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Rikard Magnus Braaten
  • Rikard Magnus Braaten

DistIT AB - A solution to the EFUEL “earn-out” is needed

Soft numbers, with dividends postponed SEK 140m in conditional purchase price likely due in ’23 We would consider looking elsewhere for ≈725bps

Erik Cassel ... (+2)
  • Erik Cassel
  • Nikola Kalanoski

DistIT AB - Tough Q3 does not dent the long term

Q3 softer than expected Dividend postponed after Q4 Share trading at ’23e-’24e EV/EBIT 7.1x-4.7x

Erik Cassel ... (+2)
  • Erik Cassel
  • Nikola Kalanoski

DistIT AB - Soft Q3 as inflation leaves its mark

Sales SEK 622m -9% vs. ABGSCe 685m Adj. EBITDA SEK 12.4m vs. ABGSCe 39.9m Expect cons. est. to come down

Erik Cassel ... (+2)
  • Erik Cassel
  • Nikola Kalanoski

DistIT AB - Spring cleaning in H2

Q3 report due Friday, 28 October ’22e-’24e EBIT down on inventory challenges EFUEL earn-out likely requires financing in ’23e

Erik Cassel ... (+2)
  • Erik Cassel
  • Nikola Kalanoski

DistIT AB - Supercharged EFUEL growth continues

Higher-than-expected opex turns EBIT negative Dividend postponed and timing under review Share trading at ’23e-‘24e EV/EBIT 7-5x

Rikard Magnus Braaten
  • Rikard Magnus Braaten

DistIT AB - Challenging situation in today’s market

Soft quarter driven by a challenging market Net leverage ratio well below 4.0x maintenance test Q4 and conditional EFUEL payment important events

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - ABGSC’s Investor Days feedback

ABGSC hosted DistIT’s CEO at our Investor Day today He highlighted the strong track record from previous crises And the strategy for each division going forward

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Cost synergies on the way

Will restructure Aurora Deltaco to realise cost synergies Lower adj. EBIT by 1% for FY’22e due to higher costs Share trading at EV/EBIT of 9x-6x in ’22e-’23e

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Solid sales despite negative external factors

Sales SEK 613m +2.9% vs ABGSC 596m EBIT -33% y-o-y, -26% vs. ABGSCe Expect cons to slightly come down for 2022

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - External headwinds in H1

Q1 report due on 28 April We do not expect a strong Q1 due to external factors We lower Q1e sales and EBIT by 4% and 45%

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Stops all sales to Russia and Belarus

DistIT stops all sales to Russia and Belarus… …and provides financial support and products to Ukraine We estimate

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Near-term development focus to pay off in future

Q4: Sales in line, gross margin above our expectations We lower EBIT for '22e, but raise estimates for ‘23 Trading at 9x 2022e EV/EBIT (5-year avg. is 8.5x)

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Strong GP despite supply chain issues

Sales +11% y-o-y, +1% vs. ABGSCe Gross margin strong due to large share of own products Expect cons to slightly come up for 2022-2023

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - We expect a decent Q4 despite headwinds

Q4 results due on 23 February Q4e: sales up 4% organically, but with GM compression Share trading at EV/EBIT of 14x-11x in ‘22-‘23e

Erik Cassel ... (+2)
  • Erik Cassel
  • Rebecka Gärderup

DistIT AB - Well-prepared to deliver a strong Q4

Q3 GM impacted by product mix & shipping costs Inventory and pricing in place to deliver a strong Q4 36% EBIT CAGR ’20-’23e at ’22e adj. EV/EBIT of 12x

Rikard Magnus Braaten
  • Rikard Magnus Braaten

DistIT AB - Temporarily higher leverage on strategic bet

Q3 slightly better than expectations on headline items Temporarily higher leverage on strategic bet on Q4 Credit story strengthened after EFUEL acquisition

Rikard Magnus Braaten
  • Rikard Magnus Braaten

DistIT AB - Taking a megatrend position with EFUEL

Acquiring a leading distributor of EV charging stations Up-front payment funded by new equity: credit-positive Strategically positioned for a strong Q4

Erik Cassel ... (+2)
  • Erik Cassel
  • Max Bacco

DistIT AB - Starting its M&A agenda with a bang

Q2 EBIT 8% better than we expected EBIT up 4-23% in ’21e-’23e on EFUEL acquisition 9x ’22e EV/EBIT and potential to grow EBIT >200% ’25e

Erik Cassel ... (+2)
  • Erik Cassel
  • Max Bacco

DistIT AB - EBIT beat and major acquisition

EBIT 8% better than ABGSCe Acquired EFUEL adds c. 11% to DistIT’s ‘21e EBIT PF EFUEL is a EV charging player with 30% market share

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