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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.

Price pressure in broadband projects, shifts in technology development.

SEKm 2022 2023e 2024e
Sales 1110 1607 1805
Sales growth (%) 50,8 44,7 12,4
EBITDA 85 147 181
EBITDA margin (%) 7,6 9,1 10
EBIT adj. 67 114 145
EBIT adj. margin (%) 6,1 7,1 8
Pretax profit 52 83 119
EPS 1,86 2,93 4,23
EPS growth (%) -29 57,7 44,1
EPS adj. 2,27 3,49 4,66
DPS 0 0,7 0,9
EV/EBITDA (x) 17,6 9,7 7,6
EV/EBIT adj. (x) 22 12,5 9,5
P/E (x) 24,2 15,3 10,6
P/E adj. (x) 19,8 12,9 9,7
EV/sales (x) 1,34 0,89 0,76
FCF yield (%) -26,2 9,9 8,2
Le. adj. FCF yld. (%) -27,4 8,8 7,1
Dividend yield (%) 0 1,6 2
Net IB debt/EBITDA (x) 7 3,1 2,3
Le. adj. ND/EBITDA (x) 5,6 2,5 1,8
SEKm 2022 2023e 2024e
Sales 1110 1607 1805
COGS -827 -1195 -1345
Gross profit 283 412 460
Other operating items -199 -265 -280
EBITDA 85 147 181
Depreciation and amortisation -16 -24 -24
of which leasing depreciation 0 0 0
EBITA 69 123 157
EO Items -5 -3 0
Impairment and PPA amortisation -6 -13 -12
EBIT 62 111 145
Net financial items -11 -28 -26
Pretax profit 52 83 119
Tax -15 -20 -27
Net profit 37 63 91
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 63 91
EPS 1,86 2,93 4,23
EPS adj. 2,27 3,49 4,66
Total extraordinary items after tax -4 -3 0
Leasing payments 0 0 0
Tax rate (%) 28,1 24,1 23
Gross margin (%) 25,5 25,6 25,5
EBITDA margin (%) 7,6 9,1 10
EBITA margin (%) 6,2 7,7 8,7
EBIT margin (%) 5,6 6,9 8
Pre-tax margin (%) 4,6 5,2 6,6
Net margin (%) 3,3 3,9 5,1
Sales growth (%) 50,8 44,7 12,4
EBITDA growth (%) 9,2 73,9 22,8
EBITA growth (%) 1,6 79,4 27,2
EBIT growth (%) -5,5 77,5 30,7
Net profit growth (%) -21,2 69,2 45,4
EPS growth (%) -29 57,7 44,1
Profitability N/A N/A N/A
ROE (%) 8,1 9,9 12,5
ROE adj. (%) 10,3 12,3 14,2
ROCE (%) 6,9 8,4 10,4
ROCE adj. (%) 8,1 9,7 11,3
ROIC (%) 5,9 8,1 10,4
ROIC adj. (%) 6,3 8,3 10,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 90 150 181
EBITDA adj. margin (%) 8,1 9,4 10
EBITDA lease adj. 90 150 181
EBITDA lease adj. margin (%) 8,1 9,4 10
EBITA adj. 74 126 157
EBITA adj. margin (%) 6,6 7,9 8,7
EBIT adj. 67 114 145
EBIT adj. margin (%) 6,1 7,1 8
Pretax profit Adj. 63 99 131
Net profit Adj. 47 78 103
Net profit to shareholders adj. 47 78 103
Net adj. margin (%) 4,2 4,8 5,7
SEKm 2022 2023e 2024e
EBITDA 85 147 181
Goodwill 671 671 671
Net financial items -11 -28 -26
Other intangible assets 135 133 132
Paid tax -17 -20 -27
Tangible fixed assets 99 92 86
Non-cash items 22 11 0
Right-of-use asset 0 0 0
Cash flow before change in WC 78 110 127
Total other fixed assets 5 5 5
Change in working capital -54 1 -30
Fixed assets 911 901 894
Operating cash flow 24 111 97
Inventories 345 370 379
Capex tangible fixed assets -13 -16 -18
Receivables 275 353 415
Capex intangible fixed assets 0 0 0
Other current assets 31 35 40
Acquisitions and Disposals -246 0 0
Cash and liquid assets 101 201 255
Free cash flow -235 95 79
Total assets 1662 1861 1983
Dividend paid -10 0 -15
Shareholders equity 575 690 766
Share issues and buybacks 126 52 0
Minority 0 0 0
Leasing liability amortisation -11 -11 -11
Total equity 575 690 766
Other non-cash items -309 -11 0
Long-term debt 473 447 447
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 86 86 86
Total other long-term liabilities 33 33 33
Short-term debt 130 130 130
Accounts payable 261 370 415
Other current liabilities 105 105 105
Total liabilities and equity 1662 1861 1983
Net IB debt 587 462 408
Net IB debt excl. pension debt 587 462 408
Net IB debt excl. leasing 502 376 322
Capital employed 1264 1353 1429
Capital invested 1162 1152 1174
Working capital 285 284 314
Market cap. diluted (m) 897 963 971
Net IB debt adj. 587 462 408
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 1485 1424 1380
Total assets turnover (%) 93,1 91,2 93,9
Working capital/sales (%) 18,8 17,7 16,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 102,1 67 53,3
Net debt / market cap (%) 65,5 48 42
Equity ratio (%) 34,6 37,1 38,6
Net IB debt adj. / equity (%) 102,1 67 53,3
Current ratio 1,52 1,59 1,68
EBITDA/net interest 7,9 5,3 6,9
Net IB debt/EBITDA (x) 7 3,1 2,3
Net IB debt/EBITDA lease adj. (x) 5,6 2,5 1,8
Interest coverage 6,4 4,4 6
SEKm 2022 2023e 2024e
Shares outstanding adj. 20 21 22
Diluted shares adj. 20 21 22
EPS 1,86 2,93 4,23
Dividend per share 0 0,7 0,9
EPS adj. 2,27 3,49 4,66
BVPS 28,84 32,24 35,49
BVPS adj. -11,58 -5,36 -1,71
Net IB debt/share 29,45 21,59 18,91
Share price 45 45 45
Market cap. (m) 897 963 971
P/E (x) 24,2 15,3 10,6
EV/sales (x) 1,34 0,89 0,76
EV/EBITDA (x) 17,6 9,7 7,6
EV/EBITA (x) 21,6 11,6 8,8
EV/EBIT (x) 23,8 12,9 9,5
Dividend yield (%) 0 1,6 2
FCF yield (%) -26,2 9,9 8,2
Le. adj. FCF yld. (%) -27,4 8,8 7,1
P/BVPS (x) 1,56 1,4 1,27
P/BVPS adj. (x) -9,36 51,38 10,21
P/E adj. (x) 19,8 12,9 9,7
EV/EBITDA adj. (x) 16,6 9,5 7,6
EV/EBITA adj. (x) 20,1 11,3 8,8
EV/EBIT adj. (x) 22 12,5 9,5
EV/CE (x) 1,2 1,1 1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 1 1
Capex/depreciation 0,8 0,7 0,8
Capex tangibles / tangible fixed assets 12,9 17,5 21,1
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 15,98 26,08 28

Equity research

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Media

Alcadon - Company presentation with CEO Sonny Mirborn
Alcadon - Q4 interview with CEO Sonny Mirborn

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 15.9 % 15.9 % 7 Jun 2023
Anders Bladh (Ribbskottet AB) 10.2 % 10.2 % 29 Mar 2023
Andra AP-fonden 7.0 % 7.0 % 29 Mar 2023
Athanase Industrial Partners 6.5 % 6.5 % 29 Mar 2023
Susanne Stengade 4.5 % 4.5 % 29 Mar 2023
Consensus Asset Management 4.2 % 4.2 % 31 May 2023
Humle Fonder 3.4 % 3.4 % 30 Apr 2023
Avanza Pension 3.1 % 3.1 % 29 Mar 2023
Theodor Jeansson Jr. 3.0 % 3.0 % 29 Mar 2023
Nordnet Pensionsförsäkring 2.9 % 2.9 % 29 Mar 2023
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Sonny Mirborn + 2 604 BUY 2 Jun 2023
Pierre Fors + 5 000 BUY 1 Jun 2023
Magnus Larsson + 1 000 BUY 8 May 2023
Magnus Larsson + 10 476 BUY 8 May 2023
Sonny Mirborn + 45 000 BUY 8 May 2023
Niklas Svensson + 20 000 BUY 8 May 2023
Pierre Fors + 10 000 BUY 4 May 2023
Niklas Svensson + 20 123 SUBS 23 Mar 2023
Magnus Larsson - 9 572 SELL 23 Mar 2023
Sonny Mirborn - 126 186 SELL 23 Mar 2023

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