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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 3622 3912
Sales growth (%) 5,7 11,7 8
EBITDA 388 803 651
EBITDA margin (%) 12 22,2 16,7
EBIT adj 337 369 413
EBIT adj margin (%) 10,4 10,2 10,6
Pretax profit 317 345 391
EPS rep 3,03 3,21 3,64
EPS growth (%) 21,8 5,8 13,5
EPS adj 3,26 3,29 3,73
DPS 1,24 1,3 1,4
EV/EBITDA (x) 7,5 4,7 5,5
EV/EBIT adj (x) 8,7 10,3 8,6
P/E (x) 10,4 11,7 10,3
P/E adj (x) 9,6 11,5 10,1
EV/sales (x) 0,9 1 0,9
FCF yield (%) 3,3 9,9 5,6
Dividend yield (%) 4 3,4 3,7
Net IB debt/EBITDA 0,8 0,8 0,6
SEKm 2018 2019e 2020e
Sales 3241 3622 3912
COGS -1917 -2147 -2316
Gross profit 1324 1476 1596
Other operating items -937 -673 -945
EBITDA 388 803 651
Depreciation on tangibles -55 -247 -53
Depreciation on intangibles 0 0 0
EBITA 333 378 421
Goodwill impairment charges 0 0 0
Other impairment and amortisation -8 -8 -8
EBIT 325 370 413
Other financial items 0 0 0
Net financial items -8 -26 -22
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 317 345 391
Tax -65 -77 -88
Net profit 252 267 303
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 252 267 303
EPS 3,03 3,21 3,64
EPS Adj 3,26 3,29 3,73
Total extraordinary items after tax -11,5 0,7 0
Tax rate (%) -20,5 -22,5 -22,5
Gross margin (%) 40,9 40,7 40,8
EBITDA margin (%) 12 22,2 16,7
EBITA margin (%) 10,3 10,4 10,8
EBIT margin (%) 10 10,2 10,6
Pretax margin (%) 9,8 9,5 10
Net margin (%) 7,8 7,4 7,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 5,7 11,7 8
EBITDA growth (%) 17,1 107,2 -18,9
EBIT growth (%) 15,9 13,7 11,6
Net profit growth (%) 21,8 5,8 13,5
EPS growth (%) 21,8 5,8 13,5
Profitability 2018 2019 2020
ROE (%) 21,6 19,8 19,7
ROE Adj (%) 23,2 20,3 20,2
ROCE (%) 18,6 18,6 18,1
ROCE Adj(%) 19,6 18,9 18,4
ROIC (%) 15,9 14,5 14,5
ROIC Adj (%) 16,5 14,5 14,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 399 802 651
EBITDA Adj margin (%) 12,3 22,1 16,7
EBITA Adj 344 377 421
EBITA Adj margin (%) 10,6 10,4 10,8
EBIT Adj 337 369 413
EBIT Adj margin (%) 10,4 10,2 10,6
Pretax profit Adj 336 351 399
Net profit Adj 271 274 311
Net profit to shareholders Adj 271 274 311
Net Adj margin (%) 8,4 7,6 7,9
SEKm 2018 2019e 2020e
EBITDA 388 803 651
Net financial items -8 -26 -22
Paid tax -65 -77 -88
Non-cash items 0 0 0
Cash flow before change in WC 315 700 541
Change in WC -68 -38 -30
Operating cash flow 265 475 333
CAPEX tangible fixed assets -67 -111 -159
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -112 -52 0
Free cash flow 86 312 174
Dividend paid -75 -100 -108
Share issues and buybacks 0 0 0
Other non cash items -8 -553 178
Decrease in net IB debt 12 -352 244
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 292 292 292
Indefinite intangible assets 0 0 0
Definite intangible assets 453 463 488
Tangible fixed assets 255 234 308
Other fixed assets 4 8 8
Fixed assets 1004 1492 1413
Inventories 821 875 910
Receivables 475 502 528
Other current assets 0 0 0
Cash and liquid assets 234 83 327
Total assets 2533 2951 3178
Shareholders equity 1256 1441 1636
Minority 0 0 0
Total equity 1256 1441 1636
Long-term debt 466 42 42
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 80 143 143
Accounts payable 586 630 661
Other current liabilities 0 0 0
Total liabilities and equity 2204 2350 2533
Net IB debt 311 664 419
Net IB debt excl. pension debt 311 664 419
Capital invested 1713 2239 2189
Working capital 709 747 777
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2612 3137 3137
Net IB debt Adj 311 664 419
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 3800 3556
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 132,8 132,1 127,7
Capital invested turnover (%) 199,3 183,3 176,7
Capital employed turnover (%) 184,8 181,7 171,2
Inventories / sales (%) 23,6 23,4 22,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,9 16,8 16,5
Working capital / sales (%) 20,8 20,1 19,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 24,8 46,1 25,6
Net debt / market cap (%) 11,9 21,2 13,4
Equity ratio (%) 49,6 48,8 51,5
Net IB debt adj. / equity (%) 24,8 46,1 25,6
Current ratio (%) 229,6 153,4 179,6
EBITDA / net interest (%) 4843,8 3140,2 2971
Net IB debt / EBITDA (%) 80,4 82,7 64,4
Interest cover (%) 4161,3 1476,8 1918,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 83 83 83
Fully diluted shares Adj 83 83 83
EPS 3,03 3,21 3,64
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 3,26 3,29 3,73
BVPS 15,09 17,31 19,66
BVPS Adj 6,14 8,23 10,28
Net IB debt / share 3,7 8 5
Share price 31,44 37,7 37,7
Market cap. (m) 2616 3137 3137
Valuation 2018 2019 2020
P/E 10,4 11,7 10,3
EV/sales 0,9 1,05 0,91
EV/EBITDA 7,5 4,7 5,5
EV/EBITA 8,8 10,1 8,5
EV/EBIT 9 10,3 8,6
Dividend yield (%) 4 3,4 3,7
FCF yield (%) 3,3 9,9 5,6
P/BVPS 2,08 2,18 1,92
P/BVPS Adj 5,11 4,58 3,67
P/E Adj 9,6 11,5 10,1
EV/EBITDA Adj 7,3 4,7 5,5
EV/EBITA Adj 8,5 10,1 8,5
EV/EBIT Adj 8,7 10,3 8,6
EV/cap. employed 1,6 1,7 1,5
Investment ratios 2018 2019 2020
Capex / sales 2,1 3,1 4,1
Capex / depreciation 122,5 45,1 302,5
Capex tangibles / tangible fixed assets 26,3 47,6 51,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,4 105,5 17

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 % 30 Sep 2019
Handelsbanken Fonder 7.3 % 6.1 % 30 Sep 2019
Avanza Pension 4.1 % 3.4 % 30 Sep 2019
Familjen Zetterberg 2.6 % 2.2 % 30 Sep 2019
Canaccord Genuity Wealth Management 2.3 % 1.9 % 30 Sep 2019
AMF Försäkring & Fonder 1.2 % 1.0 % 30 Sep 2019
Danica Pension 1.1 % 0.9 % 30 Sep 2019
SEB Fonder 0.6 % 0.5 % 30 Sep 2019
La Financière de l'Echiquier 0.6 % 0.5 % 30 Jun 2019
XACT Fonder 0.5 % 0.4 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Swedol

Name Quantity Code Date
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
Aktiebolaget Zelda -14 386 448 SELL 11 Apr 2018

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