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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.

New distribution rights agreements, bolt-on acquisitions as well as bigger acquisitions with decentralized areas of responsibilities, synergies and cross-selling.

Shift in technology preferences and disruptive technologies, price pressure.

SEKm 2021 2022e 2023e
Sales 2524 2818 3256
Sales growth (%) 7 11,7 15,5
EBITDA 99 134 216
EBITDA margin (%) 3,9 4,8 6,6
EBIT adj 88 128 184
EBIT adj margin (%) 3,5 4,5 5,7
Pretax profit 59 97 168
EPS rep 3,32 5,02 8,92
EPS growth (%) -45,3 51,2 77,6
EPS adj 4,23 5,65 8,92
DPS 1,8 2,01 3,57
EV/EBITDA (x) 19,6 8,7 5,2
EV/EBIT adj (x) 21,9 9,2 6,1
P/E (x) 34,3 12,1 6,8
P/E adj (x) 26,9 10,8 6,8
EV/sales (x) 0,8 0,4 0,3
FCF yield (%) -15,6 21,4 11,3
Dividend yield (%) 1,6 3,3 5,9
Net IB debt/EBITDA 4,4 2,3 1,2
Lease adj. FCF yield (%) -15,6 21,4 11,3
Lease adj. ND/EBITDA 3,6 1,9 1
SEKm 2021 2022e 2023e
Sales 2524 2818 3256
COGS -1977 -2203 -2543
Gross profit 547 615 713
Other operating items -448 -481 -496
EBITDA 99 134 216
Depreciation on tangibles -27 -28 -29
Depreciation on intangibles 0 0 0
EBITA 76 119 184
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 76 119 184
Other financial items 0 0 0
Net financial items -18 -22 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 59 97 168
Tax -15 -23 -37
Net profit 44 74 131
Minority interest -1 -2 -4
Net profit discontinued 0 0 0
Net profit to shareholders 44 71 127
EPS 3,32 5,02 8,92
EPS Adj 4,23 5,65 8,92
Total extraordinary items after tax -11,9 -9 0
Tax rate (%) -25 -23,8 -22
Gross margin (%) 21,7 21,8 21,9
EBITDA margin (%) 3,9 4,8 6,6
EBITA margin (%) 3 4,2 5,7
EBIT margin (%) 3 4,2 5,7
Pretax margin (%) 2,3 3,4 5,2
Net margin (%) 1,8 2,6 4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 7 11,7 15,5
EBITDA growth (%) -13,3 36,3 60,8
EBIT growth (%) -12,6 55,2 55,3
Net profit growth (%) -42,2 66,9 77,8
EPS growth (%) -45,3 51,2 77,6
Profitability 2021 2022 2023
ROE (%) 8,4 11,5 18,4
ROE Adj (%) 10,6 13 18,4
ROCE (%) 8,9 10,8 15,7
ROCE Adj(%) 10,2 11,6 15,7
ROIC (%) 7 9,1 14,8
ROIC Adj (%) 8,1 9,8 14,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 111 143 216
EBITDA Adj margin (%) 4,4 5,1 6,6
EBITA Adj 88 128 184
EBITA Adj margin (%) 3,5 4,5 5,7
EBIT Adj 88 128 184
EBIT Adj margin (%) 3,5 4,5 5,7
Pretax profit Adj 71 106 168
Net profit Adj 56 83 131
Net profit to shareholders Adj 55 80 127
Net Adj margin (%) 2,2 2,9 4
Depreciation and amortisation -22 -16 -32
Of which leasing depreciation 0 0 0
EO items -12 -9 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 111 143 216
EBITDA lease Adj margin (%) 4,4 5,1 6,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 99 134 216
Net financial items -18 -22 -16
Paid tax -15 -23 -37
Non-cash items 0 0 0
Cash flow before change in WC 67 90 163
Change in WC -164 116 -43
Operating cash flow -97 205 121
CAPEX tangible fixed assets -97 -20 -23
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -39 0 0
Free cash flow -234 186 98
Dividend paid 0 -24 -29
Share issues and buybacks 0 0 0
Other non cash items -142 -55 -56
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 17 24
Other fixed assets 6 6 6
Fixed assets 481 500 506
Inventories 663 564 619
Receivables 501 560 647
Other current assets 69 77 89
Cash and liquid assets 36 178 232
Total assets 1750 1878 2092
Shareholders equity 599 641 740
Minority 3 3 3
Total equity 601 644 742
Long-term debt 433 446 446
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 0 0 0
Accounts payable 431 481 556
Other current liabilities 236 263 304
Total liabilities and equity 1750 1878 2092
Net IB debt 434 305 251
Net IB debt excl. pension debt 434 305 251
Capital invested 1036 949 993
Working capital 567 456 494
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1493 866 866
Net IB debt Adj 434 305 251
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 1930 1174 1120
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 173,9 155,3 164
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 (%) 20,2 18,1 14,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 72,3 47,3 33,8
Net debt / market cap (%) 34,6 35,2 28,9
Equity ratio (%) 34,4 34,3 35,5
Net IB debt adj. / equity (%) 72,3 47,3 33,8
Current ratio (%) 185,7 181,1 181
EBITDA / net interest (%) 564 616,9 1351,8
Net IB debt / EBITDA (%) 440,1 226,7 115,9
Interest cover (%) 436,6 544 1151,1
Lease liability amortisation 0 0 0
Other intangible assets 61 61 61
Right-of-use asset 37 44 43
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 398 268 214
Net IB debt / EBITDA lease Adj (%) 359,6 186,9 98,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 13 14 14
Fully diluted shares Adj 13 14 14
EPS 3,32 5,02 8,92
Dividend per share Adj 1,8 2 3,6
EPS Adj 4,23 5,65 8,92
BVPS 45,7 45,12 52,03
BVPS Adj 17,11 18,79 25,7
Net IB debt / share 33,2 21,4 17,6
Share price 95,98 60,9 60,9
Market cap. (m) 1257 866 866
Valuation 2021 2022 2023
P/E 34,3 12,1 6,8
EV/sales 0,76 0,42 0,34
EV/EBITDA 19,6 8,7 5,2
EV/EBITA 25,3 9,9 6,1
EV/EBIT 25,3 9,9 6,1
Dividend yield (%) 1,6 3,3 5,9
FCF yield (%) -15,6 21,4 11,3
P/BVPS 2,49 1,35 1,17
P/BVPS Adj 6,66 3,24 2,37
P/E Adj 26,9 10,8 6,8
EV/EBITDA Adj 17,5 8,2 5,2
EV/EBITA Adj 21,9 9,2 6,1
EV/EBIT Adj 21,9 9,2 6,1
EV/cap. employed 1,8 1 0,9
Investment ratios 2021 2022 2023
Capex / sales 3,8 0,7 0,7
Capex / depreciation 435,4 124,1 71
Capex tangibles / tangible fixed assets 1867,3 116,2 96,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 428,8 93,6 135,3
Lease adj. FCF yield (%) -15,6 21,4 11,3

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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 % 27 Jul 2022
Redstone Investment Group SA 12.5 % 12.5 % 31 Jul 2022
Anders Bladh (Ribbskottet AB) 12.1 % 12.1 % 31 Jul 2022
BI Asset Mgmt Fondsmaeglerselskab A/S 4.9 % 4.9 % 27 Jul 2022
Avanza Pension 4.6 % 4.6 % 27 Jul 2022
Theodor Jeansson 4.3 % 4.3 % 27 Jul 2022
Humle Fonder 3.3 % 3.3 % 31 Jul 2022
Robert Rosenzweig med familj 2.0 % 2.0 % 27 Jul 2022
FE Fonder 1.9 % 1.9 % 31 Jul 2022
Måns Flodberg 1.5 % 1.5 % 27 Jul 2022
Source: Holdings by Modular Finance AB