Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 6090 6205 6329
Sales growth (%) 1 1,9 2
EBITDA 610 648 713
EBITDA margin (%) 10 10,4 11,3
EBIT adj 292 391 456
EBIT adj margin (%) 4,8 6,3 7,2
Pretax profit 274 308 379
EPS rep 1,98 2,24 2,76
EPS growth (%) 129,3 13,5 23
EPS adj 1,38 2,24 2,76
DPS 1 1,4 1,75
EV/EBITDA (x) 7,9 7,2 6,3
EV/EBIT adj (x) 16,5 11,9 9,8
P/E (x) 10,1 8,9 7,2
P/E adj (x) 14,5 8,9 7,2
EV/sales (x) 0,8 0,8 0,7
FCF yield (%) 15,5 11,6 15,7
Dividend yield (%) 5 7 8,8
Net IB debt/EBITDA 4,2 3,8 3,2
SEKm 2019 2020e 2021e
Sales 6090 6205 6329
COGS -4428 -4467 -4557
Gross profit 1662 1737 1772
Other operating items -1052 -1090 -1059
EBITDA 610 648 713
Depreciation on tangibles -143 -144 -143
Depreciation on intangibles 0 0 0
EBITA 354 391 456
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 354 391 456
Other financial items 0 0 0
Net financial items -80 -83 -77
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 274 308 379
Tax -68 -74 -91
Net profit 206 234 288
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 206 234 288
EPS 1,98 2,24 2,76
EPS Adj 1,38 2,24 2,76
Total extraordinary items after tax 62 0 0
Tax rate (%) -24,8 -24 -24
Gross margin (%) 27,3 28 28
EBITDA margin (%) 10 10,4 11,3
EBITA margin (%) 5,8 6,3 7,2
EBIT margin (%) 5,8 6,3 7,2
Pretax margin (%) 4,5 5 6
Net margin (%) 3,4 3,8 4,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 1 1,9 2
EBITDA growth (%) 63,9 6,2 10
EBIT growth (%) 53,8 10,5 16,7
Net profit growth (%) 112,7 13,5 23
EPS growth (%) 129,3 13,5 23
Profitability 2019 2020 2021
ROE (%) 11,6 12,2 14
ROE Adj (%) 8,1 12,2 14
ROCE (%) 7,7 7,9 9,4
ROCE Adj(%) 6,4 7,9 9,4
ROIC (%) 6,3 6,5 7,6
ROIC Adj (%) 5,2 6,5 7,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 548 648 713
EBITDA Adj margin (%) 9 10,4 11,3
EBITA Adj 292 391 456
EBITA Adj margin (%) 4,8 6,3 7,2
EBIT Adj 292 391 456
EBIT Adj margin (%) 4,8 6,3 7,2
Pretax profit Adj 212 308 379
Net profit Adj 144 234 288
Net profit to shareholders Adj 144 234 288
Net Adj margin (%) 2,4 3,8 4,6
SEKm 2019 2020e 2021e
EBITDA 610 648 713
Net financial items -80 -83 -77
Paid tax -68 -74 -91
Non-cash items -237 0 0
Cash flow before change in WC 225 491 545
Change in WC 77 -100 -65
Operating cash flow 303 392 479
CAPEX tangible fixed assets 21 -149 -152
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 324 243 327
Dividend paid 0 -102 -143
Share issues and buybacks 0 0 0
Other non cash items -692 113 113
Decrease in net IB debt -481 140 184
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1856 1802 1750
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 868 814 762
Other fixed assets 126 126 126
Fixed assets 3575 3467 3362
Inventories 1028 1128 1194
Receivables 1280 1303 1329
Other current assets 0 0 0
Cash and liquid assets 400 340 324
Total assets 6284 6238 6210
Shareholders equity 1855 1987 2132
Minority 132 132 132
Total equity 1987 2119 2264
Long-term debt 2257 2057 1857
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 1311 1334 1361
Other current liabilities 0 0 0
Total liabilities and equity 5657 5364 6284
Net IB debt 2585 2445 2261
Net IB debt excl. pension debt 2585 2445 2261
Capital invested 4572 4564 4525
Working capital 998 1097 1162
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2087 2087 2087
Net IB debt Adj 2585 2445 2261
Market value of minority 132 132 132
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4803 4663 4479
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 104,6 99,1 101,7
Capital invested turnover (%) 143,2 135,8 139,3
Capital employed turnover (%) 132,8 125,6 129,8
Inventories / sales (%) 16,8 17,4 18,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,3 21,3 21,3
Working capital / sales (%) 17 16,9 17,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 130,1 115,4 99,9
Net debt / market cap (%) 112,9 117,2 108,3
Equity ratio (%) 31,6 34 36,5
Net IB debt adj. / equity (%) 130,1 115,4 99,9
Current ratio (%) 191,6 192,9 194,5
EBITDA / net interest (%) 766,8 782,6 922,1
Net IB debt / EBITDA (%) 423,8 377,4 317,2
Interest cover (%) 444,9 472,2 590,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 1,98 2,24 2,76
Dividend per share Adj 1 1,4 1,8
EPS Adj 1,38 2,24 2,76
BVPS 17,78 19,05 20,43
BVPS Adj 0 1,78 3,66
Net IB debt / share 24,8 23,4 21,7
Share price 21,94 20 20
Market cap. (m) 2289 2087 2087
Valuation 2019 2020 2021
P/E 10,1 8,9 7,2
EV/sales 0,79 0,75 0,71
EV/EBITDA 7,9 7,2 6,3
EV/EBITA 13,6 11,9 9,8
EV/EBIT 13,6 11,9 9,8
Dividend yield (%) 5 7 8,8
FCF yield (%) 15,5 11,6 15,7
P/BVPS 1,12 1,05 0,98
P/BVPS Adj -4946,82 11,26 5,46
P/E Adj 14,5 8,9 7,2
EV/EBITDA Adj 8,8 7,2 6,3
EV/EBITA Adj 16,5 11,9 9,8
EV/EBIT Adj 16,5 11,9 9,8
EV/cap. employed 1 1 0,9
Investment ratios 2019 2020 2021
Capex / sales -0,4 2,4 2,4
Capex / depreciation -15 103,5 105,9
Capex tangibles / tangible fixed assets -2,5 18,3 19,9
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 16,5 17,7 18,8

Equity research

Read earlier research

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
Ulf Rostedt + 2 000 BUY 5 Mar 2018
Fredrik Rapp + 341 416 BUY 19 Feb 2018

Show More