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Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Terminating coverage

ABGSC terminates coverage of Allgon Due to the delisting of the company Last published estimates are shown in this report

03/03/21 March 3, 2021 8 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Solid Q4’20, last day of trading 2 March ‘21

Q4 EBITDA SEK 26m, +4.7% vs. ABGSCe Last day of trading 2 March 2021 Performance can be tracked through Bure Group

02/25/21 February 25, 2021 5 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Takeover offer by Latour Industries

Public takeover offer by Latour Industries of SEK 10.75… …equals a 30.5% premium to close on 11 December Offer equals ~8x ‘21e EV/EBITDA on ABGSCe

12/14/20 December 14, 2020 4 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Very strong Q3, COVID-19 uncertainty in ‘21e

Q3’20 EBITDA of SEK 27m, +95.3% vs. ABGSCe We lower growth for ‘21e-‘22e on 2nd COVID-19 wave Maintain DCF fair value range of SEK 4-17 per share

11/12/20 November 12, 2020 21 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Strong report, moving towards organic growth

Radio control organic growth -6%, +4.9pp vs. ABGSC Q3’20 EBIT of SEK 20m, +173.8% vs. ABGSCe Better positioned for a 2nd COVID-19 wave

11/12/20 November 12, 2020 6 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Strong performance despite severe headwinds

Q2 EBITDA SEK 14m vs. ABGSCe SEK 1m Recovering market and cost-control drive estimate chngs. DCF range of SEK 4-17 (4-16), ’21e EV/EBITDA 6.3x

08/27/20 August 27, 2020 20 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Continued streamlining of operations in Q2

Q2 EBIT SEK -21m, vs. ABGSC at SEK -17m… …mainly due to goodwill write-downs of SEK 27m ‘21e EV/EBITDA ~7x, ~30% below peers

08/27/20 August 27, 2020 6 EN
Rikard Magnus Braaten
  • Rikard Magnus Braaten
PREMIUM
ALLG B ALLGON AB

Allgon - Positive trade NWC should provide cash buffer

Solid Q1, but revenues in April down 25% Divesting non-core operations to focus on RRC Trade NWC balances earnout resulting in neutral NCF

05/14/20 May 14, 2020 6 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Streamlining strengthens outlook

Q1 sales +0.9% y-o-y, EBITDA -9.4% vs. ABGSCe Divestments cause ‘20e P&L revisions, no CF impact DCF range of SEK 4-16 (5-16), ‘21e EV/EBITDA 5.9x

05/14/20 May 14, 2020 20 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Solid report in tumultous times

Q1 sales +0.9% y-o-y, EBITDA -9.4% vs. ABGSCe Divestment of non-core segments streamlines operations ‘20e EV/EBITDA 12.3x & ND/EBITDA 4.3x

05/13/20 May 13, 2020 6 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Escalated COVID-19 impact since last update

We now forecast negative organic growth in Q2 & Q3 Balance sheet OK, ‘20e ND/EBITDA 4.3x after revisions DCF range SEK 5-16 (5-18), ‘20e EV/EBITDA of 12.5x

05/11/20 May 11, 2020 12 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - ’20e organic growth down to low single digits

We lower ‘20e EBIT by ~25%, ‘21e-‘22e by 7-4% Must-have security products should provide resilience DCF range SEK 5.4-18.3 (6.5-19.4), ‘20e EV/EBIT 9.1x

03/24/20 March 24, 2020 16 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Opportunities to continue the march forward

2019 exceeded expectations – we see more in 2020 Divestments and M&A could add even more focus A takeover bid cannot be ruled out

03/03/20 March 3, 2020 20 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Solid finish to a transformative year

Sales +3.6% vs. ABGSCe, EBITDA -14.1% vs. ABGSCe Slightly negative EBIT revisions as personnel expands EV/EBIT 9.5x-5.3x & FCF yield 5.4%-14.7% for ‘20e-‘22e

02/20/20 February 20, 2020 20 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Solid quarter ahead for Allgon

Solid quarter expected, closing out transformative year We raise EBIT by 5.3-3.1% for ‘19e-‘21e EV/EBIT 12x-8x & FCF yield 2.8-11.0% ‘19e-‘21e

02/11/20 February 11, 2020 16 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
PREMIUM
ALLG B ALLGON AB

Allgon - ESG profile

Within sustainability, Allgon primarily faces risks related to product development, production and suppliers. Both manufacturing facilities in China have local suppliers and therefore are exposed to risks related to the operations and governance of these firms. Local suppliers might not have the same ESG standards as Allgon in regards to waste management, manufacturing efficiency and similar. Some special components are sourced from suppliers in Europe. Furthermore, if the reputation of Allgon i...

01/22/20 January 22, 2020 2 EN
Rikard Magnus Braaten
  • Rikard Magnus Braaten
PREMIUM
ALLG B ALLGON AB

Allgon - Conquering the global RRC market

EBITDA 16% ahead of our expectations RRC segment powers on with new geographies added 505/461bp reflects the strong performance for Allgon

11/14/19 November 14, 2019 7 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Another strong quarter from Allgon

Q3 sales of SEK 133m, +1.5% vs. ABGSCe… …alongside EBITDA of SEK 24m, +31.4% vs. ABGSCe Organic y-o-y growth of 11.9%

11/13/19 November 13, 2019 6 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
ALLG B ALLGON AB

Allgon - Strong earnings beat in Q3’19

Q3 organic sales +11.9% y-o-y, EBITDA +31.4% vs. ABG Estimates for ’20e-’21e intact DCF range of SEK 6-18 per share, support in SOTP

11/13/19 November 13, 2019 18 EN
Jesper Birch-Jensen
  • Jesper Birch-Jensen
PREMIUM
ALLG B ALLGON AB

Allgon - Fulfils promise of geographical expansion

Tele Radio expands into new markets, causing us… …to raise sales estimates by 2.2%-3.8% for ’20e-’21e EV/EBITDA 7.6x-4.7x for ’19e-’21e, ~20% below peers

10/21/19 October 21, 2019 16 EN
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