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Alligo

Alligo

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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 10229 10989
Sales growth (%) 2,3 7,1 7,4
EBITDA 1085 1287 1455
EBITDA margin (%) 11,4 12,6 13,2
EBIT adj. 547 676 804
EBIT adj. margin (%) 5,7 6,6 7,3
Pretax profit 355 541 692
EPS 5,21 8,35 10,71
EPS growth (%) -4,4 60,2 28,4
EPS adj. 8,21 10,36 12,21
DPS 2,2 3,55 4,39
EV/EBITDA (x) 8,6 6,9 5,9
EV/EBIT adj. (x) 17 13,1 10,6
P/E (x) 23,3 14,6 11,3
P/E adj. (x) 14,8 11,7 10
EV/sales (x) 0,97 0,86 0,78
FCF yield (%) 6,4 15,2 15,9
Le. adj. FCF yld. (%) -0,8 8 8
Dividend yield (%) 1,8 2,9 3,6
Net IB debt/EBITDA (x) 2,9 2,1 1,6
Le. adj. ND/EBITDA (x) 2,4 1,5 1
SEKm 2025 2026e 2027e
Sales 9551 10229 10989
COGS -5628 -6008 -6435
Gross profit 3923 4221 4555
Other operating items -2838 -2935 -3100
EBITDA 1085 1287 1455
Depreciation and amortisation -540 -562 -576
of which leasing depreciation -407 -430 -444
EBITA 545 725 879
EO Items -76 -26 0
Impairment and PPA amortisation -74 -75 -75
EBIT 471 650 804
Net financial items -116 -109 -111
Pretax profit 355 541 692
Tax -86 -121 -156
Net profit 269 420 537
Minority interest -8 -2 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 418 537
EPS 5,21 8,35 10,71
EPS adj. 8,21 10,36 12,21
Total extraordinary items after tax -58 -20 0
Leasing payments -407 -430 -444
Tax rate (%) 24,2 22,3 22,5
Gross margin (%) 41,1 41,3 41,4
EBITDA margin (%) 11,4 12,6 13,2
EBITA margin (%) 5,7 7,1 8
EBIT margin (%) 4,9 6,3 7,3
Pre-tax margin (%) 3,7 5,3 6,3
Net margin (%) 2,8 4,1 4,9
Sales growth (%) 2,3 7,1 7,4
EBITDA growth (%) -2,5 18,6 13,1
EBITA growth (%) -3,9 32,9 21,3
EBIT growth (%) -6,5 37,9 23,7
Net profit growth (%) -3,2 56,1 27,7
EPS growth (%) -4,4 60,2 28,4
ROE (%) 7 10,6 12,4
Profitability N/A N/A N/A
ROE adj. (%) 10,5 13 14,1
Year N/A N/A N/A
ROCE (%) 6,8 8,9 10,6
ROCE adj. (%) 8,8 10,3 11,5
ROIC (%) 6,1 8,1 9,8
ROIC adj. (%) 6,9 8,4 9,8
EBITA adj. 621 751 879
EBITA adj. margin (%) 6,5 7,3 8
Adj. earnings numbers N/A N/A N/A
EBIT adj. 547 676 804
EBITDA adj. 1161 1347 1461
EBIT adj. margin (%) 5,7 6,6 7,3
EBITDA adj. margin (%) 12,2 13,2 13,4
EBITDA lease adj. 677 867 955
EBITDA lease adj. margin (%) 7,1 8,5 8,8
Pretax profit Adj. 505 675 784
Net profit Adj. 419 539 608
Net profit to shareholders adj. 411 537 608
Net adj. margin (%) 4,4 5,3 5,6
SEKm 2025 2026e 2027e
EBITDA 1085 1287 1455
Goodwill 2029 2048 2048
Net financial items -116 -109 -111
Other intangible assets 1120 1069 1032
Paid tax -78 -125 -156
Tangible fixed assets 651 641 630
Non-cash items 32 -24 0
Right-of-use asset 1295 1255 1291
Cash flow before change in WC 923 1029 1188
Total other fixed assets 102 97 97
Change in working capital -125 61 -60
Fixed assets 5197 5109 5098
Operating cash flow 798 1090 1128
Inventories 2481 2557 2637
Capex tangible fixed assets -91 -98 -121
Receivables 1218 1330 1429
Capex intangible fixed assets -21 -28 -38
Other current assets 275 286 308
Acquisitions and Disposals -296 -39 0
Cash and liquid assets 486 713 1023
Free cash flow 390 925 969
Total assets 9657 9995 10495
Dividend paid -100 -110 -178
Shareholders equity 3751 4150 4509
Share issues and buybacks 2 0 0
Minority 45 47 47
Leasing liability amortisation -436 -440 -481
Total equity 3796 4197 4556
Long-term debt 2258 2077 2009
Other changes in net debt -80 55 -77
Pension debt 0 0 0
Leasing liability 1369 1338 1406
Convertible debt 0 0 0
Total other long-term liabilities 512 490 490
Short-term debt 2 1 1
Accounts payable 1086 1176 1264
Other current liabilities 634 716 769
Total liabilities and equity 9657 9995 10495
Net IB debt 3143 2703 2393
Net IB debt excl. pension debt 3143 2703 2393
Net IB debt excl. leasing 1774 1365 987
Capital employed 7425 7613 7972
Capital invested 6939 6900 6949
Working capital 2254 2281 2341
Market cap. diluted (m) 6090 6090 6090
Net IB debt adj. 3143 2703 2393
Market value of minority 45 47 47
EV 9278 8840 8529
Reversal of shares and participations 0 0 0
Total assets turnover (%) 98,8 104,1 107,3
Working capital/sales (%) 22,8 22,2 21
Reversal of conv. debt assumed equity N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 82,8 64,4 52,5
Net debt / market cap (%) 51,6 44,4 39,3
Equity ratio (%) 39,3 42 43,4
Year N/A N/A N/A
Net IB debt adj. / equity (%) 82,8 64,4 52,5
Current ratio 2,59 2,58 2,65
EBITDA/net interest 9,4 11,8 13,1
Net IB debt/EBITDA (x) 2,9 2,1 1,6
Net IB debt/EBITDA lease adj. (x) 2,4 1,5 1
Interest coverage 4 5,7 6,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,21 8,35 10,71
Dividend per share 2,2 3,55 4,39
EPS adj. 8,21 10,36 12,21
BVPS 74,9 82,87 90,04
BVPS adj. 12,02 20,64 28,54
Net IB debt/share 62,76 53,98 47,78
Share price 121,6 121,6 121,6
Market cap. (m) 6090 6090 6090
Year N/A N/A N/A
P/E (x) 23,3 14,6 11,3
EV/sales (x) 1 0,9 0,8
EV/EBITDA (x) 8,6 6,9 5,9
EV/EBITA (x) 17 12,2 9,7
EV/EBIT (x) 19,7 13,6 10,6
Dividend yield (%) 1,8 2,9 3,6
FCF yield (%) 6,4 15,2 15,9
Le. adj. FCF yld. (%) -0,8 8 8
P/BVPS (x) 1,62 1,47 1,35
P/BVPS adj. (x) 10,12 5,89 4,26
P/E adj. (x) 14,8 11,7 10
EV/EBITA adj. (x) 14,9 11,8 9,7
EV/EBITDA adj. (x) 7,9 6,4 5,7
EV/EBIT adj. (x) 17 13,1 10,6
EV/CE (x) 1,2 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 1,2 1,5
Capex/depreciation 0,8 1 1,2
Capex tangibles / tangible fixed assets 14 15 17,7
Capex intangibles / definite intangibles 1,9 2,6 3,8
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 15,36 15,53 14,86

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 27 Aug 2026
Fidelity Investments (FMR) 8.5 % 7.8 % 31 Aug 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 27 Aug 2026
Handelsbanken Fonder 5.1 % 4.6 % 31 Aug 2026
Nordnet Pensionsförsäkring 1.9 % 1.8 % 27 Aug 2026
Unionen 1.6 % 1.5 % 27 Aug 2026
Alligo AB 1.6 % 1.5 % 27 Aug 2026
Dimensional Fund Advisors 1.3 % 1.2 % 30 Sep 2026
Fjärde AP-fonden 1.2 % 1.1 % 27 Aug 2026
Avanza Pension 1.1 % 1.0 % 27 Aug 2026
Source: Holdings by Modular Finance AB