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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 9998,89 10571,34
Sales growth (%) 2,3 4,7 5,7
EBITDA 1085 1296 1474
EBITDA margin (%) 11,4 13 13,9
EBIT adj. 541 656 801
EBIT adj. margin (%) 5,7 6,6 7,6
Pretax profit 355 531 683
EPS 5,22 8,21 10,56
EPS growth (%) -4,6 57,3 28,6
EPS adj. 8,1 9,39 11,74
Dividend per share 2,2 3,29 4,23
EV/EBITDA (x) 9,3 7,5 6,4
EV/EBIT adj. (x) 18,6 14,9 11,8
P/E (x) 26,32 16,73 13,01
P/E adj. (x) 17 14,6 11,7
EV/sales (x) 1,05 0,98 0,89
FCF yield (%) 5,8 13,5 14,9
Le. adj. FCF yld. (%) -0,5 6,6 7,8
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 9998,89 10571,34
COGS -5628 -5822 -6137
Gross profit 3923 4176 4434
Other operating items -2838 -2881 -2960
EBITDA 1085 1296 1474
Depreciation and amortisation -540 -564 -597
Depreciation on leased assets -407 -432 -463
EBITA 545 731,68 877,38
Operating EO items -70 0 0
Impairment and amortisation charges -74 -76 -76
EBIT 471 655,68 801,38
Net financial items -116 -125 -119
Pretax profit 355 531 683
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 8,21 10,56
EPS adj. 8,1 9,39 11,74
Total extraordinary items after tax -70 17 17
Leasing payments -484 -515 -527
Tax rate (%) 24,2 22,5 22,5
Gross margin (%) 41,1 41,8 41,9
EBITDA margin (%) 11,4 13 13,9
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
Sales growth (%) 2,3 4,7 5,7
EBITDA growth (%) -2,5 19,4 13,8
EBITA growth (%) -3,9 34,3 19,9
EBIT growth (%) -6,5 39,2 22,2
Net profit growth (%) -3,2 52,9 28,6
EPS growth (%) -4,6 57,3 28,6
Profitability N/A N/A N/A
ROE (%) 7 10,6 12,5
ROE adj. (%) 10,8 12,1 13,9
ROCE (%) 6,6 8,6 10,2
ROCE adj. (%) 8,6 9,6 11,2
ROIC (%) 6,1 8,2 9,8
ROIC adj. (%) 6,9 8,2 9,8
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1155 1296 1474
EBITDA adj. margin (%) 12,1 13 13,9
EBITDA lease adj. 671 780 947
EBITDA lease adj. margin (%) 7 7,8 9
EBITA adj. 615 732 877
EBITA adj. margin (%) 6,4 7,3 8,3
EBIT adj. 541 656 801
EBIT adj. margin (%) 5,7 6,6 7,6
Pretax profit Adj. 499 607 759
Net profit Adj. 413 470 588
Net profit to shareholders adj. 405 470 588
Net adj. margin (%) 4,3 4,7 5,6
SEKm 2025 2026e 2027e
EBITDA 1085 1296 1474
Goodwill 1959 1959 1959
Net financial items -116 -125 -119
Other intangible assets 1190 1117 1046
Paid tax -78 -119 -154
Tangible fixed assets 651 661 676
Non-cash items 32 0 0
Right-of-use asset 1295 1363 1428
Cash flow before change in WC 923 1051 1202
Other Fixed Assets All 102 102 102
Change in working capital -125 24 -22
Fixed assets 5197 5202 5211
Operating cash flow 798 1076 1180
Inventories 2481 2500 2537
Capex tangible fixed assets -82 -110 -116
Receivables 1218 1300 1374
Capex intangible fixed assets -21 -35 -37
Other current assets 275 280 296
Acquisitions and Disposals -296 0 0
Cash and liquid assets 485 825 1200
Free cash flow 399 931 1026
Total assets 9656 10106 10618
Dividend paid -100 -114 -165
Shareholders equity 3750 4048 4412
Share issues and buybacks 2 0 0
Minority 45 45 45
Leasing liability amortisation -436 -477 -487
Total equity 3795 4093 4457
Long-term debt 2258 2260 2260
Other changes in net debt -90 -23 -42
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1369 1392 1433
Total other long-term liabilities 512 512 512
Short-term debt 2 0 0
Accounts payable 1086 1150 1216
Other current liabilities 634 700 740
Total liabilities and equity 9656 10106 10618
Net IB debt 3144 2827 2494
Net IB debt excl. pension debt 3144 2827 2494
Net IB debt excl. leasing 1775 1435 1060
Capital employed 7424 7744 8150
Capital invested 6939 6920 6951
Working capital 2254 2230 2252
Market cap. diluted (m) 6882 6882 6882
Net IB debt adj. 3144 2827 2494
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 10071 9754 9421
Total assets turnover (%) 98,8 101,2 102
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 22,8 22,4 21,2
Year N/A N/A N/A
Net debt/equity (%) 82,8 69,1 55,9
Net debt / market cap (%) 45,7 41,1 36,2
Equity ratio (%) 39,3 40,5 42
Net IB debt adj. / equity (%) 82,8 69,1 55,9
Current ratio 2,59 2,65 2,76
EBITDA/net interest 8,2 11,2 13,5
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 5,9 7
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,22 8,21 10,56
Dividend per share 2,2 3,29 4,23
EPS adj. 8,1 9,39 11,74
BVPS 74,87 80,81 88,09
BVPS adj. 12 19,4 28,1
Net IB debt/share 62,77 56,44 49,78
Share price 137,4 137,4 137,4
Market cap. (m) 6882 6882 6882
P/E (x) 26,32 16,73 13,01
EV/sales (x) 1,05 0,98 0,89
EV/EBITDA (x) 9,3 7,5 6,4
EV/EBITA (x) 18,5 13,3 10,7
EV/EBIT (x) 21,4 14,9 11,8
Dividend yield (%) 1,6 2,4 3,1
FCF yield (%) 5,8 13,5 14,9
Le. adj. FCF yld. (%) -0,5 6,6 7,8
P/BVPS (x) 1,84 1,7 1,56
P/BVPS adj. (x) 11,45 7,08 4,89
P/E adj. (x) 17 14,6 11,7
EV/EBITDA adj. (x) 8,7 7,5 6,4
EV/EBITA adj. (x) 16,4 13,3 10,7
EV/EBIT adj. (x) 18,6 14,9 11,8
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 (%) -1,1 -1,5 -1,5
Capex/depreciation 0,8 1,1 1,2
Capex tangibles / tangible fixed assets 12,6 16,6 17,2
Capex intangibles / definite intangibles 1,8 3,1 3,5
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 15,36 15,13 14,96

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