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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 3650 3904
Sales growth (%) 5,7 12,6 7
EBITDA 388 451 487
EBITDA margin (%) 12 12,3 12,5
EBIT adj 337 382 412
EBIT adj margin (%) 10,4 10,5 10,6
Pretax profit 317 373 404
EPS rep 3,03 3,47 3,76
EPS growth (%) 21,8 14,5 8,3
EPS adj 3,26 3,56 3,85
DPS 1,24 1,3 1,4
EV/EBITDA (x) 7,5 7,7 7
EV/EBIT adj (x) 8,7 9,1 8,2
P/E (x) 10,4 11,3 10,4
P/E adj (x) 9,6 11 10,2
EV/sales (x) 0,9 1 0,9
FCF yield (%) 3,3 6,5 5,8
Dividend yield (%) 4 3,3 3,6
Net IB debt/EBITDA 0,8 0,5 0,3
SEKm 2018 2019e 2020e
Sales 3241 3650 3904
COGS -1917 -2165 -2323
Gross profit 1324 1485 1581
Other operating items -937 -1035 -1094
EBITDA 388 451 487
Depreciation on tangibles -55 -61 -68
Depreciation on intangibles 0 0 0
EBITA 333 389 420
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 325 382 412
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 317 373 404
Tax -65 -84 -91
Net profit 252 289 313
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 252 289 313
EPS 3,03 3,47 3,76
EPS Adj 3,26 3,56 3,85
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 12,3 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 12,6 7
EBITDA growth (%) 17,1 16,3 8,1
EBIT growth (%) 15,9 17,4 8
Net profit growth (%) 21,8 14,5 8,3
EPS growth (%) 21,8 14,5 8,3
Profitability 2018 2019 2020
ROE (%) 21,6 21,4 20,2
ROE Adj (%) 23,2 22 20,7
ROCE (%) 21,9 23,7 24
ROCE Adj(%) 23,2 24,2 24,5
ROIC (%) 16 16,9 17,3
ROIC Adj (%) 16,5 16,9 17,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 399 451 487
EBITDA Adj margin (%) 12,3 12,3 12,5
EBITA Adj 344 389 420
EBITA Adj margin (%) 10,6 10,7 10,8
EBIT Adj 337 382 412
EBIT Adj margin (%) 10,4 10,5 10,6
Pretax profit Adj 336 381 412
Net profit Adj 271 297 321
Net profit to shareholders Adj 271 297 321
Net Adj margin (%) 8,4 8,1 8,2
SEKm 2018 2019e 2020e
EBITDA 388 451 487
Net financial items -8 -9 -8
Paid tax -65 -84 -91
Non-cash items 0 0 0
Cash flow before change in WC 315 358 388
Change in WC -68 -25 -41
Operating cash flow 265 333 348
CAPEX tangible fixed assets -67 -91 -159
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -112 -29 0
Free cash flow 86 213 189
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 81
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 255 293 356
Other fixed assets 4 4 4
Fixed assets 1004 1054 1138
Inventories 821 861 908
Receivables 475 493 527
Other current assets 0 0 0
Cash and liquid assets 234 337 417
Total assets 2533 2745 2990
Shareholders equity 1256 1445 1650
Minority 0 0 0
Total equity 1256 1445 1650
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 586 619 660
Other current liabilities 0 0 0
Total liabilities and equity 2204 2350 2533
Net IB debt 311 209 128
Net IB debt excl. pension debt 311 209 128
Capital invested 1708 1784 1909
Working capital 709 735 775
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2612 3261 3261
Net IB debt Adj 311 209 128
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 3470 3390
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 132,8 138,3 136,2
Capital invested turnover (%) 200,1 209 211,4
Capital employed turnover (%) 218,3 226,7 227,5
Inventories / sales (%) 23,6 23 22,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 16,5 16,4
Working capital / sales (%) 20,8 19,8 19,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 24,8 14,5 7,8
Net debt / market cap (%) 11,9 6,4 3,9
Equity ratio (%) 49,6 52,6 55,2
Net IB debt adj. / equity (%) 24,8 14,5 7,8
Current ratio (%) 229,6 241,7 250,3
EBITDA / net interest (%) 4843,8 5096,1 5930,4
Net IB debt / EBITDA (%) 80,4 46,4 26,4
Interest cover (%) 4161,3 4402,8 5108,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,03 3,47 3,76
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 3,26 3,56 3,85
BVPS 15,09 17,36 19,83
BVPS Adj 6,14 8,26 10,48
Net IB debt / share 3,7 2,5 1,5
Share price 31,44 39,2 39,2
Market cap. (m) 2616 3261 3261
Valuation 2018 2019 2020
P/E 10,4 11,3 10,4
EV/sales 0,9 0,95 0,87
EV/EBITDA 7,5 7,7 7
EV/EBITA 8,8 8,9 8,1
EV/EBIT 9 9,1 8,2
Dividend yield (%) 4 3,3 3,6
FCF yield (%) 3,3 6,5 5,8
P/BVPS 2,08 2,26 1,98
P/BVPS Adj 5,11 4,74 3,74
P/E Adj 9,6 11 10,2
EV/EBITDA Adj 7,3 7,7 7
EV/EBITA Adj 8,5 8,9 8,1
EV/EBIT Adj 8,7 9,1 8,2
EV/cap. employed 1,9 2,1 1,9
Investment ratios 2018 2019 2020
Capex / sales 2,1 2,5 4,1
Capex / depreciation 122,5 147,8 235,3
Capex tangibles / tangible fixed assets 26,3 31 44,7
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 7.5 % 6.3 % 28 Feb 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 % 28 Feb 2019
AMF Försäkring & Fonder 1.2 % 1.0 % 28 Feb 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 % 31 Jan 2019
XACT Fonder 0.5 % 0.4 % 28 Feb 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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