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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 2018 2019e 2020e
Sales 6031 6090 6205
Sales growth (%) -5,5 1 1,9
EBITDA 372 610 648
EBITDA margin (%) 6,2 10 10,4
EBIT adj 239 292 391
EBIT adj margin (%) 4 4,8 6,3
Pretax profit 157 274 308
EPS rep 0,86 1,98 2,24
EPS growth (%) -71,6 129,3 13,5
EPS adj 0,95 1,38 2,24
DPS 0 1 1,4
EV/EBITDA (x) 10,2 7,2 6,6
EV/EBIT adj (x) 15,9 15,1 10,9
P/E (x) 17,4 8,2 7,2
P/E adj (x) 15,8 11,7 7,2
EV/sales (x) 0,6 0,7 0,7
FCF yield (%) 16,5 19,3 14,4
Dividend yield (%) 0 6,2 8,7
Net IB debt/EBITDA 5,7 4,2 3,8
SEKm 2018 2019e 2020e
Sales 6031 6090 6205
COGS -4423 -4428 -4467
Gross profit 1608 1662 1737
Other operating items -1236 -1052 -1090
EBITDA 372 610 648
Depreciation on tangibles -142 -143 -144
Depreciation on intangibles 0 0 0
EBITA 230 354 391
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 230 354 391
Other financial items 0 0 0
Net financial items -73 -80 -83
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 157 274 308
Tax -60 -68 -74
Net profit 97 206 234
Minority interest -7 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 90 206 234
EPS 0,86 1,98 2,24
EPS Adj 0,95 1,38 2,24
Total extraordinary items after tax -9 62 0
Tax rate (%) -38,2 -24,8 -24
Gross margin (%) 26,7 27,3 28
EBITDA margin (%) 6,2 10 10,4
EBITA margin (%) 3,8 5,8 6,3
EBIT margin (%) 3,8 5,8 6,3
Pretax margin (%) 2,6 4,5 5
Net margin (%) 1,6 3,4 3,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -5,5 1 1,9
EBITDA growth (%) -41,8 63,9 6,2
EBIT growth (%) -54 53,8 10,5
Net profit growth (%) -70,5 112,7 13,5
EPS growth (%) -71,6 129,3 13,5
Profitability 2018 2019 2020
ROE (%) 5,4 11,6 12,2
ROE Adj (%) 5,9 8,1 12,2
ROCE (%) 5,5 7,7 7,9
ROCE Adj(%) 5,7 6,4 7,9
ROIC (%) 3,6 6,3 6,5
ROIC Adj (%) 3,8 5,2 6,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 381 548 648
EBITDA Adj margin (%) 6,3 9 10,4
EBITA Adj 239 292 391
EBITA Adj margin (%) 4 4,8 6,3
EBIT Adj 239 292 391
EBIT Adj margin (%) 4 4,8 6,3
Pretax profit Adj 166 212 308
Net profit Adj 106 144 234
Net profit to shareholders Adj 99 144 234
Net Adj margin (%) 1,8 2,4 3,8
SEKm 2018 2019e 2020e
EBITDA 372 610 648
Net financial items -73 -80 -83
Paid tax -60 -68 -74
Non-cash items 232 -237 0
Cash flow before change in WC 471 225 491
Change in WC 29 77 -100
Operating cash flow 500 303 392
CAPEX tangible fixed assets -242 21 -149
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 258 324 243
Dividend paid -179 0 -102
Share issues and buybacks 0 0 0
Other non cash items -53 -692 113
Decrease in net IB debt 26 -481 140
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1807 1856 1802
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 939 868 814
Other fixed assets 109 126 126
Fixed assets 2855 3575 3467
Inventories 1019 1028 1128
Receivables 1219 1280 1303
Other current assets 0 0 0
Cash and liquid assets 271 400 340
Total assets 5364 6284 6238
Shareholders equity 1698 1855 1987
Minority 128 132 132
Total equity 1826 1987 2119
Long-term debt 2375 2257 2057
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 1163 1311 1334
Other current liabilities 0 0 0
Total liabilities and equity 5315 5657 5364
Net IB debt 2104 2585 2445
Net IB debt excl. pension debt 2104 2585 2445
Capital invested 3930 4572 4564
Working capital 1075 998 1097
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1565 1684 1684
Net IB debt Adj 2104 2585 2445
Market value of minority 128 132 132
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 3797 4401 4260
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 109,4 104,6 99,1
Capital invested turnover (%) 153,8 143,2 135,8
Capital employed turnover (%) 143,6 132,8 125,6
Inventories / sales (%) 18,2 16,8 17,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,7 20,3 21,3
Working capital / sales (%) 18,1 17 16,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 115,2 130,1 115,4
Net debt / market cap (%) 62,6 153,5 145,2
Equity ratio (%) 34 31,6 34
Net IB debt adj. / equity (%) 115,2 130,1 115,4
Current ratio (%) 215,7 191,6 192,9
EBITDA / net interest (%) 509,6 766,8 782,6
Net IB debt / EBITDA (%) 565,6 423,8 377,4
Interest cover (%) 315,1 444,9 472,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 0,86 1,98 2,24
Dividend per share Adj 0 1 1,4
EPS Adj 0,95 1,38 2,24
BVPS 16,27 17,78 19,05
BVPS Adj -1,04 0 1,78
Net IB debt / share 20,2 24,8 23,4
Share price 32,19 16,14 16,14
Market cap. (m) 3359 1684 1684
Valuation 2018 2019 2020
P/E 17,4 8,2 7,2
EV/sales 0,63 0,72 0,69
EV/EBITDA 10,2 7,2 6,6
EV/EBITA 16,5 12,4 10,9
EV/EBIT 16,5 12,4 10,9
Dividend yield (%) 0 6,2 8,7
FCF yield (%) 16,5 19,3 14,4
P/BVPS 0,92 0,91 0,85
P/BVPS Adj -14,36 -3992,09 9,08
P/E Adj 15,8 11,7 7,2
EV/EBITDA Adj 10 8 6,6
EV/EBITA Adj 15,9 15,1 10,9
EV/EBIT Adj 15,9 15,1 10,9
EV/cap. employed 0,9 0,9 0,9
Investment ratios 2018 2019 2020
Capex / sales 4 -0,4 2,4
Capex / depreciation 170,4 -15 103,5
Capex tangibles / tangible fixed assets 25,8 -2,5 18,3
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 15,1 16,5 17,7

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 % 30 Sep 2019
Pomona-gruppen AB 29.8 % 29.4 % 30 Sep 2019
Anna Benjamin 10.6 % 3.6 % 30 Sep 2019
Svolder 5.7 % 1.9 % 30 Nov 2019
Stig-Olof Simonsson 4.9 % 1.7 % 30 Sep 2019
Kennert Persson 3.7 % 1.3 % 30 Sep 2019
Öhman Fonder 2.7 % 0.9 % 30 Sep 2019
Avanza Pension 1.9 % 0.6 % 30 Sep 2019
Tredje AP-fonden 1.2 % 0.4 % 30 Sep 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
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Fredrik Rapp + 341 416 BUY 19 Feb 2018

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