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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 9542 10052 10594
Sales growth (%) 2,2 5,3 5,4
EBITDA 1161 1336 1484
EBITDA margin (%) 12,2 13,3 14
EBIT adj. 540 672 817
EBIT adj. margin (%) 5,7 6,7 7,7
Pretax profit 377 559 706
EPS 5,84 8,68 10,96
EPS growth (%) 6,8 48,5 26,3
EPS adj. 8,36 10,16 12,44
DPS 2,34 3,47 4,38
EV/EBITDA (x) 7,7 6,5 5,7
EV/EBIT adj. (x) 16,5 12,9 10,3
P/E (x) 20,3 13,7 10,8
P/E adj. (x) 14,2 11,7 9,6
EV/sales (x) 0,93 0,86 0,79
FCF yield (%) 8,5 14,4 16,2
Le. adj. FCF yld. (%) 1,4 7,1 8,5
Dividend yield (%) 2 2,9 3,7
Net IB debt/EBITDA (x) 2,5 2 1,6
Le. adj. ND/EBITDA (x) 2,2 1,6 1
SEKm 2025 2026e 2027e
Sales 9542 10052 10594
COGS -5599 -5892 -6196
Gross profit 3943 4160 4397
Other operating items -2782 -2825 -2913
EBITDA 1161 1336 1484
Depreciation and amortisation -599 -589 -593
of which leasing depreciation -466 -457 -459
EBITA 562 746 891
EO Items -52 0 0
Impairment and PPA amortisation -74 -74 -74
EBIT 488 672 817
Net financial items -110 -114 -112
Pretax profit 377 559 706
Tax -82 -124 -157
Net profit 295 435 549
Minority interest -3 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 292 435 549
EPS 5,84 8,68 10,96
EPS adj. 8,36 10,16 12,44
Total extraordinary items after tax -52 0 0
Leasing payments -470 -473 -498
Tax rate (%) 21,7 22,2 22,2
Gross margin (%) 41,3 41,4 41,5
EBITDA margin (%) 12,2 13,3 14
EBITA margin (%) 5,9 7,4 8,4
EBIT margin (%) 5,1 6,7 7,7
Pre-tax margin (%) 4 5,6 6,7
Net margin (%) 3,1 4,3 5,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 2,2 5,3 5,4
EBITDA growth (%) 4,3 15,1 11,1
EBITA growth (%) -1 32,9 19,4
EBIT growth (%) -3,3 37,9 21,5
Net profit growth (%) 6,3 47,1 26,3
EPS growth (%) 6,8 48,5 26,3
Profitability N/A N/A N/A
ROE (%) 7,7 10,9 12,7
ROE adj. (%) 11,1 12,7 14,4
ROCE (%) 6,8 8,9 10,3
ROCE adj. (%) 8,5 9,8 11,2
ROIC (%) 6,5 8,5 10
ROIC adj. (%) 7,2 8,5 10
Adj. earnings numbers N/A N/A N/A
EBITA adj. 614 746 891
EBITA adj. margin (%) 6,4 7,4 8,4
EBIT adj. 540 672 817
EBIT adj. margin (%) 5,7 6,7 7,7
SEKm 2025 2026e 2027e
EBITDA 1161 1336 1484
Goodwill 1959 1959 1959
Net financial items -110 -114 -112
Other intangible assets 1178 1105 1033
Paid tax -112 -124 -157
Tangible fixed assets 648 659 677
Non-cash items 17 0 0
Right-of-use asset 1179 1224 1295
Cash flow before change in WC 955 1098 1216
Total other fixed assets 91 91 91
Change in working capital -80 -94 -98
Fixed assets 5054 5039 5055
Operating cash flow 875 1004 1117
Inventories 2576 2639 2701
Capex tangible fixed assets -77 -111 -117
Receivables 1193 1282 1377
Capex intangible fixed assets -20 -35 -37
Other current assets 267 281 297
Acquisitions and Disposals -273 0 0
Cash and liquid assets 757 1059 1389
Free cash flow 506 858 964
Total assets 9846 10300 10819
Dividend paid -100 -118 -174
Shareholders equity 3833 4150 4525
Share issues and buybacks 2 0 0
Minority 40 40 40
Leasing liability amortisation -425 -438 -460
Total equity 3873 4190 4565
Long-term debt 2411 2411 2411
Pension debt 0 0 0
Leasing liability 1250 1315 1385
Total other long-term liabilities 499 499 499
Short-term debt 0 0 0
Accounts payable 1145 1181 1218
Other current liabilities 668 704 742
Total liabilities and equity 9846 10300 10819
Net IB debt 2904 2667 2406
Net IB debt excl. pension debt 2904 2667 2406
Net IB debt excl. leasing 1654 1352 1022
Capital employed 7534 7916 8361
Capital invested 6778 6857 6972
Working capital 2223 2317 2415
EV breakdown N/A N/A N/A
Market cap. diluted (m) 5950 5950 5950
Net IB debt adj. 2904 2667 2406
Market value of minority 40 40 40
Reversal of shares and participations 0 0 0
EV 8895 8657 8397
Total assets turnover (%) 97,8 99,8 100,3
Working capital/sales (%) 22,7 22,6 22,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 75 63,6 52,7
Net debt / market cap (%) 48,8 44,8 40,4
Equity ratio (%) 39,3 40,7 42,2
Net IB debt adj. / equity (%) 75 63,6 52,7
Current ratio 2,64 2,79 2,94
EBITDA/net interest 9,2 12,8 14,5
Net IB debt/EBITDA (x) 2,5 2 1,6
Net IB debt/EBITDA lease adj. (x) 2,2 1,6 1
Interest coverage 4,4 6,1 6,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,84 8,68 10,96
Dividend per share 2,34 3,47 4,38
EPS adj. 8,36 10,16 12,44
BVPS 76,53 82,85 90,34
BVPS adj. 13,91 21,68 30,6
Net IB debt/share 57,99 53,24 48,05
Share price 118,8 118,8 118,8
Market cap. (m) 5950 5950 5950
Valuation N/A N/A N/A
P/E (x) 20,3 13,7 10,8
EV/sales (x) 0,9 0,9 0,8
EV/EBITDA (x) 7,7 6,5 5,7
EV/EBITA (x) 15,8 11,6 9,4
EV/EBIT (x) 18,2 12,9 10,3
Dividend yield (%) 2 2,9 3,7
FCF yield (%) 8,5 14,4 16,2
Le. adj. FCF yld. (%) 1,4 7,1 8,5
P/BVPS (x) 1,55 1,43 1,32
P/BVPS adj. (x) 8,54 5,48 3,88
P/E adj. (x) 14,2 11,7 9,6
EV/EBITA adj. (x) 14,5 11,6 9,4
EV/EBIT adj. (x) 16,5 12,9 10,3
EV/CE (x) 1,2 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,5 1,5
Capex/depreciation 0,7 1,1 1,1

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 26 Nov 2025
Fidelity Investments (FMR) 7.8 % 7.1 % 30 Nov 2025
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 4.1 % 3.7 % 26 Nov 2025
Nordnet Pensionsförsäkring 1.9 % 1.8 % 26 Nov 2025
Alligo AB 1.6 % 1.5 % 26 Nov 2025
Dimensional Fund Advisors 1.5 % 1.4 % 30 Dec 2025
Fjärde AP-fonden 1.2 % 1.1 % 26 Nov 2025
Carnegie Fonder 1.1 % 1.0 % 30 Nov 2025
Alcur Fonder 1.0 % 0.9 % 31 Oct 2025
Source: Holdings by Modular Finance AB