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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 9935 10476
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
DPS 2,2 3,28 4,23
EV/EBITDA (x) 9,2 7,4 6,3
EV/EBIT adj. (x) 18,4 14,7 11,6
P/E (x) 25,9 16,5 12,8
P/E adj. (x) 16,7 14,4 11,5
EV/sales (x) 1,04 0,97 0,88
FCF yield (%) 5,9 14 15,3
Le. adj. FCF yld. (%) -0,5 6,9 8,1
Dividend yield (%) 1,6 2,4 3,1
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 10476
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
of which leasing depreciation -407 -432 -462
EBITA 545 730 874
EO Items -70 0 0
Impairment and PPA amortisation -74 -76 -76
EBIT 471 654 798
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
Adj. earnings numbers N/A N/A N/A
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
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
Total other fixed assets 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
Pension 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) 6762 6762 6762
Net IB debt adj. 3144 2809 2465
Market value of minority 45 45 45
Reversal of shares and participations 0 0 0
EV 9951 9616 9272
Total assets turnover (%) 98,8 100,6 101,3
Working capital/sales (%) 22,8 22,5 21,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 82,8 68,6 55,3
Net debt / market cap (%) 46,5 41,5 36,5
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 135 135 135
Market cap. (m) 6762 6762 6762
P/E (x) 25,9 16,5 12,8
EV/sales (x) 1 1 0,9
EV/EBITDA (x) 9,2 7,4 6,3
EV/EBITA (x) 18,3 13,2 10,6
EV/EBIT (x) 21,1 14,7 11,6
Dividend yield (%) 1,6 2,4 3,1
FCF yield (%) 5,9 14 15,3
Le. adj. FCF yld. (%) -0,5 6,9 8,1
P/BVPS (x) 1,8 1,67 1,53
P/BVPS adj. (x) 11,25 6,96 4,8
P/E adj. (x) 16,7 14,4 11,5
EV/EBITA adj. (x) 16,2 13,2 10,6
EV/EBIT adj. (x) 18,4 14,7 11,6
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1,5 1,5
Capex/depreciation 0,8 1,1 1,1

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 28 Jan 2026
Fidelity Investments (FMR) 7.9 % 7.1 % 31 Dec 2025
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 30 Jun 2025
Handelsbanken Fonder 4.9 % 4.5 % 31 Jan 2026
Nordnet Pensionsförsäkring 2.0 % 1.8 % 28 Jan 2026
Unionen 1.6 % 1.5 % 28 Jan 2026
Alligo AB 1.6 % 1.5 % 28 Jan 2026
Dimensional Fund Advisors 1.5 % 1.4 % 30 Jan 2026
Fjärde AP-fonden 1.2 % 1.1 % 28 Jan 2026
Carnegie Fonder 1.1 % 1.0 % 28 Jan 2026
Source: Holdings by Modular Finance AB