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Proact

Proact

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.

SEKm 2025 2026e 2027e
Sales 4745 4953 5096
Sales growth (%) -2,4 4,4 2,9
EBITDA 434 503 534
EBITDA margin (%) 9,2 10,2 10,5
EBIT adj. 254 287 316
EBIT adj. margin (%) 5,3 5,8 6,2
Pretax profit 194 277 306
EPS 5,86 8,02 8,85
EPS growth (%) -28 36,7 10,4
EPS adj. 8,43 9,75 10,56
DPS 1,79 2,41 2,66
EV/EBITDA (x) 5,9 4,7 4
EV/EBIT adj. (x) 10,1 8,2 6,8
P/E (x) 17,9 13,1 11,8
P/E adj. (x) 12,4 10,7 9,9
EV/sales (x) 0,54 0,47 0,42
FCF yield (%) -1,4 13,5 14,2
Le. adj. FCF yld. (%) -6,2 8,5 9,3
Dividend yield (%) 1,7 2,3 2,5
Net IB debt/EBITDA (x) -0,5 -0,8 -1,1
Le. adj. ND/EBITDA (x) -1,4 -1,7 -2,1
SEKm 2025 2026e 2027e
Sales 4745 4953 5096
COGS -3621 -3779 -3873
Gross profit 1124 1174 1223
Other operating items -690 -671 -689
EBITDA 434 503 534
Depreciation and amortisation -154 -156 -159
of which leasing depreciation -120 -120 -120
EBITA 281 347 375
EO Items -29 0 0
Impairment and PPA amortisation -56 -60 -59
EBIT 225 287 316
Net financial items -31 -10 -10
Pretax profit 194 277 306
Tax -39 -68 -75
Net profit 155 209 231
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 155 209 231
EPS 5,86 8,02 8,85
EPS adj. 8,43 9,75 10,56
Total extraordinary items after tax -23 0 0
Leasing payments -120 -120 -120
Tax rate (%) 19,9 24,5 24,5
Gross margin (%) 23,7 23,7 24
EBITDA margin (%) 9,2 10,2 10,5
EBITA margin (%) 5,9 7 7,4
EBIT margin (%) 4,7 5,8 6,2
Pre-tax margin (%) 4,1 5,6 6
Net margin (%) 3,3 4,2 4,5
Sales growth (%) -2,4 4,4 2,9
EBITDA growth (%) -14,8 15,9 6,1
EBITA growth (%) -20 23,7 8
EBIT growth (%) -23,9 27,7 10
Net profit growth (%) -29,4 34,7 10,4
EPS growth (%) -28 36,7 10,4
Profitability N/A N/A N/A
ROE (%) 12,8 15,6 15,3
ROE adj. (%) 19,3 20 19,2
ROCE (%) 11,5 15,2 15,4
ROCE adj. (%) 16,4 18,4 18,3
ROIC (%) 23,3 25,1 27,8
ROIC adj. (%) 25,8 25,1 27,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 463 503 534
EBITDA adj. margin (%) 9,8 10,2 10,5
EBITDA lease adj. 343 383 414
EBITDA lease adj. margin (%) 7,2 7,7 8,1
EBITA adj. 310 347 375
EBITA adj. margin (%) 6,5 7 7,4
EBIT adj. 254 287 316
EBIT adj. margin (%) 5,3 5,8 6,2
Pretax profit Adj. 279 337 365
Net profit Adj. 235 269 290
Net profit to shareholders adj. 235 269 290
Net adj. margin (%) 4,9 5,4 5,7
SEKm 2025 2026e 2027e
EBITDA 434 503 534
Goodwill 1173 1181 1189
Net financial items -31 -10 -10
Other intangible assets 154 103 53
Paid tax -39 -68 -75
Tangible fixed assets 38 47 53
Non-cash items -60 0 0
Right-of-use asset 308 323 338
Cash flow before change in WC 305 425 449
Total other fixed assets 637 637 637
Change in working capital 10 9 6
Fixed assets 2310 2291 2270
Operating cash flow 315 434 455
Inventories 38 40 41
Capex tangible fixed assets -45 -45 -45
Receivables 1519 1585 1631
Capex intangible fixed assets -5 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -303 -16 -16
Cash and liquid assets 711 901 1096
Free cash flow -38 368 389
Total assets 4578 4817 5038
Dividend paid -65 -47 -63
Shareholders equity 1263 1425 1593
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -135 -135 -135
Total equity 1263 1425 1593
Other non-cash items 136 4 4
Long-term debt 219 219 219
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 271 271 271
Total other long-term liabilities 991 991 991
Short-term debt 19 19 19
Accounts payable 949 991 1019
Other current liabilities 867 902 926
Total liabilities and equity 4578 4817 5038
Net IB debt -203 -393 -588
Net IB debt excl. pension debt -203 -393 -588
Net IB debt excl. leasing -474 -663 -859
Capital employed 1771 1933 2101
Capital invested 1060 1032 1005
Working capital -259 -268 -274
Market cap. diluted (m) 2777 2735 2735
Net IB debt adj. -203 -393 -588
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 2574 2342 2147
Total assets turnover (%) 104,8 105,4 103,4
Working capital/sales (%) -5,4 -5,3 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -16,1 -27,6 -36,9
Net debt / market cap (%) -7,3 -14,4 -21,5
Equity ratio (%) 27,6 29,6 31,6
Net IB debt adj. / equity (%) -16,1 -27,6 -36,9
Current ratio 1,24 1,32 1,41
EBITDA/net interest 14,1 50,3 53,4
Net IB debt/EBITDA (x) -0,5 -0,8 -1,1
Net IB debt/EBITDA lease adj. (x) -1,4 -1,7 -2,1
Interest coverage 63,5 85,3 92,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 26
Diluted shares adj. 26 26 26
EPS 5,86 8,02 8,85
Dividend per share 1,79 2,41 2,66
EPS adj. 8,43 9,75 10,56
BVPS 47,66 54,6 61,04
BVPS adj. -2,44 5,37 13,43
Net IB debt/share -7,67 -15,05 -22,53
Share price 104,8 104,8 104,8
Market cap. (m) 2777 2735 2735
P/E (x) 17,9 13,1 11,8
EV/sales (x) 0,5 0,5 0,4
EV/EBITDA (x) 5,9 4,7 4
EV/EBITA (x) 9,2 6,7 5,7
EV/EBIT (x) 11,4 8,2 6,8
Dividend yield (%) 1,7 2,3 2,5
FCF yield (%) -1,4 13,5 14,2
Le. adj. FCF yld. (%) -6,2 8,5 9,3
P/BVPS (x) 2,2 1,92 1,72
P/BVPS adj. (x) -42,94 19,51 7,81
P/E adj. (x) 12,4 10,7 9,9
EV/EBITDA adj. (x) 5,6 4,7 4
EV/EBITA adj. (x) 8,3 6,7 5,7
EV/EBIT adj. (x) 10,1 8,2 6,8
EV/CE (x) 1,5 1,2 1
Investment ratios N/A N/A N/A
Capex/sales (%) 1,1 1 1
Capex/depreciation 1,5 1,4 1,3
Capex tangibles / tangible fixed assets 118,7 95,9 85
Capex intangibles / definite intangibles 3,2 4,8 9,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 88,6 76,7 73,7

Equity Research

Media

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

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.5 % 12.5 % 23 Dec 2025
Fidelity Investments (FMR) 8.4 % 8.4 % 31 Oct 2025
Alcur Fonder 6.7 % 6.7 % 31 Oct 2025
Handelsbanken Fonder 6.3 % 6.3 % 31 Dec 2025
Proact IT Group AB 4.9 % 4.9 % 23 Dec 2025
Länsförsäkringar Fonder 4.6 % 4.6 % 23 Dec 2025
Avanza Pension 4.6 % 4.6 % 23 Dec 2025
Canaccord Genuity Wealth Management 3.5 % 3.5 % 29 Oct 2025
Livförsäkringsbolaget Skandia 3.1 % 3.1 % 23 Dec 2025
Nordnet Pensionsförsäkring 2.9 % 2.9 % 23 Dec 2025
Source: Holdings by Modular Finance AB