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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 10229,41 10989,33
Sales growth (%) 2,3 7,1 7,4
EBITDA 1085 1287 1455
EBITDA margin (%) 11,4 12,6 13,2
EBIT adj. 547 676 804
EBIT adj. margin (%) 5,7 6,6 7,3
Pretax profit 355 541 692
EPS 5,21 8,35 10,71
EPS growth (%) -4,4 60,2 28,4
EPS adj. 8,21 10,36 12,21
Dividend per share 2,2 3,55 4,39
EV/EBITDA (x) 8,7 7 6
EV/EBIT adj. (x) 17,3 13,4 10,9
P/E (x) 24,1 15,05 11,72
P/E adj. (x) 15,3 12,1 10,3
EV/sales (x) 0,99 0,88 0,79
FCF yield (%) 6,2 14,7 15,4
Le. adj. FCF yld. (%) -0,7 7,7 7,8
Dividend yield (%) 1,8 2,8 3,5
Net IB debt/EBITDA (x) 2,9 2,1 1,6
Le. adj. ND/EBITDA (x) 2,4 1,5 1
SEKm 2025 2026e 2027e
Sales 9551 10229,41 10989,33
COGS -5628 -6008 -6435
Gross profit 3923 4221 4555
Other operating items -2838 -2935 -3100
EBITDA 1085 1287 1455
Depreciation and amortisation -540 -562 -576
Depreciation on leased assets -407 -430 -444
EBITA 545 724,55 878,62
Operating EO items -76 -26 0
Impairment and amortisation charges -74 -75 -75
EBIT 471 649,55 803,62
Net financial items -116 -109 -111
Pretax profit 355 541 692
Tax -86 -121 -156
Net profit 269 420 537
Minority interest -8 -2 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 418 537
EPS 5,21 8,35 10,71
EPS adj. 8,21 10,36 12,21
Total extraordinary items after tax -58 -20 0
Leasing payments -407 -430 -444
Tax rate (%) 24,2 22,3 22,5
Gross margin (%) 41,1 41,3 41,4
EBITDA margin (%) 11,4 12,6 13,2
EBITA margin (%) 5,7 7,1 8
EBIT margin (%) 4,9 6,3 7,3
Pre-tax margin (%) 3,7 5,3 6,3
Net margin (%) 2,8 4,1 4,9
Sales growth (%) 2,3 7,1 7,4
EBITDA growth (%) -2,5 18,6 13,1
EBITA growth (%) -3,9 32,9 21,3
EBIT growth (%) -6,5 37,9 23,7
Net profit growth (%) -3,2 56,1 27,7
EPS growth (%) -4,4 60,2 28,4
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 7 10,6 12,4
ROE adj. (%) 10,5 13 14,1
ROCE (%) 6,8 8,9 10,6
ROCE adj. (%) 8,8 10,3 11,5
ROIC (%) 6,1 8,1 9,8
ROIC adj. (%) 6,9 8,4 9,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1161 1313 1455
EBITDA adj. margin (%) 12,2 12,8 13,2
EBITDA lease adj. 754 883 1011
EBITDA lease adj. margin (%) 7,9 8,6 9,2
EBITA adj. 621 751 879
EBITA adj. margin (%) 6,5 7,3 8
EBIT adj. 547 676 804
EBIT adj. margin (%) 5,7 6,6 7,3
Pretax profit Adj. 505 642 767
Net profit Adj. 401 515 612
Net profit to shareholders adj. 393 513 612
Net adj. margin (%) 4,2 5 5,6
SEKm 2025 2026e 2027e
EBITDA 1085 1287 1455
Goodwill 2029 2048 2048
Net financial items -116 -109 -111
Other intangible assets 1120 1069 1032
Paid tax -78 -125 -156
Tangible fixed assets 651 641 630
Non-cash items 32 -24 0
Right-of-use asset 1295 1255 1291
Cash flow before change in WC 923 1029 1188
Other Fixed Assets All 102 97 97
Change in working capital -125 61 -60
Fixed assets 5197 5109 5098
Operating cash flow 798 1090 1128
Inventories 2481 2557 2637
Capex tangible fixed assets -91 -98 -121
Receivables 1218 1330 1429
Capex intangible fixed assets -21 -28 -38
Other current assets 275 286 308
Acquisitions and Disposals -296 -39 0
Cash and liquid assets 486 713 1023
Free cash flow 390 925 969
Total assets 9657 9995 10495
Dividend paid -100 -110 -178
Shareholders equity 3751 4150 4509
Share issues and buybacks 2 0 0
Minority 45 47 47
Leasing liability amortisation -436 -440 -481
Total equity 3796 4197 4556
Long-term debt 2258 2077 2009
Other changes in net debt -81 87 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1369 1338 1406
Total other long-term liabilities 512 490 490
Short-term debt 2 1 1
Accounts payable 1086 1176 1264
Other current liabilities 634 716 769
Total liabilities and equity 9657 9995 10495
Net IB debt 3143 2703 2393
Net IB debt excl. pension debt 3143 2703 2393
Net IB debt excl. leasing 1774 1365 987
Capital employed 7425 7613 7972
Capital invested 6939 6900 6949
Working capital 2254 2281 2341
Market cap. diluted (m) 6290 6290 6290
Net IB debt adj. 3143 2703 2393
Market value of minority 45 47 47
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 9478 9040 8730
Total assets turnover (%) 98,8 104,1 107,3
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 22,8 22,2 21
Year N/A N/A N/A
Net debt/equity (%) 82,8 64,4 52,5
Net debt / market cap (%) 50 43 38
Equity ratio (%) 39,3 42 43,4
Net IB debt adj. / equity (%) 82,8 64,4 52,5
Current ratio 2,59 2,58 2,65
EBITDA/net interest 9,4 11,8 13,1
Net IB debt/EBITDA (x) 2,9 2,1 1,6
Net IB debt/EBITDA lease adj. (x) 2,4 1,5 1
Interest coverage 4 5,7 6,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,21 8,35 10,71
Dividend per share 2,2 3,55 4,39
EPS adj. 8,21 10,36 12,21
BVPS 74,9 82,87 90,04
BVPS adj. 12,02 20,64 28,54
Net IB debt/share 62,76 53,98 47,78
Share price 125,6 125,6 125,6
Market cap. (m) 6290 6290 6290
Year N/A N/A N/A
P/E (x) 24,1 15,05 11,72
EV/sales (x) 0,99 0,88 0,79
EV/EBITDA (x) 8,7 7 6
EV/EBITA (x) 17,4 12,5 9,9
EV/EBIT (x) 20,1 13,9 10,9
Dividend yield (%) 1,8 2,8 3,5
FCF yield (%) 6,2 14,7 15,4
Le. adj. FCF yld. (%) -0,7 7,7 7,8
P/BVPS (x) 1,68 1,52 1,4
P/BVPS adj. (x) 10,45 6,09 4,4
P/E adj. (x) 15,3 12,1 10,3
EV/EBITDA adj. (x) 8,2 6,9 6
EV/EBITA adj. (x) 15,3 12 9,9
EV/EBIT adj. (x) 17,3 13,4 10,9
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) -1,2 -1,2 -1,5
Capex/depreciation 0,8 1 1,2
Capex tangibles / tangible fixed assets 14 15,4 19,2
Capex intangibles / definite intangibles 1,9 2,6 3,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 20,43 20,6 20,96

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 28 Sep 2026
Fidelity Investments (FMR) 8.5 % 7.8 % 31 Aug 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 28 Sep 2026
Handelsbanken Fonder 5.1 % 4.6 % 30 Sep 2026
Nordnet Pensionsförsäkring 1.9 % 1.8 % 28 Sep 2026
Unionen 1.6 % 1.5 % 28 Sep 2026
Alligo AB 1.6 % 1.5 % 28 Sep 2026
Dimensional Fund Advisors 1.6 % 1.4 % 30 Sep 2026
Tredje AP-fonden 1.4 % 1.2 % 28 Sep 2026
Fjärde AP-fonden 1.2 % 1.1 % 28 Sep 2026
Source: Holdings by Modular Finance AB