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Alcadon

Alcadon

Data and telecommunications products

Alcadon is a supplier of data and telecommunications products, offering a wide range of products within structured cabling, fibre-to-the-home, and data centres. It was divested from DistIT (publ) in 2015/2016, and since then the company has gone from mainly operating in Sweden and Norway to expanding in Europe. As of 2023, the largest market was the UK at 41% of sales, followed by Sweden (23%), Denmark (11%), Benelux (10%), Germany (7%), and Norway (7%).

Sustainability information

Low activity in fibre-to-the-home rollouts, data centres, or commercial prooperties. General macroeconomic and FX risk, as well as M&A valuation, execution, and integration risks.

SEKm 2023 2024e 2025e
Sales 1573 1791 1997
Sales growth (%) 41,6 13,9 11,5
EBITDA 128 163 208
EBITDA margin (%) 8,1 9,1 10,4
EBIT adj. 84 128 166
EBIT adj. margin (%) 5,4 7,1 8,3
Pretax profit 51 103 142
EPS 1,76 3,33 4,45
EPS growth (%) -5,3 89,3 33,5
EPS adj. 2,22 4,12 5,02
DPS 0 0 0
EV/EBITDA (x) 9,7 7,8 5,8
EV/EBIT adj. (x) 14,7 10 7,3
P/E (x) 20,7 10,9 8,2
P/E adj. (x) 16,4 8,9 7,3
EV/sales (x) 0,79 0,71 0,6
FCF yield (%) 7 -0,1 11,7
Le. adj. FCF yld. (%) 5,2 -1,7 10,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,6 2,5 1,5
Le. adj. ND/EBITDA (x) 3,1 1,9 1,1
SEKm 2023 2024e 2025e
Sales 1573 1791 1997
COGS -1189 -1347 -1492
Gross profit 384 444 505
Other operating items -256 -281 -298
EBITDA 128 163 208
Depreciation and amortisation -21 -23 -24
of which leasing depreciation 0 0 0
EBITA 107 140 184
EO Items 5 -6 0
Impairment and PPA amortisation -18 -18 -18
EBIT 89 122 166
Net financial items -38 -19 -24
Pretax profit 51 103 142
Tax -13 -23 -33
Net profit 38 79 109
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 79 109
EPS 1,76 3,33 4,45
EPS adj. 2,22 4,12 5,02
Total extraordinary items after tax 3 -5 0
Leasing payments 0 0 0
Tax rate (%) 26,1 22,6 23
Gross margin (%) 24,4 24,8 25,3
EBITDA margin (%) 8,1 9,1 10,4
EBITA margin (%) 6,8 7,8 9,2
EBIT margin (%) 5,6 6,8 8,3
Pre-tax margin (%) 3,3 5,7 7,1
Net margin (%) 2,4 4,4 5,5
Sales growth (%) 41,6 13,9 11,5
EBITDA growth (%) 51 27,7 27,5
EBITA growth (%) 55,6 30,7 31,6
EBIT growth (%) 42,6 36,9 36,2
Net profit growth (%) 2 109,7 37,4
EPS growth (%) -5,3 89,3 33,5
Profitability N/A N/A N/A
ROE (%) 6,1 10,6 12,4
ROE adj. (%) 8,4 13,7 14,5
ROCE (%) 7,2 9,3 11,5
ROCE adj. (%) 8,3 11,1 12,7
ROIC (%) 6,9 9,2 11,5
ROIC adj. (%) 6,6 9,6 11,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 123 169 208
EBITDA adj. margin (%) 7,8 9,4 10,4
EBITDA lease adj. 123 169 208
EBITDA lease adj. margin (%) 7,8 9,4 10,4
EBITA adj. 102 146 184
EBITA adj. margin (%) 6,5 8,1 9,2
EBIT adj. 84 128 166
EBIT adj. margin (%) 5,4 7,1 8,3
Pretax profit Adj. 65 127 160
Net profit Adj. 52 102 127
Net profit to shareholders adj. 52 102 127
Net adj. margin (%) 3,3 5,7 6,4
SEKm 2023 2024e 2025e
EBITDA 128 163 208
Goodwill 676 745 745
Net financial items -38 -19 -24
Other intangible assets 122 117 113
Paid tax -17 -32 -33
Tangible fixed assets 91 101 91
Non-cash items -8 19 0
Right-of-use asset 0 0 0
Cash flow before change in WC 65 131 151
Total other fixed assets 8 8 8
Change in working capital 41 -31 -32
Fixed assets 896 970 956
Operating cash flow 106 101 119
Inventories 294 322 349
Capex tangible fixed assets -9 -15 -14
Receivables 294 326 363
Capex intangible fixed assets 0 0 0
Other current assets 34 38 42
Acquisitions and Disposals -42 -86 0
Cash and liquid assets 63 204 215
Free cash flow 55 -1 105
Total assets 1581 1861 1926
Dividend paid 0 0 0
Shareholders equity 670 822 931
Share issues and buybacks 50 74 0
Minority 0 0 0
Leasing liability amortisation -15 -14 -14
Total equity 670 822 931
Other non-cash items 41 -4 0
Long-term debt 403 490 410
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 79 79 79
Total other long-term liabilities 32 32 32
Short-term debt 39 39 39
Accounts payable 279 319 355
Other current liabilities 80 80 80
Total liabilities and equity 1581 1861 1926
Net IB debt 458 403 312
Net IB debt excl. pension debt 458 403 312
Net IB debt excl. leasing 379 324 233
Capital employed 1190 1430 1459
Capital invested 1127 1225 1243
Working capital 263 287 319
Market cap. diluted (m) 784 869 895
Net IB debt adj. 458 403 312
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1242 1272 1207
Total assets turnover (%) 97 104,1 105,5
Working capital/sales (%) 17,4 15,3 15,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 68,4 49 33,5
Net debt / market cap (%) 58,3 46,4 34,9
Equity ratio (%) 42,3 44,2 48,4
Net IB debt adj. / equity (%) 68,4 49 33,5
Current ratio 1,72 2,03 2,05
EBITDA/net interest 3,4 8,5 8,7
Net IB debt/EBITDA (x) 3,6 2,5 1,5
Net IB debt/EBITDA lease adj. (x) 3,1 1,9 1,1
Interest coverage 2,8 7,3 7,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 21 24 25
Diluted shares adj. 21 24 25
EPS 1,76 3,33 4,45
Dividend per share 0 0 0
EPS adj. 2,22 4,12 5,02
BVPS 31,15 34,54 38
BVPS adj. -5,95 -1,66 3,01
Net IB debt/share 21,3 16,93 12,73
Share price 36,5 36,5 36,5
Market cap. (m) 784 869 895
P/E (x) 20,7 10,9 8,2
EV/sales (x) 0,79 0,71 0,6
EV/EBITDA (x) 9,7 7,8 5,8
EV/EBITA (x) 11,6 9,1 6,6
EV/EBIT (x) 14 10,5 7,3
Dividend yield (%) 0 0 0
FCF yield (%) 7 -0,1 11,7
Le. adj. FCF yld. (%) 5,2 -1,7 10,2
P/BVPS (x) 1,17 1,06 0,96
P/BVPS adj. (x) -126,52 11,17 4,79
P/E adj. (x) 16,4 8,9 7,3
EV/EBITDA adj. (x) 10,1 7,5 5,8
EV/EBITA adj. (x) 12,1 8,7 6,6
EV/EBIT adj. (x) 14,7 10 7,3
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 0,9 0,7
Capex/depreciation 0,4 0,7 0,6
Capex tangibles / tangible fixed assets 9,6 15,3 15,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 22,76 23,12 26,45

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Media

Alcadon Group - Fireside chat with CEO Sonny Mirborn
Alcadon - Fireside chat with CEO Sonny Mirborn

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 16.4 % 16.4 % 26 Mar 2024
Anders Bladh (Ribbskottet AB) 10.1 % 10.1 % 26 Mar 2024
Andra AP-fonden 9.0 % 9.0 % 26 Mar 2024
Athanase Industrial Partners 5.9 % 5.9 % 26 Mar 2024
Susanne Stengade 4.5 % 4.5 % 31 Dec 2023
Avanza Pension 4.3 % 4.3 % 26 Mar 2024
Consensus Asset Management 3.5 % 3.5 % 30 Apr 2024
Swedbank Robur Fonder 3.4 % 3.4 % 31 Mar 2024
Theodor Jeansson Jr. 3.2 % 3.2 % 26 Mar 2024
Sellers of Lewralos Limited 3.0 % 3.0 % 2 Apr 2024
Source: Holdings by Modular Finance AB