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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 10118 10811
Sales growth (%) 2,3 5,9 6,9
EBITDA 1085 1321 1470
EBITDA margin (%) 11,4 13,1 13,6
EBIT adj. 547 702 807
EBIT adj. margin (%) 5,7 6,9 7,5
Pretax profit 355 568 692
EPS 5,21 8,76 10,72
EPS growth (%) -4,8 68,2 22,3
EPS adj. 8,21 10,39 11,88
DPS 2,2 3,5 4,29
EV/EBITDA (x) 8,8 6,8 6
EV/EBIT adj. (x) 17,4 12,9 10,9
P/E (x) 24,3 14,5 11,8
P/E adj. (x) 15,4 12,2 10,7
EV/sales (x) 1 0,89 0,81
FCF yield (%) 6,2 16,3 15,8
Le. adj. FCF yld. (%) -0,7 9,6 8,2
Dividend yield (%) 1,7 2,8 3,4
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 10118 10811
COGS -5628 -5893 -6292
Gross profit 3923 4225 4518
Other operating items -2838 -2904 -3049
EBITDA 1085 1321 1470
Depreciation and amortisation -540 -564 -588
of which leasing depreciation -407 -433 -458
EBITA 545 757 882
EO Items -76 -20 0
Impairment and PPA amortisation -74 -75 -75
EBIT 471 682 807
Net financial items -116 -114 -115
Pretax profit 355 568 692
Tax -86 -129 -156
Net profit 269 439 537
Minority interest -8 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 439 537
EPS 5,21 8,76 10,72
EPS adj. 8,21 10,39 11,88
Total extraordinary items after tax -76 -6 17
Leasing payments -484 -463 -524
Tax rate (%) 24,2 22,7 22,5
Gross margin (%) 41,1 41,8 41,8
EBITDA margin (%) 11,4 13,1 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 6,9
EBITDA growth (%) -2,5 21,8 11,3
EBITA growth (%) -3,9 38,9 16,5
EBIT growth (%) -6,5 44,8 18,4
Net profit growth (%) -3,2 63,1 22,3
EPS growth (%) -4,8 68,2 22,3
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 7 11,1 12,4
ROE adj. (%) 11 13,2 13,7
ROCE (%) 6,7 9,1 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
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1161 1341 1470
EBITA adj. 621 777 882
EBITDA adj. margin (%) 12,2 13,3 13,6
EBITA adj. margin (%) 6,5 7,7 8,2
EBITDA lease adj. 677 878 946
EBIT adj. 547 702 807
EBITDA lease adj. margin (%) 7,1 8,7 8,8
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 1321 1470
Goodwill 2029 2029 2029
Net financial items -116 -114 -115
Other intangible assets 1120 1061 995
Paid tax -78 -121 -156
Tangible fixed assets 651 654 673
Non-cash items 32 -3 0
Right-of-use asset 1295 1347 1430
Cash flow before change in WC 923 1083 1199
Total other fixed assets 102 97 97
Change in working capital -125 77 -40
Fixed assets 5197 5189 5223
Operating cash flow 798 1160 1160
Inventories 2481 2428 2487
Capex tangible fixed assets -91 -98 -119
Receivables 1218 1315 1405
Capex intangible fixed assets -21 -30 -38
Other current assets 275 283 303
Acquisitions and Disposals -296 0 0
Cash and liquid assets 486 982 1325
Free cash flow 390 1031 1003
Total assets 9657 10197 10743
Dividend paid -100 -114 -175
Shareholders equity 3751 4149 4510
Share issues and buybacks 2 0 0
Minority 45 45 45
Leasing liability amortisation -436 -423 -485
Total equity 3796 4194 4555
Long-term debt 2258 2259 2259
Other changes in net debt -80 11 -55
Pension debt 0 0 0
Leasing liability 1369 1384 1440
Convertible debt 0 0 0
Total other long-term liabilities 512 488 488
Short-term debt 2 0 0
Accounts payable 1086 1164 1243
Other current liabilities 634 708 757
Total liabilities and equity 9657 10197 10743
Net IB debt 3143 2661 2375
Net IB debt excl. pension debt 3143 2661 2375
Net IB debt excl. leasing 1774 1277 934
Capital employed 7425 7838 8255
Capital invested 6939 6856 6930
Working capital 2254 2155 2195
Market cap. diluted (m) 6340 6340 6340
Net IB debt adj. 3143 2661 2375
Market value of minority 45 45 45
Reversal of shares and participations 0 0 0
EV 9528 9046 8760
Total assets turnover (%) 98,8 101,9 103,3
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 22,8 21,8 20,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 82,8 63,5 52,1
Net debt / market cap (%) 49,6 42 37,5
Year N/A N/A N/A
Equity ratio (%) 39,3 41,1 42,4
Net IB debt adj. / equity (%) 82,8 63,5 52,1
Current ratio 2,59 2,68 2,76
EBITDA/net interest 9,7 11,5 14
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 6,2 7,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,21 8,76 10,72
Dividend per share 2,2 3,5 4,29
EPS adj. 8,21 10,39 11,88
BVPS 74,9 82,85 90,06
BVPS adj. 12,02 21,15 29,69
Net IB debt/share 62,76 53,14 47,42
Share price 126,6 126,6 126,6
Market cap. (m) 6340 6340 6340
Year N/A N/A N/A
P/E (x) 24,3 14,5 11,8
EV/sales (x) 1 0,9 0,8
EV/EBITDA (x) 8,8 6,8 6
EV/EBITA (x) 17,5 12 9,9
EV/EBIT (x) 20,2 13,3 10,9
Dividend yield (%) 1,7 2,8 3,4
FCF yield (%) 6,2 16,3 15,8
Le. adj. FCF yld. (%) -0,7 9,6 8,2
P/BVPS (x) 1,69 1,53 1,41
P/BVPS adj. (x) 10,53 5,99 4,26
P/E adj. (x) 15,4 12,2 10,7
EV/EBITA adj. (x) 15,3 11,6 9,9
EV/EBITDA adj. (x) 8,3 6,9 6,1
EV/EBIT adj. (x) 17,4 12,9 10,9
EV/CE (x) 1,3 1,2 1,1
Investment ratios 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

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 27 May 2026
Fidelity Investments (FMR) 8.6 % 7.9 % 30 Apr 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 27 May 2026
Handelsbanken Fonder 5.0 % 4.6 % 11 Jun 2026
Nordnet Pensionsförsäkring 1.9 % 1.8 % 27 May 2026
Unionen 1.6 % 1.5 % 27 May 2026
Alligo AB 1.6 % 1.5 % 27 May 2026
Dimensional Fund Advisors 1.6 % 1.4 % 31 May 2026
Fjärde AP-fonden 1.2 % 1.1 % 27 May 2026
Danske Invest 1.1 % 1.0 % 30 Apr 2026
Source: Holdings by Modular Finance AB