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Proact

Proact

Specialist in critical data storage

Proact is a value-added reseller (VAR) of storage and the largest storage specialist in Europe. It tailor-makes storage solutions for big companies with complex and critical storage requirements. Its sales consist of hardware and software sales of third-party products, consulting, support and cloud services. Financial targets: 1) Growth >10% p.a., 2) EBITA margin >8%, 3) Net debt/EBITDA <2x, 4) roce of 25%, and 5) 25-35% payout ratio.></2x,>

Proact is the largest storage specialist in Europe and is thus well positioned to capture growth in the data storage market. Proact has a fast-growing enterprise cloud solution that benefits from the strong cloud trend while also being local (on-premise or data centre) to avoid competition from global standardised cloud storage. An increasing share of cloud would raise margins.

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 2021 2022e 2023e
Lease adj. FCF yield (%) -9,9 8 8,8
Lease adj. ND/EBITDA 0,1 -0,5 -0,8
Sales 3525 4230 4185
Sales growth (%) -3 20 -1,1
EBITDA 349 416 438
EBITDA margin (%) 9,9 9,8 10,5
EBIT adj 173 215 234
EBIT adj margin (%) 4,9 5,1 5,6
Pretax profit 152 202 226
EPS rep 4,27 5,78 6,23
EPS growth (%) -11 35,5 7,7
EPS adj 5,66 7,38 7,79
DPS 1,5 1,73 1,87
EV/EBITDA (x) 7,7 5,1 4,6
EV/EBIT adj (x) 15,5 9,9 8,5
P/E (x) 20,4 12,7 11,7
P/E adj (x) 15,4 9,9 9,4
EV/sales (x) 0,8 0,5 0,5
FCF yield (%) -5,6 13,1 13,9
Dividend yield (%) 1,7 2,4 2,6
Net IB debt/EBITDA 0,8 0,3 0
SEKm 2021 2022e 2023e
Depreciation and amortisation -151 -157 -160
Of which leasing depreciation -104 -104 -104
EO items -7 0 0
Impairment and PPA amortisation -31 -44 -43
EBITDA lease Adj 252 312 334
EBITDA lease Adj margin (%) 7,1 7,4 8
Sales 3525 4230 4185
COGS -2714 -3271 -3202
Gross profit 811 959 984
Other operating items -463 -543 -546
EBITDA 349 416 438
Depreciation on tangibles -49 -60 -63
Depreciation on intangibles 0 0 0
EBITA 197 259 277
Goodwill impairment charges 0 0 0
Other impairment and amortisation -35 -36 -34
EBIT 166 215 234
Other financial items 0 0 0
Net financial items -14 -13 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 152 202 226
Tax -35 -43 -55
Net profit 117 159 171
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 117 159 171
EPS 4,27 5,78 6,23
EPS Adj 5,66 7,38 7,79
Total extraordinary items after tax -7 -0,1 0
Tax rate (%) -22,9 -21,3 -24,5
Gross margin (%) 23 22,7 23,5
EBITDA margin (%) 9,9 9,8 10,5
EBITA margin (%) 5,6 6,1 6,6
EBIT margin (%) 4,7 5,1 5,6
Pretax margin (%) 4,3 4,8 5,4
Net margin (%) 3,3 3,8 4,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -3 20 -1,1
EBITDA growth (%) -5,7 19,3 5,2
EBIT growth (%) -8,7 29,2 9,2
Net profit growth (%) -11,5 35,6 7,7
EPS growth (%) -11 35,5 7,7
Profitability 2021 2022 2023
ROE (%) 17,8 20,6 19,2
ROE Adj (%) 23,7 26,4 24
ROCE (%) 12,2 13,5 14
ROCE Adj(%) 15,1 16,4 16,6
ROIC (%) 14,8 16,2 17,5
ROIC Adj (%) 15,4 16,2 17,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 356 416 438
EBITDA Adj margin (%) 10,1 9,8 10,5
EBITA Adj 204 259 277
EBITA Adj margin (%) 5,8 6,1 6,6
EBIT Adj 173 215 234
EBIT Adj margin (%) 4,9 5,1 5,6
Pretax profit Adj 190 246 269
Net profit Adj 155 203 214
Net profit to shareholders Adj 155 203 214
Net Adj margin (%) 4,4 4,8 5,1
Leasing payments -104 -104 -104
SEKm 2021 2022e 2023e
Lease liability amortisation -104 -104 -104
Other intangible assets 225 213 202
Right-of-use asset 225 225 225
Total other fixed assets 429 429 429
Leasing liability 258 258 258
Total other long-term liabilities 566 566 566
Net IB debt excl. leasing 32 -147 -275
Net IB debt / EBITDA lease Adj (%) 12,8 -47 -82,3
EBITDA 349 416 438
Net financial items -14 -13 -8
Paid tax -35 -43 -55
Non-cash items 0 0 0
Cash flow before change in WC 299 360 374
Change in WC 4 -4 -2
Operating cash flow 304 356 372
CAPEX tangible fixed assets -38 -60 -60
CAPEX intangible fixed assets -32 -32 -32
Acquisitions and disposals -367 0 0
Free cash flow -133 264 280
Dividend paid -41 -41 -48
Share issues and buybacks 0 0 0
Other non cash items -26 0 0
Decrease in net IB debt 186 109 138
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 821 821 821
Indefinite intangible assets 0 0 0
Definite intangible assets 112 108 106
Tangible fixed assets 98 105 109
Other fixed assets 425 425 425
Fixed assets 1798 1793 1785
Inventories 16 30 29
Receivables 1118 1354 1339
Other current assets 0 0 0
Cash and liquid assets 464 643 771
Total assets 3395 3818 3925
Shareholders equity 711 828 951
Minority 3 3 3
Total equity 714 831 955
Long-term debt 404 404 404
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 33 33 33
Other long-term liabilities 461 461 461
Short-term debt 92 92 92
Accounts payable 789 888 879
Other current liabilities 573 779 772
Total liabilities and equity 3395 3818 3925
Net IB debt 290 111 -17
Net IB debt excl. pension debt 290 111 -17
Capital invested 1073 1012 1007
Working capital -228 -284 -282
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2389 2007 2007
Net IB debt Adj 290 111 -17
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 2682 2122 1994
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 111,6 117,3 108,1
Capital invested turnover (%) 321,2 349 360,6
Capital employed turnover (%) 330 340,4 317,5
Inventories / sales (%) 0,5 0,5 0,7
Customer advances / sales (%) 15,8 15,8 16,7
Payables / sales (%) 21,4 20,2 20,7
Working capital / sales (%) -7,2 -6,1 -6,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 40,6 13,4 -1,7
Net debt / market cap (%) 12 5,6 -0,8
Equity ratio (%) 21 21,8 24,3
Net IB debt adj. / equity (%) 40,6 13,4 -1,7
Current ratio (%) 106,9 112,5 119,9
EBITDA / net interest (%) 2437,1 3198,8 5469,7
Net IB debt / EBITDA (%) 83,3 26,8 -3,8
Interest cover (%) 4675 6241,3 6834,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -9,9 8 8,8
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS 4,27 5,78 6,23
Dividend per share Adj 1,5 1,7 1,9
EPS Adj 5,66 7,38 7,79
BVPS 25,88 30,16 34,65
BVPS Adj -12,2 -7,49 -2,59
Net IB debt / share 10,6 4,1 -0,6
Share price 87,92 73,1 73,1
Market cap. (m) 2414 2007 2007
Valuation 2021 2022 2023
P/E 20,4 12,7 11,7
EV/sales 0,76 0,5 0,48
EV/EBITDA 7,7 5,1 4,6
EV/EBITA 13,6 8,2 7,2
EV/EBIT 16,1 9,9 8,5
Dividend yield (%) 1,7 2,4 2,6
FCF yield (%) -5,6 13,1 13,9
P/BVPS 3,36 2,42 2,11
P/BVPS Adj -7,13 -9,76 -28,18
P/E Adj 15,4 9,9 9,4
EV/EBITDA Adj 7,5 5,1 4,6
EV/EBITA Adj 13,1 8,2 7,2
EV/EBIT Adj 15,5 9,9 8,5
EV/cap. employed 1,8 1,3 1,2
Investment ratios 2021 2022 2023
Capex / sales 2 2,2 2,2
Capex / depreciation 147,5 172,9 163,7
Capex tangibles / tangible fixed assets 38,4 57,3 55,3
Capex intangibles / definite intangibles 14,2 15 15,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 48,2 50,8 51,8

Equity Research

Media

Proact - Company presentation with CEO Jonas Hasselberg
Proact - Company presentation with CEO Jonas Hasselberg

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 11.2 % 11.2 % 31 Mar 2022
Livförsäkringsbolaget Skandia 11.0 % 11.0 % 31 Mar 2022
Länsförsäkringar Fonder 8.8 % 8.8 % 30 Apr 2022
Alcur Fonder 7.1 % 7.1 % 31 Mar 2022
Triton 7.0 % 7.0 % 19 May 2021
Skandia Fonder 6.8 % 6.8 % 30 Apr 2022
Canaccord Genuity Wealth Management 3.5 % 3.5 % 31 Jan 2022
Unionen 3.1 % 3.1 % 31 Mar 2022
Allianz Global Investors 2.8 % 2.8 % 31 Oct 2021
Fondita Fonder 2.0 % 2.0 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Proact

Name Quantity Code Date
Rene Schuelein + 250 BUY 18 May 2021
Rene Schuelein + 200 BUY 18 May 2021
Ann-Charlotte Arnshav + 450 BUY 11 May 2021
Martin Thompson + 450 BUY 7 May 2021
Jonas Hasselberg + 2 000 BUY 7 May 2021
Jonas Hasselberg + 1 200 BUY 23 Apr 2021
Dmitrijs Sarafutdinovs - 340 SELL 26 Feb 2021
Peter Mikael Javestad - 5 360 SELL 14 Feb 2021
Peter Mikael Javestad - 5 360 SELL 12 Feb 2021
Petra Tesch - 100 SELL 29 Dec 2020

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