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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.

Financials

SEKm 2018 2019e 2020e
Sales 3318 3448 3517
Sales growth (%) 1,8 3,9 2
EBITDA 231 251 261
EBITDA margin (%) 7 7,3 7,4
EBIT adj 167 189 200
EBIT adj margin (%) 5 5,5 5,7
Pretax profit 168 187 197
EPS rep 13,9 15,35 15,97
EPS growth (%) 12,6 10,4 4
EPS adj 17,61 18,85 19,24
DPS 4,15 4,25 4,4
EV/EBITDA (x) 5,9 6,7 6,1
EV/EBIT adj (x) 8,1 8,9 7,9
P/E (x) 11,8 13,6 13
P/E adj (x) 9,3 11 10,8
EV/sales (x) 0,4 0,5 0,5
FCF yield (%) 6,8 4,6 5,3
Dividend yield (%) 2,5 2 2,1
Net IB debt/EBITDA -0,6 -0,9 -1,2
SEKm 2018 2019e 2020e
Sales 3318 3448 3517
COGS -2526 -2593 -2638
Gross profit 792 855 879
Other operating items -561 -604 -618
EBITDA 231 251 261
Depreciation on tangibles -31 -30 -31
Depreciation on intangibles 0 0 0
EBITA 200 221 230
Goodwill impairment charges -5 0 0
Other impairment and amortisation -31 -32 -30
EBIT 165 189 200
Other financial items 0 0 0
Net financial items 3 -2 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 187 197
Tax -41 -47 -51
Net profit 127 140 146
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 127 140 146
EPS 13,9 15,35 15,97
EPS Adj 17,61 18,85 19,24
Total extraordinary items after tax 1,9 0 0
Tax rate (%) -24,2 -25 -26
Gross margin (%) 23,9 24,8 25
EBITDA margin (%) 7 7,3 7,4
EBITA margin (%) 6 6,4 6,6
EBIT margin (%) 5 5,5 5,7
Pretax margin (%) 5,1 5,4 5,6
Net margin (%) 3,8 4,1 4,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1,8 3,9 2
EBITDA growth (%) 5,3 8,8 4
EBIT growth (%) 4,8 15,1 5,9
Net profit growth (%) 10,7 10,4 4
EPS growth (%) 12,6 10,4 4
Profitability 2018 2019 2020
ROE (%) 29,8 27,1 23,4
ROE Adj (%) 37,7 33,2 28,2
ROCE (%) 54,2 56 56,7
ROCE Adj(%) 64,9 65,4 65,1
ROIC (%) 29 32,2 33
ROIC Adj (%) 29,4 32,2 33
Adj earnings numbers 2018 2019 2020
EBITDA Adj 229 251 261
EBITDA Adj margin (%) 6,9 7,3 7,4
EBITA Adj 199 221 230
EBITA Adj margin (%) 6 6,4 6,6
EBIT Adj 167 189 200
EBIT Adj margin (%) 5 5,5 5,7
Pretax profit Adj 202 219 227
Net profit Adj 161 172 176
Net profit to shareholders Adj 161 172 176
Net Adj margin (%) 4,9 5 5
SEKm 2018 2019e 2020e
EBITDA 231 251 261
Net financial items 3 -2 -3
Paid tax -41 -47 -51
Non-cash items 0 0 0
Cash flow before change in WC 194 202 207
Change in WC -17 -30 -16
Operating cash flow 243 172 191
CAPEX tangible fixed assets -81 -65 -67
CAPEX intangible fixed assets 0 -20 -23
Acquisitions and disposals -60 0 0
Free cash flow 102 87 101
Dividend paid -35 -38 -39
Share issues and buybacks 0 0 0
Other non cash items -14 30 40
Decrease in net IB debt 53 79 103
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 393 393 393
Indefinite intangible assets 0 0 0
Definite intangible assets 70 58 51
Tangible fixed assets 73 68 64
Other fixed assets 308 528 528
Fixed assets 845 1048 1037
Inventories 31 34 35
Receivables 1068 1069 1101
Other current assets 0 0 0
Cash and liquid assets 270 349 452
Total assets 2213 2501 2624
Shareholders equity 468 570 678
Minority 2 2 2
Total equity 470 572 679
Long-term debt 120 120 120
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 22 22 22
Other long-term liabilities 331 541 541
Short-term debt 10 10 10
Accounts payable 628 586 594
Other current liabilities 633 650 658
Total liabilities and equity 1807 1832 2213
Net IB debt -140 -219 -322
Net IB debt excl. pension debt -140 -219 -322
Capital invested 434 448 452
Working capital -103 -72 -56
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1495 1904 1904
Net IB debt Adj -140 -219 -322
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 1686 1584
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 164 146,3 137,2
Capital invested turnover (%) 770,1 781,8 781,7
Capital employed turnover (%) 1046,1 1009,9 989,8
Inventories / sales (%) 1 0,9 1
Customer advances / sales (%) 17,3 16,9 16,9
Payables / sales (%) 17,1 17,6 16,8
Working capital / sales (%) -3,4 -2,5 -1,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -29,8 -38,3 -47,4
Net debt / market cap (%) -9,1 -11,5 -16,9
Equity ratio (%) 21,2 22,9 25,9
Net IB debt adj. / equity (%) -29,8 -38,3 -47,4
Current ratio (%) 107,7 116,6 125,8
EBITDA / net interest (%) -6794,1 12565 8715,3
Net IB debt / EBITDA (%) -60,5 -87,2 -123
Interest cover (%) 5195 5582,5 5786,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 13,9 15,35 15,97
Dividend per share Adj 4,2 4,3 4,4
EPS Adj 17,61 18,85 19,24
BVPS 51,12 62,32 74,03
BVPS Adj 0,46 12,97 25,51
Net IB debt / share -15,3 -23,9 -35,2
Share price 167,74 208 208
Market cap. (m) 1535 1904 1904
Valuation 2018 2019 2020
P/E 11,8 13,6 13
EV/sales 0,41 0,49 0,45
EV/EBITDA 5,9 6,7 6,1
EV/EBITA 6,8 7,6 6,9
EV/EBIT 8,3 8,9 7,9
Dividend yield (%) 2,5 2 2,1
FCF yield (%) 6,8 4,6 5,3
P/BVPS 3,2 3,34 2,81
P/BVPS Adj 356,04 16,04 8,15
P/E Adj 9,3 11 10,8
EV/EBITDA Adj 5,9 6,7 6,1
EV/EBITA Adj 6,8 7,6 6,9
EV/EBIT Adj 8,1 8,9 7,9
EV/cap. employed 4,1 4,8 4,4
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,5 2,5
Capex / depreciation 265 283,3 288,7
Capex tangibles / tangible fixed assets 110,5 95 104
Capex intangibles / definite intangibles 0 34,2 44,2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 41,7 43,9 48,1

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Main shareholders

Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 11.2 % 11.2 % 31 Dec 2018
Livförsäkringsbolaget Skandia 10.9 % 10.9 % 31 Dec 2018
Triton 8.0 % 8.0 % 30 Jun 2018
Skandia Fonder 6.9 % 6.9 % 28 Feb 2019
Länsförsäkringar Fonder 5.7 % 5.7 % 28 Feb 2019
Fondita Fonder 3.3 % 3.3 % 31 Dec 2018
Humle Fonder 3.2 % 3.2 % 28 Feb 2019
Avanza Pension 3.2 % 3.2 % 31 Dec 2018
Canaccord Genuity Wealth Management 2.8 % 2.8 % 30 Nov 2018
Handelsbanken Fonder 2.5 % 2.5 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Proact

Name Quantity Code Date
Lars Arne Erland Kungberg - 7 051 SELL 22 Mar 2019
ANNIKKI SCHAEFERDIEK + 1 000 BUY 15 Feb 2019
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 6 Feb 2019
Eva Maria Cecilia Sandell Elmstedt + 320 BUY 21 Nov 2018
Eva Maria Cecilia Sandell Elmstedt + 145 BUY 21 Nov 2018
Jonas Hasselberg + 3 000 BUY 13 Sep 2018
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 31 May 2018
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 31 May 2018
Eva Maria Cecilia Sandell Elmstedt + 1 000 BUY 30 May 2018
Anders Hultmark + 32 819 BUY 7 May 2018

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