Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2021 2022e 2023e
Sales 2524 2705 3069
Sales growth (%) 7 7,2 13,5
EBITDA 99 75 170
EBITDA margin (%) 3,9 2,8 5,6
EBIT adj 88 55 138
EBIT adj margin (%) 3,5 2 4,5
Pretax profit 59 29 116
EPS rep 3,32 1 6,22
EPS growth (%) -45,3 -69,9 522,7
EPS adj 4,23 1,55 6,22
DPS 1,8 0 2
EV/EBITDA (x) 20,4 13 5,7
EV/EBIT adj (x) 22,8 17,9 7,1
P/E (x) 34,3 34,4 5,5
P/E adj (x) 26,9 22,1 5,5
EV/sales (x) 0,8 0,4 0,3
FCF yield (%) -15,6 7,9 9,4
Dividend yield (%) 1,6 0 5,8
Net IB debt/EBITDA 5,2 6,6 2,9
Lease adj. FCF yield (%) -15,6 7,9 9,4
Lease adj. ND/EBITDA 4,3 5,5 2,7
SEKm 2021 2022e 2023e
Sales 2524 2705 3069
COGS -1977 -2143 -2401
Gross profit 547 562 668
Other operating items -448 -486 -498
EBITDA 99 75 170
Depreciation on tangibles -27 -28 -29
Depreciation on intangibles 0 0 0
EBITA 76 47 138
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 47 138
Other financial items 0 0 0
Net financial items -18 -18 -22
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 59 29 116
Tax -15 -13 -26
Net profit 44 15 91
Minority interest -1 -1 -3
Net profit discontinued 0 0 0
Net profit to shareholders 44 14 87
EPS 3,32 1 6,22
EPS Adj 4,23 1,55 6,22
Total extraordinary items after tax -11,9 -7,8 0
Tax rate (%) -25 -46,9 -22
Gross margin (%) 21,7 20,8 21,8
EBITDA margin (%) 3,9 2,8 5,6
EBITA margin (%) 3 1,7 4,5
EBIT margin (%) 3 1,7 4,5
Pretax margin (%) 2,3 1,1 3,8
Net margin (%) 1,8 0,6 3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 7 7,2 13,5
EBITDA growth (%) -13,3 -23,9 126,7
EBIT growth (%) -12,6 -38,7 195,1
Net profit growth (%) -42,2 -65,6 495,9
EPS growth (%) -45,3 -69,9 522,7
Profitability 2021 2022 2023
ROE (%) 8,4 2,3 13,6
ROE Adj (%) 10,6 3,6 13,6
ROCE (%) 8,4 4 11,8
ROCE Adj(%) 9,7 4,7 11,8
ROIC (%) 6,6 2,2 9,5
ROIC Adj (%) 7,7 2,6 9,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 111 83 170
EBITDA Adj margin (%) 4,4 3,1 5,6
EBITA Adj 88 55 138
EBITA Adj margin (%) 3,5 2 4,5
EBIT Adj 88 55 138
EBIT Adj margin (%) 3,5 2 4,5
Pretax profit Adj 71 36 116
Net profit Adj 56 23 91
Net profit to shareholders Adj 55 22 87
Net Adj margin (%) 2,2 0,9 3
Depreciation and amortisation -22 -28 -32
Of which leasing depreciation 0 0 0
EO items -12 -8 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 111 83 170
EBITDA lease Adj margin (%) 4,4 3,1 5,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 99 75 170
Net financial items -18 -18 -22
Paid tax -15 -13 -26
Non-cash items 0 0 0
Cash flow before change in WC 67 44 123
Change in WC -164 13 -56
Operating cash flow -97 57 67
CAPEX tangible fixed assets -97 -19 -21
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -39 0 0
Free cash flow -234 38 45
Dividend paid -24 0 -28
Share issues and buybacks 0 0 0
Other non cash items -118 -36 -18
Decrease in net IB debt 105 37 85
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 374 374 374
Indefinite intangible assets 19 19 19
Definite intangible assets 0 0 0
Tangible fixed assets 5 10 15
Other fixed assets 6 6 6
Fixed assets 481 487 491
Inventories 663 628 675
Receivables 501 416 464
Other current assets 69 68 69
Cash and liquid assets 36 59 21
Total assets 1750 1657 1720
Shareholders equity 599 613 672
Minority 3 3 3
Total equity 601 615 674
Long-term debt 433 436 395
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 80 80 80
Accounts payable 431 303 344
Other current liabilities 156 180 184
Total liabilities and equity 1750 1657 1720
Net IB debt 514 493 490
Net IB debt excl. pension debt 514 493 490
Capital invested 1115 1109 1165
Working capital 646 629 680
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1493 482 482
Net IB debt Adj 514 493 490
Market value of minority 3 3 3
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2010 979 976
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 173,9 158,8 181,7
Capital invested turnover (%) 375,6 423,1 433,7
Capital employed turnover (%) 365,4 382,4 352,9
Inventories / sales (%) 18,3 17,6 18,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,1 13,7 14,1
Working capital / sales (%) 22,1 23,6 21,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 85,5 80,2 72,7
Net debt / market cap (%) 40,9 102,3 101,6
Equity ratio (%) 34,4 37,1 39,2
Net IB debt adj. / equity (%) 85,5 80,2 72,7
Current ratio (%) 185,7 202,1 197
EBITDA / net interest (%) 564 412,9 774,4
Net IB debt / EBITDA (%) 520,8 656,6 287,7
Interest cover (%) 436,6 257,5 628,5
Lease liability amortisation 0 0 0
Other intangible assets 61 61 61
Right-of-use asset 37 38 37
Total other fixed assets 4 4 4
Leasing liability 37 37 37
Total other long-term liabilities 12 7 7
Net IB debt excl. leasing 477 457 454
Net IB debt / EBITDA lease Adj (%) 431,6 550,6 266,2
SEKm 2021 2022e 2023e
Shares outstanding adj. 13 14 14
Fully diluted shares Adj 13 14 14
EPS 3,32 1 6,22
Dividend per share Adj 1,8 0 2
EPS Adj 4,23 1,55 6,22
BVPS 45,7 43,63 47,84
BVPS Adj 17,11 16,96 21,18
Net IB debt / share 39,3 35,1 34,9
Share price 95,98 34,35 34,35
Market cap. (m) 1257 482 482
Valuation 2021 2022 2023
P/E 34,3 34,4 5,5
EV/sales 0,8 0,36 0,32
EV/EBITDA 20,4 13 5,7
EV/EBITA 26,3 20,9 7,1
EV/EBIT 26,3 20,9 7,1
Dividend yield (%) 1,6 0 5,8
FCF yield (%) -15,6 7,9 9,4
P/BVPS 2,49 0,79 0,72
P/BVPS Adj 6,66 2,03 1,62
P/E Adj 26,9 22,1 5,5
EV/EBITDA Adj 18,2 11,8 5,7
EV/EBITA Adj 22,8 17,9 7,1
EV/EBIT Adj 22,8 17,9 7,1
EV/cap. employed 1,7 0,8 0,8
Investment ratios 2021 2022 2023
Capex / sales 3,8 0,7 0,7
Capex / depreciation 435,4 66,9 66,9
Capex tangibles / tangible fixed assets 1867,3 189,6 139,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 428,8 283,4 208,2
Lease adj. FCF yield (%) -15,6 7,9 9,4

Equity research

Read earlier research

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 % 27 Oct 2022
Redstone Investment Group SA 12.5 % 12.5 % 31 Oct 2022
Anders Bladh (Ribbskottet AB) 12.1 % 12.1 % 31 Oct 2022
BI Asset Mgmt Fondsmaeglerselskab A/S 5.3 % 5.3 % 27 Oct 2022
Avanza Pension 4.5 % 4.5 % 27 Oct 2022
Theodor Jeansson Jr. 4.3 % 4.3 % 27 Oct 2022
Humle Fonder 3.2 % 3.2 % 31 Oct 2022
Robert Rosenzweig med familj 2.0 % 2.0 % 27 Oct 2022
FE Fonder 1.9 % 1.9 % 31 Oct 2022
Måns Flodberg 1.8 % 1.8 % 27 Oct 2022
Source: Holdings by Modular Finance AB