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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 2024 2025e 2026e
Sales 4864 4745 4953
Sales growth (%) 0,3 -2,4 4,4
EBITDA 510 434 503
EBITDA margin (%) 10,5 9,2 10,2
EBIT adj. 296 254 287
EBIT adj. margin (%) 6,1 5,3 5,8
Pretax profit 278 194 277
EPS 8,14 5,86 8,02
EPS growth (%) 28,9 -28 36,7
EPS adj. 9,76 8,43 9,75
DPS 2,4 1,79 2,41
EV/EBITDA (x) 4,9 5,9 4,6
EV/EBIT adj. (x) 8,5 10,1 8,1
P/E (x) 12,8 17,7 13
P/E adj. (x) 10,7 12,3 10,7
EV/sales (x) 0,51 0,54 0,47
FCF yield (%) 16,9 -1,4 13,6
Le. adj. FCF yld. (%) 12,1 -6,3 8,6
Dividend yield (%) 2,3 1,7 2,3
Net IB debt/EBITDA (x) -0,6 -0,5 -0,8
Le. adj. ND/EBITDA (x) -1,5 -1,4 -1,7
SEKm 2024 2025e 2026e
Sales 4864 4745 4953
COGS -3656 -3621 -3779
Gross profit 1209 1124 1174
Other operating items -699 -690 -671
EBITDA 510 434 503
Depreciation and amortisation -159 -154 -156
of which leasing depreciation -120 -120 -120
EBITA 351 281 347
EO Items 0 -29 0
Impairment and PPA amortisation -55 -56 -60
EBIT 296 225 287
Net financial items -18 -31 -10
Pretax profit 278 194 277
Tax -58 -39 -68
Net profit 220 155 209
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 220 155 209
EPS 8,14 5,86 8,02
EPS adj. 9,76 8,43 9,75
Total extraordinary items after tax 0 -23 0
Leasing payments -120 -120 -120
Tax rate (%) 20,9 19,9 24,5
Gross margin (%) 24,8 23,7 23,7
EBITDA margin (%) 10,5 9,2 10,2
EBITA margin (%) 7,2 5,9 7
EBIT margin (%) 6,1 4,7 5,8
Pre-tax margin (%) 5,7 4,1 5,6
Net margin (%) 4,5 3,3 4,2
Sales growth (%) 0,3 -2,4 4,4
EBITDA growth (%) 11,2 -14,8 15,9
EBITA growth (%) 22,8 -20 23,7
EBIT growth (%) 28,6 -23,9 27,7
Net profit growth (%) 27 -29,4 34,7
EPS growth (%) 28,9 -28 36,7
Profitability N/A N/A N/A
ROE (%) 20,2 12,8 15,6
ROE adj. (%) 25,2 19,3 20
ROCE (%) 17,7 11,5 15,2
ROCE adj. (%) 21,2 16,4 18,4
ROIC (%) 30,4 23,3 25,1
ROIC adj. (%) 30,4 25,8 25,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 510 463 503
EBITDA adj. margin (%) 10,5 9,8 10,2
EBITDA lease adj. 390 343 383
EBITDA lease adj. margin (%) 8 7,2 7,7
EBITA adj. 351 310 347
EBITA adj. margin (%) 7,2 6,5 7
EBIT adj. 296 254 287
EBIT adj. margin (%) 6,1 5,3 5,8
Pretax profit Adj. 333 279 337
Net profit Adj. 275 235 269
Net profit to shareholders adj. 275 235 269
Net adj. margin (%) 5,7 4,9 5,4
SEKm 2024 2025e 2026e
EBITDA 510 434 503
Goodwill 1022 1173 1181
Net financial items -18 -31 -10
Other intangible assets 130 154 103
Paid tax -59 -39 -68
Tangible fixed assets 27 38 47
Non-cash items 103 -60 0
Right-of-use asset 293 308 323
Cash flow before change in WC 537 305 425
Total other fixed assets 637 637 637
Change in working capital -26 10 9
Fixed assets 2108 2310 2291
Operating cash flow 511 315 434
Inventories 21 38 40
Capex tangible fixed assets -35 -45 -45
Receivables 1534 1519 1585
Capex intangible fixed assets -1 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals 0 -303 -16
Cash and liquid assets 814 711 901
Free cash flow 475 -38 368
Total assets 4476 4578 4817
Dividend paid -55 -65 -47
Shareholders equity 1172 1263 1425
Share issues and buybacks -26 0 0
Minority 0 0 0
Leasing liability amortisation -136 -135 -135
Total equity 1172 1263 1425
Other non-cash items -181 136 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 904 949 991
Other current liabilities 900 867 902
Total liabilities and equity 4476 4578 4817
Net IB debt -305 -203 -393
Net IB debt excl. pension debt -305 -203 -393
Net IB debt excl. leasing -576 -474 -663
Capital employed 1681 1771 1933
Capital invested 867 1060 1032
Working capital -250 -259 -268
Market cap. diluted (m) 2809 2756 2714
Net IB debt adj. -305 -203 -393
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 2504 2553 2321
Total assets turnover (%) 114,2 104,8 105,4
Working capital/sales (%) -5,4 -5,4 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -26 -16,1 -27,6
Net debt / market cap (%) -10,9 -7,4 -14,5
Equity ratio (%) 26,2 27,6 29,6
Net IB debt adj. / equity (%) -26 -16,1 -27,6
Current ratio 1,3 1,24 1,32
EBITDA/net interest 29,1 14,1 50,3
Net IB debt/EBITDA (x) -0,6 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -1,5 -1,4 -1,7
Interest coverage 84,3 63,5 85,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 27 26 26
Diluted shares adj. 27 26 26
EPS 8,14 5,86 8,02
Dividend per share 2,4 1,79 2,41
EPS adj. 9,76 8,43 9,75
BVPS 43,4 47,66 54,6
BVPS adj. 0,78 -2,44 5,37
Net IB debt/share -11,3 -7,67 -15,05
Share price 104 104 104
Market cap. (m) 2809 2756 2714
P/E (x) 12,8 17,7 13
EV/sales (x) 0,5 0,5 0,5
EV/EBITDA (x) 4,9 5,9 4,6
EV/EBITA (x) 7,1 9,1 6,7
EV/EBIT (x) 8,5 11,4 8,1
Dividend yield (%) 2,3 1,7 2,3
FCF yield (%) 16,9 -1,4 13,6
Le. adj. FCF yld. (%) 12,1 -6,3 8,6
P/BVPS (x) 2,4 2,18 1,9
P/BVPS adj. (x) 133,15 -42,61 19,36
P/E adj. (x) 10,7 12,3 10,7
EV/EBITDA adj. (x) 4,9 5,5 4,6
EV/EBITA adj. (x) 7,1 8,2 6,7
EV/EBIT adj. (x) 8,5 10,1 8,1
EV/CE (x) 1,5 1,4 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1,1 1
Capex/depreciation 0,9 1,5 1,4
Capex tangibles / tangible fixed assets 130,8 118,7 95,9
Capex intangibles / definite intangibles 0,9 3,2 4,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 146,7 88,6 76,7

Equity Research

Media

Proact - Company presentation with CEO & President Magnus Lönn
Proact - Company presentation with CEO & President Jonas Hasselberg

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.5 % 12.5 % 26 Sep 2025
Fidelity Investments (FMR) 8.4 % 8.4 % 31 Jul 2025
Alcur Fonder 6.3 % 6.3 % 31 Aug 2025
Handelsbanken Fonder 6.3 % 6.3 % 30 Sep 2025
Länsförsäkringar Fonder 4.8 % 4.8 % 30 Sep 2025
Avanza Pension 4.3 % 4.3 % 26 Sep 2025
Nordnet Pensionsförsäkring 3.8 % 3.8 % 26 Sep 2025
Proact IT Group AB 3.7 % 3.7 % 26 Sep 2025
Canaccord Genuity Wealth Management 3.4 % 3.4 % 23 Apr 2025
Livförsäkringsbolaget Skandia 3.1 % 3.1 % 26 Sep 2025
Source: Holdings by Modular Finance AB