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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 5182 5794
Sales growth (%) 0,5 -14,5 11,8
EBITDA 532 224 518
EBITDA margin (%) 8,8 4,3 8,9
EBIT adj 241 -36 214
EBIT adj margin (%) 4 -0,7 3,7
Pretax profit 174 -114 147
EPS rep 1,15 -1,2 1,07
EPS growth (%) 33,3 -204,1 189,1
EPS adj 1 -1,08 1,07
DPS 0 0 0
EV/EBITDA (x) 8,3 17,4 7
EV/EBIT adj (x) 18,2 -109,4 17
P/E (x) 14,6 -9,5 10,6
P/E adj (x) 16,9 -10,5 10,6
EV/sales (x) 0,7 0,8 0,6
FCF yield (%) 22,1 -1,2 22,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,7 11,6 4,5
SEKm 2019 2020e 2021e
Sales 6064 5182 5794
COGS -4441 -3940 -4212
Gross profit 1623 1242 1582
Other operating items -1091 -1018 -1064
EBITDA 532 224 518
Depreciation on tangibles -143 -141 -172
Depreciation on intangibles 0 0 0
EBITA 257 -48 214
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 257 -48 214
Other financial items 0 0 0
Net financial items -83 -66 -68
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 174 -114 147
Tax -54 -9 -35
Net profit 120 -123 111
Minority interest 0 -2 0
Net profit discontinued 0 0 0
Net profit to shareholders 120 -125 111
EPS 1,15 -1,2 1,07
EPS Adj 1 -1,08 1,07
Total extraordinary items after tax 16 -12 0
Tax rate (%) -31 7,9 -24
Gross margin (%) 26,8 24 27,3
EBITDA margin (%) 8,8 4,3 8,9
EBITA margin (%) 4,2 -0,9 3,7
EBIT margin (%) 4,2 -0,9 3,7
Pretax margin (%) 2,9 -2,2 2,5
Net margin (%) 2 -2,4 1,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,5 -14,5 11,8
EBITDA growth (%) 43 -57,9 130,8
EBIT growth (%) 11,7 -118,6 548,8
Net profit growth (%) 23,7 -202,5 190,6
EPS growth (%) 33,3 -204,1 189,1
Profitability 2019 2020 2021
ROE (%) 7 -7,4 6,5
ROE Adj (%) 6 -6,7 6,5
ROCE (%) 5,8 -1,1 4,9
ROCE Adj(%) 5,4 -0,8 4,9
ROIC (%) 4,3 -1,2 3,8
ROIC Adj (%) 4 -0,9 3,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 516 236 518
EBITDA Adj margin (%) 8,5 4,6 8,9
EBITA Adj 241 -36 214
EBITA Adj margin (%) 4 -0,7 3,7
EBIT Adj 241 -36 214
EBIT Adj margin (%) 4 -0,7 3,7
Pretax profit Adj 158 -102 147
Net profit Adj 104 -111 111
Net profit to shareholders Adj 104 -113 111
Net Adj margin (%) 1,7 -2,1 1,9
SEKm 2019 2020e 2021e
EBITDA 532 224 518
Net financial items -83 -66 -68
Paid tax -54 -9 -35
Non-cash items -305 6 0
Cash flow before change in WC 90 155 415
Change in WC 263 -112 -18
Operating cash flow 353 43 396
CAPEX tangible fixed assets 34 -58 -133
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 387 -15 263
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -660 62 131
Decrease in net IB debt -405 -84 263
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1837 1831 1746
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 858 738 653
Other fixed assets 130 133 133
Fixed assets 3573 3450 3280
Inventories 926 996 1093
Receivables 1095 1156 1078
Other current assets 0 0 0
Cash and liquid assets 302 19 82
Total assets 5896 5621 5533
Shareholders equity 1748 1647 1758
Minority 128 134 134
Total equity 1876 1781 1892
Long-term debt 2057 1858 1658
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 1228 1228
Other current liabilities 0 0 0
Total liabilities and equity 5896 5621 5533
Net IB debt 2509 2593 2330
Net IB debt excl. pension debt 2509 2593 2330
Capital invested 4385 4374 4222
Working capital 812 924 943
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1755 1185 1185
Net IB debt Adj 2509 2593 2330
Market value of minority 128 134 134
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4392 3912 3649
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,7 90 103,9
Capital invested turnover (%) 145,9 118,3 134,8
Capital employed turnover (%) 136,5 114,1 133,2
Inventories / sales (%) 16 18,5 18
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19,6 23,5 21,2
Working capital / sales (%) 15,6 16,8 16,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 133,7 145,6 123,1
Net debt / market cap (%) 109,6 218,8 196,6
Equity ratio (%) 31,8 31,7 34,2
Net IB debt adj. / equity (%) 133,7 145,6 123,1
Current ratio (%) 174,7 161 167
EBITDA / net interest (%) 641 339 762,6
Net IB debt / EBITDA (%) 471,6 1156,3 450,1
Interest cover (%) 309,6 -72,2 315,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 1,15 -1,2 1,07
Dividend per share Adj 0 0 0
EPS Adj 1 -1,08 1,07
BVPS 16,75 15,79 16,85
BVPS Adj -0,85 -1,76 0,12
Net IB debt / share 24 24,9 22,3
Share price 21,94 11,36 11,36
Market cap. (m) 2289 1185 1185
Valuation 2019 2020 2021
P/E 14,6 -9,5 10,6
EV/sales 0,72 0,75 0,63
EV/EBITDA 8,3 17,4 7
EV/EBITA 17,1 -81,9 17
EV/EBIT 17,1 -81,9 17
Dividend yield (%) 0 0 0
FCF yield (%) 22,1 -1,2 22,2
P/BVPS 1 0,72 0,67
P/BVPS Adj -19,72 -6,45 94,57
P/E Adj 16,9 -10,5 10,6
EV/EBITDA Adj 8,5 16,6 7
EV/EBITA Adj 18,2 -109,4 17
EV/EBIT Adj 18,2 -109,4 17
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales -0,6 1,1 2,3
Capex / depreciation -23,8 40,9 77,4
Capex tangibles / tangible fixed assets -4 7,8 20,4
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 19,1 26,4

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 Mar 2020
Pomona-gruppen AB 29.8 % 29.4 % 31 Mar 2020
Anna Benjamin 10.6 % 3.6 % 31 Mar 2020
Svolder 5.7 % 1.9 % 31 May 2020
Stig-Olof Simonsson 4.9 % 1.7 % 31 Mar 2020
Kennert Persson 3.7 % 1.3 % 31 Mar 2020
Öhman Fonder 2.5 % 0.8 % 31 Mar 2020
Avanza Pension 1.9 % 0.6 % 31 Mar 2020
Tredje AP-fonden 1.2 % 0.4 % 31 Mar 2020
Anders Moberg 1.1 % 0.4 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - ITAB Shop Concept

Name Quantity Code Date
Ulf Rostedt + 10 000 BUY 19 Dec 2018
Anders Christer Moberg + 100 000 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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