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Alcadon

Alcadon

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Data and telecommunications products

Alcadon is a supplier of data and telecommunications products, offering a wide range of products and components from leading brands as well as proprietary products. 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 2022, Sweden accounted for 32% of sales, followed by Denmark (26%), UK (21%), Norway (13%), Benelux (5%), and Germany (3%).

Price pressure in broadband projects, shifts in technology development.

Financials

SEKm 2022 2023e 2024e
Sales 1110 1558 1759
Sales growth (%) 50,8 40,3 12,9
EBITDA 85 118 159
EBITDA margin (%) 7,6 7,6 9,1
EBIT adj. 67 88 123
EBIT adj. margin (%) 6,1 5,6 7
Pretax profit 52 49 95
EPS 1,86 1,73 3,37
EPS growth (%) -29 -7,3 95,5
EPS adj. 2,27 2,63 3,94
DPS 0 0 0
EV/EBITDA (x) 14,1 9,7 6,8
EV/EBIT adj. (x) 17,7 13 8,8
P/E (x) 16,3 17,6 9
P/E adj. (x) 13,4 11,6 7,7
EV/sales (x) 1,07 0,73 0,61
FCF yield (%) -38,8 14,6 10,8
Le. adj. FCF yld. (%) -40,6 13 9,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 7 4,1 2,6
Le. adj. ND/EBITDA (x) 5,6 3,1 2,1
SEKm 2022 2023e 2024e
Sales 1110 1558 1759
COGS -827 -1177 -1323
Gross profit 283 381 435
Other operating items -199 -263 -276
EBITDA 85 118 159
Depreciation and amortisation -16 -21 -20
of which leasing depreciation 0 0 0
EBITA 69 97 139
EO Items -5 -8 0
Impairment and PPA amortisation -6 -17 -16
EBIT 62 80 123
Net financial items -11 -31 -28
Pretax profit 52 49 95
Tax -15 -12 -22
Net profit 37 37 73
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 37 73
EPS 1,86 1,73 3,37
EPS adj. 2,27 2,63 3,94
Total extraordinary items after tax -4 -6 0
Leasing payments 0 0 0
Tax rate (%) 28,1 23,6 23
Gross margin (%) 25,5 24,4 24,8
EBITDA margin (%) 7,6 7,6 9,1
EBITA margin (%) 6,2 6,2 7,9
EBIT margin (%) 5,6 5,1 7
Pre-tax margin (%) 4,6 3,1 5,4
Net margin (%) 3,3 2,4 4,2
Sales growth (%) 50,8 40,3 12,9
EBITDA growth (%) 9,2 39,3 35,2
EBITA growth (%) 1,6 41,5 43,4
EBIT growth (%) -5,5 27,9 54,6
Net profit growth (%) -21,2 1 95,5
EPS growth (%) -29 -7,3 95,5
Profitability N/A N/A N/A
ROE (%) 8,1 6,1 10,5
ROE adj. (%) 10,3 9,9 12,8
ROCE (%) 6,9 6,3 9,5
ROCE adj. (%) 8,1 8,3 10,7
ROIC (%) 5,9 6,4 9,3
ROIC adj. (%) 6,3 7 9,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 90 126 159
EBITDA adj. margin (%) 8,1 8,1 9,1
EBITDA lease adj. 90 126 159
EBITDA lease adj. margin (%) 8,1 8,1 9,1
EBITA adj. 74 105 139
EBITA adj. margin (%) 6,6 6,8 7,9
EBIT adj. 67 88 123
EBIT adj. margin (%) 6,1 5,6 7
Pretax profit Adj. 63 75 111
Net profit Adj. 47 61 89
Net profit to shareholders adj. 47 61 89
Net adj. margin (%) 4,2 3,9 5,1
SEKm 2022 2023e 2024e
EBITDA 85 118 159
Goodwill 671 691 691
Net financial items -11 -31 -28
Other intangible assets 135 128 123
Paid tax -17 -12 -22
Tangible fixed assets 99 91 85
Non-cash items 22 29 0
Right-of-use asset 0 0 0
Cash flow before change in WC 78 105 109
Total other fixed assets 5 7 7
Change in working capital -54 16 -24
Fixed assets 911 918 906
Operating cash flow 24 121 85
Inventories 345 304 325
Capex tangible fixed assets -13 -9 -14
Receivables 275 277 308
Capex intangible fixed assets 0 0 0
Other current assets 31 34 39
Acquisitions and Disposals -246 -15 0
Cash and liquid assets 101 117 177
Free cash flow -235 96 71
Total assets 1662 1650 1755
Dividend paid -10 0 0
Shareholders equity 575 663 736
Share issues and buybacks 126 50 0
Minority 0 0 0
Leasing liability amortisation -11 -11 -11
Total equity 575 663 736
Other non-cash items -309 -39 0
Long-term debt 473 472 472
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 86 86 86
Total other long-term liabilities 33 45 45
Short-term debt 130 38 38
Accounts payable 261 249 281
Other current liabilities 105 97 97
Total liabilities and equity 1662 1650 1755
Net IB debt 587 479 419
Net IB debt excl. pension debt 587 479 419
Net IB debt excl. leasing 502 393 333
Capital employed 1264 1258 1332
Capital invested 1162 1142 1155
Working capital 285 269 293
Market cap. diluted (m) 605 659 659
Net IB debt adj. 587 479 419
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 1193 1138 1078
Total assets turnover (%) 93,1 94,1 103,3
Working capital/sales (%) 18,8 17,8 16
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 102,1 72,3 56,9
Net debt / market cap (%) 97 72,6 63,5
Equity ratio (%) 34,6 40,2 41,9
Net IB debt adj. / equity (%) 102,1 72,3 56,9
Current ratio 1,52 1,9 2,04
EBITDA/net interest 7,9 3,8 5,7
Net IB debt/EBITDA (x) 7 4,1 2,6
Net IB debt/EBITDA lease adj. (x) 5,6 3,1 2,1
Interest coverage 6,4 3,2 5
SEKm 2022 2023e 2024e
Shares outstanding adj. 20 22 22
Diluted shares adj. 20 22 22
EPS 1,86 1,73 3,37
Dividend per share 0 0 0
EPS adj. 2,27 2,63 3,94
BVPS 28,84 30,51 33,89
BVPS adj. -11,58 -7,21 -3,59
Net IB debt/share 29,45 22,05 19,27
Share price 30,35 30,35 30,35
Market cap. (m) 605 659 659
P/E (x) 16,3 17,6 9
EV/sales (x) 1,07 0,73 0,61
EV/EBITDA (x) 14,1 9,7 6,8
EV/EBITA (x) 17,4 11,7 7,7
EV/EBIT (x) 19,1 14,3 8,8
Dividend yield (%) 0 0 0
FCF yield (%) -38,8 14,6 10,8
Le. adj. FCF yld. (%) -40,6 13 9,1
P/BVPS (x) 1,05 0,99 0,9
P/BVPS adj. (x) -6,32 -23,39 14,62
P/E adj. (x) 13,4 11,6 7,7
EV/EBITDA adj. (x) 13,3 9 6,8
EV/EBITA adj. (x) 16,2 10,8 7,7
EV/EBIT adj. (x) 17,7 13 8,8
EV/CE (x) 0,9 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 0,6 0,8
Capex/depreciation 0,8 0,5 0,7
Capex tangibles / tangible fixed assets 12,9 10,3 16,5
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 22,66 23,46

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Media

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

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Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Investment AB Spiltan 15.9 % 15.9 % 27 Sep 2023
Anders Bladh (Ribbskottet AB) 10.2 % 10.2 % 27 Sep 2023
Andra AP-fonden 7.0 % 7.0 % 27 Sep 2023
Athanase Industrial Partners 6.5 % 6.5 % 27 Sep 2023
Susanne Stengade 4.5 % 4.5 % 27 Sep 2023
Avanza Pension 3.6 % 3.6 % 27 Sep 2023
Consensus Asset Management 3.6 % 3.6 % 30 Nov 2023
Theodor Jeansson Jr. 3.1 % 3.1 % 27 Sep 2023
Nordnet Pensionsförsäkring 2.8 % 2.8 % 27 Sep 2023
Norron Fonder 2.8 % 2.8 % 30 Nov 2023
Source: Holdings by Modular Finance AB