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 2025 2026e 2027e
Sales 9551 9935,04 10476,41
Sales growth (%) 2,3 4 5,4
EBITDA 1085 1294 1470
EBITDA margin (%) 11,4 13 14
EBIT adj. 541 654 798
EBIT adj. margin (%) 5,7 6,6 7,6
Pretax profit 355 530 683
EPS 5,22 8,2 10,56
EPS growth (%) -4,6 57,1 28,8
EPS adj. 8,1 9,38 11,74
Dividend per share 2,2 3,28 4,23
EV/EBITDA (x) 8,9 7,2 6,1
EV/EBIT adj. (x) 17,8 14,2 11,2
P/E (x) 24,64 15,68 12,17
P/E adj. (x) 15,9 13,7 11
EV/sales (x) 1,01 0,94 0,85
FCF yield (%) 6,2 14,7 16
Le. adj. FCF yld. (%) -0,6 7,3 8,5
Dividend yield (%) 1,7 2,6 3,3
Net IB debt/EBITDA (x) 2,9 2,2 1,7
Le. adj. ND/EBITDA (x) 2,6 1,8 1,1
SEKm 2025 2026e 2027e
Sales 9551 9935,04 10476,41
COGS -5628 -5778 -6073
Gross profit 3923 4157 4403
Other operating items -2838 -2863 -2933
EBITDA 1085 1294 1470
Depreciation and amortisation -540 -564 -595
Depreciation on leased assets -407 -432 -462
EBITA 545 729,98 874,32
Operating EO items -70 0 0
Impairment and amortisation charges -74 -76 -76
EBIT 471 653,99 798,32
Net financial items -116 -124 -116
Pretax profit 355 530 683
Tax -86 -119 -154
Net profit 269 411 529
Minority interest -8 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 411 529
EPS 5,22 8,2 10,56
EPS adj. 8,1 9,38 11,74
Total extraordinary items after tax -70 17 17
Leasing payments -484 -515 -525
Tax rate (%) 24,2 22,5 22,5
Gross margin (%) 41,1 41,8 42
EBITDA margin (%) 11,4 13 14
EBITA margin (%) 5,7 7,3 8,3
EBIT margin (%) 4,9 6,6 7,6
Pre-tax margin (%) 3,7 5,3 6,5
Net margin (%) 2,8 4,1 5,1
Sales growth (%) 2,3 4 5,4
EBITDA growth (%) -2,5 19,3 13,6
EBITA growth (%) -3,9 33,9 19,8
EBIT growth (%) -6,5 38,9 22,1
Net profit growth (%) -3,2 52,7 28,8
EPS growth (%) -4,6 57,1 28,8
Profitability N/A N/A N/A
ROE (%) 7 10,5 12,5
ROE adj. (%) 10,8 12,1 13,9
ROCE (%) 6,6 8,6 10,2
ROCE adj. (%) 8,6 9,6 11,1
ROIC (%) 6,1 8,2 9,8
ROIC adj. (%) 6,9 8,2 9,8
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1155 1294 1470
EBITDA adj. margin (%) 12,1 13 14
EBITDA lease adj. 671 779 945
EBITDA lease adj. margin (%) 7 7,8 9
EBITA adj. 615 730 874
EBITA adj. margin (%) 6,4 7,3 8,3
EBIT adj. 541 654 798
EBIT adj. margin (%) 5,7 6,6 7,6
Pretax profit Adj. 499 606 759
Net profit Adj. 413 470 588
Net profit to shareholders adj. 405 470 588
Net adj. margin (%) 4,3 4,7 5,6
SEKm 2025 2026e 2027e
EBITDA 1085 1294 1470
Goodwill 1959 1959 1959
Net financial items -116 -124 -116
Other intangible assets 1190 1117 1045
Paid tax -78 -119 -154
Tangible fixed assets 651 660 675
Non-cash items 32 0 0
Right-of-use asset 1295 1360 1421
Cash flow before change in WC 923 1051 1200
Other Fixed Assets All 102 102 102
Change in working capital -125 38 -16
Fixed assets 5197 5198 5202
Operating cash flow 798 1089 1184
Inventories 2481 2484 2514
Capex tangible fixed assets -82 -109 -115
Receivables 1218 1292 1362
Capex intangible fixed assets -21 -35 -37
Other current assets 275 278 293
Acquisitions and Disposals -296 0 0
Cash and liquid assets 485 839 1222
Free cash flow 399 945 1033
Total assets 9656 10091 10594
Dividend paid -100 -114 -164
Shareholders equity 3750 4047 4412
Share issues and buybacks 2 0 0
Minority 45 45 45
Leasing liability amortisation -436 -477 -486
Total equity 3795 4092 4457
Long-term debt 2258 2260 2260
Other changes in net debt -90 -20 -38
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1369 1389 1426
Total other long-term liabilities 512 512 512
Short-term debt 2 0 0
Accounts payable 1086 1143 1205
Other current liabilities 634 695 733
Total liabilities and equity 9656 10091 10594
Net IB debt 3144 2809 2465
Net IB debt excl. pension debt 3144 2809 2465
Net IB debt excl. leasing 1775 1421 1038
Capital employed 7424 7741 8143
Capital invested 6939 6901 6922
Working capital 2254 2216 2231
Market cap. diluted (m) 6441 6441 6441
Net IB debt adj. 3144 2809 2465
Market value of minority 45 45 45
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 9630 9295 8951
Total assets turnover (%) 98,8 100,6 101,3
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 22,8 22,5 21,2
Year N/A N/A N/A
Net debt/equity (%) 82,8 68,6 55,3
Net debt / market cap (%) 48,8 43,6 38,3
Equity ratio (%) 39,3 40,6 42,1
Net IB debt adj. / equity (%) 82,8 68,6 55,3
Current ratio 2,59 2,66 2,78
EBITDA/net interest 8,2 11,2 13,8
Net IB debt/EBITDA (x) 2,9 2,2 1,7
Net IB debt/EBITDA lease adj. (x) 2,6 1,8 1,1
Interest coverage 4,1 6 7,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,22 8,2 10,56
Dividend per share 2,2 3,28 4,23
EPS adj. 8,1 9,38 11,74
BVPS 74,87 80,8 88,08
BVPS adj. 12 19,39 28,1
Net IB debt/share 62,77 56,08 49,21
Share price 128,6 128,6 128,6
Market cap. (m) 6441 6441 6441
P/E (x) 24,64 15,68 12,17
EV/sales (x) 1,01 0,94 0,85
EV/EBITDA (x) 8,9 7,2 6,1
EV/EBITA (x) 17,7 12,7 10,2
EV/EBIT (x) 20,4 14,2 11,2
Dividend yield (%) 1,7 2,6 3,3
FCF yield (%) 6,2 14,7 16
Le. adj. FCF yld. (%) -0,6 7,3 8,5
P/BVPS (x) 1,72 1,59 1,46
P/BVPS adj. (x) 10,72 6,63 4,58
P/E adj. (x) 15,9 13,7 11
EV/EBITDA adj. (x) 8,3 7,2 6,1
EV/EBITA adj. (x) 15,7 12,7 10,2
EV/EBIT adj. (x) 17,8 14,2 11,2
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,1 -1,5 -1,5
Capex/depreciation 0,8 1,1 1,1
Capex tangibles / tangible fixed assets 12,6 16,6 17,1
Capex intangibles / definite intangibles 1,8 3,1 3,5
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 15,36 15,14 14,98

Equity research

Read earlier research

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 25 Feb 2026
Fidelity Investments (FMR) 8.3 % 7.5 % 31 Jan 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 4.9 % 4.5 % 28 Feb 2026
Nordnet Pensionsförsäkring 1.9 % 1.8 % 25 Feb 2026
Unionen 1.6 % 1.5 % 25 Feb 2026
Alligo AB 1.6 % 1.5 % 25 Feb 2026
Dimensional Fund Advisors 1.5 % 1.4 % 27 Feb 2026
Fjärde AP-fonden 1.2 % 1.1 % 25 Feb 2026
Carnegie Fonder 1.1 % 1.0 % 28 Feb 2026
Source: Holdings by Modular Finance AB