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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 2021 2022e 2023e
Sales 737 1107 1639
Sales growth (%) 57,5 50,4 48
EBITDA 77 77 162
EBITDA margin (%) 10,5 6,9 9,9
EBIT adj 71 67 141
EBIT adj margin (%) 9,6 6 8,6
Pretax profit 61 53 126
EPS rep 2,61 1,87 4,72
EPS growth (%) 52 -28,6 152,7
EPS adj 2,88 2,15 4,72
DPS 0,5 0,8 0,9
EV/EBITDA (x) 31,3 25,9 11,6
EV/EBIT adj (x) 34,4 29,9 13,4
P/E (x) 47,8 38,3 15,2
P/E adj (x) 43,5 33,2 15,2
EV/sales (x) 3,3 1,8 1,2
FCF yield (%) -1,4 -13,4 8,7
Dividend yield (%) 0,4 1,1 1,3
Net IB debt/EBITDA 2,3 6,7 2,6
Lease adj. FCF yield (%) -1,8 -14,1 8
Lease adj. ND/EBITDA 1,8 5,3 2,1
SEKm 2021 2022e 2023e
Sales 737 1107 1639
COGS -529 -830 -1246
Gross profit 207 277 393
Other operating items -130 -201 -231
EBITDA 77 77 162
Depreciation on tangibles -10 -14 -15
Depreciation on intangibles 0 0 0
EBITA 66 61 141
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 66 61 141
Other financial items 0 0 0
Net financial items -5 -8 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 61 53 126
Tax -14 -14 -29
Net profit 47 39 97
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 38 97
EPS 2,61 1,87 4,72
EPS Adj 2,88 2,15 4,72
Total extraordinary items after tax -4,7 -5,9 0
Tax rate (%) -23 -26,6 -23
Gross margin (%) 28,1 25,1 24
EBITDA margin (%) 10,5 6,9 9,9
EBITA margin (%) 8,9 5,5 8,6
EBIT margin (%) 8,9 5,5 8,6
Pretax margin (%) 8,3 4,8 7,7
Net margin (%) 6,4 3,5 5,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 57,5 50,4 48
EBITDA growth (%) 46,3 -0,9 111,7
EBIT growth (%) 53,2 -7,8 132,4
Net profit growth (%) 62,2 -17,5 150,1
EPS growth (%) 52 -28,6 152,7
Profitability 2021 2022 2023
ROE (%) 16,3 9,2 18,1
ROE Adj (%) 18 10,6 18,1
ROCE (%) 14,1 7,1 11,6
ROCE Adj(%) 15,1 7,7 11,6
ROIC (%) 11,2 5,8 10,8
ROIC Adj (%) 12 6,3 10,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 82 83 162
EBITDA Adj margin (%) 11,1 7,5 9,9
EBITA Adj 71 67 141
EBITA Adj margin (%) 9,6 6 8,6
EBIT Adj 71 67 141
EBIT Adj margin (%) 9,6 6 8,6
Pretax profit Adj 66 59 126
Net profit Adj 52 45 97
Net profit to shareholders Adj 52 44 97
Net Adj margin (%) 7 4 5,9
Leasing payments 0 0 0
Depreciation and amortisation -12 -16 -21
Of which leasing depreciation 0 0 0
EO items -5 -6 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 82 83 162
EBITDA lease Adj margin (%) 11,1 7,5 9,9
SEKm 2021 2022e 2023e
Inventories 152 210 254
Receivables 131 210 230
Other current assets 20 30 44
Cash and liquid assets 28 158 259
Total assets 723 1473 1648
Shareholders equity 340 496 576
Minority 0 0 0
Total equity 340 496 576
Long-term debt 138 473 473
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 37 124 124
Accounts payable 115 150 197
Other current liabilities 57 150 197
Total liabilities and equity 723 1473 1648
Net IB debt 179 518 417
Net IB debt excl. pension debt 179 518 417
Capital invested 523 1017 996
Working capital 132 151 134
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2243 1471 1471
Net IB debt Adj 179 518 417
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 1988 1887
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 124,7 100,9 105
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 (%) 12,2 12,8 8,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 52,4 104,4 72,3
Net debt / market cap (%) 18,4 35,2 28,3
Equity ratio (%) 47,1 33,6 34,9
Net IB debt adj. / equity (%) 52,4 104,4 72,3
Current ratio (%) 152,7 140,8 149,3
EBITDA / net interest (%) 1612,5 983,1 1082
Net IB debt / EBITDA (%) 230,7 674,9 256,7
Interest cover (%) 1370,8 777,9 940
EBITDA 77 77 162
Net financial items -5 -8 -15
Paid tax -14 -14 -29
Non-cash items 0 0 0
Cash flow before change in WC 59 55 118
Change in WC -40 -9 17
Operating cash flow 18 46 136
CAPEX tangible fixed assets -5 -10 -8
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -44 -232 0
Free cash flow -31 -197 128
Dividend paid 0 -10 -16
Share issues and buybacks 29 126 0
Other non cash items 0 0 0
Decrease in net IB debt -20 -12 48
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 338 761 761
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 36 77 64
Other fixed assets 2 2 2
Fixed assets 391 865 862
Lease liability amortisation -8 -10 -10
Other intangible assets 16 26 36
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 32 78 78
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing 146 439 339
Net IB debt / EBITDA lease Adj (%) 178,4 532,2 208,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 18 21 21
Fully diluted shares Adj 18 21 21
EPS 2,61 1,87 4,72
Dividend per share Adj 0,5 0,8 0,9
EPS Adj 2,88 2,15 4,72
BVPS 18,97 24,09 28,01
BVPS Adj 0,13 -12,9 -8,99
Net IB debt / share 10 25,2 20,3
Share price 54,2 71,5 71,5
Market cap. (m) 973 1471 1471
Valuation 2021 2022 2023
P/E 47,8 38,3 15,2
EV/sales 3,29 1,8 1,15
EV/EBITDA 31,3 25,9 11,6
EV/EBITA 36,8 32,8 13,4
EV/EBIT 36,8 32,8 13,4
Dividend yield (%) 0,4 1,1 1,3
FCF yield (%) -1,4 -13,4 8,7
P/BVPS 6,59 2,97 2,55
P/BVPS Adj 947,72 -5,54 -7,95
P/E Adj 43,5 33,2 15,2
EV/EBITDA Adj 29,5 24,1 11,6
EV/EBITA Adj 34,4 29,9 13,4
EV/EBIT Adj 34,4 29,9 13,4
EV/cap. employed 4,4 1,7 1,5
Investment ratios 2021 2022 2023
Capex / sales 0,7 0,9 0,5
Capex / depreciation 44,8 65,6 38,5
Capex tangibles / tangible fixed assets 14,5 13,7 12,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 32,4 20,8 33,5
Lease adj. FCF yield (%) -1,8 -14,1 8

Equity research

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Media

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

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 11.5 % 11.5 % 28 Sep 2022
Anders Bladh (Ribbskottet AB) 10.7 % 10.7 % 28 Sep 2022
Athanase Industrial Partners 6.9 % 6.9 % 28 Sep 2022
Consensus Asset Management 5.4 % 5.4 % 31 Oct 2022
Susanne Stengade 5.4 % 5.4 % 31 Dec 2021
Andra AP-fonden 4.2 % 4.2 % 28 Sep 2022
Humle Fonder 3.7 % 3.7 % 31 Oct 2022
Avanza Pension 3.2 % 3.2 % 28 Sep 2022
Danske Invest 3.2 % 3.2 % 30 Sep 2022
Ålandsbanken Fonder 3.0 % 3.0 % 31 Oct 2022
Source: Holdings by Modular Finance AB

Insider list - Alcadon

Name Quantity Code Date
Duncan Lindsay + 314 389 BUY 7 Sep 2022
Duncan Lindsay + 317 088 BUY 7 Sep 2022
Niklas Svensson + 1 400 BUY 29 Aug 2022
Sonny Mirborn + 1 702 BUY 29 Aug 2022
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

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