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Alligo

Alligo

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Alligo is an industrial distributor of primarily personal protective equipment (PPE), tools and consumables. Its assortment includes a wide variety of products from protective shoes, earmuffs and branded jackets to batteries, fasteners and welding materials. It operates in several non-consolidated verticals where it is driving consolidation through M&A, in addition to its core offering.

Alligo faces risks from weak macroeconomic development impacting demand, intense competitive pressure requiring constant adaptation, and acquisition and integration uncertainties.

Financials

SEKm 2025 2026e 2027e
Sales 9551 10210 10883,18
Sales growth (%) 2,3 6,9 6,6
EBITDA 1085 1321 1461
EBITDA margin (%) 11,4 12,9 13,4
EBIT adj. 547 710 820
EBIT adj. margin (%) 5,7 7 7,5
Pretax profit 355 574 709
EPS 5,21 8,87 10,98
EPS growth (%) -4,8 70,3 23,8
EPS adj. 8,21 10,72 12,14
Dividend per share 2,2 3,55 4,39
EV/EBITDA (x) 9,2 7,1 6,2
EV/EBIT adj. (x) 18,2 13,2 11,1
P/E (x) 25,83 15,17 12,26
P/E adj. (x) 16,4 12,6 11,1
EV/sales (x) 1,04 0,92 0,84
FCF yield (%) 5,8 15,7 14,8
Le. adj. FCF yld. (%) -0,7 9,2 7,9
Dividend yield (%) 1,6 2,6 3,3
Net IB debt/EBITDA (x) 2,9 2 1,6
Le. adj. ND/EBITDA (x) 2,6 1,5 1
SEKm 2025 2026e 2027e
Sales 9551 10210 10883,18
COGS -5628 -5958 -6353
Gross profit 3923 4252 4530
Other operating items -2838 -2931 -3069
EBITDA 1085 1321 1461
Depreciation and amortisation -540 -562 -565
Depreciation on leased assets -407 -430 -437
EBITA 545 758,74 895,45
Operating EO items -76 -26 0
Impairment and amortisation charges -74 -75 -75
EBIT 471 683,75 820,45
Net financial items -116 -110 -111
Pretax profit 355 574 709
Tax -86 -128 -160
Net profit 269 446 550
Minority interest -8 -2 0
Net profit discontinued 0 0 0
Net profit to shareholders 261 444 550
EPS 5,21 8,87 10,98
EPS adj. 8,21 10,72 12,14
Total extraordinary items after tax -76 -18 17
Leasing payments -484 -479 -506
Tax rate (%) 24,2 22,3 22,5
Gross margin (%) 41,1 41,6 41,6
EBITDA margin (%) 11,4 12,9 13,4
EBITA margin (%) 5,7 7,4 8,2
EBIT margin (%) 4,9 6,7 7,5
Pre-tax margin (%) 3,7 5,6 6,5
Net margin (%) 2,8 4,4 5,1
Sales growth (%) 2,3 6,9 6,6
EBITDA growth (%) -2,5 21,7 10,6
EBITA growth (%) -3,9 39,2 18
EBIT growth (%) -6,5 45,2 20
Net profit growth (%) -3,2 65,8 23,3
EPS growth (%) -4,8 70,3 23,8
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 7 11,2 12,6
ROE adj. (%) 11 13,5 13,9
ROCE (%) 6,7 9,2 10,5
ROCE adj. (%) 8,8 10,5 11,5
ROIC (%) 6,1 8,6 10,1
ROIC adj. (%) 6,9 8,9 10,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 1161 1347 1461
EBITDA adj. margin (%) 12,2 13,2 13,4
EBITDA lease adj. 677 867 955
EBITDA lease adj. margin (%) 7,1 8,5 8,8
EBITA adj. 621 785 895
EBITA adj. margin (%) 6,5 7,7 8,2
EBIT adj. 547 710 820
EBIT adj. margin (%) 5,7 7 7,5
Pretax profit Adj. 505 675 784
Net profit Adj. 419 539 608
Net profit to shareholders adj. 411 537 608
Net adj. margin (%) 4,4 5,3 5,6
SEKm 2025 2026e 2027e
EBITDA 1085 1321 1461
Goodwill 2029 2029 2029
Net financial items -116 -110 -111
Other intangible assets 1120 1071 1006
Paid tax -78 -132 -160
Tangible fixed assets 651 657 676
Non-cash items 32 -24 0
Right-of-use asset 1295 1284 1392
Cash flow before change in WC 923 1055 1190
Other Fixed Assets All 102 97 97
Change in working capital -125 167 -35
Fixed assets 5197 5138 5200
Operating cash flow 798 1222 1155
Inventories 2481 2450 2503
Capex tangible fixed assets -91 -98 -120
Receivables 1218 1327 1415
Capex intangible fixed assets -21 -28 -38
Other current assets 275 286 305
Acquisitions and Disposals -296 -39 0
Cash and liquid assets 486 848 1200
Free cash flow 390 1057 998
Total assets 9657 10050 10622
Dividend paid -100 -110 -178
Shareholders equity 3751 4176 4547
Share issues and buybacks 2 0 0
Minority 45 47 47
Leasing liability amortisation -436 -437 -468
Total equity 3796 4223 4594
Long-term debt 2258 2112 2112
Other changes in net debt -80 55 -77
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 1369 1336 1413
Total other long-term liabilities 512 490 490
Short-term debt 2 0 0
Accounts payable 1086 1174 1252
Other current liabilities 634 715 762
Total liabilities and equity 9657 10050 10622
Net IB debt 3143 2600 2325
Net IB debt excl. pension debt 3143 2600 2325
Net IB debt excl. leasing 1774 1264 912
Capital employed 7425 7671 8119
Capital invested 6939 6823 6919
Working capital 2254 2175 2209
Market cap. diluted (m) 6741 6741 6741
Net IB debt adj. 3143 2600 2325
Market value of minority 45 47 47
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 9929 9387 9112
Total assets turnover (%) 98,8 103,6 105,3
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 22,8 21,7 20,1
Year N/A N/A N/A
Net debt/equity (%) 82,8 61,6 50,6
Net debt / market cap (%) 46,6 38,6 34,5
Equity ratio (%) 39,3 42 43,3
Net IB debt adj. / equity (%) 82,8 61,6 50,6
Current ratio 2,59 2,6 2,69
EBITDA/net interest 9,7 11,6 14,4
Net IB debt/EBITDA (x) 2,9 2 1,6
Net IB debt/EBITDA lease adj. (x) 2,6 1,5 1
Interest coverage 4,1 6,4 7,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 50 50 50
Diluted shares adj. 50 50 50
EPS 5,21 8,87 10,98
Dividend per share 2,2 3,55 4,39
EPS adj. 8,21 10,72 12,14
BVPS 74,9 83,39 90,8
BVPS adj. 12,02 21,48 30,19
Net IB debt/share 62,76 51,91 46,42
Share price 134,6 134,6 134,6
Market cap. (m) 6741 6741 6741
Year N/A N/A N/A
P/E (x) 25,83 15,17 12,26
EV/sales (x) 1,04 0,92 0,84
EV/EBITDA (x) 9,2 7,1 6,2
EV/EBITA (x) 18,2 12,4 10,2
EV/EBIT (x) 21,1 13,7 11,1
Dividend yield (%) 1,6 2,6 3,3
FCF yield (%) 5,8 15,7 14,8
Le. adj. FCF yld. (%) -0,7 9,2 7,9
P/BVPS (x) 1,8 1,61 1,48
P/BVPS adj. (x) 11,2 6,27 4,46
P/E adj. (x) 16,4 12,6 11,1
EV/EBITDA adj. (x) 8,6 7 6,2
EV/EBITA adj. (x) 16 12 10,2
EV/EBIT adj. (x) 18,2 13,2 11,1
EV/CE (x) 1,3 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) -1,2 -1,2 -1,5
Capex/depreciation 0,8 1 1,2
Capex tangibles / tangible fixed assets 14 15 17,7
Capex intangibles / definite intangibles 1,9 2,6 3,8
Depreciation on intang / def. intang 3 3 3
Depreciation on tangibles / tangibles 15,36 15,53 14,86

Equity research

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Nordstjernan 54.6 % 49.6 % 26 Jun 2026
Fidelity Investments (FMR) 8.5 % 7.8 % 31 May 2026
Van Lanschot Kempen Investment Management 5.3 % 4.8 % 26 Jun 2026
Handelsbanken Fonder 5.1 % 4.6 % 26 Jun 2026
Nordnet Pensionsförsäkring 1.9 % 1.8 % 26 Jun 2026
Unionen 1.6 % 1.5 % 26 Jun 2026
Alligo AB 1.6 % 1.5 % 26 Jun 2026
Dimensional Fund Advisors 1.6 % 1.4 % 30 Jun 2026
Fjärde AP-fonden 1.2 % 1.1 % 26 Jun 2026
Danske Invest 1.1 % 1.0 % 31 May 2026
Source: Holdings by Modular Finance AB