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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. The shares are listed on NASDAQ First North.

Sustainability information

Shift in technology preferences and disruptive technologies, price pressure.

SEKm 2023 2024e 2025e
Sales 2155 2011 1952
Sales growth (%) -16 -6,7 -2,9
EBITDA -39 31 72
EBITDA margin (%) -1,8 1,6 3,7
EBIT adj. -20 5 47
EBIT adj. margin (%) -0,9 0,2 2,4
Pretax profit -416 -36 11
EPS -16,12 -1,34 0,28
EPS growth (%) 1208,1 -91,7 -120,9
EPS adj. -14,17 -1,34 0,28
DPS 2 0 0
EV/EBITDA (x) -14,5 16,2 6,7
EV/EBIT adj. (x) -28,7 104,1 10,3
P/E (x) -0,2 -2,9 14,1
P/E adj. (x) -0,3 -2,9 14,1
EV/sales (x) 0,26 0,25 0,25
FCF yield (%) 25,4 65,1 36,2
Le. adj. FCF yld. (%) 9,8 53,5 25,4
Dividend yield (%) 50,6 0 0
Net IB debt/EBITDA (x) -11,9 12,7 5,1
Le. adj. ND/EBITDA (x) -256,1 12,1 4,9
SEKm 2023 2024e 2025e
Sales 2155 2011 1952
COGS -1737 -1536 -1465
Gross profit 418 475 487
Other operating items -457 -443 -415
EBITDA -39 31 72
Depreciation and amortisation -31 -27 -25
of which leasing depreciation -14 0 0
EBITA -70 5 47
EO Items -51 0 0
Impairment and PPA amortisation -285 0 0
EBIT -355 5 47
Net financial items -60 -41 -36
Pretax profit -416 -36 11
Tax -3 -2 -2
Net profit -418 -38 8
Minority interest 0 0 -1
Net profit discontinued 0 0 0
Net profit to shareholders -418 -38 8
EPS -16,12 -1,34 0,28
EPS adj. -14,17 -1,34 0,28
Total extraordinary items after tax -51 0 0
Leasing payments -14 0 0
Tax rate (%) -0,7 -4,8 22
Gross margin (%) 19,4 23,6 24,9
EBITDA margin (%) -1,8 1,6 3,7
EBITA margin (%) -3,2 0,2 2,4
EBIT margin (%) -16,5 0,2 2,4
Pre-tax margin (%) -19,3 -1,8 0,6
Net margin (%) -19,4 -1,9 0,4
Sales growth (%) -16 -6,7 -2,9
EBITDA growth (%) -206,9 -181,3 130
EBITA growth (%) -1129,4 -107 857,3
EBIT growth (%) -5323,5 -101,4 N/A
Net profit growth (%) 2375,1 -91 -122,4
EPS growth (%) 1208,1 -91,7 -120,9
Profitability N/A N/A N/A
ROE (%) -104,5 -17,5 3,9
ROE adj. (%) -20,5 -17,5 3,9
ROCE (%) -38,7 0,7 7
ROCE adj. (%) -2,1 0,7 7
ROIC (%) -8 0,8 6,2
ROIC adj. (%) -2,2 0,8 6,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 31 72
EBITDA adj. margin (%) 0,6 1,6 3,7
EBITDA lease adj. -2 31 72
EBITDA lease adj. margin (%) -0,1 1,6 3,7
EBITA adj. -20 5 47
EBITA adj. margin (%) -0,9 0,2 2,4
EBIT adj. -20 5 47
EBIT adj. margin (%) -0,9 0,2 2,4
Pretax profit Adj. -80 -36 11
Net profit Adj. -82 -38 8
Net profit to shareholders adj. -82 -38 8
Net adj. margin (%) -3,8 -1,9 0,4
SEKm 2023 2024e 2025e
EBITDA -39 31 72
Goodwill 93 92 89
Net financial items -60 -41 -36
Other intangible assets 120 118 118
Paid tax -3 -2 -2
Tangible fixed assets 4 19 23
Non-cash items 52 2 0
Right-of-use asset 23 20 19
Cash flow before change in WC -50 -10 34
Total other fixed assets 5 12 12
Change in working capital 134 107 20
Fixed assets 245 260 261
Operating cash flow 84 98 54
Inventories 511 402 361
Capex tangible fixed assets -58 -31 -20
Receivables 329 302 293
Capex intangible fixed assets 0 0 0
Other current assets 75 61 39
Acquisitions and Disposals 0 6 6
Cash and liquid assets 30 71 93
Free cash flow 26 72 40
Total assets 1191 1096 1047
Dividend paid -28 0 0
Shareholders equity 231 199 207
Share issues and buybacks 76 0 0
Minority 0 0 1
Leasing liability amortisation -16 -13 -12
Total equity 231 199 208
Other non-cash items -13 1 0
Long-term debt 428 422 417
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 23 19 19
Total other long-term liabilities 6 6 6
Short-term debt 38 27 27
Accounts payable 278 251 254
Other current liabilities 188 171 117
Total liabilities and equity 1191 1096 1047
Net IB debt 458 398 370
Net IB debt excl. pension debt 458 398 370
Net IB debt excl. leasing 435 378 350
Capital employed 719 668 671
Capital invested 689 597 577
Working capital 449 342 322
Market cap. diluted (m) 102 111 111
Net IB debt adj. 458 398 370
Market value of minority 0 0 1
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 560 509 481
Total assets turnover (%) 150,3 175,9 182,2
Working capital/sales (%) 24 19,7 17
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 198,4 199,6 177,9
Net debt / market cap (%) 447 358,6 333,2
Equity ratio (%) 19,4 18,2 19,8
Net IB debt adj. / equity (%) 198,4 199,6 177,9
Current ratio 1,88 1,86 1,98
EBITDA/net interest 0,6 0,8 2
Net IB debt/EBITDA (x) -11,9 12,7 5,1
Net IB debt/EBITDA lease adj. (x) -256,1 12,1 4,9
Interest coverage 1,2 0,1 1,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 26 28 28
Diluted shares adj. 26 28 28
EPS -16,12 -1,34 0,28
Dividend per share 2 0 0
EPS adj. -14,17 -1,34 0,28
BVPS 8,9 7,1 7,38
BVPS adj. 0,69 -0,37 0,01
Net IB debt/share 17,66 14,16 13,16
Share price 3,95 3,95 3,95
Market cap. (m) 102 111 111
P/E (x) -0,2 -2,9 14,1
EV/sales (x) 0,26 0,25 0,25
EV/EBITDA (x) -14,5 16,2 6,7
EV/EBITA (x) -8 104,1 10,3
EV/EBIT (x) -1,6 104,1 10,3
Dividend yield (%) 50,6 0 0
FCF yield (%) 25,4 65,1 36,2
Le. adj. FCF yld. (%) 9,8 53,5 25,4
P/BVPS (x) 0,44 0,56 0,54
P/BVPS adj. (x) 0,74 1,04 0,94
P/E adj. (x) -0,3 -2,9 14,1
EV/EBITDA adj. (x) 47,1 16,2 6,7
EV/EBITA adj. (x) -28,7 104,1 10,3
EV/EBIT adj. (x) -28,7 104,1 10,3
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 2,7 1,5 1
Capex/depreciation 3,3 1,2 0,8
Capex tangibles / tangible fixed assets 1447,5 163,4 85,1
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 445 140,02 110,69

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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 % 26 Mar 2024
Anders Bladh (Ribbskottet AB) 12.1 % 12.1 % 21 Apr 2023
Redstone Investment Group SA 11.4 % 11.4 % 26 Mar 2024
Måns Flodberg 7.1 % 7.1 % 31 Mar 2024
Theodor Jeansson Jr. 6.9 % 6.9 % 26 Mar 2024
Avanza Pension 4.3 % 4.3 % 26 Mar 2024
Robert Rosenzweig med familj 2.0 % 2.0 % 26 Mar 2024
Pontus Norell 2.0 % 2.0 % 31 Aug 2023
Carl Rosvall 1.5 % 1.5 % 26 Mar 2024
Kristoffer Jeansson 1.4 % 1.4 % 26 Mar 2024
Source: Holdings by Modular Finance AB