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Proact

Proact

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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 20%, and 5) 25-35% payout ratio.>

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 2022 2023e 2024e
Sales 4757 4807 4953
Sales growth (%) 35 1,1 3
EBITDA 473 469 492
EBITDA margin (%) 9,9 9,8 9,9
EBIT adj. 263 261 282
EBIT adj. margin (%) 5,5 5,4 5,7
Pretax profit 244 245 270
EPS 6,98 6,78 7,43
EPS growth (%) 63,6 -2,9 9,7
EPS adj. 8,54 8,22 8,84
DPS 1,85 2,03 2,23
EV/EBITDA (x) 6,4 5,9 5,3
EV/EBIT adj. (x) 11,6 10,6 9,2
P/E (x) 14,6 15 13,7
P/E adj. (x) 11,9 12,4 11,5
EV/sales (x) 0,64 0,57 0,52
FCF yield (%) 7,7 13,6 11,8
Le. adj. FCF yld. (%) 4 9,8 8,1
Dividend yield (%) 1,8 2 2,2
Net IB debt/EBITDA (x) 0,5 -0,1 -0,4
Le. adj. ND/EBITDA (x) 0 0,8 1,2
SEKm 2022 2023e 2024e
Sales 4757 4807 4953
COGS -3704 -3737 -3799
Gross profit 1053 1071 1154
Other operating items -580 -602 -662
EBITDA 473 469 492
Depreciation and amortisation -160 -156 -159
of which leasing depreciation -104 -104 -104
EBITA 313 313 333
EO Items -2 0 0
Impairment and PPA amortisation -53 -52 -51
EBIT 261 261 282
Net financial items -16 -16 -12
Pretax profit 244 245 270
Tax -53 -59 -66
Net profit 192 186 204
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 192 186 204
EPS 6,98 6,78 7,43
EPS adj. 8,54 8,22 8,84
Total extraordinary items after tax -2 0 0
Leasing payments -104 -104 -104
Tax rate (%) 21,5 24 24,5
Gross margin (%) 22,1 22,3 23,3
EBITDA margin (%) 9,9 9,8 9,9
EBITA margin (%) 6,6 6,5 6,7
EBIT margin (%) 5,5 5,4 5,7
Pre-tax margin (%) 5,1 5,1 5,5
Net margin (%) 4 3,9 4,1
Sales growth (%) 35 1,1 3
EBITDA growth (%) 35,8 -0,9 5
EBITA growth (%) 58,7 -0,1 6,5
EBIT growth (%) 56,9 0,1 8,2
Net profit growth (%) 63,8 -2,9 9,7
EPS growth (%) 63,6 -2,9 9,7
Profitability N/A N/A N/A
ROE (%) 23,5 18,9 18,1
ROE adj. (%) 30,1 24,1 22,6
ROCE (%) 15,8 14,3 14,6
ROCE adj. (%) 19,3 17,3 17,3
ROIC (%) 22,6 21,8 25
ROIC adj. (%) 22,8 21,8 25
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 475 469 492
EBITDA adj. margin (%) 10 9,8 9,9
EBITDA lease adj. 371 365 388
EBITDA lease adj. margin (%) 7,8 7,6 7,8
EBITA adj. 315 313 333
EBITA adj. margin (%) 6,6 6,5 6,7
EBIT adj. 263 261 282
EBIT adj. margin (%) 5,5 5,4 5,7
Pretax profit Adj. 299 297 321
Net profit Adj. 246 238 255
Net profit to shareholders adj. 246 238 255
Net adj. margin (%) 5,2 5 5,2
SEKm 2022 2023e 2024e
EBITDA 473 469 492
Goodwill 984 984 984
Net financial items -16 -16 -12
Other intangible assets 231 211 192
Paid tax -53 -59 -66
Tangible fixed assets 142 150 155
Non-cash items 90 -60 0
Right-of-use asset 225 225 225
Cash flow before change in WC 494 334 414
Total other fixed assets 574 574 574
Change in working capital -51 138 8
Fixed assets 2155 2143 2129
Operating cash flow 443 472 422
Inventories 64 34 35
Capex tangible fixed assets -45 -60 -60
Receivables 1517 1538 1585
Capex intangible fixed assets -32 -32 -32
Other current assets 0 0 0
Acquisitions and Disposals -150 0 0
Cash and liquid assets 506 791 961
Free cash flow 217 380 330
Total assets 4242 4506 4709
Dividend paid -41 -51 -56
Shareholders equity 920 1055 1203
Share issues and buybacks 0 0 0
Minority 4 4 4
Leasing liability amortisation -104 -104 -104
Total equity 923 1059 1207
Other non-cash items -270 60 0
Long-term debt 414 414 414
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 258 258 258
Total other long-term liabilities 810 810 810
Short-term debt 78 78 78
Accounts payable 858 1010 1040
Other current liabilities 900 877 902
Total liabilities and equity 4242 4506 4709
Net IB debt 244 -41 -211
Net IB debt excl. pension debt 244 -41 -211
Net IB debt excl. leasing -14 -299 -469
Capital employed 1673 1809 1957
Capital invested 1168 1018 996
Working capital -177 -315 -323
Market cap. diluted (m) 2800 2800 2800
Net IB debt adj. 244 -41 -211
Market value of minority 4 4 4
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3049 2764 2594
Total assets turnover (%) 124,6 109,9 107,5
Working capital/sales (%) -4,3 -5,1 -6,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 26,5 -3,8 -17,5
Net debt / market cap (%) 8,7 -1,5 -7,5
Equity ratio (%) 21,8 23,5 25,6
Net IB debt adj. / equity (%) 26,5 -3,8 -17,5
Current ratio 1,14 1,2 1,28
EBITDA/net interest 28,9 29,3 41
Net IB debt/EBITDA (x) 0,5 -0,1 -0,4
Net IB debt/EBITDA lease adj. (x) 0 -0,8 -1,2
Interest coverage 75,2 75,2 81,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS 6,98 6,78 7,43
Dividend per share 1,85 2,03 2,23
EPS adj. 8,54 8,22 8,84
BVPS 33,49 38,42 43,82
BVPS adj. -10,74 -5,08 1,01
Net IB debt/share 8,9 -1,48 -7,67
Share price 102 102 102
Market cap. (m) 2800 2800 2800
P/E (x) 14,6 15 13,7
EV/sales (x) 0,64 0,57 0,52
EV/EBITDA (x) 6,4 5,9 5,3
EV/EBITA (x) 9,7 8,8 7,8
EV/EBIT (x) 11,7 10,6 9,2
Dividend yield (%) 1,8 2 2,2
FCF yield (%) 7,7 13,6 11,8
Le. adj. FCF yld. (%) 4 9,8 8,1
P/BVPS (x) 3,05 2,65 2,33
P/BVPS adj. (x) -9,5 -20,08 100,75
P/E adj. (x) 11,9 12,4 11,5
EV/EBITDA adj. (x) 6,4 5,9 5,3
EV/EBITA adj. (x) 9,7 8,8 7,8
EV/EBIT adj. (x) 11,6 10,6 9,2
EV/CE (x) 1,8 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 1,6 1,9 1,9
Capex/depreciation 1,4 1,8 1,7
Capex tangibles / tangible fixed assets 31,5 40,1 38,8
Capex intangibles / definite intangibles 13,9 15,2 16,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 39,56 34,71 35,53

Equity Research

Media

Proact - Company presentation with President & CEO Jonas Hasselberg
Proact - Company presentation with CFO & VP IR Linda Hölje

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Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 11.2 % 11.2 % 28 Dec 2022
Livförsäkringsbolaget Skandia 10.9 % 10.9 % 28 Dec 2022
Alcur Fonder 8.0 % 8.0 % 31 Jan 2023
Länsförsäkringar Fonder 7.8 % 7.8 % 28 Feb 2023
Bolero Holdings Sarl 7.0 % 7.0 % 28 Dec 2022
Skandia Fonder 6.5 % 6.5 % 28 Feb 2023
Canaccord Genuity Wealth Management 3.6 % 3.6 % 28 Feb 2023
Unionen 3.1 % 3.1 % 28 Dec 2022
Avanza Pension 2.4 % 2.4 % 28 Dec 2022
Fondita Fund Management 2.0 % 2.0 % 31 Dec 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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