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Proact

Proact

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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.

Financials

SEKm 2025 2026e 2027e
Sales 4678,8 4964,74 5076,03
Sales growth (%) -3,8 6,1 2,2
EBITDA 383 569 555
EBITDA margin (%) 8,2 11,5 10,9
EBIT adj. 255 360 345
EBIT adj. margin (%) 5,4 7,2 6,8
Pretax profit 137 345 335
EPS 4,64 10,78 10,08
EPS growth (%) -43 N/A -6,5
EPS adj. 9,55 12,68 11,92
DPS N/A N/A N/A
Dividend per share 2,6 3,27 3,02
EV/EBITDA (x) 10 6,2 5,9
EV/EBIT adj. (x) 15 9,8 9,5
P/E (x) 31,03 13,36 14,28
P/E adj. (x) 15,1 11,4 12,1
EV/sales (x) 0,81 0,71 0,64
FCF yield (%) 1 9,7 11,2
Le. adj. FCF yld. (%) -2,3 6,3 7,7
Dividend yield (%) 1,8 2,3 2,1
Net IB debt/EBITDA (x) 0,1 -0,3 -0,6
Le. adj. ND/EBITDA (x) -0,7 -0,9 -1,4
SEKm 2025 2026e 2027e
Sales 4678,8 4964,74 5076,03
COGS -3572 -3756 -3858
Gross profit 1107 1209 1218
Other operating items -724 -640 -663
EBITDA 383 569 555
Depreciation and amortisation -151 -146 -149
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -126 -125 -125
EBITA 231,4 422,83 406,17
EO Items N/A N/A N/A
Operating EO items -84 1 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -61 -62 -61
EBIT 170,5 360,83 345,17
Net financial items -33 -16 -10
Pretax profit 137 345 335
Tax -15 -71 -82
Net profit 122 274 253
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 122 274 253
EPS 4,64 10,78 10,08
EPS adj. 9,55 12,68 11,92
Total extraordinary items after tax -75 1 0
Leasing payments -126 -125 -125
Tax rate (%) 10,9 20,6 24,5
Gross margin (%) 23,7 24,4 24
EBITDA margin (%) 8,2 11,5 10,9
EBITA margin (%) 4,9 8,5 8
EBIT margin (%) 3,6 7,3 6,8
Pre-tax margin (%) 2,9 7 6,6
Net margin (%) 2,6 5,5 5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -3,8 6,1 2,2
EBITDA growth (%) -24,9 48,7 -2,4
EBITA growth (%) -34 82,7 -3,9
EBIT growth (%) -42,3 N/A -4,3
Net profit growth (%) -44,5 124,3 -7,7
EPS growth (%) -43 N/A -6,5
Profitability N/A N/A N/A
ROE (%) 11 24,5 19,8
ROE adj. (%) 23,3 30 24,5
ROCE (%) 8,8 21,9 19,3
ROCE adj. (%) 17,9 25,7 22,7
ROIC (%) 21,4 31,9 29,8
ROIC adj. (%) 29,1 31,8 29,8
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 467 568 555
EBITDA adj. margin (%) 10 11,4 10,9
EBITDA lease adj. 341 443 430
EBITDA lease adj. margin (%) 7,3 8,9 8,5
EBITA adj. 316 422 406
EBITA adj. margin (%) 6,7 8,5 8
EBIT adj. 255 360 345
EBIT adj. margin (%) 5,4 7,2 6,8
Pretax profit Adj. 282 406 396
Net profit Adj. 258 335 314
Net profit to shareholders adj. 258 335 314
Net adj. margin (%) 5,5 6,8 6,2
SEKm 2025 2026e 2027e
EBITDA 383 569 555
Goodwill 1296 1304 1312
Net financial items -33 -16 -10
Other intangible assets 177 124 72
Paid tax -103 -71 -82
Tangible fixed assets 74 98 119
Non-cash items -7 -60 0
Right-of-use asset 253 253 253
Cash flow before change in WC 240 422 463
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 671 671 671
Change in working capital 135 -2 7
Fixed assets 2471 2450 2427
Operating cash flow 374 420 470
Inventories 24 25 25
Capex tangible fixed assets -46 -45 -45
Receivables 1465 1589 1624
Capex intangible fixed assets -2 -5 -5
Other current assets 0 0 0
Acquisitions and Disposals -289 -16 -16
Cash and liquid assets 458 631 831
Free cash flow 37 354 404
Total assets 4418 4695 4908
Dividend paid -64 -68 -83
Shareholders equity 1042 1196 1366
Share issues and buybacks -118 -52 0
Minority 0 0 0
Leasing liability amortisation -126 -125 -125
Total equity 1042 1196 1366
Other non-cash items N/A N/A N/A
Other changes in net debt -87 64 4
Long-term debt 6 6 6
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 261 261 261
Total other long-term liabilities 1024 1024 1024
Short-term debt 211 211 211
Accounts payable 973 993 1015
Other current liabilities 900 1003 1024
Total liabilities and equity 4418 4695 4908
Net IB debt 21 -152 -352
Net IB debt excl. pension debt 21 -152 -352
Net IB debt excl. leasing -240 -413 -614
Capital employed 1521 1675 1845
Capital invested 1063 1044 1014
Working capital -384 -383 -390
Market cap. diluted (m) 3792 3662 3614
Net IB debt adj. 21 -152 -352
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 3813 3510 3262
Total assets turnover (%) 105,2 109 105,7
Working capital/sales (%) -6,8 -7,7 -7,6
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 2 -12,7 -25,8
Net debt / market cap (%) 0,5 -4,2 -9,7
Equity ratio (%) 23,6 25,5 27,8
Net IB debt adj. / equity (%) 2 -12,7 -25,8
Current ratio 0,93 1,02 1,1
EBITDA/net interest 11,5 36,7 55,5
Net IB debt/EBITDA (x) 0,1 -0,3 -0,6
Net IB debt/EBITDA lease adj. (x) -0,7 -0,9 -1,4
Interest coverage 50,5 102,8 100
SEKm 2025 2026e 2027e
Shares outstanding adj. 26 25 25
Diluted shares adj. 26 25 25
EPS 4,64 10,78 10,08
Dividend per share 2,6 3,27 3,02
EPS adj. 9,55 12,68 11,92
BVPS 39,59 47,03 54,42
BVPS adj. -16,36 -9,12 -0,72
Net IB debt/share 0,79 -5,98 -14,04
Share price 144 144 144
Market cap. (m) 3792 3662 3614
P/E (x) 31,03 13,36 14,28
EV/sales (x) 0,81 0,71 0,64
EV/EBITDA (x) 10 6,2 5,9
EV/EBITA (x) 16,5 8,3 8
EV/EBIT (x) 22,4 9,7 9,5
Dividend yield (%) 1,8 2,3 2,1
FCF yield (%) 1 9,7 11,2
Le. adj. FCF yld. (%) -2,3 6,3 7,7
P/BVPS (x) 3,64 3,06 2,65
P/BVPS adj. (x) -8,8 -15,78 -200,17
P/E adj. (x) 15,1 11,4 12,1
EV/EBITDA adj. (x) 8,2 6,2 5,9
EV/EBITA adj. (x) 12,1 8,3 8
EV/EBIT adj. (x) 15 9,8 9,5
EV/CE (x) 2,5 2,1 1,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1 -1 -1
Capex/depreciation 1,9 2,4 2,1
Capex tangibles / tangible fixed assets 62,1 46,1 37,9
Capex intangibles / definite intangibles 1,2 4 6,9
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 34,1 21,51 20,23

Equity Research

Media

Proact IT Group - Company presentation with President & CEO Magnus Lönn
Proact - Fireside chat with President & CEO Magnus Lönn

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Main shareholders - Proact

Main shareholders Share capital % Voting shares % Verified
Grenspecialisten 13.3 % 13.3 % 28 Sep 2026
Fidelity Investments (FMR) 10.0 % 10.0 % 23 Jul 2026
Handelsbanken Fonder 5.2 % 5.2 % 30 Sep 2026
Alcur Fonder 4.8 % 4.8 % 28 Sep 2026
Avanza Pension 4.3 % 4.3 % 28 Sep 2026
Polaris Management A/S 3.4 % 3.4 % 28 Sep 2026
Canaccord Genuity Wealth Management 3.3 % 3.3 % 22 Apr 2026
FE Fonder 2.5 % 2.5 % 30 Sep 2026
Dimensional Fund Advisors 2.4 % 2.4 % 30 Sep 2026
Proact IT Group AB 2.1 % 2.1 % 28 Sep 2026
Source: Holdings by Modular Finance AB