT Adj 86 86 100
EBIT Adj margin (%) 3,8 3,5 4
Pretax profit Adj 70 74 91
Net profit Adj 58 58 71
Net profit to shareholders Adj 54 56 68
Net Adj margin (%) 2,5 2,4 2,8
SEKm 2018 2019e 2020e
EBITDA 84 108 123
Net financial items -16 -12 -8
Paid tax -12 -16 -20
Non-cash items 0 0 0
Cash flow before change in WC 55 80 95
Change in WC -14 -16 -26
Operating cash flow 70 117 65
CAPEX tangible fixed assets -9 -12 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -59 48 0
Free cash flow 2 154 52
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Other non cash items -8 -63 0
Decrease in net IB debt -5 78 28
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 135 127 118
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 49 52 49
Other fixed assets 10 10 10
Fixed assets 194 189 178
Inventories 488 497 537
Receivables 486 492 510
Other current assets 0 0 0
Cash and liquid assets 178 184 191
Total assets 1345 1361 1416
Shareholders equity 355 441 481
Minority 20 23 26
Total equity 375 463 507
Long-term debt 411 339 319
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 559 559 591
Other current liabilities 0 0 0
Total liabilities and equity 1010 1109 1345
Net IB debt 233 155 128
Net IB debt excl. pension debt 233 155 128
Capital invested 608 619 634
Working capital 414 430 456
EV breakdown 2018 2019 2020
Market cap. diluted (m) 447 527 527
Net IB debt Adj 233 155 128
Market value of minority 24 27 31
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 704 709 686
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 185,1 180,2 181,7
Capital invested turnover (%) 381,7 397,5 402,8
Capital employed turnover (%) 314,4 307 310,1
Inventories / sales (%) 19,6 20,2 20,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,2 22,9 22,8
Working capital / sales (%) 17,9 17,3 17,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 62,2 33,5 25,2
Net debt / market cap (%) 48,7 29,5 24,2
Equity ratio (%) 27,9 34 35,8
Net IB debt adj. / equity (%) 62,2 33,5 25,2
Current ratio (%) 205,8 209,7 209,6
EBITDA / net interest (%) 515,4 906,5 1456,4
Net IB debt / EBITDA (%) 279,4 144,3 103,4
Interest cover (%) 445,7 708,5 1177,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 3,27 7,97 5,52
Dividend per share Adj 1 2 2,1
EPS Adj 4,4 4,54 5,52
BVPS 28,89 35,91 39,14
BVPS Adj 17,89 25,6 29,5
Net IB debt / share 19 12,6 10,4
Share price 39,02 42,9 42,9
Market cap. (m) 479 527 527
Valuation 2018 2019 2020
P/E 11,1 5,4 7,8
EV/sales 0,31 0,29 0,27
EV/EBITDA 8,4 6,6 5,6
EV/EBITA 9,8 8,4 6,9
EV/EBIT 9,8 8,4 6,9
Dividend yield (%) 2,7 4,7 5
FCF yield (%) 0,5 29,2 9,9
P/BVPS 1,26 1,19 1,1
P/BVPS Adj 2,03 1,68 1,45
P/E Adj 8,3 9,4 7,8
EV/EBITDA Adj 7,2 6,5 5,6
EV/EBITA Adj 8,2 8,2 6,9
EV/EBIT Adj 8,2 8,2 6,9
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 0,4 0,5 0,5
Capex / depreciation 82,3 51,1 53,5
Capex tangibles / tangible fixed assets 19,1 23 25,5
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 45 47,7

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 % 30 Jun 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
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
Charlotte Gaarn Hansson + 794 BUY 26 Apr 2019
Erik Bech-Jansen + 7 500 BUY 25 Apr 2019
Anders Bladh + 11 632 BUY 25 Apr 2019
Stefan Charette + 116 023 BUY 25 Apr 2019

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