Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Proact

Proact

Specialist in critical data storage

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. Targets include 1) Growth >10% p.a., 2) EBITA margin >8%, 3) Net debt/EBITDA <2x, 4) roce of 20%, and 5) 25-35% payout ratio.>

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 2023 2024e 2025e
Sales 4847 5167 5363
Sales growth (%) 1,9 6,6 3,8
EBITDA 458 549 559
EBITDA margin (%) 9,5 10,6 10,4
EBIT adj. 247 324 333
EBIT adj. margin (%) 5,1 6,3 6,2
Pretax profit 218 311 321
EPS 6,32 8,93 9,05
EPS growth (%) -9,5 41,4 1,3
EPS adj. 8,42 10,53 10,59
DPS 2 2,71 2,75
EV/EBITDA (x) 6,6 5,1 4,6
EV/EBIT adj. (x) 12,4 8,6 7,8
P/E (x) 17,9 12,7 12,5
P/E adj. (x) 13,4 10,7 10,7
EV/sales (x) 0,63 0,54 0,48
FCF yield (%) 15,5 10,4 12,7
Le. adj. FCF yld. (%) 11,7 6,4 8,8
Dividend yield (%) 1,8 2,4 2,4
Net IB debt/EBITDA (x) -0,1 -0,5 -0,8
Le. adj. ND/EBITDA (x) -0,9 -1,2 -1,6
SEKm 2023 2024e 2025e
Sales 4847 5167 5363
COGS -3758 -3952 -4108
Gross profit 1089 1215 1255
Other operating items -631 -666 -696
EBITDA 458 549 559
Depreciation and amortisation -173 -169 -172
of which leasing depreciation -104 -120 -120
EBITA 286 380 387
EO Items -17 0 0
Impairment and PPA amortisation -56 -56 -55
EBIT 230 324 333
Net financial items -12 -14 -12
Pretax profit 218 311 321
Tax -45 -72 -79
Net profit 173 239 242
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 173 239 242
EPS 6,32 8,93 9,05
EPS adj. 8,42 10,53 10,59
Total extraordinary items after tax -13 0 0
Leasing payments -104 -120 -120
Tax rate (%) 20,6 23,1 24,5
Gross margin (%) 22,5 23,5 23,4
EBITDA margin (%) 9,5 10,6 10,4
EBITA margin (%) 5,9 7,4 7,2
EBIT margin (%) 4,7 6,3 6,2
Pre-tax margin (%) 4,5 6 6
Net margin (%) 3,6 4,6 4,5
Sales growth (%) 1,9 6,6 3,8
EBITDA growth (%) -3,2 19,8 1,9
EBITA growth (%) -8,8 33 1,9
EBIT growth (%) -11,8 41,1 2,6
Net profit growth (%) -9,6 37,9 1,3
EPS growth (%) -9,5 41,4 1,3
Profitability N/A N/A N/A
ROE (%) 18 21,7 18,9
ROE adj. (%) 25,1 26,8 23,2
ROCE (%) 14 19,7 18,3
ROCE adj. (%) 18,5 23,2 21,4
ROIC (%) 21,4 30,8 31,4
ROIC adj. (%) 22,6 30,8 31,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 475 549 559
EBITDA adj. margin (%) 9,8 10,6 10,4
EBITDA lease adj. 371 429 439
EBITDA lease adj. margin (%) 7,6 8,3 8,2
EBITA adj. 302 380 387
EBITA adj. margin (%) 6,2 7,4 7,2
EBIT adj. 247 324 333
EBIT adj. margin (%) 5,1 6,3 6,2
Pretax profit Adj. 291 366 375
Net profit Adj. 242 295 297
Net profit to shareholders adj. 242 295 297
Net adj. margin (%) 5 5,7 5,5
SEKm 2023 2024e 2025e
EBITDA 458 549 559
Goodwill 984 984 984
Net financial items -12 -14 -12
Other intangible assets 177 154 131
Paid tax -55 -72 -79
Tangible fixed assets 37 48 56
Non-cash items 42 -60 0
Right-of-use asset 283 283 283
Cash flow before change in WC 434 403 468
Total other fixed assets 567 567 567
Change in working capital 98 2 8
Fixed assets 2047 2035 2021
Operating cash flow 532 405 477
Inventories 15 41 43
Capex tangible fixed assets -43 -60 -60
Receivables 1434 1653 1716
Capex intangible fixed assets -1 -32 -32
Other current assets 0 0 0
Acquisitions and Disposals -8 0 0
Cash and liquid assets 548 746 938
Free cash flow 480 313 385
Total assets 4045 4476 4718
Dividend paid -51 -55 -73
Shareholders equity 1009 1193 1362
Share issues and buybacks -16 0 0
Minority 0 0 0
Leasing liability amortisation -118 -120 -120
Total equity 1009 1193 1362
Other non-cash items -5 60 0
Long-term debt 209 209 209
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 281 281 281
Total other long-term liabilities 815 815 815
Short-term debt 6 6 6
Accounts payable 825 1033 1073
Other current liabilities 900 938 972
Total liabilities and equity 4044 4476 4718
Net IB debt -52 -250 -442
Net IB debt excl. pension debt -52 -250 -442
Net IB debt excl. leasing -332 -530 -722
Capital employed 1505 1689 1858
Capital invested 957 943 920
Working capital -275 -277 -285
Market cap. diluted (m) 3097 3022 3022
Net IB debt adj. -52 -250 -442
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 3046 2772 2580
Total assets turnover (%) 117 121,3 116,7
Working capital/sales (%) -4,7 -5,3 -5,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,1 -20,9 -32,4
Net debt / market cap (%) -1,7 -8,3 -14,6
Equity ratio (%) 24,9 26,6 28,9
Net IB debt adj. / equity (%) -5,1 -20,9 -32,4
Current ratio 1,15 1,23 1,32
EBITDA/net interest 39,2 40,3 46,6
Net IB debt/EBITDA (x) -0,1 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -0,9 -1,2 -1,6
Interest coverage 69,5 92,6 94,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 27 27 27
Diluted shares adj. 27 27 27
EPS 6,32 8,93 9,05
Dividend per share 2 2,71 2,75
EPS adj. 8,42 10,53 10,59
BVPS 36,79 44,6 50,93
BVPS adj. -5,56 2,07 9,26
Net IB debt/share -1,89 -9,34 -16,52
Share price 113 113 113
Market cap. (m) 3097 3022 3022
P/E (x) 17,9 12,7 12,5
EV/sales (x) 0,63 0,54 0,48
EV/EBITDA (x) 6,6 5,1 4,6
EV/EBITA (x) 10,7 7,3 6,7
EV/EBIT (x) 13,3 8,6 7,8
Dividend yield (%) 1,8 2,4 2,4
FCF yield (%) 15,5 10,4 12,7
Le. adj. FCF yld. (%) 11,7 6,4 8,8
P/BVPS (x) 3,07 2,53 2,22
P/BVPS adj. (x) -20,34 54,53 12,21
P/E adj. (x) 13,4 10,7 10,7
EV/EBITDA adj. (x) 6,4 5,1 4,6
EV/EBITA adj. (x) 10,1 7,3 6,7
EV/EBIT adj. (x) 12,4 8,6 7,8
EV/CE (x) 2 1,6 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,8 1,7
Capex/depreciation 0,6 1,9 1,8
Capex tangibles / tangible fixed assets 117,1 125,2 106,7
Capex intangibles / definite intangibles 0,6 20,8 24,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 187,06 101,63 91,96

Equity Research

Media

Proact - Company presentation with CEO & President Jonas Hasselberg
Proact - Fireside chat with President & CEO Jonas Hasselberg

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.1 % 12.1 % 13 May 2024
Alcur Fonder 7.9 % 7.9 % 29 Feb 2024
Handelsbanken Fonder 6.0 % 6.0 % 30 Apr 2024
Fidelity Investments (FMR) 5.7 % 5.7 % 22 May 2024
Bolero Holdings Sarl 5.0 % 5.0 % 3 Apr 2024
Länsförsäkringar Fonder 4.7 % 4.7 % 30 Apr 2024
Livförsäkringsbolaget Skandia 4.6 % 4.6 % 10 May 2024
Proact IT Group AB 3.6 % 3.6 % 26 Mar 2024
Canaccord Genuity Wealth Management 3.5 % 3.5 % 30 Apr 2024
Unionen 3.1 % 3.1 % 26 Mar 2024
Source: Holdings by Modular Finance AB