DistIT: Progress across all segments - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
'25e-'26e EBIT up 6-15%
Return to organic growth likely in Q2'25
'25e-'26e EV/EBIT of 14x-6x
Starting to benefit meaningfully from restructuring
The Q4 report was somewhat better than expected, as Q4 sales were 3% above ABGSCe. It also showed that the restructuring efforts have started to bear fruit, primarily through a gross margin expansion due to more focus on Aurdel's own brands. This meant that DistIT generated adj. EBIT of SEK 3m vs. ABGSCe of SEK -2m . Operating cash flow was also better than expected, but we note that DistIT has been unable to grow due to bond-related restrictions. With the upcoming divestment of Deltaco Baltic, however, DistIT will be allowed to put some capital to work to grow sales and accelerate earnings growth.
Return to organic growth likely in Q2'25
'25e-'26e EV/EBIT of 14x-6x
Starting to benefit meaningfully from restructuring
The Q4 report was somewhat better than expected, as Q4 sales were 3% above ABGSCe. It also showed that the restructuring efforts have started to bear fruit, primarily through a gross margin expansion due to more focus on Aurdel's own brands. This meant that DistIT generated adj. EBIT of SEK 3m vs. ABGSCe of SEK -2m . Operating cash flow was also better than expected, but we note that DistIT has been unable to grow due to bond-related restrictions. With the upcoming divestment of Deltaco Baltic, however, DistIT will be allowed to put some capital to work to grow sales and accelerate earnings growth.