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ITAB Shop Concept

ITAB Shop Concept

Complete shop concepts

ITAB Shop Concept delivers complete shop concepts and is currently the market leader of checkouts to retailers in Europe, and one of Europe’s largest suppliers of shop fitting concepts and lighting systems. Customers include larger retail chains, both national and international, as well as specialized retail stores and grocery chains.

Although e-commerce is growing fast, the majority of global retail sales are still offline. For traditional retail to remain competitive, we believe physical retail stores need to offer more digital, streamlined and convenient shopping experiences. With its shop concepts/solutions, we believe ITAB has the opportunity to harvest on this paradigm shift in retail. Moreover, ITAB has a strong record of value-enhancing M&A, which we think will continue. Supported by acquisitions and the continued long-term work aimed at streamlining all parts of ITAB’s operation, there is potential for margin expansion.

High dependency on a few customers, e.g. H&M and IKEA. E-commerce should be seen as both an opportunity and a threat, but for now, our understanding is that the focus of ITAB’s customers is more on closing down shops than to fill them with new digital offerings. ITAB’s product portfolio in self-checkout systems and its digital offering might not grow according to expectations. The gross margin is also affected by swings in the steel price. Naturally, ITAB is affected by consumer trends and the general economic environment.

SEKm 2019 2020e 2021e
Sales 6064 6067 6147
Sales growth (%) 0,5 0 1,3
EBITDA 532 540 572
EBITDA margin (%) 8,8 8,9 9,3
EBIT adj 241 244 262
EBIT adj margin (%) 4 4 4,3
Pretax profit 174 169 190
EPS rep 1,15 1,23 1,38
EPS growth (%) 33,3 7,1 12,3
EPS adj 1 1,23 1,38
DPS 0 0 0
EV/EBITDA (x) 8,3 7,2 6,3
EV/EBIT adj (x) 18,2 15,8 13,7
P/E (x) 14,6 11,1 9,9
P/E adj (x) 16,9 11,1 9,9
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) 22,1 12 18,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,7 4,3 3,6
SEKm 2019 2020e 2021e
Sales 6064 6067 6147
COGS -4441 -4476 -4529
Gross profit 1623 1591 1618
Other operating items -1091 -1050 -1046
EBITDA 532 540 572
Depreciation on tangibles -143 -144 -157
Depreciation on intangibles 0 0 0
EBITA 257 244 262
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 257 244 262
Other financial items 0 0 0
Net financial items -83 -75 -73
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 174 169 190
Tax -54 -41 -46
Net profit 120 128 144
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 120 128 144
EPS 1,15 1,23 1,38
EPS Adj 1 1,23 1,38
Total extraordinary items after tax 16 0 0
Tax rate (%) -31 -24 -24
Gross margin (%) 26,8 26,2 26,3
EBITDA margin (%) 8,8 8,9 9,3
EBITA margin (%) 4,2 4 4,3
EBIT margin (%) 4,2 4 4,3
Pretax margin (%) 2,9 2,8 3,1
Net margin (%) 2 2,1 2,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 0 1,3
EBITDA growth (%) 43 1,5 5,8
EBIT growth (%) 11,7 -5 7,4
Net profit growth (%) 23,7 7,1 12,3
EPS growth (%) 33,3 7,1 12,3
Profitability 2019 2020 2021
ROE (%) 7 7,1 7,4
ROE Adj (%) 6 7,1 7,4
ROCE (%) 5,8 5,3 5,7
ROCE Adj(%) 5,4 5,3 5,7
ROIC (%) 4,3 4,3 4,7
ROIC Adj (%) 4 4,3 4,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 516 540 572
EBITDA Adj margin (%) 8,5 8,9 9,3
EBITA Adj 241 244 262
EBITA Adj margin (%) 4 4 4,3
EBIT Adj 241 244 262
EBIT Adj margin (%) 4 4 4,3
Pretax profit Adj 158 169 190
Net profit Adj 104 128 144
Net profit to shareholders Adj 104 128 144
Net Adj margin (%) 1,7 2,1 2,3
SEKm 2019 2020e 2021e
EBITDA 532 540 572
Net financial items -83 -75 -73
Paid tax -54 -41 -46
Non-cash items -305 0 0
Cash flow before change in WC 90 424 454
Change in WC 263 -139 -49
Operating cash flow 353 286 404
CAPEX tangible fixed assets 34 -115 -141
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 387 171 263
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -660 175 152
Decrease in net IB debt -405 194 263
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1837 1747 1663
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 858 768 684
Other fixed assets 107 107 107
Fixed assets 3550 3369 3201
Inventories 926 1104 1160
Receivables 1095 1120 1143
Other current assets 0 0 0
Cash and liquid assets 302 296 358
Total assets 5873 5889 5863
Shareholders equity 1748 1876 2021
Minority 128 128 128
Total equity 1876 2004 2149
Long-term debt 2057 1857 1657
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 1209 1274 1303
Other current liabilities 0 0 0
Total liabilities and equity 5657 5364 5896
Net IB debt 2509 2315 2053
Net IB debt excl. pension debt 2509 2315 2053
Capital invested 4362 4320 4201
Working capital 812 951 1000
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1755 1425 1425
Net IB debt Adj 2509 2315 2053
Market value of minority 128 128 128
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4392 3869 3606
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,9 103,2 104,6
Capital invested turnover (%) 146,3 139,8 144,3
Capital employed turnover (%) 136,5 130,4 134
Inventories / sales (%) 16 16,7 18,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 20,5 21
Working capital / sales (%) 15,6 14,5 15,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 133,7 115,5 95,5
Net debt / market cap (%) 109,6 162,5 144
Equity ratio (%) 31,9 34 36,6
Net IB debt adj. / equity (%) 133,7 115,5 95,5
Current ratio (%) 174,7 180,7 186,9
EBITDA / net interest (%) 641 719 788,3
Net IB debt / EBITDA (%) 471,6 428,6 359,1
Interest cover (%) 309,6 325 361,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 1,15 1,23 1,38
Dividend per share Adj 0 0 0
EPS Adj 1 1,23 1,38
BVPS 16,75 17,99 19,37
BVPS Adj -0,85 1,24 3,43
Net IB debt / share 24 22,2 19,7
Share price 21,94 13,66 13,66
Market cap. (m) 2289 1425 1425
Valuation 2019 2020 2021
P/E 14,6 11,1 9,9
EV/sales 0,72 0,64 0,59
EV/EBITDA 8,3 7,2 6,3
EV/EBITA 17,1 15,8 13,7
EV/EBIT 17,1 15,8 13,7
Dividend yield (%) 0 0 0
FCF yield (%) 22,1 12 18,4
P/BVPS 1 0,76 0,71
P/BVPS Adj -19,72 10,98 3,98
P/E Adj 16,9 11,1 9,9
EV/EBITDA Adj 8,5 7,2 6,3
EV/EBITA Adj 18,2 15,8 13,7
EV/EBIT Adj 18,2 15,8 13,7
EV/cap. employed 0,9 0,8 0,8
Investment ratios 2019 2020 2021
Capex / sales -0,6 1,9 2,3
Capex / depreciation -23,8 80 89,9
Capex tangibles / tangible fixed assets -4 15 20,7
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 16,7 18,8 23

Equity research

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Media

ITAB Shop Concept - Interview with CEO Ulf Rostedt (in Swedish)
ITAB Shop Concept - Company presentation with CEO Ulf Rostedt (in Swedish)

Main shareholders - ITAB Shop Concept

Main shareholders Share capital % Voting shares % Verified
Petter Fägersten 17.2 % 52.6 % 31 Dec 2019
Pomona-gruppen AB 29.8 % 29.4 % 31 Dec 2019
Anna Benjamin 10.6 % 3.6 % 31 Dec 2019
Svolder 5.7 % 1.9 % 31 Dec 2019
Stig-Olof Simonsson 4.9 % 1.7 % 31 Dec 2019
Kennert Persson 3.7 % 1.3 % 31 Dec 2019
Öhman Fonder 2.7 % 0.9 % 31 Dec 2019
Avanza Pension 1.9 % 0.6 % 31 Dec 2019
Tredje AP-fonden 1.3 % 0.4 % 31 Dec 2019
Anders Moberg 1.1 % 0.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list - ITAB Shop Concept

Name Quantity Code Date
Anders Christer Moberg + 100 000 BUY 19 Dec 2018
Ulf Rostedt + 10 000 BUY 19 Dec 2018
Sune William Lantz - 40 500 SELL 22 May 2018
Anders Christer Moberg + 100 000 BUY 14 May 2018
CityKattens veterinärklinik AB + 10 000 BUY 22 Mar 2018
Matilda Rapp + 14 400 BUY 6 Mar 2018
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Fredrik Rapp + 341 416 BUY 19 Feb 2018
Anna Benjamin + 12 000 GIFT 18 Dec 2017

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