Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Alligo

Alligo

Send subscription Close

Alligo is an industrial distributor of primarily personal protective equipment (PPE), tools and consumables. Its assortment includes a wide variety of products from protective shoes, earmuffs and branded jackets to batteries, fasteners and welding materials. It operates in several non-consolidated verticals where it is driving consolidation through M&A, in addition to its core offering.

Alligo faces risks from weak macroeconomic development impacting demand, intense competitive pressure requiring constant adaptation, and acquisition and integration uncertainties.

Financials

SEKm 2024 2025e 2026e
Sales 9333 9542 10052
Sales growth (%) 0 2,2 5,3
EBITDA 1113 1161 1336
EBITDA margin (%) 11,9 12,2 13,3
EBIT adj. 537 540 672
EBIT adj. margin (%) 5,8 5,7 6,7
Pretax profit 358 377 559
EPS 5,47 5,84 8,68
EPS growth (%) -44 6,8 48,5
EPS adj. 7,37 8,36 10,16
DPS 2 2,34 3,47
EV/EBITDA (x) 8 7,7 6,5
EV/EBIT adj. (x) 16,6 16,5 12,9
P/E (x) 21,7 20,3 13,7
P/E adj. (x) 16,1 14,2 11,7
EV/sales (x) 0,95 0,93 0,86
FCF yield (%) 7 8,5 14,4
Le. adj. FCF yld. (%) 0,2 1,4 7,1
Dividend yield (%) 1,7 2 2,9
Net IB debt/EBITDA (x) 2,6 2,5 2
Le. adj. ND/EBITDA (x) 2,3 2,2 1,6
SEKm 2024 2025e 2026e
Sales 9333 9542 10052
COGS -5531 -5599 -5892
Gross profit 3802 3943 4160
Other operating items -2689 -2782 -2825
EBITDA 1113 1161 1336
Depreciation and amortisation -546 -599 -589
of which leasing depreciation -415 -466 -457
EBITA 567 562 746
EO Items -33 -52 0
Impairment and PPA amortisation -63 -74 -74
EBIT 504 488 672
Net financial items -146 -110 -114
Pretax profit 358 377 559
Tax -80 -82 -124
Net profit 278 295 435
Minority interest -5 -3 0
Net profit discontinued 0 0 0
Net profit to shareholders 273 292 435
EPS 5,47 5,84 8,68
EPS adj. 7,37 8,36 10,16
Total extraordinary items after tax -33 -52 0
Leasing payments -449 -470 -473
Tax rate (%) 22,3 21,7 22,2
Gross margin (%) 40,7 41,3 41,4
EBITDA margin (%) 11,9 12,2 13,3
EBITA margin (%) 6,1 5,9 7,4
EBIT margin (%) 5,4 5,1 6,7
Pre-tax margin (%) 3,8 4 5,6
Net margin (%) 3 3,1 4,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0 2,2 5,3
EBITDA growth (%) -13,1 4,3 15,1
EBITA growth (%) -29,6 -1 32,9
EBIT growth (%) -32,4 -3,3 37,9
Net profit growth (%) -43,8 6,3 47,1
EPS growth (%) -44 6,8 48,5
Profitability N/A N/A N/A
ROE (%) 7,4 7,7 10,9
ROE adj. (%) 10,1 11,1 12,7
ROCE (%) 7,3 6,8 8,9
ROCE adj. (%) 8,7 8,5 9,8
ROIC (%) 6,8 6,5 8,5
ROIC adj. (%) 7,2 7,2 8,5
Adj. earnings numbers N/A N/A N/A
EBITA adj. 600 614 746
EBITA adj. margin (%) 6,4 6,4 7,4
EBIT adj. 537 540 672
EBIT adj. margin (%) 5,8 5,7 6,7
SEKm 2024 2025e 2026e
EBITDA 1113 1161 1336
Goodwill 1959 1959 1959
Net financial items -146 -110 -114
Other intangible assets 1124 1178 1105
Paid tax -131 -112 -124
Tangible fixed assets 668 648 659
Non-cash items -10 17 0
Right-of-use asset 1230 1179 1224
Cash flow before change in WC 826 955 1098
Total other fixed assets 97 91 91
Change in working capital 125 -80 -94
Fixed assets 5078 5054 5039
Operating cash flow 951 875 1004
Inventories 2471 2576 2639
Capex tangible fixed assets -85 -77 -111
Receivables 1179 1193 1282
Capex intangible fixed assets -22 -20 -35
Other current assets 275 267 281
Acquisitions and Disposals -430 -273 0
Cash and liquid assets 669 757 1059
Free cash flow 414 506 858
Total assets 9672 9846 10300
Dividend paid -175 -100 -118
Shareholders equity 3718 3833 4150
Share issues and buybacks 2 2 0
Minority 37 40 40
Leasing liability amortisation -405 -425 -438
Total equity 3755 3873 4190
Long-term debt 2295 2411 2411
Pension debt 0 0 0
Leasing liability 1269 1250 1315
Total other long-term liabilities 527 499 499
Short-term debt 9 0 0
Accounts payable 1135 1145 1181
Other current liabilities 682 668 704
Total liabilities and equity 9672 9846 10300
Net IB debt 2904 2904 2667
Net IB debt excl. pension debt 2904 2904 2667
Net IB debt excl. leasing 1635 1654 1352
Capital employed 7328 7534 7916
Capital invested 6659 6778 6857
Working capital 2108 2223 2317
EV breakdown N/A N/A N/A
Market cap. diluted (m) 5948 5950 5950
Net IB debt adj. 2904 2904 2667
Market value of minority 37 40 40
Reversal of shares and participations 0 0 0
EV 8889 8895 8657
Total assets turnover (%) 101,1 97,8 99,8
Working capital/sales (%) 22,6 22,7 22,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 77,3 75 63,6
Net debt / market cap (%) 48,8 48,8 44,8
Equity ratio (%) 38,8 39,3 40,7
Net IB debt adj. / equity (%) 77,3 75 63,6
Current ratio 2,52 2,64 2,79
EBITDA/net interest 8,3 9,2 12,8
Net IB debt/EBITDA (x) 2,6 2,5 2
Net IB debt/EBITDA lease adj. (x) 2,3 2,2 1,6
Interest coverage 3,8 4,4 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,47 5,84 8,68
Dividend per share 2 2,34 3,47
EPS adj. 7,37 8,36 10,16
BVPS 74,26 76,53 82,85
BVPS adj. 12,68 13,91 21,68
Net IB debt/share 58 57,99 53,24
Share price 118,8 118,8 118,8
Market cap. (m) 5948 5950 5950
Valuation N/A N/A N/A
P/E (x) 21,7 20,3 13,7
EV/sales (x) 1 0,9 0,9
EV/EBITDA (x) 8 7,7 6,5
EV/EBITA (x) 15,7 15,8 11,6
EV/EBIT (x) 17,6 18,2 12,9
Dividend yield (%) 1,7 2 2,9
FCF yield (%) 7 8,5 14,4
Le. adj. FCF yld. (%) 0,2 1,4 7,1
P/BVPS (x) 1,6 1,55 1,43
P/BVPS adj. (x) 9,37 8,54 5,48
P/E adj. (x) 16,1 14,2 11,7
EV/EBITA adj. (x) 14,8 14,5 11,6
EV/EBIT adj. (x) 16,6 16,5 12,9
EV/CE (x) 1,2 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1 1,5
Capex/depreciation 0,8 0,7 1,1

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 29 Oct 2025
Fidelity Investments (FMR) 8.2 % 7.5 % 30 Sep 2025
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 3.2 % 2.9 % 29 Oct 2025
Nordnet Pensionsförsäkring 2.0 % 1.8 % 29 Oct 2025
Alligo AB 1.6 % 1.5 % 29 Oct 2025
Anders Sandrews Stiftelse 1.6 % 1.4 % 29 Oct 2025
Dimensional Fund Advisors 1.5 % 1.4 % 31 Oct 2025
Fjärde AP-fonden 1.2 % 1.1 % 29 Oct 2025
Carnegie Fonder 1.1 % 1.0 % 29 Oct 2025
Source: Holdings by Modular Finance AB