DistIT: Progress across all segments - ABG

'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.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/distit/Equity-research/2025/2/distit---progress-across-all-segments/