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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 3849 4072
Sales growth (%) 11,7 6,3 5,8
EBITDA 772 851 910
EBITDA margin (%) 21,3 22,1 22,3
EBIT adj 353 375 431
EBIT adj margin (%) 9,8 9,8 10,6
Pretax profit 309 358 411
EPS rep 2,85 3,28 3,82
EPS growth (%) -6,2 15,2 16,7
EPS adj 3,14 3,37 3,91
DPS 1,38 1,4 1,4
EV/EBITDA (x) 6,3 5,3 4,1
EV/EBIT adj (x) 13,8 12,1 8,7
P/E (x) 16,3 14,2 12,2
P/E adj (x) 14,7 13,8 11,9
EV/sales (x) 1,3 1,2 0,9
FCF yield (%) 4,4 7,1 18,3
Dividend yield (%) 3 3 3
Net IB debt/EBITDA 1,3 0,8 -0,1
SEKm 2019 2020e 2021e
Sales 3622 3849 4072
COGS -2160 -2279 -2409
Gross profit 1463 1569 1663
Other operating items -691 -718 -754
EBITDA 772 851 910
Depreciation on tangibles -246 -285 -288
Depreciation on intangibles 0 0 0
EBITA 344 383 439
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 336 375 431
Other financial items 0 0 0
Net financial items -28 -17 -21
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 309 358 411
Tax -72 -85 -92
Net profit 237 273 318
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 237 273 318
EPS 2,85 3,28 3,82
EPS Adj 3,14 3,37 3,91
Total extraordinary items after tax -17,2 0 0
Tax rate (%) -23,2 -23,8 -22,5
Gross margin (%) 40,4 40,8 40,9
EBITDA margin (%) 21,3 22,1 22,3
EBITA margin (%) 9,5 10 10,8
EBIT margin (%) 9,3 9,8 10,6
Pretax margin (%) 8,5 9,3 10,1
Net margin (%) 6,5 7,1 7,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,7 6,3 5,8
EBITDA growth (%) 99,2 10,2 6,9
EBIT growth (%) 3,3 11,8 14,9
Net profit growth (%) -6,2 15,2 16,7
EPS growth (%) -6,2 15,2 16,7
Profitability 2019 2020 2021
ROE (%) 17,8 18,3 19
ROE Adj (%) 19,6 18,8 19,5
ROCE (%) 15,8 16 18,4
ROCE Adj(%) 16,9 16,3 18,8
ROIC (%) 12 11,5 15,9
ROIC Adj (%) 12,6 11,5 15,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 789 851 910
EBITDA Adj margin (%) 21,8 22,1 22,3
EBITA Adj 361 383 439
EBITA Adj margin (%) 10 10 10,8
EBIT Adj 353 375 431
EBIT Adj margin (%) 9,8 9,8 10,6
Pretax profit Adj 333 366 418
Net profit Adj 262 280 326
Net profit to shareholders Adj 262 280 326
Net Adj margin (%) 7,2 7,3 8
SEKm 2019 2020e 2021e
EBITDA 772 851 910
Net financial items -28 -17 -21
Paid tax -72 -85 -92
Non-cash items 0 0 0
Cash flow before change in WC 673 748 797
Change in WC -188 -56 154
Operating cash flow 349 509 768
CAPEX tangible fixed assets -105 -234 -61
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -75 0 0
Free cash flow 169 275 707
Dividend paid -100 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -780 183 183
Decrease in net IB debt -695 350 773
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 504 489 431
Tangible fixed assets 293 249 73
Other fixed assets 9 9 9
Fixed assets 1679 1437 1020
Inventories 1013 1076 925
Receivables 450 478 550
Other current assets 0 0 0
Cash and liquid assets 40 9 782
Total assets 3182 3000 3277
Shareholders equity 1409 1573 1775
Minority 0 0 0
Total equity 1409 1573 1775
Long-term debt 377 -4 -4
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 161 161 161
Short-term debt 112 112 112
Accounts payable 566 601 676
Other current liabilities 0 0 0
Total liabilities and equity 3182 3000 3277
Net IB debt 1007 657 -117
Net IB debt excl. pension debt 1007 657 -117
Capital invested 2576 2391 1819
Working capital 897 953 799
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3856 3869 3869
Net IB debt Adj 1007 657 -117
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 4863 4525 3752
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 126,8 124,5 129,7
Capital invested turnover (%) 168,9 155 193,4
Capital employed turnover (%) 170,2 164 174,1
Inventories / sales (%) 25,3 27,1 24,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,9 15,2 15,7
Working capital / sales (%) 22,2 24 21,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 71,5 41,7 -6,6
Net debt / market cap (%) 31,8 17 -3
Equity ratio (%) 44,3 52,4 54,2
Net IB debt adj. / equity (%) 71,5 41,7 -6,6
Current ratio (%) 176,1 175,8 234,1
EBITDA / net interest (%) 2807,3 4869,6 4360
Net IB debt / EBITDA (%) 130,4 77,2 -12,8
Interest cover (%) 1249,1 2191,8 2103,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 2,85 3,28 3,82
Dividend per share Adj 1,4 1,4 1,4
EPS Adj 3,14 3,37 3,91
BVPS 16,93 18,91 21,33
BVPS Adj 7,36 9,52 12,65
Net IB debt / share 12,1 7,9 -1,4
Share price 38,06 46,5 46,5
Market cap. (m) 3166 3869 3869
Valuation 2019 2020 2021
P/E 16,3 14,2 12,2
EV/sales 1,34 1,18 0,92
EV/EBITDA 6,3 5,3 4,1
EV/EBITA 14,2 11,8 8,5
EV/EBIT 14,5 12,1 8,7
Dividend yield (%) 3 3 3
FCF yield (%) 4,4 7,1 18,3
P/BVPS 2,74 2,46 2,18
P/BVPS Adj 6,29 4,89 3,68
P/E Adj 14,7 13,8 11,9
EV/EBITDA Adj 6,2 5,3 4,1
EV/EBITA Adj 13,5 11,8 8,5
EV/EBIT Adj 13,8 12,1 8,7
EV/cap. employed 2 2 1,5
Investment ratios 2019 2020 2021
Capex / sales 2,9 6,1 1,5
Capex / depreciation 42,6 82 21,2
Capex tangibles / tangible fixed assets 35,7 94,1 84
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 84 114,7 396

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
Momentum Group AB 97.8 % 98.2 % 23 Mar 2020
Familjen Zetterberg 2.6 % 2.2 % 31 Dec 2019
Canaccord Genuity Wealth Management 2.2 % 1.9 % 31 Jan 2020
Candriam 2.0 % 1.7 % 30 Nov 2019
Handelsbanken Fonder 2.0 % 1.6 % 29 Feb 2020
Futur Pension 1.1 % 0.9 % 31 Dec 2019
Avanza Pension 1.0 % 0.9 % 31 Dec 2019
XACT Fonder 0.5 % 0.5 % 29 Feb 2020
SEB Fonder 0.5 % 0.4 % 29 Feb 2020
Aguja Capital GmbH 0.5 % 0.4 % 31 Jan 2020
Source: Holdings by Modular Finance AB

Insider list - Swedol

Name Quantity Code Date
Christina Åqvist - 6 760 SELL 23 Mar 2020
Irene Wisenborn Bellander - 4 500 SELL 23 Mar 2020
Gunstein Lauvrak - 3 200 SELL 23 Mar 2020
Håkan Wanselius - 33 776 SELL 23 Mar 2020
Clein Johansson Ullenvik - 165 400 SELL 23 Mar 2020
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

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