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Alcadon

Alcadon

Data and telecommunications products

Alcadon is a leading supplier of data and telecommunications products in the Nordics. It offers a wide range of high quality products and components from leading brands and their own brands ECS and DC-line (20%+ of sales). Alcadon has a heritage from 1988 and was divested from DistIT (publ) in 2015/2016. The shares are listed on Nasdaq First North since 2016. In 2017 sales were SEK 0.6bn with an EBIT margin of 12.3%. Financial targets include >10% EPS growth p.a.

Momentum in own brands and roll-out of broadband in the Scandinavian market. Demand drivers are fiber for various areas of use, called Fiber to the X (FTTX), the 5G expansion and data centers. Additionally, there are opportunities in cross-selling synergies and value-added M&A opportunities.

Price pressure in broadband projects, shifts in technology development.

SEKm 2021 2022e 2023e
Sales 737 1053 1179
Sales growth (%) 57,5 42,9 12
EBITDA 77 118 139
EBITDA margin (%) 10,5 11,2 11,8
EBIT adj 71 105 124
EBIT adj margin (%) 9,6 10 10,5
Pretax profit 61 101 120
EPS rep 2,61 3,91 4,62
EPS growth (%) 52 49,4 18,3
EPS adj 2,88 3,91 4,62
DPS 0,5 0,8 0,9
EV/EBITDA (x) 31,3 11,4 9,2
EV/EBIT adj (x) 34,4 12,8 10,3
P/E (x) 47,8 17,6 14,8
P/E adj (x) 43,5 17,5 14,8
EV/sales (x) 3,3 1,3 1,1
FCF yield (%) -1,4 7,6 6,7
Dividend yield (%) 0,4 1,2 1,3
Net IB debt/EBITDA 2,3 -0,2 -0,6
Lease adj. FCF yield (%) -1,8 7 6,1
Lease adj. ND/EBITDA 1,8 -0,4 -0,9
SEKm 2021 2022e 2023e
Sales 737 1053 1179
COGS -529 -778 -878
Gross profit 207 275 301
Other operating items -130 -157 -162
EBITDA 77 118 139
Depreciation on tangibles -10 -14 -15
Depreciation on intangibles 0 0 0
EBITA 66 105 124
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 66 105 124
Other financial items 0 0 0
Net financial items -5 -4 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 61 101 120
Tax -14 -24 -28
Net profit 47 78 92
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 78 92
EPS 2,61 3,91 4,62
EPS Adj 2,88 3,91 4,62
Total extraordinary items after tax -4,7 -0,1 0
Tax rate (%) -23 -23,3 -23,3
Gross margin (%) 28,1 26,1 25,5
EBITDA margin (%) 10,5 11,2 11,8
EBITA margin (%) 8,9 10 10,5
EBIT margin (%) 8,9 10 10,5
Pretax margin (%) 8,3 9,6 10,2
Net margin (%) 6,4 7,4 7,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 57,5 42,9 12
EBITDA growth (%) 46,3 51,9 18,4
EBIT growth (%) 53,2 59,4 18,1
Net profit growth (%) 62,2 65 18,3
EPS growth (%) 52 49,4 18,3
Profitability 2021 2022 2023
ROE (%) 16,3 17,7 16,1
ROE Adj (%) 18 17,8 16,1
ROCE (%) 14,1 16,4 16,1
ROCE Adj(%) 15,1 16,4 16,1
ROIC (%) 11,2 15,5 18,2
ROIC Adj (%) 12 15,5 18,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 82 118 139
EBITDA Adj margin (%) 11,1 11,2 11,8
EBITA Adj 71 105 124
EBITA Adj margin (%) 9,6 10 10,5
EBIT Adj 71 105 124
EBIT Adj margin (%) 9,6 10 10,5
Pretax profit Adj 66 101 120
Net profit Adj 52 78 92
Net profit to shareholders Adj 52 78 92
Net Adj margin (%) 7 7,4 7,8
Leasing payments 0 0 0
Depreciation and amortisation -12 -13 -15
Of which leasing depreciation 0 0 0
EO items -5 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 82 118 139
EBITDA lease Adj margin (%) 11,1 11,2 11,8
SEKm 2021 2022e 2023e
Inventories 152 158 171
Receivables 131 116 124
Other current assets 20 28 32
Cash and liquid assets 28 216 284
Total assets 723 916 1007
Shareholders equity 341 534 609
Minority 0 0 0
Total equity 341 534 609
Long-term debt 138 128 128
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 0 0 0
Short-term debt 37 37 37
Accounts payable 115 126 141
Other current liabilities 56 56 56
Total liabilities and equity 722 916 1007
Net IB debt 179 -19 -87
Net IB debt excl. pension debt 179 -19 -87
Capital invested 523 518 526
Working capital 132 120 129
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2243 1362 1362
Net IB debt Adj 179 -19 -87
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2422 1343 1276
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 124,7 128,4 122,6
Capital invested turnover (%) 130,6 173,3 169,9
Capital employed turnover (%) 126,8 164,5 149,4
Inventories / sales (%) 14,8 11,2 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,8 6,9 8,1
Working capital / sales (%) 12,3 12 10,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 52,4 -3,6 -14,3
Net debt / market cap (%) 18,4 -1,4 -6,4
Equity ratio (%) 47,1 58,2 60,5
Net IB debt adj. / equity (%) 52,4 -3,6 -14,3
Current ratio (%) 153,1 227,3 251
EBITDA / net interest (%) 1612,5 3167,8 3392,5
Net IB debt / EBITDA (%) 230,7 -16,3 -62,4
Interest cover (%) 1370,8 2825,6 3018,8
EBITDA 77 118 139
Net financial items -5 -4 -4
Paid tax -14 -24 -28
Non-cash items 0 0 0
Cash flow before change in WC 59 90 107
Change in WC -40 25 -9
Operating cash flow 18 115 98
CAPEX tangible fixed assets -5 -6 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -44 -6 0
Free cash flow -31 103 92
Dividend paid 0 -10 -16
Share issues and buybacks 29 125 0
Other non cash items 0 0 0
Decrease in net IB debt -20 -12 48
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 338 343 343
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 36 30 21
Other fixed assets 2 2 2
Fixed assets 391 398 397
Lease liability amortisation -8 -8 -8
Other intangible assets 16 24 33
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 32 32 32
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing 147 -51 -119
Net IB debt / EBITDA lease Adj (%) 178,4 -43,6 -85,5
SEKm 2021 2022e 2023e
Shares outstanding adj. 18 20 20
Fully diluted shares Adj 18 20 20
EPS 2,61 3,91 4,62
Dividend per share Adj 0,5 0,8 0,9
EPS Adj 2,88 3,91 4,62
BVPS 18,98 26,87 30,69
BVPS Adj 0,14 9,61 13,43
Net IB debt / share 10 -1 -4,4
Share price 54,2 68,6 68,6
Market cap. (m) 973 1362 1362
Valuation 2021 2022 2023
P/E 47,8 17,6 14,8
EV/sales 3,29 1,28 1,08
EV/EBITDA 31,3 11,4 9,2
EV/EBITA 36,8 12,8 10,3
EV/EBIT 36,8 12,8 10,3
Dividend yield (%) 0,4 1,2 1,3
FCF yield (%) -1,4 7,6 6,7
P/BVPS 6,58 2,55 2,24
P/BVPS Adj 862,79 7,14 5,11
P/E Adj 43,5 17,5 14,8
EV/EBITDA Adj 29,5 11,4 9,2
EV/EBITA Adj 34,4 12,8 10,3
EV/EBIT Adj 34,4 12,8 10,3
EV/cap. employed 4,4 1,8 1,6
Investment ratios 2021 2022 2023
Capex / sales 0,7 0,6 0,5
Capex / depreciation 44,8 46 38,5
Capex tangibles / tangible fixed assets 14,5 19,4 28,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 32,4 42,2 74,2
Lease adj. FCF yield (%) -1,8 7 6,1

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Media

Alcadon - Company presentation with CEO Sonny Mirborn
Alcadon - Company presentation with CEO Sonny Mirborn

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 11.6 % 11.6 % 31 Mar 2022
Anders Bladh (Ribbskottet AB) 10.2 % 10.2 % 31 Mar 2022
Athanase Industrial Partners 7.4 % 7.4 % 31 Mar 2022
Consensus Asset Management 5.7 % 5.7 % 31 May 2022
Susanne Stengade 5.4 % 5.4 % 31 Dec 2021
Avanza Pension 4.1 % 4.1 % 31 Mar 2022
Danske Invest (Lux) 3.9 % 3.9 % 30 Apr 2022
Ålandsbanken Fonder 3.4 % 3.4 % 31 May 2022
Nordnet Pensionsförsäkring 3.0 % 3.0 % 31 Mar 2022
ÖstVäst Capital Management 2.8 % 2.8 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Marie Ygge + 1 000 BUY 12 May 2022
susanne stengade + 11 505 BUY 2 May 2022
Niklas Svensson + 10 354 BUY 29 Apr 2022
Sonny Mirborn + 13 258 BUY 29 Apr 2022
Sonny Mirborn + 1 454 BUY 4 Mar 2022
finn jepen + 1 000 BUY 21 Dec 2021
Pierre Fors - 100 000 GIFT 3 Nov 2021
Jonas Mårtensson - 100 000 SELL 10 Sep 2021
Sonny Mirborn + 4 122 BUY 13 Aug 2021
Sonny Mirborn + 2 728 BUY 26 Feb 2021

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