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Proact

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.></2x,>

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 2020 2021e 2022e
Sales 3633 3922 4042
Sales growth (%) 6,6 8 3
EBITDA 369 409 431
EBITDA margin (%) 10,2 10,4 10,7
EBIT adj 185 209 230
EBIT adj margin (%) 5,1 5,3 5,7
Pretax profit 168 205 229
EPS rep 14,37 17,05 18,92
EPS growth (%) 64,2 18,7 11
EPS adj 18,44 20,98 22,64
DPS 4,5 5,12 5,68
EV/EBITDA (x) 6,8 6,7 6,1
EV/EBIT adj (x) 13,7 13,1 11,3
P/E (x) 19 18,2 16,4
P/E adj (x) 14,8 14,7 13,7
EV/sales (x) 0,7 0,7 0,6
FCF yield (%) 11,5 6,9 10,2
Dividend yield (%) 1,6 1,7 1,8
Net IB debt/EBITDA 0,1 -0,2 -0,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 3633 3922 4042
COGS -2701 -3027 -3100
Gross profit 932 896 942
Other operating items -563 -486 -510
EBITDA 369 409 431
Depreciation on tangibles -49 -60 -63
Depreciation on intangibles 0 0 0
EBITA 217 245 264
Goodwill impairment charges 0 0 0
Other impairment and amortisation -35 -36 -34
EBIT 182 209 230
Other financial items 0 0 0
Net financial items -14 -4 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 205 229
Tax -35 -49 -56
Net profit 132 156 173
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 132 156 173
EPS 14,37 17,05 18,92
EPS Adj 18,44 20,98 22,64
Total extraordinary items after tax -2,8 0 0
Tax rate (%) -21,1 -24 -24,5
Gross margin (%) 25,7 22,8 23,3
EBITDA margin (%) 10,2 10,4 10,7
EBITA margin (%) 6 6,3 6,5
EBIT margin (%) 5 5,3 5,7
Pretax margin (%) 4,6 5,2 5,7
Net margin (%) 3,6 4 4,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 8 3
EBITDA growth (%) 36 10,8 5,4
EBIT growth (%) 72,7 15 10,1
Net profit growth (%) 65 18 11
EPS growth (%) 64,2 18,7 11
Profitability 2020 2021 2022
ROE (%) 23,4 23,7 22,2
ROE Adj (%) 30 29,1 26,6
ROCE (%) 15,6 18,2 18,3
ROCE Adj(%) 19 21,3 21
ROIC (%) 12,7 14,2 15,5
ROIC Adj (%) 12,9 14,2 15,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 372 409 431
EBITDA Adj margin (%) 10,2 10,4 10,7
EBITA Adj 219 245 264
EBITA Adj margin (%) 6 6,3 6,5
EBIT Adj 185 209 230
EBIT Adj margin (%) 5,1 5,3 5,7
Pretax profit Adj 205 241 263
Net profit Adj 170 192 207
Net profit to shareholders Adj 169 192 207
Net Adj margin (%) 4,7 4,9 5,1
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 369 409 431
Net financial items -14 -4 -1
Paid tax -35 -49 -56
Non-cash items 0 0 0
Cash flow before change in WC 320 356 374
Change in WC 149 -70 6
Operating cash flow 468 287 381
CAPEX tangible fixed assets -60 -60 -60
CAPEX intangible fixed assets -31 -32 -32
Acquisitions and disposals -89 0 0
Free cash flow 288 195 289
Dividend paid -23 -41 -47
Share issues and buybacks 0 0 0
Other non cash items -57 0 0
Decrease in net IB debt 186 109 138
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 552 552 552
Indefinite intangible assets 0 0 0
Definite intangible assets 112 108 106
Tangible fixed assets 85 85 82
Other fixed assets 425 425 425
Fixed assets 1398 1394 1389
Inventories 13 27 28
Receivables 1044 1255 1293
Other current assets 0 0 0
Cash and liquid assets 468 578 715
Total assets 2924 3255 3426
Shareholders equity 602 717 843
Minority 3 3 3
Total equity 605 720 846
Long-term debt 142 142 142
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 33 33 33
Other long-term liabilities 461 461 461
Short-term debt 90 90 90
Accounts payable 762 824 849
Other current liabilities 573 727 747
Total liabilities and equity 2924 3255 3426
Net IB debt 22 -88 -225
Net IB debt excl. pension debt 22 -88 -225
Capital invested 1121 1127 1115
Working capital -277 -268 -274
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2498 2832 2832
Net IB debt Adj 22 -88 -225
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2523 2748 2610
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 125,3 127 121
Capital invested turnover (%) 321,2 349 360,6
Capital employed turnover (%) 330 340,4 317,5
Inventories / sales (%) 0,5 0,5 0,7
Customer advances / sales (%) 15,8 15,8 16,7
Payables / sales (%) 21,4 20,2 20,7
Working capital / sales (%) -6,8 -7 -6,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 3,6 -12,2 -26,6
Net debt / market cap (%) 1,3 -3,1 -8
Equity ratio (%) 20,7 22,1 24,7
Net IB debt adj. / equity (%) 3,6 -12,2 -26,6
Current ratio (%) 104,1 110,6 118
EBITDA / net interest (%) 2565,3 10232,8 43137,4
Net IB debt / EBITDA (%) 5,8 -21,4 -52,2
Interest cover (%) 5152,5 6132,8 6684,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 14,37 17,05 18,92
Dividend per share Adj 4,5 5,1 5,7
EPS Adj 18,44 20,98 22,64
BVPS 65,77 78,32 92,13
BVPS Adj -6,77 6,21 20,24
Net IB debt / share 2,4 -9,6 -24,6
Share price 178,72 309,5 309,5
Market cap. (m) 1636 2832 2832
Valuation 2020 2021 2022
P/E 19 18,2 16,4
EV/sales 0,69 0,7 0,65
EV/EBITDA 6,8 6,7 6,1
EV/EBITA 11,7 11,2 9,9
EV/EBIT 13,9 13,1 11,3
Dividend yield (%) 1,6 1,7 1,8
FCF yield (%) 11,5 6,9 10,2
P/BVPS 4,15 3,95 3,36
P/BVPS Adj -40,3 49,82 15,29
P/E Adj 14,8 14,7 13,7
EV/EBITDA Adj 6,8 6,7 6,1
EV/EBITA Adj 11,5 11,2 9,9
EV/EBIT Adj 13,7 13,1 11,3
EV/cap. employed 2,3 2,3 2
Investment ratios 2020 2021 2022
Capex / sales 2,5 2,3 2,3
Capex / depreciation 186,4 153,3 146
Capex tangibles / tangible fixed assets 70,9 70,8 73,3
Capex intangibles / definite intangibles 27,6 29,6 30,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 57,7 70,8 77
N/A N/A N/A

Equity Research

Media

Proact - Company presentation with CEO Jonas Hasselberg
Proact - Interview with CEO Jonas Hasselberg (in Swedish)

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 11.2 % 11.2 % 31 Dec 2020
Livförsäkringsbolaget Skandia 11.0 % 11.0 % 31 Dec 2020
Länsförsäkringar Fonder 9.0 % 9.0 % 31 Jan 2021
Triton 7.0 % 7.0 % 11 Dec 2019
Skandia Fonder 6.9 % 6.9 % 31 Jan 2021
Alcur Fonder 5.0 % 5.0 % 26 Jan 2021
Unionen 4.0 % 4.0 % 31 Dec 2020
Canaccord Genuity Wealth Management 2.7 % 2.7 % 31 Jan 2021
Fondita Fonder 2.0 % 2.0 % 31 Dec 2020
Proact IT Group AB 2.0 % 2.0 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Proact

Name Quantity Code Date
Dmitrijs Sarafutdinovs - 340 SELL 26 Feb 2021
Peter Mikael Javestad - 5 360 SELL 14 Feb 2021
Peter Mikael Javestad - 5 360 SELL 12 Feb 2021
Petra Tesch - 100 SELL 29 Dec 2020
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 27 Oct 2020
Eva Maria Cecilia Sandell Elmstedt - 905 SELL 27 Oct 2020
Linda Alexandra Höljö + 420 BUY 4 Aug 2020
Linda Alexandra Höljö + 30 BUY 3 Aug 2020
Dmitrijs Sarafutdinovs + 340 BUY 10 Jun 2020
Ann-Charlotte Arnshav + 450 BUY 9 Jun 2020

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