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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 6443 6520
Sales growth (%) -5,5 6,8 1,2
EBITDA 372 712 727
EBITDA margin (%) 6,2 11,1 11,1
EBIT adj 239 442 476
EBIT adj margin (%) 4 6,9 7,3
Pretax profit 157 378 396
EPS rep 0,86 2,74 2,89
EPS growth (%) -71,6 217,7 5,4
EPS adj 0,95 2,56 2,89
DPS 0 1,75 1,75
EV/EBITDA (x) 9,9 7,9 7,5
EV/EBIT adj (x) 15,4 12,7 11,5
P/E (x) 17,4 10,6 10
P/E adj (x) 15,8 11,3 10
EV/sales (x) 0,6 0,9 0,8
FCF yield (%) 16,5 10,2 10,9
Dividend yield (%) 0 6 6
Net IB debt/EBITDA 5,4 3,5 3,2
SEKm 2018 2019e 2020e
Sales 6031 6443 6520
COGS -4423 -4640 -4694
Gross profit 1608 1802 1825
Other operating items -1236 -1090 -1099
EBITDA 372 712 727
Depreciation on tangibles -142 -251 -251
Depreciation on intangibles 0 0 0
EBITA 230 461 476
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 230 461 476
Other financial items 0 0 0
Net financial items -73 -83 -79
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 157 378 396
Tax -60 -92 -95
Net profit 97 286 301
Minority interest -7 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 90 286 301
EPS 0,86 2,74 2,89
EPS Adj 0,95 2,56 2,89
Total extraordinary items after tax -9 19 0
Tax rate (%) -38,2 -24,4 -24
Gross margin (%) 26,7 28 28
EBITDA margin (%) 6,2 11,1 11,1
EBITA margin (%) 3,8 7,2 7,3
EBIT margin (%) 3,8 7,2 7,3
Pretax margin (%) 2,6 5,9 6,1
Net margin (%) 1,6 4,4 4,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -5,5 6,8 1,2
EBITDA growth (%) -41,8 91,5 2
EBIT growth (%) -54 100,5 3,2
Net profit growth (%) -70,5 194,8 5,4
EPS growth (%) -71,6 217,7 5,4
Profitability 2018 2019 2020
ROE (%) 5,4 15,8 15,2
ROE Adj (%) 5,9 14,8 15,2
ROCE (%) 5,5 10,1 9,8
ROCE Adj(%) 5,7 9,7 9,8
ROIC (%) 3,7 8,4 8
ROIC Adj (%) 3,9 8 8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 381 693 727
EBITDA Adj margin (%) 6,3 10,8 11,1
EBITA Adj 239 442 476
EBITA Adj margin (%) 4 6,9 7,3
EBIT Adj 239 442 476
EBIT Adj margin (%) 4 6,9 7,3
Pretax profit Adj 166 359 396
Net profit Adj 106 267 301
Net profit to shareholders Adj 99 267 301
Net Adj margin (%) 1,8 4,1 4,6
SEKm 2018 2019e 2020e
EBITDA 372 712 727
Net financial items -73 -83 -79
Paid tax -60 -92 -95
Non-cash items 232 -84 0
Cash flow before change in WC 471 453 552
Change in WC 29 -11 -67
Operating cash flow 500 442 485
CAPEX tangible fixed assets -242 -133 -156
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 258 309 329
Dividend paid -179 0 -179
Share issues and buybacks 0 0 0
Other non cash items -53 -778 0
Decrease in net IB debt 26 -469 149
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1807 1799 1752
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 939 1629 1582
Other fixed assets 109 110 110
Fixed assets 2855 3538 3444
Inventories 1019 1118 1185
Receivables 1219 1346 1369
Other current assets 0 0 0
Cash and liquid assets 271 286 235
Total assets 5364 6288 6234
Shareholders equity 1698 1917 2039
Minority 128 134 134
Total equity 1826 2051 2173
Long-term debt 2375 2859 2659
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 1378 1402
Other current liabilities 0 0 0
Total liabilities and equity 5315 5657 5364
Net IB debt 1995 2463 2314
Net IB debt excl. pension debt 1995 2463 2314
Capital invested 3821 4514 4487
Working capital 1075 1086 1153
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1565 3020 3020
Net IB debt Adj 1995 2463 2314
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 3688 5617 5468
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 109,4 110,6 104,1
Capital invested turnover (%) 158,3 154,6 144,9
Capital employed turnover (%) 143,6 141,4 133,8
Inventories / sales (%) 18,2 16,6 17,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,7 19,7 21,3
Working capital / sales (%) 18,1 16,8 17,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 109,3 120,1 106,5
Net debt / market cap (%) 59,4 81,5 76,6
Equity ratio (%) 34 32,6 34,9
Net IB debt adj. / equity (%) 109,3 120,1 106,5
Current ratio (%) 215,7 199,5 199
EBITDA / net interest (%) 509,6 856,1 914,1
Net IB debt / EBITDA (%) 536,3 345,8 318,4
Interest cover (%) 315,1 554,4 598,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 104 104 104
Fully diluted shares Adj 104 104 104
EPS 0,86 2,74 2,89
Dividend per share Adj 0 1,8 1,8
EPS Adj 0,95 2,56 2,89
BVPS 16,27 18,37 19,54
BVPS Adj -1,04 1,13 2,75
Net IB debt / share 20,2 24,7 23,2
Share price 32,19 28,95 28,95
Market cap. (m) 3359 3020 3020
Valuation 2018 2019 2020
P/E 17,4 10,6 10
EV/sales 0,61 0,87 0,84
EV/EBITDA 9,9 7,9 7,5
EV/EBITA 16 12,2 11,5
EV/EBIT 16 12,2 11,5
Dividend yield (%) 0 6 6
FCF yield (%) 16,5 10,2 10,9
P/BVPS 0,92 1,58 1,48
P/BVPS Adj -14,36 25,6 10,52
P/E Adj 15,8 11,3 10
EV/EBITDA Adj 9,7 8,1 7,5
EV/EBITA Adj 15,4 12,7 11,5
EV/EBIT Adj 15,4 12,7 11,5
EV/cap. employed 0,9 1,1 1,1
Investment ratios 2018 2019 2020
Capex / sales 4 2,1 2,4
Capex / depreciation 170,4 53 62,4
Capex tangibles / tangible fixed assets 25,8 8,2 9,9
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 15,1 15,4 15,8

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Main shareholders

ITAB Shop Concept

Main shareholders Share capital % Voting shares % Verified
Petter Fägersten 17.2 % 52.6 % 31 Mar 2019
Pomona-gruppen AB 29.8 % 29.4 % 31 Mar 2019
Anna Benjamin 10.6 % 3.6 % 31 Mar 2019
Svolder 5.7 % 1.9 % 31 May 2019
Stig-Olof Simonsson 4.9 % 1.7 % 31 Mar 2019
Kennert Persson 3.7 % 1.3 % 31 Mar 2019
Öhman Fonder 2.2 % 0.7 % 31 Mar 2019
Avanza Pension 1.9 % 0.6 % 31 Mar 2019
Anders Moberg 1.1 % 0.4 % 31 Dec 2018
Nordnet Pensionsförsäkring 1.0 % 0.3 % 31 Mar 2019
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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