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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
Lease adj. FCF yield (%) 7,4 -3,2 7
Lease adj. ND/EBITDA -0,9 -0,5 -0,8
Sales 3633 3676 3883
Sales growth (%) 6,6 1,2 5,7
EBITDA 369 368 399
EBITDA margin (%) 10,2 10 10,3
EBIT adj 185 190 213
EBIT adj margin (%) 5,1 5,2 5,5
Pretax profit 168 177 205
EPS rep 4,79 4,87 5,68
EPS growth (%) 64,2 1,7 16,7
EPS adj 6,15 5,98 6,78
DPS 4,5 1,46 1,71
EV/EBITDA (x) 6,8 6,5 5,7
EV/EBIT adj (x) 13,7 12,5 10,6
P/E (x) 19 16,8 14,4
P/E adj (x) 14,8 13,7 12,1
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) 11,5 1,4 11,6
Dividend yield (%) 4,9 1,8 2,1
Net IB debt/EBITDA 0,1 0,4 0
SEKm 2020 2021e 2022e
Depreciation and amortisation -153 -149 -156
Of which leasing depreciation -104 -104 -104
EO items -3 -1 0
Impairment and PPA amortisation -35 -29 -30
EBITDA lease Adj 268 265 295
EBITDA lease Adj margin (%) 7,4 7,2 7,6
Sales 3633 3676 3883
COGS -2701 -2821 -2984
Gross profit 932 855 899
Other operating items -563 -487 -500
EBITDA 369 368 399
Depreciation on tangibles -49 -60 -63
Depreciation on intangibles 0 0 0
EBITA 217 218 243
Goodwill impairment charges 0 0 0
Other impairment and amortisation -35 -36 -34
EBIT 182 189 213
Other financial items 0 0 0
Net financial items -14 -12 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 168 177 205
Tax -35 -43 -49
Net profit 132 134 156
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 132 134 156
EPS 4,79 4,87 5,68
EPS Adj 6,15 5,98 6,78
Total extraordinary items after tax -2,8 -1,2 0
Tax rate (%) -21,1 -24,5 -24
Gross margin (%) 25,7 23,3 23,2
EBITDA margin (%) 10,2 10 10,3
EBITA margin (%) 6 5,9 6,3
EBIT margin (%) 5 5,1 5,5
Pretax margin (%) 4,6 4,8 5,3
Net margin (%) 3,6 3,6 4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,6 1,2 5,7
EBITDA growth (%) 36 -0,5 8,6
EBIT growth (%) 72,7 3,9 12,8
Net profit growth (%) 65 1,1 16,8
EPS growth (%) 64,2 1,7 16,7
Profitability 2020 2021 2022
ROE (%) 23,4 22 23,3
ROE Adj (%) 30 27 27,8
ROCE (%) 15,6 16,5 18
ROCE Adj(%) 19 19,2 20,6
ROIC (%) 12,7 12,1 13,1
ROIC Adj (%) 12,9 12,2 13,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 372 369 399
EBITDA Adj margin (%) 10,2 10 10,3
EBITA Adj 219 219 243
EBITA Adj margin (%) 6 6 6,3
EBIT Adj 185 190 213
EBIT Adj margin (%) 5,1 5,2 5,5
Pretax profit Adj 205 207 235
Net profit Adj 170 164 186
Net profit to shareholders Adj 169 164 186
Net Adj margin (%) 4,7 4,5 4,8
Leasing payments -104 -104 -104
SEKm 2020 2021e 2022e
Lease liability amortisation -104 -104 -104
Other intangible assets 112 141 143
Right-of-use asset 225 225 225
Total other fixed assets 425 425 425
Leasing liability 258 258 258
Total other long-term liabilities 494 494 494
Net IB debt excl. leasing -236 -128 -244
Net IB debt / EBITDA lease Adj (%) -88,1 -48,2 -82,8
EBITDA 369 368 399
Net financial items -14 -12 -8
Paid tax -35 -43 -49
Non-cash items 0 0 0
Cash flow before change in WC 320 312 342
Change in WC 149 -83 11
Operating cash flow 468 230 353
CAPEX tangible fixed assets -60 -60 -60
CAPEX intangible fixed assets -31 -32 -32
Acquisitions and disposals -89 -105 0
Free cash flow 288 33 261
Dividend paid -69 -124 -40
Share issues and buybacks 0 0 0
Other non cash items -11 26 0
Decrease in net IB debt 186 109 138
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 552 604 604
Indefinite intangible assets 0 0 0
Definite intangible assets 112 108 106
Tangible fixed assets 85 100 108
Other fixed assets 425 425 425
Fixed assets 1398 1495 1505
Inventories 13 26 27
Receivables 1044 1176 1243
Other current assets 0 0 0
Cash and liquid assets 468 359 476
Total assets 2924 3056 3251
Shareholders equity 602 612 728
Minority 3 3 3
Total equity 605 615 731
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 762 772 816
Other current liabilities 573 685 720
Total liabilities and equity 2924 3056 3251
Net IB debt 22 130 14
Net IB debt excl. pension debt 22 130 14
Capital invested 1121 1240 1239
Working capital -277 -255 -266
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2498 2251 2251
Net IB debt Adj 22 130 14
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 2385 2268
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 125,3 122,9 123,1
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 -7,2 -6,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 3,6 21,2 1,9
Net debt / market cap (%) 1,3 5,8 0,6
Equity ratio (%) 20,7 20,1 22,5
Net IB debt adj. / equity (%) 3,6 21,2 1,9
Current ratio (%) 104,1 98,3 104,8
EBITDA / net interest (%) 2565,3 3038 4991,7
Net IB debt / EBITDA (%) 5,8 35,5 3,4
Interest cover (%) 5152,5 5255 5983,3
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,4 -3,2 7
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 4,79 4,87 5,68
Dividend per share Adj 4,5 1,5 1,7
EPS Adj 6,15 5,98 6,78
BVPS 21,92 22,29 26,52
BVPS Adj -2,26 -4,86 -0,71
Net IB debt / share 0,8 4,8 0,5
Share price 59,57 82 82
Market cap. (m) 1636 2251 2251
Valuation 2020 2021 2022
P/E 19 16,8 14,4
EV/sales 0,69 0,65 0,58
EV/EBITDA 6,8 6,5 5,7
EV/EBITA 11,7 10,9 9,3
EV/EBIT 13,9 12,6 10,6
Dividend yield (%) 4,9 1,8 2,1
FCF yield (%) 11,5 1,4 11,6
P/BVPS 4,15 3,68 3,09
P/BVPS Adj -40,3 -16,88 -115,73
P/E Adj 14,8 13,7 12,1
EV/EBITDA Adj 6,8 6,5 5,7
EV/EBITA Adj 11,5 10,9 9,3
EV/EBIT Adj 13,7 12,5 10,6
EV/cap. employed 2,3 2,2 1,9
Investment ratios 2020 2021 2022
Capex / sales 2,5 2,5 2,4
Capex / depreciation 186,4 203,1 176,9
Capex tangibles / tangible fixed assets 70,9 60,3 55,8
Capex intangibles / definite intangibles 27,6 22,7 22,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 57,7 45,5 48,4

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 % 30 Sep 2021
Livförsäkringsbolaget Skandia 10.9 % 10.9 % 30 Sep 2021
Länsförsäkringar Fonder 8.8 % 8.8 % 30 Sep 2021
Skandia Fonder 7.1 % 7.1 % 30 Sep 2021
Triton 7.0 % 7.0 % 19 May 2021
Alcur Fonder 5.2 % 5.2 % 30 Sep 2021
Unionen 3.1 % 3.1 % 30 Sep 2021
Canaccord Genuity Wealth Management 2.9 % 2.9 % 30 Jun 2021
Allianz Global Investors 2.8 % 2.8 % 30 Jun 2021
Fondita Fonder 2.0 % 2.0 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Proact

Name Quantity Code Date
Rene Schuelein + 250 BUY 18 May 2021
Rene Schuelein + 200 BUY 18 May 2021
Ann-Charlotte Arnshav + 450 BUY 11 May 2021
Martin Thompson + 450 BUY 7 May 2021
Jonas Hasselberg + 2 000 BUY 7 May 2021
Jonas Hasselberg + 1 200 BUY 23 Apr 2021
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

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