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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Proact

Proact

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.

SEKm 2023 2024e 2025e
Sales 4847 5100 5296
Sales growth (%) 1,9 5,2 3,8
EBITDA 458 544 559
EBITDA margin (%) 9,5 10,7 10,6
EBIT adj. 247 330 339
EBIT adj. margin (%) 5,1 6,5 6,4
Pretax profit 218 312 327
EPS 6,32 9,08 9,41
EPS growth (%) -9,5 43,7 3,7
EPS adj. 8,42 10,69 11,03
DPS 2 2,77 2,82
EV/EBITDA (x) 8,4 6,6 6
EV/EBIT adj. (x) 15,6 10,9 9,8
P/E (x) 22,6 15,7 15,1
P/E adj. (x) 16,9 13,3 12,9
EV/sales (x) 0,8 0,7 0,63
FCF yield (%) 12,3 8 10,2
Le. adj. FCF yld. (%) 9,3 4,8 7
Dividend yield (%) 1,4 1,9 2
Net IB debt/EBITDA (x) -0,1 -0,4 -0,8
Le. adj. ND/EBITDA (x) -0,9 -1,2 -1,6
SEKm 2023 2024e 2025e
Sales 4847 5100 5296
COGS -3758 -3837 -4046
Gross profit 1089 1263 1250
Other operating items -631 -718 -691
EBITDA 458 544 559
Depreciation and amortisation -173 -159 -164
of which leasing depreciation -104 -120 -120
EBITA 286 385 395
EO Items -17 0 0
Impairment and PPA amortisation -56 -55 -56
EBIT 230 330 339
Net financial items -12 -18 -12
Pretax profit 218 312 327
Tax -45 -68 -78
Net profit 173 244 248
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 173 244 248
EPS 6,32 9,08 9,41
EPS adj. 8,42 10,69 11,03
Total extraordinary items after tax -13 0 0
Leasing payments -104 -120 -120
Tax rate (%) 20,6 21,8 24
Gross margin (%) 22,5 24,8 23,6
EBITDA margin (%) 9,5 10,7 10,6
EBITA margin (%) 5,9 7,6 7,5
EBIT margin (%) 4,7 6,5 6,4
Pre-tax margin (%) 4,5 6,1 6,2
Net margin (%) 3,6 4,8 4,7
Sales growth (%) 1,9 5,2 3,8
EBITDA growth (%) -3,2 18,8 2,6
EBITA growth (%) -8,8 34,9 2,5
EBIT growth (%) -11,8 43,6 2,7
Net profit growth (%) -9,6 40,8 1,8
EPS growth (%) -9,5 43,7 3,7
Profitability N/A N/A N/A
ROE (%) 18 22,1 19,3
ROE adj. (%) 25,1 27,1 23,7
ROCE (%) 14 19,8 18,6
ROCE adj. (%) 18,5 23,2 21,7
ROIC (%) 21,4 31,5 31,7
ROIC adj. (%) 22,6 31,5 31,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 475 544 559
EBITDA adj. margin (%) 9,8 10,7 10,6
EBITDA lease adj. 371 424 439
EBITDA lease adj. margin (%) 7,6 8,3 8,3
EBITA adj. 302 385 395
EBITA adj. margin (%) 6,2 7,6 7,5
EBIT adj. 247 330 339
EBIT adj. margin (%) 5,1 6,5 6,4
Pretax profit Adj. 291 368 383
Net profit Adj. 242 299 304
Net profit to shareholders adj. 242 299 304
Net adj. margin (%) 5 5,9 5,7
SEKm 2023 2024e 2025e
EBITDA 458 544 559
Goodwill 984 984 984
Net financial items -12 -18 -12
Other intangible assets 177 154 130
Paid tax -55 -68 -78
Tangible fixed assets 37 58 74
Non-cash items 42 -60 0
Right-of-use asset 283 283 283
Cash flow before change in WC 434 398 468
Total other fixed assets 567 567 567
Change in working capital 98 -1 8
Fixed assets 2047 2045 2037
Operating cash flow 532 397 477
Inventories 15 41 42
Capex tangible fixed assets -43 -60 -60
Receivables 1434 1632 1695
Capex intangible fixed assets -1 -32 -32
Other current assets 0 0 0
Acquisitions and Disposals -8 0 0
Cash and liquid assets 548 738 929
Free cash flow 480 305 385
Total assets 4045 4456 4702
Dividend paid -51 -55 -75
Shareholders equity 1009 1198 1372
Share issues and buybacks -16 0 0
Minority 0 0 0
Leasing liability amortisation -118 -120 -120
Total equity 1009 1198 1372
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 1020 1059
Other current liabilities 900 927 960
Total liabilities and equity 4044 4456 4702
Net IB debt -52 -242 -432
Net IB debt excl. pension debt -52 -242 -432
Net IB debt excl. leasing -332 -523 -713
Capital employed 1505 1694 1868
Capital invested 957 955 939
Working capital -275 -274 -282
Market cap. diluted (m) 3909 3831 3763
Net IB debt adj. -52 -242 -432
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 3857 3589 3330
Total assets turnover (%) 117 120 115,7
Working capital/sales (%) -4,7 -5,4 -5,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,1 -20,2 -31,5
Net debt / market cap (%) -1,3 -6,3 -11,5
Equity ratio (%) 24,9 26,9 29,2
Net IB debt adj. / equity (%) -5,1 -20,2 -31,5
Current ratio 1,15 1,23 1,32
EBITDA/net interest 39,2 30,6 46,6
Net IB debt/EBITDA (x) -0,1 -0,4 -0,8
Net IB debt/EBITDA lease adj. (x) -0,9 -1,2 -1,6
Interest coverage 69,5 92,9 96,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 27 27 26
Diluted shares adj. 27 27 26
EPS 6,32 9,08 9,41
Dividend per share 2 2,77 2,82
EPS adj. 8,42 10,69 11,03
BVPS 36,79 44,58 51,98
BVPS adj. -5,56 2,24 9,78
Net IB debt/share -1,89 -9,02 -16,38
Share price 142,6 142,6 142,6
Market cap. (m) 3909 3831 3763
P/E (x) 22,6 15,7 15,1
EV/sales (x) 0,8 0,7 0,63
EV/EBITDA (x) 8,4 6,6 6
EV/EBITA (x) 13,5 9,3 8,4
EV/EBIT (x) 16,8 10,9 9,8
Dividend yield (%) 1,4 1,9 2
FCF yield (%) 12,3 8 10,2
Le. adj. FCF yld. (%) 9,3 4,8 7
P/BVPS (x) 3,88 3,2 2,74
P/BVPS adj. (x) -25,67 63,63 14,58
P/E adj. (x) 16,9 13,3 12,9
EV/EBITDA adj. (x) 8,1 6,6 6
EV/EBITA adj. (x) 12,8 9,3 8,4
EV/EBIT adj. (x) 15,6 10,9 9,8
EV/CE (x) 2,6 2,1 1,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,8 1,7
Capex/depreciation 0,6 2,4 2,1
Capex tangibles / tangible fixed assets 117,1 104,3 81,6
Capex intangibles / definite intangibles 0,6 20,8 24,6
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 187,06 67,98 59,85

Equity Research

Media

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

Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.4 % 12.4 % 26 Sep 2024
Alcur Fonder 8.3 % 8.3 % 31 Aug 2024
Handelsbanken Fonder 7.4 % 7.4 % 30 Sep 2024
Fidelity Investments (FMR) 5.7 % 5.7 % 22 May 2024
Länsförsäkringar Fonder 4.8 % 4.8 % 30 Sep 2024
Livförsäkringsbolaget Skandia 4.2 % 4.2 % 26 Sep 2024
Canaccord Genuity Wealth Management 3.6 % 3.6 % 30 Sep 2024
Avanza Pension 2.9 % 2.9 % 26 Sep 2024
JP Morgan Asset Management 2.4 % 2.4 % 30 Sep 2024
FE Fonder 2.0 % 2.0 % 30 Sep 2024
Source: Holdings by Modular Finance AB