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DistIT

DistIT

A Nordic acquisition-oriented distribution group in IT accessories and consumer electronics

DistIT acquires, owns and develops distributors of accessories for IT, Mobility, Multimedia, Network and data communications in the Nordic and Baltic countries. DistIT and its subsidiaries have a firm track record of value-added acquisitions, but also divestments such as Alcadon in 2016. Today DistIT consists of Deltaco, Aurora Group, Septon Electronics and Sominis Technology. Sales were SEK 1.8bn in 2017 with an EBIT margin of 3.3%. Financial targets are 10% EPS growth and an equity ratio >35%. The shares are listed on NASDAQ First North.

Shift in technology preferences and disruptive technologies, price pressure.

SEKm 2022 2023e 2024e
Sales 2565 2564 2807
Sales growth (%) 1,6 -0,1 9,5
EBITDA 36 45 102
EBITDA margin (%) 1,4 1,8 3,6
EBIT adj. 17 20 66
EBIT adj. margin (%) 0,7 0,8 2,3
Pretax profit -16 -16 24
EPS -1,23 -0,67 0,49
EPS growth (%) -137,1 -45,7 -173,4
EPS adj. -0,52 -0,5 0,49
DPS 0 2 0
EV/EBITDA (x) 16,2 12,2 6
EV/EBIT adj. (x) 34,8 27 9,3
P/E (x) -4,8 -8,8 11,9
P/E adj. (x) -11,3 -11,7 11,9
EV/sales (x) 0,23 0,21 0,22
FCF yield (%) 26,7 30,5 -5,6
Le. adj. FCF yld. (%) 8 5,2 -29
Dividend yield (%) 0 34,1 0
Net IB debt/EBITDA (x) 13,9 8,8 4,4
Le. adj. ND/EBITDA (x) 10,2 7,5 4,1
SEKm 2022 2023e 2024e
Sales 2565 2564 2807
COGS -2039 -2050 -2210
Gross profit 527 514 596
Other operating items -490 -469 -495
EBITDA 36 45 102
Depreciation and amortisation -29 -29 -36
of which leasing depreciation 0 0 0
EBITA 7 16 66
EO Items -10 -4 0
Impairment and PPA amortisation 0 0 0
EBIT 7 16 66
Net financial items -23 -32 -42
Pretax profit -16 -16 24
Tax -1 0 -5
Net profit -17 -17 18
Minority interest 0 -1 -5
Net profit discontinued 0 0 0
Net profit to shareholders -17 -17 14
EPS -1,23 -0,67 0,49
EPS adj. -0,52 -0,5 0,49
Total extraordinary items after tax -11 -5 0
Leasing payments 0 0 0
Tax rate (%) -5,6 -2,8 22
Gross margin (%) 20,5 20 21,2
EBITDA margin (%) 1,4 1,8 3,6
EBITA margin (%) 0,3 0,6 2,3
EBIT margin (%) 0,3 0,6 2,3
Pre-tax margin (%) -0,6 -0,6 0,8
Net margin (%) -0,7 -0,7 0,7
Sales growth (%) 1,6 -0,1 9,5
EBITDA growth (%) -63,4 24,7 126,3
EBITA growth (%) -91,1 134,1 314
EBIT growth (%) -91,1 N/A N/A
Net profit growth (%) -138,2 -0,4 -209,3
EPS growth (%) -137,1 -45,7 -173,4
Profitability N/A N/A N/A
ROE (%) -3 -2,9 2,1
ROE adj. (%) -1,2 -2,1 2,1
ROCE (%) 0,6 1,4 5,7
ROCE adj. (%) 1,5 1,8 5,7
ROIC (%) 0,7 1,5 4,8
ROIC adj. (%) 1,6 2 4,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 46 49 102
EBITDA adj. margin (%) 1,8 1,9 3,6
EBITDA lease adj. 46 49 102
EBITDA lease adj. margin (%) 1,8 1,9 3,6
EBITA adj. 17 20 66
EBITA adj. margin (%) 0,7 0,8 2,3
EBIT adj. 17 20 66
EBIT adj. margin (%) 0,7 0,8 2,3
Pretax profit Adj. -6 -12 24
Net profit Adj. -6 -12 18
Net profit to shareholders adj. -7 -13 14
Net adj. margin (%) -0,2 -0,5 0,7
SEKm 2022 2023e 2024e
EBITDA 36 45 102
Goodwill 379 382 382
Net financial items -23 -32 -42
Other intangible assets 75 106 106
Paid tax -1 0 -5
Tangible fixed assets 5 8 18
Non-cash items -16 13 0
Right-of-use asset 30 25 45
Cash flow before change in WC -4 25 54
Total other fixed assets 6 17 17
Change in working capital 63 71 -36
Fixed assets 496 537 568
Operating cash flow 60 96 19
Inventories 625 564 561
Capex tangible fixed assets -36 -50 -28
Receivables 459 394 491
Capex intangible fixed assets 0 0 0
Other current assets 52 74 56
Acquisitions and Disposals -2 0 0
Cash and liquid assets 46 108 60
Free cash flow 22 46 -9
Total assets 1677 1678 1737
Dividend paid 0 28 0
Shareholders equity 569 645 659
Share issues and buybacks 0 76 0
Minority 0 1 5
Leasing liability amortisation -15 -39 -39
Total equity 569 646 664
Other non-cash items 10 -6 0
Long-term debt 439 408 408
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 30 23 23
Total other long-term liabilities 8 7 7
Short-term debt 79 73 73
Accounts payable 392 359 393
Other current liabilities 161 162 168
Total liabilities and equity 1677 1678 1737
Net IB debt 502 396 444
Net IB debt excl. pension debt 502 396 444
Net IB debt excl. leasing 471 373 421
Capital employed 1117 1150 1168
Capital invested 1071 1042 1108
Working capital 583 512 547
Market cap. diluted (m) 82 152 165
Net IB debt adj. 502 396 444
Market value of minority 0 1 5
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 584 548 613
Total assets turnover (%) 149,7 152,8 164,4
Working capital/sales (%) 24 21,4 18,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 88,1 61,3 66,8
Net debt / market cap (%) 609,8 260,4 269,6
Equity ratio (%) 33,9 38,5 38,3
Net IB debt adj. / equity (%) 88,1 61,3 66,8
Current ratio 1,87 1,92 1,84
EBITDA/net interest 1,6 1,4 2,4
Net IB debt/EBITDA (x) 13,9 8,8 4,4
Net IB debt/EBITDA lease adj. (x) 10,2 7,5 4,1
Interest coverage 0,3 0,5 1,6
SEKm 2022 2023e 2024e
Shares outstanding adj. 14 26 28
Diluted shares adj. 14 26 28
EPS -1,23 -0,67 0,49
Dividend per share 0 2 0
EPS adj. -0,52 -0,5 0,49
BVPS 40,55 24,88 23,48
BVPS adj. 8,19 6,07 6,1
Net IB debt/share 35,73 15,26 15,8
Share price 5,86 5,86 5,86
Market cap. (m) 82 152 165
P/E (x) -4,8 -8,8 11,9
EV/sales (x) 0,23 0,21 0,22
EV/EBITDA (x) 16,2 12,2 6
EV/EBITA (x) 85,9 34,5 9,3
EV/EBIT (x) 85,9 34,5 9,3
Dividend yield (%) 0 34,1 0
FCF yield (%) 26,7 30,5 -5,6
Le. adj. FCF yld. (%) 8 5,2 -29
P/BVPS (x) 0,14 0,24 0,25
P/BVPS adj. (x) 0,43 0,58 0,59
P/E adj. (x) -11,3 -11,7 11,9
EV/EBITDA adj. (x) 12,7 11,1 6
EV/EBITA adj. (x) 34,8 27 9,3
EV/EBIT adj. (x) 34,8 27 9,3
EV/CE (x) 0,5 0,5 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 1,9 1
Capex/depreciation 1,2 1,7 0,8
Capex tangibles / tangible fixed assets 675,5 609,7 153,8
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 552,83 355,69 197,26

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Media

DistIT - Company presentation with CEO Robert Rosenzweig
DistIT - Company presentation with CEO Robert Rosenzweig

Main shareholders - DistIT

Main shareholders Share capital % Voting shares % Verified
Athanase Industrial Partners 21.4 % 21.4 % 29 Aug 2023
Anders Bladh (Ribbskottet AB) 12.1 % 12.1 % 21 Apr 2023
Redstone Investment Group SA 11.5 % 11.5 % 29 Aug 2023
Theodor Jeansson Jr. 6.9 % 6.9 % 29 Aug 2023
Måns Flodberg 5.3 % 5.3 % 31 Aug 2023
Avanza Pension 4.6 % 4.6 % 29 Aug 2023
Nordnet Pensionsförsäkring 2.1 % 2.1 % 29 Aug 2023
Robert Rosenzweig med familj 2.0 % 2.0 % 29 Aug 2023
Pontus Norell 2.0 % 2.0 % 31 Aug 2023
Carl Rosvall 1.5 % 1.5 % 29 Aug 2023
Source: Holdings by Modular Finance AB