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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 2020 2021e 2022e
Sales 2358 2587 2677
Sales growth (%) 1,2 9,7 3,5
EBITDA 114 157 176
EBITDA margin (%) 4,8 6,1 6,6
EBIT adj 87 129 147
EBIT adj margin (%) 3,7 5 5,5
Pretax profit 87 115 135
EPS rep 6,07 7,1 8,22
EPS growth (%) 91,3 16,9 15,8
EPS adj 6,07 7,1 8,22
DPS 0 2 1,25
EV/EBITDA (x) 6,4 5,8 4,7
EV/EBIT adj (x) 8,3 7,1 5,7
P/E (x) 7,8 9,3 8
P/E adj (x) 7,8 9,3 8
EV/sales (x) 0,3 0,4 0,3
FCF yield (%) 13,7 9,4 12,5
Dividend yield (%) 0 3 1,9
Net IB debt/EBITDA 1,1 0,6 0
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 2358 2587 2677
COGS -1839 -2003 -2084
Gross profit 519 583 594
Other operating items -405 -426 -418
EBITDA 114 157 176
Depreciation on tangibles -27 -28 -29
Depreciation on intangibles 0 0 0
EBITA 87 129 147
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 87 129 147
Other financial items 0 0 0
Net financial items 0 -14 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 87 115 135
Tax -11 -25 -30
Net profit 76 90 105
Minority interest -2 -3 -4
Net profit discontinued 0 0 0
Net profit to shareholders 75 87 101
EPS 6,07 7,1 8,22
EPS Adj 6,07 7,1 8,22
Total extraordinary items after tax 0 0 0
Tax rate (%) -12,5 -22 -22
Gross margin (%) 22 22,6 22,2
EBITDA margin (%) 4,8 6,1 6,6
EBITA margin (%) 3,7 5 5,5
EBIT margin (%) 3,7 5 5,5
Pretax margin (%) 3,7 4,5 5
Net margin (%) 3,2 3,5 3,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 1,2 9,7 3,5
EBITDA growth (%) 52,7 38,2 11,7
EBIT growth (%) 439,4 48 13,4
Net profit growth (%) 2933 17,6 16,8
EPS growth (%) 91,3 16,9 15,8
Profitability 2020 2021 2022
ROE (%) 17,8 18,4 18,4
ROE Adj (%) 17,8 18,4 18,4
ROCE (%) 13,5 19,1 19,3
ROCE Adj(%) 13,5 19,1 19,3
ROIC (%) 12,2 16,5 18,5
ROIC Adj (%) 12,2 16,5 18,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 114 157 176
EBITDA Adj margin (%) 4,8 6,1 6,6
EBITA Adj 87 129 147
EBITA Adj margin (%) 3,7 5 5,5
EBIT Adj 87 129 147
EBIT Adj margin (%) 3,7 5 5,5
Pretax profit Adj 87 115 135
Net profit Adj 76 90 105
Net profit to shareholders Adj 75 87 101
Net Adj margin (%) 3,2 3,5 3,9
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 114 157 176
Net financial items 0 -14 -12
Paid tax -11 -25 -30
Non-cash items 0 0 0
Cash flow before change in WC 103 118 134
Change in WC -12 -29 -20
Operating cash flow 91 89 114
CAPEX tangible fixed assets -11 -13 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 80 76 101
Dividend paid -12 0 -25
Share issues and buybacks 0 0 0
Other non cash items 16 -55 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 -9 -25
Other fixed assets 6 6 6
Fixed assets 152 137 121
Inventories 431 479 495
Receivables 458 479 495
Other current assets 58 63 65
Cash and liquid assets 54 106 191
Total assets 1153 1263 1369
Shareholders equity 442 505 590
Minority 13 13 13
Total equity 455 517 603
Long-term debt 166 180 182
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 337 370 383
Other current liabilities 156 171 177
Total liabilities and equity 1138 1263 1369
Net IB debt 129 92 8
Net IB debt excl. pension debt 129 92 8
Capital invested 606 617 618
Working capital 454 480 496
EV breakdown 2020 2021 2022
Market cap. diluted (m) 582 811 811
Net IB debt Adj 129 92 8
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 727 918 833
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 211,6 214,2 203,5
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 18,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 28,4 17,8 1,3
Net debt / market cap (%) 27,9 11,4 1
Equity ratio (%) 39,5 41 44,1
Net IB debt adj. / equity (%) 28,4 17,8 1,3
Current ratio (%) 203 208,2 222,9
EBITDA / net interest (%) 0 1124 1464,5
Net IB debt / EBITDA (%) 113,5 58,6 4,4
Interest cover (%) 0 924 1222,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 6,07 7,1 8,22
Dividend per share Adj 0 2 1,3
EPS Adj 6,07 7,1 8,22
BVPS 36 41,1 48,08
BVPS Adj 28,72 33,82 40,79
Net IB debt / share 10,5 7,5 0,6
Share price 37,76 66 66
Market cap. (m) 464 811 811
Valuation 2020 2021 2022
P/E 7,8 9,3 8
EV/sales 0,31 0,35 0,31
EV/EBITDA 6,4 5,8 4,7
EV/EBITA 8,3 7,1 5,7
EV/EBIT 8,3 7,1 5,7
Dividend yield (%) 0 3 1,9
FCF yield (%) 13,7 9,4 12,5
P/BVPS 1,32 1,61 1,37
P/BVPS Adj 1,65 1,95 1,62
P/E Adj 7,8 9,3 8
EV/EBITDA Adj 6,4 5,8 4,7
EV/EBITA Adj 8,3 7,1 5,7
EV/EBIT Adj 8,3 7,1 5,7
EV/cap. employed 1,1 1,3 1
Investment ratios 2020 2021 2022
Capex / sales 0,4 0,5 0,5
Capex / depreciation 40 46,2 46,2
Capex tangibles / tangible fixed assets 186 -138,1 -53,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 464,9 -299 -116,1
N/A N/A N/A

Equity research

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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 Dec 2020
Anders Bladh 14.0 % 14.0 % 31 Dec 2020
Avanza Pension 7.0 % 7.0 % 31 Dec 2020
Theodor Jeansson 6.5 % 6.5 % 31 Dec 2020
Humle Fonder 5.7 % 5.7 % 31 Jan 2021
Carl Rosvall 2.9 % 2.9 % 31 Dec 2020
Måns Flodberg 1.6 % 1.6 % 31 Dec 2020
Jonas Mårtensson 1.6 % 1.6 % 31 Dec 2020
Kristoffer Jeansson 1.6 % 1.6 % 31 Dec 2020
Cecilia Jeansson 1.4 % 1.4 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - DistIT

Name Quantity Code Date
Adrian Langer + 821 BUY 7 Jan 2021
Anders Bladh + 8 854 BUY 1 Dec 2020
Philip Gunnarsson + 4 000 BUY 13 Nov 2020
Philip Gunnarsson + 2 000 BUY 13 Nov 2020
Philip Gunnarsson + 3 000 BUY 13 Nov 2020
Robert Erik Rosenzweig + 8 700 BUY 10 Nov 2020
Martin Gutberg + 2 500 BUY 27 Aug 2020
Robert Erik Rosenzweig + 32 873 BUY 24 Aug 2020
Stefan Charette - 145 973 SELL 8 Jul 2020
Stefan Charette + 145 973 BUY 8 Jul 2020

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