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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 4678,8 5004,6 5027,1
Sales growth (%) -3,8 7 0,4
EBITDA 383 567 556
EBITDA margin (%) 8,2 11,3 11,1
EBIT adj. 255 355 342
EBIT adj. margin (%) 5,4 7,1 6,8
Pretax profit 137 342 332
EPS 4,64 10,36 9,92
EPS growth (%) -43 N/A -4,2
EPS adj. 9,55 12,27 11,77
DPS N/A N/A N/A
Dividend per share 2,6 3,14 2,98
EV/EBITDA (x) 8,9 5,5 5,2
EV/EBIT adj. (x) 13,4 8,8 8,5
P/E (x) 27,76 12,44 12,98
P/E adj. (x) 13,5 10,5 10,9
EV/sales (x) 0,73 0,63 0,58
FCF yield (%) 1,1 10,7 12,3
Le. adj. FCF yld. (%) -2,6 6,9 8,5
Dividend yield (%) 2 2,4 2,3
Net IB debt/EBITDA (x) 0,1 -0,3 -0,6
Le. adj. ND/EBITDA (x) -0,8 -1 -1,5
SEKm 2025 2026e 2027e
Sales 4678,8 5004,6 5027,1
COGS -3572 -3798 -3821
Gross profit 1107 1207 1207
Other operating items -724 -640 -651
EBITDA 383 567 556
Depreciation and amortisation -151 -149 -152
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -165 -140 -140
EBITA 231,4 418,1 403,84
EO Items N/A N/A N/A
Operating EO items -84 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -61 -63 -62
EBIT 170,5 355,1 341,84
Net financial items -33 -14 -10
Pretax profit 137 342 332
Tax -15 -77 -81
Net profit 122 264 251
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 264 251
EPS 4,64 10,36 9,92
EPS adj. 9,55 12,27 11,77
Total extraordinary items after tax -75 0 0
Leasing payments -165 -140 -140
Tax rate (%) 10,9 22,7 24,5
Gross margin (%) 23,7 24,1 24
EBITDA margin (%) 8,2 11,3 11,1
EBITA margin (%) 4,9 8,4 8
EBIT margin (%) 3,6 7,1 6,8
Pre-tax margin (%) 2,9 6,8 6,6
Net margin (%) 2,6 5,3 5
Sales growth (%) -3,8 7 0,4
EBITDA growth (%) -24,9 48,3 -2
EBITA growth (%) -34 80,7 -3,4
EBIT growth (%) -42,3 N/A -3,7
Net profit growth (%) -44,5 116,2 -5,2
EPS growth (%) -43 N/A -4,2
Profitability N/A N/A N/A
ROE (%) 11 23,7 19,7
ROE adj. (%) 23,3 29,4 24,6
ROCE (%) 8,8 21,7 19,2
ROCE adj. (%) 17,9 25,7 22,7
ROIC (%) 21,4 30,8 29,8
ROIC adj. (%) 29,1 30,8 29,8
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 467 567 556
EBITDA adj. margin (%) 10 11,3 11,1
EBITDA lease adj. 302 427 416
EBITDA lease adj. margin (%) 6,4 8,5 8,3
EBITA adj. 316 418 404
EBITA adj. margin (%) 6,7 8,4 8
EBIT adj. 255 355 342
EBIT adj. margin (%) 5,4 7,1 6,8
Pretax profit Adj. 282 405 394
Net profit Adj. 258 327 313
Net profit to shareholders adj. 258 327 313
Net adj. margin (%) 5,5 6,5 6,2
SEKm 2025 2026e 2027e
EBITDA 383 567 556
Goodwill 1296 1304 1312
Net financial items -33 -14 -10
Other intangible assets 177 123 70
Paid tax -103 -77 -81
Tangible fixed assets 74 110 143
Non-cash items -7 -60 0
Right-of-use asset 253 238 223
Cash flow before change in WC 240 416 465
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 671 671 671
Change in working capital 135 1 1
Fixed assets 2471 2446 2419
Operating cash flow 374 417 466
Inventories 24 25 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1601 1609
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 628 826
Free cash flow 37 351 400
Total assets 4418 4700 4879
Dividend paid -64 -68 -80
Shareholders equity 1042 1186 1357
Share issues and buybacks -118 -52 0
Minority 0 0 0
Leasing liability amortisation -126 -125 -125
Total equity 1042 1186 1357
Other non-cash items N/A N/A N/A
Other changes in net debt -87 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 1001 1005
Other current liabilities 900 1011 1015
Total liabilities and equity 4418 4700 4879
Net IB debt 21 -149 -348
Net IB debt excl. pension debt 21 -149 -348
Net IB debt excl. leasing -240 -410 -609
Capital employed 1521 1665 1835
Capital invested 1063 1037 1009
Working capital -384 -385 -387
Market cap. diluted (m) 3392 3286 3253
Net IB debt adj. 21 -149 -348
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 3412 3137 2905
Total assets turnover (%) 105,2 109,8 105
Working capital/sales (%) -6,8 -7,7 -7,7
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 2 -12,5 -25,6
Net debt / market cap (%) 0,6 -4,5 -10,7
Equity ratio (%) 23,6 25,2 27,8
Net IB debt adj. / equity (%) 2 -12,5 -25,6
Current ratio 0,93 1,01 1,1
EBITDA/net interest 11,5 42 55,6
Net IB debt/EBITDA (x) 0,1 -0,3 -0,6
Net IB debt/EBITDA lease adj. (x) -0,8 -1 -1,5
Interest coverage 50,5 102,1 99,5
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 25
Diluted shares adj. 26 26 25
EPS 4,64 10,36 9,92
Dividend per share 2,6 3,14 2,98
EPS adj. 9,55 12,27 11,77
BVPS 39,59 46,5 53,71
BVPS adj. -16,36 -9,45 -1,01
Net IB debt/share 0,79 -5,83 -13,77
Share price 128,8 128,8 128,8
Market cap. (m) 3392 3286 3253
P/E (x) 27,76 12,44 12,98
EV/sales (x) 0,73 0,63 0,58
EV/EBITDA (x) 8,9 5,5 5,2
EV/EBITA (x) 14,7 7,5 7,2
EV/EBIT (x) 20 8,8 8,5
Dividend yield (%) 2 2,4 2,3
FCF yield (%) 1,1 10,7 12,3
Le. adj. FCF yld. (%) -2,6 6,9 8,5
P/BVPS (x) 3,25 2,77 2,4
P/BVPS adj. (x) -7,87 -13,63 -127,43
P/E adj. (x) 13,5 10,5 10,9
EV/EBITDA adj. (x) 7,3 5,5 5,2
EV/EBITA adj. (x) 10,8 7,5 7,2
EV/EBIT adj. (x) 13,4 8,8 8,5
EV/CE (x) 2,2 1,9 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1 -1 -1
Capex/depreciation -3,4 5,6 4,2
Capex tangibles / tangible fixed assets 62,1 41,1 31,6
Capex intangibles / definite intangibles 1,2 4,1 7,1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 18,88 8,21 8,41

Equity Research

Media

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

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Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.5 % 12.5 % 28 Apr 2026
Fidelity Investments (FMR) 8.4 % 8.4 % 28 Feb 2026
Proact IT Group AB 6.8 % 6.8 % 28 Apr 2026
Alcur Fonder 5.6 % 5.6 % 31 Mar 2026
Handelsbanken Fonder 5.6 % 5.6 % 30 Apr 2026
Avanza Pension 4.4 % 4.4 % 28 Apr 2026
Canaccord Genuity Wealth Management 3.3 % 3.3 % 22 Apr 2026
Livförsäkringsbolaget Skandia 3.0 % 3.0 % 28 Apr 2026
Polaris Management A/S 2.9 % 2.9 % 28 Apr 2026
Länsförsäkringar Fonder 2.9 % 2.9 % 30 Apr 2026
Source: Holdings by Modular Finance AB