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Proact

Specialist in critical data storage

Proact is a value-added reseller (VAR) of storage and the largest storage specialist in Europe. It tailor-makes storage solutions for big companies with complex and critical storage requirements. Its sales consist of hardware and software sales of third-party products, consulting, support and cloud services. Financial targets: 1) Growth >10% p.a., 2) EBITA margin >8%, 3) Net debt/EBITDA <2x, 4) roce of 25%, and 5) 25-35% payout ratio.>

Proact is the largest storage specialist in Europe and is thus well positioned to capture growth in the data storage market. Proact has a fast-growing enterprise cloud solution that benefits from the strong cloud trend while also being local (on-premise or data centre) to avoid competition from global standardised cloud storage. An increasing share of cloud would raise margins.

For Proact’s traditional operations (system sales), the key risk comes from a potentially challenging outlook for the server/storage market given the shift towards cloud instead of local storage. For its cloud operations, there is the risk that some business will be lost to data centres and cheaper global cloud solutions.

SEKm 2018 2019e 2020e
Sales 3318 3625 3733
Sales growth (%) 1,8 9,2 3
EBITDA 231 337 366
EBITDA margin (%) 7 9,3 9,8
EBIT adj 167 200 217
EBIT adj margin (%) 5 5,5 5,8
Pretax profit 168 189 214
EPS rep 13,9 15,93 17,27
EPS growth (%) 12,6 14,6 8,4
EPS adj 17,61 20,17 20,27
DPS 4,15 4,55 5
EV/EBITDA (x) 5,9 6,5 5,7
EV/EBIT adj (x) 8,1 11 9,7
P/E (x) 11,8 15,3 14,1
P/E adj (x) 9,3 12 12
EV/sales (x) 0,4 0,6 0,6
FCF yield (%) 6,8 8,2 9,1
Dividend yield (%) 2,5 1,9 2,1
Net IB debt/EBITDA -0,6 -0,1 -0,4
SEKm 2018 2019e 2020e
Sales 3318 3625 3733
COGS -2526 -2823 -2893
Gross profit 792 802 840
Other operating items -561 -465 -474
EBITDA 231 337 366
Depreciation on tangibles -31 -120 -122
Depreciation on intangibles 0 0 0
EBITA 200 216 244
Goodwill impairment charges -5 0 0
Other impairment and amortisation -31 -28 -28
EBIT 165 189 217
Other financial items 0 0 0
Net financial items 3 0 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 189 214
Tax -41 -43 -56
Net profit 127 146 158
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 146 158
EPS 13,9 15,93 17,27
EPS Adj 17,61 20,17 20,27
Total extraordinary items after tax 1,9 -11,1 0
Tax rate (%) -24,2 -22,7 -26
Gross margin (%) 23,9 22,1 22,5
EBITDA margin (%) 7 9,3 9,8
EBITA margin (%) 6 6 6,5
EBIT margin (%) 5 5,2 5,8
Pretax margin (%) 5,1 5,2 5,7
Net margin (%) 3,8 4 4,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1,8 9,2 3
EBITDA growth (%) 5,3 45,7 8,7
EBIT growth (%) 4,8 14,7 14,7
Net profit growth (%) 10,7 14,5 8,4
EPS growth (%) 12,6 14,6 8,4
Profitability 2018 2019 2020
ROE (%) 29,8 27,9 24,9
ROE Adj (%) 37,7 35,4 29,3
ROCE (%) 30,6 25 21,7
ROCE Adj(%) 36,6 30 24,4
ROIC (%) 19,6 17,2 16,6
ROIC Adj (%) 19,9 18,2 16,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 229 348 366
EBITDA Adj margin (%) 6,9 9,6 9,8
EBITA Adj 199 228 244
EBITA Adj margin (%) 6 6,3 6,5
EBIT Adj 167 200 217
EBIT Adj margin (%) 5 5,5 5,8
Pretax profit Adj 202 227 241
Net profit Adj 161 185 186
Net profit to shareholders Adj 161 185 186
Net Adj margin (%) 4,9 5,1 5
SEKm 2018 2019e 2020e
EBITDA 231 337 366
Net financial items 3 0 -3
Paid tax -41 -43 -56
Non-cash items 0 0 0
Cash flow before change in WC 194 294 308
Change in WC -17 -26 -16
Operating cash flow 243 267 291
CAPEX tangible fixed assets -81 -65 -67
CAPEX intangible fixed assets 0 -20 -23
Acquisitions and disposals -60 0 0
Free cash flow 102 182 202
Dividend paid -35 -38 -42
Share issues and buybacks 0 0 0
Other non cash items -14 -251 -61
Decrease in net IB debt 53 -107 99
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 393 393 393
Indefinite intangible assets 0 0 0
Definite intangible assets 70 63 58
Tangible fixed assets 73 268 274
Other fixed assets 308 308 308
Fixed assets 845 1032 1033
Inventories 31 36 37
Receivables 1068 1124 1169
Other current assets 0 0 0
Cash and liquid assets 270 400 499
Total assets 2213 2592 2738
Shareholders equity 468 576 692
Minority 2 2 2
Total equity 470 577 694
Long-term debt 120 282 282
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 22 21 21
Other long-term liabilities 331 331 331
Short-term debt 10 85 85
Accounts payable 628 616 631
Other current liabilities 633 680 695
Total liabilities and equity 1807 1832 2213
Net IB debt -140 -33 -132
Net IB debt excl. pension debt -140 -33 -132
Capital invested 743 956 973
Working capital -103 -76 -60
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1495 2224 2224
Net IB debt Adj -140 -33 -132
Market value of minority 2 2 2
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1357 2193 2094
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 164 150,9 140,1
Capital invested turnover (%) 521,9 426,8 387
Capital employed turnover (%) 590 469,6 372,5
Inventories / sales (%) 1 0,9 1
Customer advances / sales (%) 17,3 16,5 16,8
Payables / sales (%) 17,1 17,2 16,7
Working capital / sales (%) -3,4 -2,5 -1,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -29,8 -5,7 -19
Net debt / market cap (%) -9,1 -1,5 -5,9
Equity ratio (%) 21,2 22,3 25,3
Net IB debt adj. / equity (%) -29,8 -5,7 -19
Current ratio (%) 107,7 113 120,9
EBITDA / net interest (%) -6794,1 336651,5 12201,2
Net IB debt / EBITDA (%) -60,5 -9,8 -36,1
Interest cover (%) 5195 5508,8 6125,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 13,9 15,93 17,27
Dividend per share Adj 4,2 4,5 5
EPS Adj 17,61 20,17 20,27
BVPS 51,12 62,89 75,61
BVPS Adj 0,46 13,08 26,34
Net IB debt / share -15,3 -3,6 -14,4
Share price 167,74 243 243
Market cap. (m) 1535 2224 2224
Valuation 2018 2019 2020
P/E 11,8 15,3 14,1
EV/sales 0,41 0,6 0,56
EV/EBITDA 5,9 6,5 5,7
EV/EBITA 6,8 10,1 8,6
EV/EBIT 8,3 11,6 9,7
Dividend yield (%) 2,5 1,9 2,1
FCF yield (%) 6,8 8,2 9,1
P/BVPS 3,2 3,86 3,21
P/BVPS Adj 356,04 18,58 9,23
P/E Adj 9,3 12 12
EV/EBITDA Adj 5,9 6,3 5,7
EV/EBITA Adj 6,8 9,6 8,6
EV/EBIT Adj 8,1 11 9,7
EV/cap. employed 2,3 2,3 2
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,3 2,4
Capex / depreciation 265 70,7 73,4
Capex tangibles / tangible fixed assets 110,5 24,2 24,4
Capex intangibles / definite intangibles 0 31,9 39
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 41,7 44,8 44,5

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Main shareholders

Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 11.2 % 11.2 % 31 Mar 2019
Livförsäkringsbolaget Skandia 10.9 % 10.9 % 31 Mar 2019
Triton 8.0 % 8.0 % 30 Jun 2018
Skandia Fonder 6.9 % 6.9 % 30 Apr 2019
Länsförsäkringar Fonder 6.3 % 6.3 % 31 May 2019
Unionen 3.6 % 3.6 % 31 Mar 2019
Canaccord Genuity Wealth Management 2.8 % 2.8 % 31 May 2019
Avanza Pension 2.5 % 2.5 % 31 Mar 2019
Humle Fonder 2.4 % 2.4 % 31 May 2019
Fondita Fonder 2.0 % 2.0 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Proact

Name Quantity Code Date
Lars Arne Erland Kungberg - 7 051 SELL 22 Mar 2019
Oliver Kuegow - 844 SELL 22 Mar 2019
Oliver Kuegow - 974 SELL 22 Mar 2019
Oliver Kuegow - 89 SELL 22 Mar 2019
Oliver Kuegow - 1 395 SELL 22 Mar 2019
Oliver Kuegow - 141 SELL 22 Mar 2019
Oliver Kuegow - 30 653 SELL 22 Mar 2019
Oliver Kuegow - 566 SELL 22 Mar 2019
Oliver Kuegow - 2 554 SELL 22 Mar 2019
Oliver Kuegow - 21 639 SELL 22 Mar 2019

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