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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 4995,7 5017,42
Sales growth (%) -3,8 6,8 0,4
EBITDA 383 555 545
EBITDA margin (%) 8,2 11,1 10,9
EBIT adj. 255 343 331
EBIT adj. margin (%) 5,4 6,9 6,6
Pretax profit 137 330 321
EPS 4,64 10 9,6
EPS growth (%) -43 N/A -4
EPS adj. 9,55 11,91 11,45
DPS N/A N/A N/A
Dividend per share 2,6 3,03 2,88
EV/EBITDA (x) 9 5,7 5,4
EV/EBIT adj. (x) 13,5 9,3 8,9
P/E (x) 28,06 13,02 13,56
P/E adj. (x) 13,6 10,9 11,4
EV/sales (x) 0,74 0,64 0,59
FCF yield (%) 1,1 10,3 11,9
Le. adj. FCF yld. (%) -2,6 6,5 8,1
Dividend yield (%) 2 2,3 2,2
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 4995,7 5017,42
COGS -3572 -3811 -3823
Gross profit 1107 1185 1194
Other operating items -724 -630 -649
EBITDA 383 555 545
Depreciation and amortisation -151 -149 -152
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -165 -140 -140
EBITA 231,4 406,02 393,15
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 170,5 343,02 331,15
Net financial items -33 -14 -10
Pretax profit 137 330 321
Tax -15 -74 -79
Net profit 122 255 242
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 255 242
EPS 4,64 10 9,6
EPS adj. 9,55 11,91 11,45
Total extraordinary items after tax -75 0 0
Leasing payments -165 -140 -140
Tax rate (%) 10,9 22,6 24,5
Gross margin (%) 23,7 23,7 23,8
EBITDA margin (%) 8,2 11,1 10,9
EBITA margin (%) 4,9 8,1 7,8
EBIT margin (%) 3,6 6,9 6,6
Pre-tax margin (%) 2,9 6,6 6,4
Net margin (%) 2,6 5,1 4,8
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -3,8 6,8 0,4
EBITDA growth (%) -24,9 45,1 -1,8
EBITA growth (%) -34 75,5 -3,2
EBIT growth (%) -42,3 N/A -3,5
Net profit growth (%) -44,5 108,7 -4,9
EPS growth (%) -43 N/A -4
Profitability N/A N/A N/A
ROE (%) 11 23 19,3
ROE adj. (%) 23,3 28,7 24,2
ROCE (%) 8,8 21 18,7
ROCE adj. (%) 17,9 25 22,3
ROIC (%) 21,4 29,9 29
ROIC adj. (%) 29,1 29,9 29
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 467 555 545
EBITDA adj. margin (%) 10 11,1 10,9
EBITDA lease adj. 302 415 405
EBITDA lease adj. margin (%) 6,4 8,3 8,1
EBITA adj. 316 406 393
EBITA adj. margin (%) 6,7 8,1 7,8
EBIT adj. 255 343 331
EBIT adj. margin (%) 5,4 6,9 6,6
Pretax profit Adj. 282 393 383
Net profit Adj. 258 318 304
Net profit to shareholders adj. 258 318 304
Net adj. margin (%) 5,5 6,4 6,1
SEKm 2025 2026e 2027e
EBITDA 383 555 545
Goodwill 1296 1304 1312
Net financial items -33 -14 -10
Other intangible assets 177 123 70
Paid tax -103 -74 -79
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 240 407 456
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 671 671 671
Change in working capital 135 0 1
Fixed assets 2471 2446 2419
Operating cash flow 374 407 458
Inventories 24 25 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1599 1606
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 618 811
Free cash flow 37 341 392
Total assets 4418 4688 4861
Dividend paid -64 -68 -77
Shareholders equity 1042 1177 1342
Share issues and buybacks -118 -52 0
Minority 0 0 0
Leasing liability amortisation -126 -125 -125
Total equity 1042 1177 1342
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 973 999 1003
Other current liabilities 900 1009 1013
Total liabilities and equity 4418 4688 4861
Net IB debt 21 -139 -333
Net IB debt excl. pension debt 21 -139 -333
Net IB debt excl. leasing -240 -400 -594
Capital employed 1521 1656 1821
Capital invested 1063 1038 1009
Working capital -384 -385 -386
Market cap. diluted (m) 3429 3321 3288
Net IB debt adj. 21 -139 -333
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 3449 3182 2956
Total assets turnover (%) 105,2 109,7 105,1
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 -11,8 -24,8
Net debt / market cap (%) 0,6 -4,2 -10,1
Equity ratio (%) 23,6 25,1 27,6
Net IB debt adj. / equity (%) 2 -11,8 -24,8
Current ratio 0,93 1,01 1,1
EBITDA/net interest 11,5 41,1 54,5
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 99,1 96,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 26 25
Diluted shares adj. 26 26 25
EPS 4,64 10 9,6
Dividend per share 2,6 3,03 2,88
EPS adj. 9,55 11,91 11,45
BVPS 39,59 46,14 53,14
BVPS adj. -16,36 -9,8 -1,58
Net IB debt/share 0,79 -5,45 -13,17
Share price 130,2 130,2 130,2
Market cap. (m) 3429 3321 3288
P/E (x) 28,06 13,02 13,56
EV/sales (x) 0,74 0,64 0,59
EV/EBITDA (x) 9 5,7 5,4
EV/EBITA (x) 14,9 7,8 7,5
EV/EBIT (x) 20,2 9,3 8,9
Dividend yield (%) 2 2,3 2,2
FCF yield (%) 1,1 10,3 11,9
Le. adj. FCF yld. (%) -2,6 6,5 8,1
P/BVPS (x) 3,29 2,82 2,45
P/BVPS adj. (x) -7,96 -13,28 -82,3
P/E adj. (x) 13,6 10,9 11,4
EV/EBITDA adj. (x) 7,4 5,7 5,4
EV/EBITA adj. (x) 10,9 7,8 7,5
EV/EBIT adj. (x) 13,5 9,3 8,9
EV/CE (x) 2,3 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 IT Group - Company presentation with President & CEO Magnus Lönn
Proact - Fireside chat with President & CEO Magnus Lönn

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Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.5 % 12.5 % 27 May 2026
Fidelity Investments (FMR) 8.5 % 8.5 % 31 Mar 2026
Proact IT Group AB 6.8 % 6.8 % 27 May 2026
Handelsbanken Fonder 5.2 % 5.2 % 31 May 2026
Alcur Fonder 5.2 % 5.2 % 30 Apr 2026
Avanza Pension 4.3 % 4.3 % 27 May 2026
Canaccord Genuity Wealth Management 3.3 % 3.3 % 22 Apr 2026
Polaris Management A/S 2.9 % 2.9 % 27 May 2026
Länsförsäkringar Fonder 2.9 % 2.9 % 31 May 2026
Nordnet Pensionsförsäkring 2.5 % 2.5 % 27 May 2026
Source: Holdings by Modular Finance AB