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Swedol

Tools and work clothes for professionals

Swedol operates through c.95 stores and an omni-channel concept where all sales channels work together to create a unique Swedol experience. This setup is challenging larger companies within the professional segment. Swedol offers a broad range of products that combines quality and value and includes both external brands and strong private labels. The group consists of c.50% workwear and personal protection and c.50% tools and supplies.

Increased cross-selling with Swedol and Grolls, leverage of existing sales force. M&A potential to reach the ambition of SEK 5bn in 2020. The recent years’ integration work could bear more synergies than we currently assume.

Nordic construction activity, acquisition integration issues, intensified competition in the workwear segment.

Financials

SEKm 2018 2019e 2020e
Sales 3241 3634 3875
Sales growth (%) 5,7 12,1 6,6
EBITDA 388 450 484
EBITDA margin (%) 12 12,4 12,5
EBIT adj 337 381 409
EBIT adj margin (%) 10,4 10,5 10,6
Pretax profit 317 372 401
EPS rep 3,03 3,47 3,74
EPS growth (%) 21,8 14,3 7,8
EPS adj 3,26 3,56 3,83
DPS 1,24 1,3 1,4
EV/EBITDA (x) 7,5 8,1 7,3
EV/EBIT adj (x) 8,7 9,5 8,7
P/E (x) 10,4 11,9 11
P/E adj (x) 9,6 11,6 10,7
EV/sales (x) 0,9 1 0,9
FCF yield (%) 3,3 6,2 5,6
Dividend yield (%) 4 3,2 3,4
Net IB debt/EBITDA 0,8 0,5 0,3
SEKm 2018 2019e 2020e
Sales 3241 3634 3875
COGS -1917 -2155 -2305
Gross profit 1324 1479 1569
Other operating items -937 -1029 -1085
EBITDA 388 450 484
Depreciation on tangibles -55 -61 -67
Depreciation on intangibles 0 0 0
EBITA 333 389 417
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 325 381 409
Other financial items 0 0 0
Net financial items -8 -9 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 317 372 401
Tax -65 -84 -90
Net profit 252 288 311
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 252 288 311
EPS 3,03 3,47 3,74
EPS Adj 3,26 3,56 3,83
Total extraordinary items after tax -11,5 0 0
Tax rate (%) -20,5 -22,5 -22,5
Gross margin (%) 40,9 40,7 40,5
EBITDA margin (%) 12 12,4 12,5
EBITA margin (%) 10,3 10,7 10,8
EBIT margin (%) 10 10,5 10,6
Pretax margin (%) 9,8 10,2 10,4
Net margin (%) 7,8 7,9 8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 5,7 12,1 6,6
EBITDA growth (%) 17,1 16,1 7,7
EBIT growth (%) 15,9 17,1 7,4
Net profit growth (%) 21,8 14,3 7,8
EPS growth (%) 21,8 14,3 7,8
Profitability 2018 2019 2020
ROE (%) 21,6 21,4 20,1
ROE Adj (%) 23,2 21,9 20,6
ROCE (%) 21,9 23,7 23,9
ROCE Adj(%) 23,2 24,1 24,3
ROIC (%) 16 16,9 17,2
ROIC Adj (%) 16,5 16,9 17,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 399 450 484
EBITDA Adj margin (%) 12,3 12,4 12,5
EBITA Adj 344 389 417
EBITA Adj margin (%) 10,6 10,7 10,8
EBIT Adj 337 381 409
EBIT Adj margin (%) 10,4 10,5 10,6
Pretax profit Adj 336 380 409
Net profit Adj 271 296 318
Net profit to shareholders Adj 271 296 318
Net Adj margin (%) 8,4 8,1 8,2
SEKm 2018 2019e 2020e
EBITDA 388 450 484
Net financial items -8 -9 -8
Paid tax -65 -84 -90
Non-cash items 0 0 0
Cash flow before change in WC 315 357 386
Change in WC -68 -25 -35
Operating cash flow 265 332 351
CAPEX tangible fixed assets -67 -90 -158
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -112 -29 0
Free cash flow 86 213 192
Dividend paid -75 -100 -108
Share issues and buybacks 0 0 0
Other non cash items 1 -11 0
Decrease in net IB debt 12 102 84
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 453 465 486
Tangible fixed assets 255 292 355
Other fixed assets 4 4 4
Fixed assets 1004 1054 1137
Inventories 821 860 901
Receivables 475 493 523
Other current assets 0 0 0
Cash and liquid assets 234 336 421
Total assets 2533 2744 2982
Shareholders equity 1256 1444 1647
Minority 0 0 0
Total equity 1256 1444 1647
Long-term debt 466 466 466
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 146 135 135
Short-term debt 80 80 80
Accounts payable 586 619 655
Other current liabilities 0 0 0
Total liabilities and equity 2204 2350 2533
Net IB debt 311 209 125
Net IB debt excl. pension debt 311 209 125
Capital invested 1708 1784 1902
Working capital 709 734 769
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2612 3420 3420
Net IB debt Adj 311 209 125
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2924 3629 3544
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 132,8 137,7 135,3
Capital invested turnover (%) 200,1 208,1 210,2
Capital employed turnover (%) 218,3 225,7 226,2
Inventories / sales (%) 23,6 23,1 22,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 16,6 16,4
Working capital / sales (%) 20,8 19,9 19,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 24,8 14,5 7,6
Net debt / market cap (%) 11,9 6,1 3,7
Equity ratio (%) 49,6 52,6 55,2
Net IB debt adj. / equity (%) 24,8 14,5 7,6
Current ratio (%) 229,6 241,7 251
EBITDA / net interest (%) 4843,8 5093,8 5893
Net IB debt / EBITDA (%) 80,4 46,5 25,8
Interest cover (%) 4161,3 4399,5 5071,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,03 3,47 3,74
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 3,26 3,56 3,83
BVPS 15,09 17,36 19,79
BVPS Adj 6,14 8,26 10,44
Net IB debt / share 3,7 2,5 1,5
Share price 31,44 41,1 41,1
Market cap. (m) 2616 3420 3420
Valuation 2018 2019 2020
P/E 10,4 11,9 11
EV/sales 0,9 1 0,91
EV/EBITDA 7,5 8,1 7,3
EV/EBITA 8,8 9,3 8,5
EV/EBIT 9 9,5 8,7
Dividend yield (%) 4 3,2 3,4
FCF yield (%) 3,3 6,2 5,6
P/BVPS 2,08 2,37 2,08
P/BVPS Adj 5,11 4,98 3,94
P/E Adj 9,6 11,6 10,7
EV/EBITDA Adj 7,3 8,1 7,3
EV/EBITA Adj 8,5 9,3 8,5
EV/EBIT Adj 8,7 9,5 8,7
EV/cap. employed 1,9 2,2 2
Investment ratios 2018 2019 2020
Capex / sales 2,1 2,5 4,1
Capex / depreciation 122,5 147,5 234,8
Capex tangibles / tangible fixed assets 26,3 30,9 44,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,4 21 19

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Main shareholders

Swedol

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 67.0 % 72.4 % 31 Dec 2018
Handelsbanken Fonder 7.4 % 6.2 % 31 Mar 2019
Avanza Pension 4.1 % 3.4 % 31 Dec 2018
Familjen Zetterberg 2.6 % 2.2 % 31 Dec 2018
Canaccord Genuity Wealth Management 2.3 % 2.0 % 31 Mar 2019
AMF Försäkring & Fonder 1.2 % 1.0 % 31 Mar 2019
Danica Pension 1.1 % 1.0 % 31 Dec 2018
La Financière de l'Echiquier 1.0 % 0.8 % 30 Jun 2018
SEB Fonder 0.6 % 0.5 % 28 Feb 2019
XACT Fonder 0.5 % 0.4 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Swedol

Name Quantity Code Date
Peter Karl Johan Söderberg + 2 990 BUY 13 Nov 2018
Skogsvik Förvaltning AB + 26 333 BUY 24 May 2018
Skogsvik Förvaltning AB + 3 500 BUY 23 May 2018
Skogsvik Förvaltning AB + 27 399 BUY 22 May 2018
Aktiebolaget Zelda -14 386 448 SELL 11 Apr 2018
Aktiebolaget Zelda -1 300 000 SELL 11 Apr 2018
Aktiebolaget Zelda -14 386 448 SELL 11 Apr 2018
Aktiebolaget Zelda -1 300 000 SELL 11 Apr 2018
Irene Wisenborn Bellander + 500 BUY 28 Dec 2017
Irene Wisenborn Bellander + 500 BUY 22 Dec 2017

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