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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 9492 9869 10399
Sales growth (%) 1,7 4 5,4
EBITDA 1150 1348 1500
EBITDA margin (%) 12,1 13,7 14,4
EBIT adj. 534 656 799
EBIT adj. margin (%) 5,6 6,7 7,7
Pretax profit 366 534 683
EPS 5,66 8,29 10,61
EPS growth (%) 3,6 46,3 28
EPS adj. 8,1 9,47 11,79
DPS 2,27 3,32 4,24
EV/EBITDA (x) 8,5 6,9 6
EV/EBIT adj. (x) 18,2 14,2 11,3
P/E (x) 23,1 15,8 12,3
P/E adj. (x) 16,2 13,8 11,1
EV/sales (x) 1,02 0,94 0,87
FCF yield (%) 5,8 15,6 15,1
Le. adj. FCF yld. (%) -0,7 8,3 7,8
Dividend yield (%) 1,7 2,5 3,2
Net IB debt/EBITDA (x) 2,7 2 1,6
Le. adj. ND/EBITDA (x) 2,4 1,6 1
SEKm 2025 2026e 2027e
Sales 9492 9869 10399
COGS -5584 -5734 -6039
Gross profit 3908 4135 4360
Other operating items -2758 -2787 -2860
EBITDA 1150 1348 1500
Depreciation and amortisation -594 -616 -625
of which leasing depreciation -461 -480 -488
EBITA 556 732 875
EO Items -52 0 0
Impairment and PPA amortisation -74 -76 -76
EBIT 482 656 799
Net financial items -116 -123 -116
Pretax profit 366 534 683
Tax -80 -118 -152
Net profit 286 415 532
Minority interest -3 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 283 415 532
EPS 5,66 8,29 10,61
EPS adj. 8,1 9,47 11,79
Total extraordinary items after tax -48 17 17
Leasing payments -469 -511 -519
Tax rate (%) 21,8 22,2 22,2
Gross margin (%) 41,2 41,9 41,9
EBITDA margin (%) 12,1 13,7 14,4
EBITA margin (%) 5,9 7,4 8,4
EBIT margin (%) 5,1 6,7 7,7
Pre-tax margin (%) 3,9 5,4 6,6
Net margin (%) 3 4,2 5,1
Sales growth (%) 1,7 4 5,4
EBITDA growth (%) 3,3 17,2 11,3
EBITA growth (%) -1,9 31,7 19,5
EBIT growth (%) -4,4 36,2 21,8
Net profit growth (%) 3 44,9 28
EPS growth (%) 3,6 46,3 28
Profitability N/A N/A N/A
ROE (%) 7,5 10,4 12,3
ROE adj. (%) 10,7 11,9 13,7
ROCE (%) 6,7 8,5 10
ROCE adj. (%) 8,4 9,5 10,9
ROIC (%) 6,4 8,2 9,8
ROIC adj. (%) 7 8,2 9,8
Adj. earnings numbers N/A N/A N/A
EBITA adj. 608 732 875
EBITA adj. margin (%) 6,4 7,4 8,4
EBIT adj. 534 656 799
EBIT adj. margin (%) 5,6 6,7 7,7
SEKm 2025 2026e 2027e
EBITDA 1150 1348 1500
Goodwill 1959 1959 1959
Net financial items -116 -123 -116
Other intangible assets 1178 1100 1025
Paid tax -110 -118 -152
Tangible fixed assets 647 656 668
Non-cash items 17 0 0
Right-of-use asset 1287 1300 1333
Cash flow before change in WC 941 1107 1233
Total other fixed assets 91 91 91
Change in working capital -192 55 -91
Fixed assets 5162 5106 5076
Operating cash flow 749 1163 1141
Inventories 2620 2595 2652
Capex tangible fixed assets -76 -109 -114
Receivables 1187 1263 1352
Capex intangible fixed assets -19 -35 -36
Other current assets 285 276 291
Acquisitions and Disposals -273 0 0
Cash and liquid assets 631 1062 1406
Free cash flow 381 1019 991
Total assets 9884 10303 10777
Dividend paid -100 -115 -166
Shareholders equity 3824 4125 4490
Share issues and buybacks 2 0 0
Minority 40 40 40
Leasing liability amortisation -425 -474 -481
Total equity 3864 4165 4530
Long-term debt 2411 2411 2411
Pension debt 0 0 0
Leasing liability 1354 1373 1412
Total other long-term liabilities 499 499 499
Short-term debt 0 0 0
Accounts payable 1139 1165 1196
Other current liabilities 617 691 728
Total liabilities and equity 9884 10303 10777
Net IB debt 3133 2722 2417
Net IB debt excl. pension debt 3133 2722 2417
Net IB debt excl. leasing 1780 1349 1005
Capital employed 7629 7949 8354
Capital invested 6998 6887 6948
Working capital 2335 2280 2371
Market cap. diluted (m) 6551 6551 6551
Net IB debt adj. 3133 2722 2417
Market value of minority 40 40 40
Reversal of shares and participations 0 0 0
EV 9725 9313 9009
Total assets turnover (%) 97,1 97,8 98,7
Working capital/sales (%) 23,4 23,4 22,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 81,1 65,4 53,4
Net debt / market cap (%) 47,8 41,5 36,9
Equity ratio (%) 39,1 40,4 42
Net IB debt adj. / equity (%) 81,1 65,4 53,4
Current ratio 2,69 2,8 2,96
EBITDA/net interest 8,7 11,8 14,1
Net IB debt/EBITDA (x) 2,7 2 1,6
Net IB debt/EBITDA lease adj. (x) 2,4 1,6 1
Interest coverage 4,2 5,8 6,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,66 8,29 10,61
Dividend per share 2,27 3,32 4,24
EPS adj. 8,1 9,47 11,79
BVPS 76,36 82,35 89,65
BVPS adj. 13,74 21,28 30,08
Net IB debt/share 62,55 54,34 48,26
Share price 130,8 130,8 130,8
Market cap. (m) 6551 6551 6551
P/E (x) 23,1 15,8 12,3
EV/sales (x) 1 0,9 0,9
EV/EBITDA (x) 8,5 6,9 6
EV/EBITA (x) 17,5 12,7 10,3
EV/EBIT (x) 20,2 14,2 11,3
Dividend yield (%) 1,7 2,5 3,2
FCF yield (%) 5,8 15,6 15,1
Le. adj. FCF yld. (%) -0,7 8,3 7,8
P/BVPS (x) 1,71 1,59 1,46
P/BVPS adj. (x) 9,52 6,15 4,35
P/E adj. (x) 16,2 13,8 11,1
EV/EBITA adj. (x) 16 12,7 10,3
EV/EBIT adj. (x) 18,2 14,2 11,3
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,5 1,5
Capex/depreciation 0,7 1,1 1,1

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 23 Dec 2025
Fidelity Investments (FMR) 7.9 % 7.1 % 30 Nov 2025
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 4.7 % 4.3 % 31 Dec 2025
Nordnet Pensionsförsäkring 2.0 % 1.8 % 23 Dec 2025
Unionen 1.6 % 1.5 % 23 Dec 2025
Alligo AB 1.6 % 1.5 % 23 Dec 2025
Dimensional Fund Advisors 1.5 % 1.4 % 31 Dec 2025
Fjärde AP-fonden 1.2 % 1.1 % 23 Dec 2025
Carnegie Fonder 1.1 % 1.0 % 31 Dec 2025
Source: Holdings by Modular Finance AB