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Swedol

Swedol

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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 2019 2020e 2021e
Sales 3622 3984 4212
Sales growth (%) 11,7 10 5,7
EBITDA 788 666 713
EBITDA margin (%) 21,8 16,7 16,9
EBIT adj 359 420 456
EBIT adj margin (%) 9,9 10,6 10,8
Pretax profit 331 398 435
EPS rep 3,08 3,7 4,05
EPS growth (%) 1,5 20,3 9,4
EPS adj 3,2 3,79 4,14
DPS 1,31 1,4 1,4
EV/EBITDA (x) 5,8 6,6 5,6
EV/EBIT adj (x) 12,8 10,4 8,7
P/E (x) 15,1 12,5 11,4
P/E adj (x) 14,5 12,2 11,2
EV/sales (x) 1,3 1,1 0,9
FCF yield (%) 7 4,5 8,3
Dividend yield (%) 2,8 3 3
Net IB debt/EBITDA 0,9 0,8 0,2
SEKm 2019 2020e 2021e
Sales 3622 3984 4212
COGS -2150 -2359 -2498
Gross profit 1472 1626 1714
Other operating items -684 -960 -1001
EBITDA 788 666 713
Depreciation on tangibles -247 -61 -73
Depreciation on intangibles 0 0 0
EBITA 364 428 464
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 357 420 456
Other financial items 0 0 0
Net financial items -25 -23 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 331 398 435
Tax -75 -89 -98
Net profit 256 308 337
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 256 308 337
EPS 3,08 3,7 4,05
EPS Adj 3,2 3,79 4,14
Total extraordinary items after tax -2,8 0 0
Tax rate (%) -22,7 -22,5 -22,5
Gross margin (%) 40,6 40,8 40,7
EBITDA margin (%) 21,8 16,7 16,9
EBITA margin (%) 10,1 10,7 11
EBIT margin (%) 9,8 10,6 10,8
Pretax margin (%) 9,2 10 10,3
Net margin (%) 7,1 7,7 8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,7 10 5,7
EBITDA growth (%) 103,3 -15,5 7,1
EBIT growth (%) 9,6 17,9 8,5
Net profit growth (%) 1,5 20,3 9,4
EPS growth (%) 1,5 20,3 9,4
Profitability 2019 2020 2021
ROE (%) 19 20 19,2
ROE Adj (%) 19,8 20,5 19,7
ROCE (%) 17,7 18,1 18
ROCE Adj(%) 18,3 18,5 18,3
ROIC (%) 13,6 14,1 16
ROIC Adj (%) 13,8 14,1 16
Adj earnings numbers 2019 2020 2021
EBITDA Adj 791 666 713
EBITDA Adj margin (%) 21,8 16,7 16,9
EBITA Adj 367 428 464
EBITA Adj margin (%) 10,1 10,7 11
EBIT Adj 359 420 456
EBIT Adj margin (%) 9,9 10,6 10,8
Pretax profit Adj 342 405 443
Net profit Adj 267 316 345
Net profit to shareholders Adj 267 316 345
Net Adj margin (%) 7,4 7,9 8,2
SEKm 2019 2020e 2021e
EBITDA 788 666 713
Net financial items -25 -23 -21
Paid tax -75 -89 -98
Non-cash items 0 0 0
Cash flow before change in WC 687 554 594
Change in WC -38 -44 -36
Operating cash flow 447 333 382
CAPEX tangible fixed assets -124 -160 -63
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -54 0 0
Free cash flow 268 173 319
Dividend paid -100 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -597 177 177
Decrease in net IB debt -433 241 379
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 480 503 498
Tangible fixed assets 269 337 324
Other fixed assets 9 9 9
Fixed assets 1581 1496 1302
Inventories 875 927 957
Receivables 502 538 569
Other current assets 0 0 0
Cash and liquid assets 30 272 651
Total assets 2988 3232 3478
Shareholders equity 1443 1643 1864
Minority 0 0 0
Total equity 1443 1643 1864
Long-term debt 42 42 42
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 141 141 141
Short-term debt 179 179 179
Accounts payable 630 673 699
Other current liabilities 0 0 0
Total liabilities and equity 2350 2533 2988
Net IB debt 745 503 125
Net IB debt excl. pension debt 745 503 125
Capital invested 2328 2287 2129
Working capital 747 791 827
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3860 3860 3860
Net IB debt Adj 745 503 125
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 4605 4364 3985
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 131,2 128,1 125,5
Capital invested turnover (%) 179,3 172,7 190,8
Capital employed turnover (%) 180,3 171,9 166,6
Inventories / sales (%) 23,4 22,6 22,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 16,4 16,3
Working capital / sales (%) 20,1 19,3 19,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 51,6 30,6 6,7
Net debt / market cap (%) 23,5 13 3,2
Equity ratio (%) 48,3 50,8 53,6
Net IB debt adj. / equity (%) 51,6 30,6 6,7
Current ratio (%) 142,4 168,3 205,8
EBITDA / net interest (%) 3124,8 2926,4 3423,2
Net IB debt / EBITDA (%) 94,5 75,6 17,5
Interest cover (%) 1444,3 1880,6 2225,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,08 3,7 4,05
Dividend per share Adj 1,3 1,4 1,4
EPS Adj 3,2 3,79 4,14
BVPS 17,34 19,75 22,4
BVPS Adj 8,06 10,19 12,9
Net IB debt / share 9 6,1 1,5
Share price 38,06 46,4 46,4
Market cap. (m) 3166 3860 3860
Valuation 2019 2020 2021
P/E 15,1 12,5 11,4
EV/sales 1,27 1,1 0,95
EV/EBITDA 5,8 6,6 5,6
EV/EBITA 12,6 10,2 8,6
EV/EBIT 12,9 10,4 8,7
Dividend yield (%) 2,8 3 3
FCF yield (%) 7 4,5 8,3
P/BVPS 2,68 2,35 2,07
P/BVPS Adj 5,75 4,55 3,6
P/E Adj 14,5 12,2 11,2
EV/EBITDA Adj 5,8 6,6 5,6
EV/EBITA Adj 12,6 10,2 8,6
EV/EBIT Adj 12,8 10,4 8,7
EV/cap. employed 2,1 1,8 1,5
Investment ratios 2019 2020 2021
Capex / sales 3,4 4 1,5
Capex / depreciation 50,1 260,7 86,9
Capex tangibles / tangible fixed assets 46,1 47,5 19,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 92 18,2 22,4

Equity research

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Media

Swedol - Interview with CEO Clein Johansson Ullenvik (in Swedish)
Swedol - Company presentation with CEO Clein Johansson Ullenvik (in Swedish)

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Main shareholders - Swedol

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 67.0 % 72.4 % 31 Dec 2019
Familjen Zetterberg 2.6 % 2.2 % 31 Dec 2019
Canaccord Genuity Wealth Management 2.2 % 1.9 % 31 Dec 2019
Handelsbanken Fonder 2.0 % 1.6 % 31 Dec 2019
Danica Pension 1.1 % 0.9 % 31 Dec 2019
Avanza Pension 1.0 % 0.9 % 31 Dec 2019
La Financière de l'Echiquier 0.6 % 0.5 % 30 Sep 2019
XACT Fonder 0.5 % 0.4 % 31 Dec 2019
SEB Fonder 0.5 % 0.4 % 31 Dec 2019
Nordnet Pensionsförsäkring 0.5 % 0.4 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Swedol

Name Quantity Code Date
Staffan Andersson + 2 222 BUY 12 Aug 2019
Irene Wisenborn Bellander + 500 BUY 9 Aug 2019
Håkan Wanselius + 6 000 SUBS 6 Aug 2019
Irene Wisenborn Bellander + 300 BUY 2 Aug 2019
Irene Wisenborn Bellander + 200 BUY 29 Jul 2019
Irene Wisenborn Bellander + 500 BUY 26 Jul 2019
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

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