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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 10109,87 10793,38
Sales growth (%) 2,3 5,9 6,8
EBITDA 1085 1319 1470
EBITDA margin (%) 11,4 13 13,6
EBIT adj. 547 702 807
EBIT adj. margin (%) 5,7 6,9 7,5
Pretax profit 355 566 693
EPS 5,21 8,74 10,73
EPS growth (%) -4,8 67,7 22,8
EPS adj. 8,21 10,39 11,89
Dividend per share 2,2 3,49 4,29
EV/EBITDA (x) 9,6 7,5 6,6
EV/EBIT adj. (x) 19,1 14,2 12
P/E (x) 27,79 16,58 13,5
P/E adj. (x) 17,6 13,9 12,2
EV/sales (x) 1,09 0,98 0,9
FCF yield (%) 5,4 14,2 13,9
Le. adj. FCF yld. (%) -0,6 8,4 7,2
Dividend yield (%) 1,5 2,4 3
Net IB debt/EBITDA (x) 2,9 2 1,6
Le. adj. ND/EBITDA (x) 2,6 1,5 1
SEKm 2025 2026e 2027e
Sales 9551 10109,87 10793,38
COGS -5628 -5889 -6280
Gross profit 3923 4221 4514
Other operating items -2838 -2902 -3044
EBITDA 1085 1319 1470
Depreciation and amortisation -540 -564 -587
Depreciation on leased assets -407 -433 -458
EBITA 545 755,3 882,43
Operating EO items -76 -22 0
Impairment and amortisation charges -74 -75 -75
EBIT 471 680,31 807,43
Net financial items -116 -114 -114
Pretax profit 355 566 693
Tax -86 -129 -156
Net profit 269 437 537
Minority interest -8 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 437 537
EPS 5,21 8,74 10,73
EPS adj. 8,21 10,39 11,89
Total extraordinary items after tax -76 -8 17
Leasing payments -484 -463 -524
Tax rate (%) 24,2 22,7 22,5
Gross margin (%) 41,1 41,7 41,8
EBITDA margin (%) 11,4 13 13,6
EBITA margin (%) 5,7 7,5 8,2
EBIT margin (%) 4,9 6,7 7,5
Pre-tax margin (%) 3,7 5,6 6,4
Net margin (%) 2,8 4,3 5
Sales growth (%) 2,3 5,9 6,8
EBITDA growth (%) -2,5 21,6 11,4
EBITA growth (%) -3,9 38,6 16,8
EBIT growth (%) -6,5 44,4 18,7
Net profit growth (%) -3,2 62,6 22,8
EPS growth (%) -4,8 67,7 22,8
Profitability N/A N/A N/A
ROE (%) 7 11,1 12,4
ROE adj. (%) 11 13,2 13,8
ROCE (%) 6,7 9 10,2
ROCE adj. (%) 8,8 10,3 11,1
ROIC (%) 6,1 8,5 9,9
ROIC adj. (%) 6,9 8,7 9,9
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1161 1341 1470
EBITDA adj. margin (%) 12,2 13,3 13,6
EBITDA lease adj. 677 878 946
EBITDA lease adj. margin (%) 7,1 8,7 8,8
EBITA adj. 621 777 882
EBITA adj. margin (%) 6,5 7,7 8,2
EBIT adj. 547 702 807
EBIT adj. margin (%) 5,7 6,9 7,5
Pretax profit Adj. 505 663 768
Net profit Adj. 419 520 596
Net profit to shareholders adj. 411 520 596
Net adj. margin (%) 4,4 5,1 5,5
SEKm 2025 2026e 2027e
EBITDA 1085 1319 1470
Goodwill 2029 2029 2029
Net financial items -116 -114 -114
Other intangible assets 1120 1061 994
Paid tax -78 -121 -156
Tangible fixed assets 651 654 673
Non-cash items 32 -3 0
Right-of-use asset 1295 1347 1428
Cash flow before change in WC 923 1081 1200
Other Fixed Assets All 102 97 97
Change in working capital -125 79 -38
Fixed assets 5197 5188 5222
Operating cash flow 798 1160 1162
Inventories 2481 2426 2482
Capex tangible fixed assets -91 -98 -119
Receivables 1218 1314 1403
Capex intangible fixed assets -21 -30 -38
Other current assets 275 283 302
Acquisitions and Disposals -296 0 0
Cash and liquid assets 486 983 1329
Free cash flow 390 1032 1005
Total assets 9657 10194 10738
Dividend paid -100 -114 -175
Shareholders equity 3751 4148 4510
Share issues and buybacks 2 0 0
Minority 45 45 45
Leasing liability amortisation -436 -423 -484
Total equity 3796 4193 4555
Long-term debt 2258 2259 2259
Other changes in net debt -80 11 -55
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1369 1384 1439
Total other long-term liabilities 512 488 488
Short-term debt 2 0 0
Accounts payable 1086 1163 1241
Other current liabilities 634 708 756
Total liabilities and equity 9657 10194 10738
Net IB debt 3143 2661 2370
Net IB debt excl. pension debt 3143 2661 2370
Net IB debt excl. leasing 1774 1276 930
Capital employed 7425 7836 8253
Capital invested 6939 6853 6925
Working capital 2254 2153 2191
Market cap. diluted (m) 7251 7251 7251
Net IB debt adj. 3143 2661 2370
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 10439 9957 9666
Total assets turnover (%) 98,8 101,9 103,1
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 22,8 21,8 20,1
Year N/A N/A N/A
Net debt/equity (%) 82,8 63,5 52
Net debt / market cap (%) 43,3 36,7 32,7
Equity ratio (%) 39,3 41,1 42,4
Net IB debt adj. / equity (%) 82,8 63,5 52
Current ratio 2,59 2,68 2,76
EBITDA/net interest 9,7 11,4 14,1
Net IB debt/EBITDA (x) 2,9 2 1,6
Net IB debt/EBITDA lease adj. (x) 2,6 1,5 1
Interest coverage 4,1 6,1 7,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,21 8,74 10,73
Dividend per share 2,2 3,49 4,29
EPS adj. 8,21 10,39 11,89
BVPS 74,9 82,83 90,06
BVPS adj. 12,02 21,12 29,69
Net IB debt/share 62,76 53,13 47,32
Share price 144,8 144,8 144,8
Market cap. (m) 7251 7251 7251
P/E (x) 27,79 16,58 13,5
EV/sales (x) 1,09 0,98 0,9
EV/EBITDA (x) 9,6 7,5 6,6
EV/EBITA (x) 19,2 13,2 11
EV/EBIT (x) 22,2 14,6 12
Dividend yield (%) 1,5 2,4 3
FCF yield (%) 5,4 14,2 13,9
Le. adj. FCF yld. (%) -0,6 8,4 7,2
P/BVPS (x) 1,93 1,75 1,61
P/BVPS adj. (x) 12,05 6,86 4,88
P/E adj. (x) 17,6 13,9 12,2
EV/EBITDA adj. (x) 9 7,4 6,6
EV/EBITA adj. (x) 16,8 12,8 11
EV/EBIT adj. (x) 19,1 14,2 12
EV/CE (x) 1,4 1,3 1,2
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1,2 -1,3 -1,5
Capex/depreciation 0,8 1 1,2
Capex tangibles / tangible fixed assets 14 15 17,6
Capex intangibles / definite intangibles 1,9 2,8 3,8
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 15,36 15,44 14,88

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 27 Mar 2026
Fidelity Investments (FMR) 8.3 % 7.5 % 28 Feb 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 5.0 % 4.5 % 31 Mar 2026
Nordnet Pensionsförsäkring 1.9 % 1.7 % 27 Mar 2026
Unionen 1.6 % 1.5 % 27 Mar 2026
Alligo AB 1.6 % 1.5 % 27 Mar 2026
Dimensional Fund Advisors 1.6 % 1.4 % 31 Mar 2026
Fjärde AP-fonden 1.2 % 1.1 % 27 Mar 2026
Danske Invest 1.1 % 1.0 % 28 Feb 2026
Source: Holdings by Modular Finance AB