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Proact

Proact

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Proact is the largest value-added reseller (VAR) of data storage in Europe. It tailor-makes storage solutions for companies with complex storage requirements. Sales consist of hardware and software sales of third-party products, consulting, support and cloud services.

Sustainability Information

For Proact’s traditional operations (system sales), the key risk comes from a potentially challenging outlook for the server/storage market given the shift towards cloud instead of local storage. For its cloud operations, there is the risk that some business will be lost to data centres and cheaper global cloud solutions.

Financials

SEKm 2025 2026e 2027e
Sales 4679 4783 4900
Sales growth (%) -3,8 2,2 2,4
EBITDA 383 491 517
EBITDA margin (%) 8,2 10,3 10,5
EBIT adj. 255 275 299
EBIT adj. margin (%) 5,4 5,7 6,1
Pretax profit 137 265 289
EPS 4,64 7,76 8,47
EPS growth (%) -43 67,3 9,1
EPS adj. 9,55 9,64 10,31
DPS 2,6 2,33 2,54
EV/EBITDA (x) 6,9 5 4,4
EV/EBIT adj. (x) 10,4 8,9 7,6
P/E (x) 21,5 12,8 11,8
P/E adj. (x) 10,4 10,3 9,7
EV/sales (x) 0,57 0,51 0,46
FCF yield (%) 1,4 10,8 14,7
Le. adj. FCF yld. (%) -4,9 5,3 9,3
Dividend yield (%) 2,6 2,3 2,5
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Le. adj. ND/EBITDA (x) -0,8 -1,1 -1,5
SEKm 2025 2026e 2027e
Sales 4679 4783 4900
COGS -3572 -3650 -3724
Gross profit 1107 1134 1176
Other operating items -724 -643 -659
EBITDA 383 491 517
Depreciation and amortisation -151 -152 -155
of which leasing depreciation -165 -140 -140
EBITA 231 339 362
EO Items -84 0 0
Impairment and PPA amortisation -61 -64 -63
EBIT 171 275 299
Net financial items -33 -10 -10
Pretax profit 137 265 289
Tax -15 -65 -71
Net profit 122 200 218
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 200 218
EPS 4,64 7,76 8,47
EPS adj. 9,55 9,64 10,31
Total extraordinary items after tax -75 0 0
Leasing payments -165 -140 -140
Tax rate (%) 10,9 24,5 24,5
Gross margin (%) 23,7 23,7 24
EBITDA margin (%) 8,2 10,3 10,5
EBITA margin (%) 4,9 7,1 7,4
EBIT margin (%) 3,6 5,7 6,1
Pre-tax margin (%) 2,9 5,5 5,9
Net margin (%) 2,6 4,2 4,5
Sales growth (%) -3,8 2,2 2,4
EBITDA growth (%) -24,9 28,3 5,3
EBITA growth (%) -34 46,5 6,8
EBIT growth (%) -42,3 61,2 8,7
Net profit growth (%) -44,5 63,7 9,1
EPS growth (%) -43 67,3 9,1
Profitability N/A N/A N/A
ROE (%) 11 18 17,4
ROE adj. (%) 23,3 23,8 22,4
ROCE (%) 8,8 16,9 16,9
ROCE adj. (%) 17,9 21 20,6
ROIC (%) 21,4 24,1 26
ROIC adj. (%) 29,1 24,1 26
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 467 491 517
EBITDA adj. margin (%) 10 10,3 10,5
EBITDA lease adj. 302 351 377
EBITDA lease adj. margin (%) 6,4 7,3 7,7
EBITA adj. 316 339 362
EBITA adj. margin (%) 6,7 7,1 7,4
EBIT adj. 255 275 299
EBIT adj. margin (%) 5,4 5,7 6,1
Pretax profit Adj. 282 329 352
Net profit Adj. 258 264 281
Net profit to shareholders adj. 258 264 281
Net adj. margin (%) 5,5 5,5 5,7
SEKm 2025 2026e 2027e
EBITDA 383 491 517
Goodwill 1296 1304 1312
Net financial items -33 -10 -10
Other intangible assets 177 122 68
Paid tax -103 -65 -71
Tangible fixed assets 74 107 137
Non-cash items -7 -60 0
Right-of-use asset 253 253 253
Cash flow before change in WC 240 356 436
Total other fixed assets 671 671 671
Change in working capital 135 -13 8
Fixed assets 2471 2457 2441
Operating cash flow 374 343 444
Inventories 24 24 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1531 1568
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 590 772
Free cash flow 37 277 378
Total assets 4418 4602 4805
Dividend paid -64 -68 -60
Shareholders equity 1042 1174 1332
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -165 -140 -140
Total equity 1042 1174 1332
Other non-cash items -166 64 4
Long-term debt 6 6 6
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 261 261 261
Total other long-term liabilities 1024 1024 1024
Short-term debt 211 211 211
Accounts payable 973 957 980
Other current liabilities 900 969 991
Total liabilities and equity 4418 4602 4805
Net IB debt 21 -111 -293
Net IB debt excl. pension debt 21 -111 -293
Net IB debt excl. leasing -240 -372 -554
Capital employed 1521 1653 1811
Capital invested 1063 1063 1039
Working capital -384 -371 -379
Market cap. diluted (m) 2625 2569 2569
Net IB debt adj. 21 -111 -293
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 2646 2458 2276
Total assets turnover (%) 105,2 106,1 104,2
Working capital/sales (%) -6,8 -7,9 -7,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 2 -9,5 -22
Net debt / market cap (%) 0,8 -4,3 -11,4
Equity ratio (%) 23,6 25,5 27,7
Net IB debt adj. / equity (%) 2 -9,5 -22
Current ratio 0,93 1 1,08
EBITDA/net interest 11,5 49,1 51,7
Net IB debt/EBITDA (x) 0,1 -0,2 -0,6
Net IB debt/EBITDA lease adj. (x) -0,8 -1,1 -1,5
Interest coverage 50,5 83,2 89
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 26
Diluted shares adj. 26 26 26
EPS 4,64 7,76 8,47
Dividend per share 2,6 2,33 2,54
EPS adj. 9,55 9,64 10,31
BVPS 39,59 45,56 51,7
BVPS adj. -16,36 -9,79 -1,86
Net IB debt/share 0,79 -4,32 -11,37
Share price 99,7 99,7 99,7
Market cap. (m) 2625 2569 2569
P/E (x) 21,5 12,8 11,8
EV/sales (x) 0,6 0,5 0,5
EV/EBITDA (x) 6,9 5 4,4
EV/EBITA (x) 11,4 7,3 6,3
EV/EBIT (x) 15,5 8,9 7,6
Dividend yield (%) 2,6 2,3 2,5
FCF yield (%) 1,4 10,8 14,7
Le. adj. FCF yld. (%) -4,9 5,3 9,3
P/BVPS (x) 2,52 2,19 1,93
P/BVPS adj. (x) -6,1 -10,19 -53,47
P/E adj. (x) 10,4 10,3 9,7
EV/EBITDA adj. (x) 5,7 5 4,4
EV/EBITA adj. (x) 8,4 7,3 6,3
EV/EBIT adj. (x) 10,4 8,9 7,6
EV/CE (x) 1,7 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1 1
Capex/depreciation -3,4 4,2 3,3
Capex tangibles / tangible fixed assets 62,1 42,2 32,9
Capex intangibles / definite intangibles 1,2 4,1 7,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 18,9 11,3 11

Equity Research

Media

Proact IT Group - Company presentation with CEO Magnus Lönn
Proact - Company presentation with CEO & President Magnus Lönn

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Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.5 % 12.5 % 28 Jan 2026
Fidelity Investments (FMR) 8.4 % 8.4 % 30 Nov 2025
Alcur Fonder 6.3 % 6.3 % 31 Dec 2025
Handelsbanken Fonder 6.3 % 6.3 % 31 Jan 2026
Proact IT Group AB 5.1 % 5.1 % 28 Jan 2026
Avanza Pension 4.6 % 4.6 % 28 Jan 2026
Länsförsäkringar Fonder 3.6 % 3.6 % 31 Jan 2026
Canaccord Genuity Wealth Management 3.5 % 3.5 % 28 Jan 2026
Nordnet Pensionsförsäkring 3.3 % 3.3 % 28 Jan 2026
Livförsäkringsbolaget Skandia 3.0 % 3.0 % 28 Jan 2026
Source: Holdings by Modular Finance AB