1. Company Overview & Business Model

Alligo AB (publ) is a prominent Nordic distributor of industrial supplies, operating as a “multi-channel, multi-format” merchant. The company’s primary focus is on B2B sales of workwear, personal protective equipment (PPE), tools, and consumables.¹ The current corporate structure is the result of a 2019 public offer by Momentum Group for Swedol, a subsequent integration, and a 2021 rebranding to Alligo.⁴

A. Core Business Operations: Concept Brands and Niche Verticals

Alligo’s operations are structured into two distinct business models:

1. Integrated “Concept Brands”: This is the company’s core, representing approximately 80% of group sales.⁷ It operates under two primary banners:

• Swedol: The main concept brand in Sweden.¹
• TOOLS: The main concept brand in Norway and Finland.1
  This integrated business offers a broad, standardized Nordic product assortment of workwear, PPE, tools, and industrial consumables, leveraging a shared logistics and IT platform.7

2. “Non-Integrated Businesses”: This is a growing portfolio of specialist companies acquired by Alligo that operate as independent, “non-integrated” entities under their own established brands.¹ This strategy is focused on building leading positions in attractive niche “technology areas.” Key verticals include:

• Batteries: Notably through the 2025 acquisition of Svenska Batterilagret, a leading Swedish specialist.¹¹
• Welding: Through acquisitions like Corema Svets & Industriprodukter.¹³
• Product Media (Corporate Profiling): Through a series of acquisitions including Respond Profilering and Galaxi Företagsreklam.¹⁶

B. Multi-Channel Business Model and Revenue Streams

Alligo employs a comprehensive omnichannel strategy to serve its professional customer base. Revenue is generated through four primary channels ¹:

1. Physical Stores: A network of approximately 239 stores (as of Q3 2025) ²⁰ across the Nordics. This channel generates the majority of revenue ³ and is the critical service point for the company’s high-margin Small and Medium-Sized Enterprise (SME) customer base.⁷
2. Field Sales & Telesales: A direct, relationship-based salesforce (“Key Account Managers”) that services larger corporate and public-sector accounts.¹ This channel accounts for approximately 42% of the integrated “Concept Brand” sales.⁷
3. Digital Channels: E-commerce websites, online stores, and customized digital procurement solutions for corporate clients.¹
4. On-site Services: Value-added services designed to create “stickier” customer relationships. These include “Smart Services” (on-site vending machines and inventory management) ⁷ and “ReCare,” a full-service workwear solution (laundry, repair, recycling) launched in 2025.¹⁴

C. Customer Segmentation and Geographic Footprint

Alligo’s operations are geographically concentrated entirely within the Nordics, with a diversified B2B customer base.

• Geographic Markets: The company reports across its three main markets: Sweden, Norway, and Finland.³ Based on 2022 EBITA figures, the geographic profit contribution is heavily weighted to Sweden:

• Sweden: 56% of EBITA ⁵
• Norway: 27% of EBITA ⁵
• Finland: 17% of EBITA ⁵
• Customer Segments: The company serves a balanced mix of corporate customers across eight defined industry segments, including manufacturing, construction, public sector, transport, and oil & gas.³ This customer base is segmented into:

• Small and Medium-Sized Enterprises (SMEs): This segment is resilient ³ and represents Alligo’s most profitable customer group.⁷
• Large Companies & Public Sector: These customers provide significant volume and are typically served by the direct sales force, often at lower contractual margins.³

D. Operational Structure and Distribution Network

Alligo is managed as an “integrated company”.²⁴ Following the 2019-2020 merger of Swedol and TOOLS, the company executed a significant, multi-year structural transformation to build a single, scalable Nordic platform. This integration, which is now considered complete, involved ⁷:

• Consolidation to a Nordic standardized product assortment.
• Centralization of logistics operations.
• Concentration of the supplier base to improve purchasing power.
• Unification onto a common ERP and IT system.

This integrated platform creates significant operating leverage but also a high fixed-cost base, which has been a key factor in recent financial performance.

E. Share Class Structure: Analysis of Series A vs. Series B Shares

The equity analysis focuses on the Alligo Series B share (ALLIGO-B.ST), which is the primary liquid, publicly-traded instrument.²⁵ The company maintains a dual-class share structure.¹⁶

• Economic Rights: Class A and Class B shares have equal rights to participation in the company’s assets and earnings. They receive the same dividend per share and have the same claim on assets in a liquidation.²⁶
• Voting Rights: The sole difference is in voting power:

• Class A Shares: 562,293 outstanding shares, each entitling the holder to ten (10) votes.²⁶
• Class B Shares: 50,343,896 outstanding shares, each entitling the holder to one (1) vote.²⁶
• Implications: This structure concentrates control with a small group of Class A shareholders. The 1.1% of shares that are Class A control 10.0% of the total 55,966,826 votes.²⁶ For a Series B investor, this means investment alignment is not with management (who have low ownership) but with the controlling shareholders (covered in Section 7).

---

2. Industry Dynamics & Market Position

A. Nordic Industrial Distribution Market: Size, Growth, and Cyclical Trends

Alligo competes in the Nordic industrial supply market, with a total addressable market (TAM) estimated at approximately SEK 59-60 billion annually across its core product categories and geographies.³

The market is mature and exhibits high cyclicality, with demand closely correlated to the macroeconomic outlook, industrial production, and construction activity.²⁷ The sector has been in a significant cyclical downturn since 2023, characterized by weak demand, high interest rates, and cautious customer spending, which has intensified competition.⁷

B. Competitive Landscape and Peer Benchmarking

The Nordic market is highly fragmented, featuring a mix of global giants, pan-Nordic players, and small, independent local operators.³ This fragmentation is the central pillar of Alligo’s M&A-driven strategy.

Key competitors include:

• Global/Pan-Nordic Giants (Private): The dominant competitors are Ahlsell (owned by CVC Capital Partners ²⁹) and the private German giant Würth. These companies are significantly larger and are also active consolidators.⁶ Ahlsell is the #1 player in Sweden, while Würth is #1 in Workwear/PPE in Norway.⁶
• Nordic Public Peers: The most direct public comparables are companies that spun out of the same original B&B Tools conglomerate:

• Bergman & Beving (BERG B): Alligo’s former parent.⁵
• Momentum Group (MMGR B): Alligo’s 2022 spin-off of its former “Components & Services” division.⁴
• Other Players: A long tail of specialist chains and local independent stores.³

C. Moat Analysis: Competitive Advantages and Barriers to Entry

Alligo has established a strong market position, generally ranking #2 or #3 in its core segments.⁶

• Sweden: #2 in Tools & Supplies (20% share), #2 in Workwear/PPE (15% share).
• Norway: #2 in Tools & Supplies (16% share), #2 in Workwear/PPE (14% share).
• Finland: #3 in Tools & Supplies (10% share), #3 in Workwear/PPE (10% share).

The company’s competitive advantages (its “moat”) are built on three pillars:

1. Scale and Logistics: The integrated Nordic platform provides significant purchasing power and operational efficiency, which is a barrier to smaller players.⁷
2. Omnichannel Network: The dense network of physical stores is a key asset for servicing the high-margin SME segment, which requires immediate product availability. This physical footprint, combined with a strong direct sales force for large accounts, is difficult and expensive for new entrants to replicate.³
3. Own Brands: Alligo’s portfolio of proprietary brands (e.g., Gesto, Björnkläder, Univern) ⁸ is a crucial differentiator. These brands, which account for just under 20% of sales ⁷, offer customers a unique value proposition and, critically, provide higher profitability for Alligo.⁷

D. Industry Consolidation Trends and M&A Activity

The fragmented nature of the Nordic market has created a powerful, long-term trend of consolidation.³ Alligo’s explicit strategy is to be a leading consolidator in this market.³¹ However, this is not a unique strategy; its largest competitors, Ahlsell and Würth, are also highly acquisitive, making M&A a competitive necessity to defend market share.⁷

E. Digitalization and E-commerce in B2B Distribution

The Nordic B2B market is digitally advanced. 83% of B2B companies in the region utilize digital channels for business, with 28% of transactions occurring digitally.³³ There is a strong push to adopt new technologies, with 24% of Nordic B2B firms already using AI and another 32% planning to, primarily for marketing, data analysis, and customer service.³⁴

Alligo’s digital channels are a key component of its omnichannel model ¹, but its business remains anchored in its physical network. The sales split of the core “Concept Brands” (58% stores, 42% direct sales) ⁷ suggests that the digital channel is currently a supporting element rather than the primary revenue driver.

---

3. Financial Performance & Historical Analysis (2020-2024)

An analysis of Alligo’s 5-year financial history reveals a company that, after completing its complex merger, enjoyed a strong cyclical peak in 2022-2023 before suffering a sharp, leverage-inducing downturn in 2024. This 2024 performance is the critical baseline for assessing the company’s recent developments.

A. Revenue Growth Analysis: Organic vs. Acquisitive Decomposition

Alligo’s revenue trajectory highlights a growing dependency on M&A to offset a deteriorating core business.

• 2020-2022: The company saw healthy post-COVID growth, with sales up 4.3% in 2021 and 6.1% in 2022.³⁶ This was supported by a strong industrial economy and positive organic growth.²³
• 2023: Revenue was flat at SEK 9,335 million.¹¹ This figure masked a significant divergence: organic growth turned negative, offset by +3.5% growth from acquisitions.³⁶
• 2024: Revenue was again flat at SEK 9,333 million.¹¹ The underlying business deterioration accelerated, with organic growth collapsing to -3.9%. This organic decline was “plugged” almost entirely by acquisitive growth.¹¹

This trend shows that as the macro-economy turned, Alligo’s organic growth engine stalled and reversed. The M&A strategy, once additive, became essential simply to maintain a flat top-line.

B. Profitability Metrics: Margin Collapse in 2024

While Alligo successfully protected its gross margins, its operating leverage proved to be a significant liability in the downturn.

• Gross Margin: Has remained highly resilient, demonstrating pricing power and good cost pass-through.

• 2023: 41.4% ¹¹
• 2024: 40.7% ¹¹
• Adjusted EBITA Margin: This is the company’s key performance metric and the central story of its recent struggles.

• 2021: 7.6% ³⁶
• 2023 (Peak): 8.9% ³⁶
• 2024 (Trough): 6.4% 1
  This 250-basis-point margin collapse from 2023 to 2024 was a direct result of negative operating leverage. The -3.9% organic sales decline 11 cascaded through the company’s high fixed-cost base (the integrated logistics platform, IT systems, and store network), severely eroding profitability. This performance places the company far from its stated financial target of a >10% adjusted EBITA margin.36

C. Returns Analysis (ROIC, ROE, ROA)

The company’s returns on capital peaked in 2022 and have since fallen significantly.

• Return on Equity (ROE): 14.11% in 2022, after 8.49% in 2021 and 6.37% in 2020.³⁸
• Return on Invested Capital (ROIC): 8.0% in 2022, up from 5.1% in 2021 and 4.1% in 2020.³⁸

The 2022 figures (14.1% ROE, 8.0% ROIC) represent the normalized earnings power of the integrated business in a strong economy. However, as a result of the 2024 profit collapse, the rolling 12-month ROE as of Q3 2025 has fallen to just 7%.¹² This decline suggests the company is not currently earning its cost of capital.

D. Balance Sheet Health: Leverage, Debt Structure, and Interest Coverage

This has become a primary area of concern.

• Leverage Target: Alligo’s official financial target is to maintain a ratio of Net Operational Liabilities to Adjusted EBITDA below 3.0x.³⁶
• Historical Leverage: The company maintained this comfortably for years: 1.7x in 2021, 1.8x in 2022, and 1.8x in 2023.³⁶
• The leverage ratio spiked in 2024-2025 as the “EBITDA” (denominator) fell due to the downturn, while “Net Debt” (numerator) rose due to M&A. This culminated in a breach of the company’s financial target, with leverage hitting 3.1x as of Q3 2025.²⁰
• The company’s credit facility, which runs until 2027 ²⁷, was increased by MSEK 300 to MSEK 2,600 in December 2024 to provide additional liquidity.¹¹

E. Free Cash Flow Generation and Cash Flow Quality

Cash flow in 2024 appeared strong, but this is misleading.

• Cash Flow from Operations: 2023: MSEK 993 | 2024: MSEK 952.¹¹
• Analysis: This strong 2024 cash flow (MSEK 952) relative to the collapsed Net Income (MSEK 279) ¹¹ is of low quality. It was not driven by profit, but by a large, one-time working capital release from management’s “efforts to reduce inventory levels”.³⁶ This source of cash is finite. This is confirmed by the Q1 2025 results, which saw a negative cash flow from operations of -MSEK 38 ¹⁴, indicating cash flow is now reverting to (or below) the low underlying profit level.

Table 1: Alligo AB – 5-Year Financial Summary (2020-2024)

Metric	2020	2021	2022	2023	2024
Revenue (MSEK)	N/A	8,878	9,418	9,335	9,333
Revenue Growth (Y/Y)	N/A	N/A	6.1%	-0.9%	0.0%
Organic Growth	N/A	N/A	N/A	<0.0%	-3.9%
Acquisitive Growth	N/A	N/A	N/A	3.5%	~3.9%
Gross Margin (%)	N/A	40.0%	41.4%	41.4%	40.7%
Adjusted EBITA (MSEK)	N/A	675	772	827	601
Adjusted EBITA Margin (%)	N/A	7.6%	8.2%	8.9%	6.4%
Net Income (MSEK)	185	304	490	497	279
EPS (SEK)	3.63	5.97	9.61	9.76	5.47
Cash Flow from Ops (MSEK)	821	557	419	993	952
Net Op. Liab. / Adj. EBITDA (x)	N/A	1.7x	1.8x	1.8x	>2.0x

Note: Data compiled from 2024, 2023, and 2022 annual reports and financial targets pages. 2020-2022 data is for Momentum Group/Alligo post-Swedol merger. 2024 Leverage ratio implied from 2023 year-end report and 2024 results. Sources:.⁶

---

4. Recent Developments & Major Changes (Past 2 Years)

The 2024-2025 period has been transformative, defined by the collision of a severe cyclical downturn with an acceleration of the M&A strategy, culminating in a critical change in leadership.

A. Navigating the Macroeconomic Downturn

The weak market conditions of 2024 (inflation, high interest rates, weak demand) ¹³ have persisted through 2025. This has been most acute in the construction and industrial sectors, disproportionately impacting Alligo’s high-margin SME customer base.⁷ In response, management initiated further cost-cutting programs in Q1 2025, aimed at saving over MSEK 100.¹⁴

B. Recent Financial Performance (YTD 2025)

The divergence between organic and acquired growth has continued.

• Organic Growth: Remained negative through the first three quarters of 2025: Q1: -2.5% ¹⁴, Q2: -4.3% ¹⁸, and Q3: -2.7%.¹²
• Acquisitive Growth: This has been the sole driver of top-line growth. Q1: +7.8% ⁴¹; Q3: +6.3%.¹²

A significant “green shoot” appeared in the Q3 2025 report (released Oct 24, 2025).⁴² After six consecutive quarters of declining profits ⁴³, the company reported an improvement in profitability.

• Adjusted EBITA Margin (Q3 2025): Rose to 7.2%, compared to 6.4% in Q3 2024.12
  The CEO attributed this positive development to the success of cost measures and a continued focus on gross margin.12

C. Strategic Pivot: Aggressive M&A in a Weak Organic Market

In the face of the organic decline, Alligo has leaned heavily into its M&A strategy, announcing a flurry of deals in 2024 and 2025.⁴⁴ This strategy has shifted to focus on acquiring specialist companies in new, “non-integrated” verticals.⁸

Table 2: Key Acquisitions Announced or Closed (2024-2025)

Acquired Company	Date	Segment / Niche	Annual Revenue (Approx.)	Source(s)
Svenska Batterilagret AB	Feb 2025	Batteries	MSEK 275	12
Corema Svets & Industriprodukter	Nov 2024	Welding / Industrial	MSEK 155	13
Respond Profilering	Nov 2025	Product Media (Norway)	N/A	17
Hämeen & Riihimäen Teollisuuspalvelu	Aug 2024	Industrial (Finland)	N/A	16
Workwear AS	Jun 2024	Workwear (Norway)	NOK 27M (~MSEK 30)	16
New Promotion Sverige AB	Q2 2024	Product Media	N/A	16
Wiklunds i Bollnäs AB	Q2 2024	Tools / Workwear	N/A	16
Broderiet i Kungsbacka AB	Jul 2025	Product Media	MSEK 14	17
Galaxi Företagsreklam AB	Jul 2025	Product Media	MSEK 13	17
T. Brantestig	Jul 2024	Welding	N/A	15

D. Management & Strategic Outlook: CEO Transition

On October 10, 2025, Alligo announced that President and CEO Clein Johansson Ullenvik will leave the company during 2026.¹⁷ Ullenvik has been CEO since the 2021 rebranding and was previously CEO of Swedol, having led the entire post-merger integration.⁴⁷ The official statement notes that the “company building is now complete, the platform is in place,” and it is the right time to hand over.¹⁷ This announcement, coming immediately after the first positive quarter and the leverage target breach, creates significant uncertainty around future leadership and strategy.

E. Impact of Currency Fluctuations

As a major importer (buying in USD/EUR) and regional seller (selling in SEK/NOK/FIM), the company has significant FX exposure.²⁸ Currency effects were a -1.5% headwind to revenue in Q3 2025.¹² However, management noted that the recent strengthening of the SEK against the USD is expected to be a net positive for purchasing and gross margins going forward.¹²

---

5. Growth Opportunities & Strategic Initiatives

Alligo’s strategy is a dual-track approach: maximizing the existing integrated platform while simultaneously buying growth in new verticals.

A. Organic Growth Prospects in Existing Markets

While recent performance has been negative, the company’s long-term target remains >5% organic growth per year over a business cycle.³⁶ The primary levers for achieving this are:

1. Market Share Gains: Using the integrated platform’s scale and omnichannel network to take share from smaller, less-capitalized competitors, especially as the market recovers.⁷
2. Service Expansion: Deepening customer relationships and creating stickier, recurring revenue through services like ReCare (laundry/repair) and Smart Services (on-site inventory).⁷

B. Acquisition Strategy and Track Record of M&A Integration

M&A is the central and most active pillar of Alligo’s growth strategy.³¹ The strategy is to acquire well-managed, profitable companies in its existing Nordic markets to strengthen its footprint and realize synergies.³²

The company’s “proven model” for integration involves absorbing acquisitions into the core platform under the Swedol or TOOLS brand.³² However, a significant strategic shift is underway. The recent, large acquisitions in Batteries (Svenska Batterilagret) and Welding (Corema) ¹³, as well as the product media roll-up, are being kept as “non-integrated” standalone businesses.⁸

This shift contradicts the original synergy-based logic of the Alligo platform and fundamentally changes the investment case. It moves Alligo away from being a single, integrated operator and toward a more complex holding company model, which forfeits scale benefits but may preserve the unique value of the acquired specialist brands.

C. New Product Categories and Own Brands

• M&A-led Category Expansion: The most significant new category entries are via M&A, specifically the major pushes into batteries and welding.¹³
• “Own Brands” Initiative: A key organic initiative is to increase the sales penetration of Alligo’s proprietary, high-margin brands (e.g., Gesto, Björnkläder).⁸ These brands (<20% of sales ⁷) are a critical driver of profitability and a key competitive differentiator.⁷

D. Digital Transformation and Omnichannel Capabilities

The company continues to invest in its integrated IT platform to support its omnichannel model, recognizing the mature digital expectations of the Nordic B2B market.⁷

---

6. Capital Allocation & Shareholder Returns

Alligo’s capital allocation has become a critical point of analysis, as recent actions demonstrate a clear and rigid hierarchy of priorities.

A. Management’s Capital Allocation Priorities

The company’s financial targets and recent actions imply a clear order of priority:

1. Balance Sheet Defense: Maintaining liquidity and managing debt covenants.
2. Strategic M&A: Funding the roll-up strategy.
3. Organic Investment: Funding the core business (e.g., Own Brands, ReCare).
4. Shareholder Returns (Dividends): This is the lowest priority and the first to be cut to fund the other three.

B. Dividend Policy and Sustainability Analysis

• Official Policy: Alligo targets a dividend payout of 30-50% of net profit, accounting for financial position and growth opportunities.¹⁶
• Recent Actions vs. Policy:

• 2023 Dividend (for FY2022): SEK 3.00 (31% payout).²³
• 2024 Dividend (for FY2023): SEK 3.50 (35% payout).²⁷
• 2025 Dividend (for FY2024): SEK 2.00 (36% payout).¹¹

The 43% cut in the absolute dividend for 2024 is the most significant capital allocation signal in the past two years.⁵⁰ While the 36% payout technically adhered to the 30-50% policy ¹⁶, the absolute cut demonstrates that management will sacrifice the dividend to conserve capital for M&A and balance sheet management. This makes future dividend growth highly contingent on a strong recovery in earnings and a reduction in leverage.

C. Share Repurchase Activity

The Board maintains an authorization to repurchase its own Class B shares.⁵¹ As of March 2025, the company held 838,551 shares in treasury.²⁶ The stated purpose of this program is not primarily for shareholder returns, but to provide a vehicle to pay for future acquisitions and to cover obligations under long-term incentive programs.⁵¹

D. Balance Sheet Management and Optimal Capital Structure

Management’s primary balance sheet target is to keep Net Operational Liabilities / Adjusted EBITDA below 3.0x.³⁶ As of Q3 2025, this covenant has been breached, with the ratio spiking to 3.1x.²⁰

This leverage breach is the direct consequence of the 2024 profit collapse (falling EBITDA) combined with continued debt-funded M&A (rising debt). This financially constrains the company, and the 2024 dividend cut was a direct and necessary response to preserve cash and address this leverage problem.

---

7. Management Quality & Governance

A. Assessment of the Management Team

The senior executive team consists of experienced industry veterans, primarily from the legacy Swedol business.⁴⁷

• President and CEO: Clein Johansson Ullenvik: CEO since November 2021.⁴⁷ He was previously the CEO of Swedol and has extensive experience from competitors like Ahlsell.⁴⁷ His tenure has been defined by the post-merger integration and navigating the subsequent downturn. As noted, he is departing in 2026, creating a significant leadership void.¹⁷
• CFO: Irene Wisenborn Bellander: CFO since November 2021. She was previously the CFO of Swedol and has a background at Bring, Mekonomen, and PwC.⁴⁷

The team is operationally experienced, but the pending CEO departure at this critical strategic juncture (post-integration, mid-downturn, peak M&A) is a major source of uncertainty.

B. Board of Directors and Major Shareholder Influence

Alligo is a controlled company.

• Controlling Shareholder: Nordstjernan AB, a large Swedish private investment house, is the dominant owner. As of September 2025, Nordstjernan controls ⁵⁵:

• 54.56% of Capital
• 49.63% of Votes
• Board Composition: Nordstjernan’s control is direct. Its CEO, Johan Lilliehöök, sits on Alligo’s Board of Directors and is explicitly listed as not independent from major shareholders.⁵⁶ This indicates that Alligo’s strategy is driven and overseen directly by its controlling owner.

C. Insider Ownership and Alignment with Shareholders

Alignment for Series B investors is not with the management team, but with the controlling shareholder, Nordstjernan.

• Insider Ownership: Management’s direct shareholding is low. The CEO owns approximately 0.11% of the company’s shares.⁵⁴
• Incentive Plans: Management is aligned via long-term incentive programs (e.g., PSP 2025) that are share-based.51
  Given Nordstjernan’s controlling stake, the investment thesis is fundamentally a bet on their long-term, active-owner stewardship.

---

8. Risk Factors

Alligo’s business model, strategy, and financial position present several interconnected and material risks.

A. Key Business Risks: Cyclicality and Competition

• Market Development / Economic Situation: This is the company’s highest-rated risk (5/5 probability, 4/5 impact).²⁸ The business is highly cyclical and vulnerable to downturns in industrial and construction activity, as evidenced by the 2024 profit collapse.¹¹
• Competitive Situation: Rated High/High (4/4).²⁸ Alligo faces intense pressure from larger, better-capitalized competitors (Ahlsell, Würth) ⁶ who may be using aggressive pricing to gain share in the weak market.⁷

B. Operational Risks: M&A Integration, IT, and Supply Chain

• M&A and Integration Risk: Rated Medium/Medium (3/3).²⁸ The company’s core strategy depends on acquisitions.³² The new “non-integrated” strategy ⁸ introduces “holding company” risk, where synergies are not realized, and complexity increases.
• IT Risks & Supply Chain: Rated High/High (4/4).²⁸ The centralized logistics and unified IT platform represent a single point of failure. A major disruption (e.g., cyber-attack, fire at a central warehouse) would be catastrophic.

C. Financial Risks: Leverage, Impairment, and Refinancing

• Leverage: The company is in breach of its <3.0x leverage target, with the ratio at 3.1x as of Q3 2025.²⁰ This is a material financial risk that limits capacity for further M&A and dividend payments, and could trigger adverse actions from lenders.
• Impairment of Intangible Assets (Goodwill): This risk is rated as having a “Very High” (5/5) impact.²⁸ The balance sheet holds significant goodwill from past acquisitions. If the prolonged downturn and high interest rates lead to a failure in the annual impairment test, a large, non-cash impairment charge would be required, which could wipe out statutory net income.
• Raw Material & FX Risk: Rated High/High.²⁸ The company is exposed to volatility in raw material prices (steel, cotton, plastics) and currency fluctuations (buys in USD/EUR, sells in SEK/NOK).¹²

These risks are now interconnected in a negative feedback loop: the market downturn (Strategic Risk) causes EBITDA to fall, which breaches the leverage covenant (Financial Risk), forcing a dividend cut (Capital Allocation) and constraining the M&A strategy (Strategic Risk).

---

9. Valuation Analysis

Alligo’s valuation is distorted by the 2024 earnings collapse, making TTM multiples appear artificially high. A normalized or forward-looking approach is required.

A. Current and Historical Valuation Multiples

As of early November 2025 (share price ~SEK 118.80) ⁷:

• TTM P/E Ratio: Approximately 24.1x.⁵⁸ This is based on cyclically depressed TTM earnings and appears expensive.
• Forward P/E Ratio: Analyst consensus suggests a forward P/E of approximately 11.9x ⁵⁸, which implies a very strong earnings recovery is expected.
• P/B Ratio: Approximately 1.61x.⁵⁸ This appears reasonable for an industrial distributor with tangible assets (inventory, stores).
• P/S Ratio: Approximately 0.63x.⁵⁸

A “normalized” P/E, using the 2023 peak EPS of SEK 9.76 ¹¹, would be ~12.2x, which aligns closely with the forward P/E.

B. Peer Group Valuation Benchmarking

Direct public peer comparison is challenging, as Alligo’s closest peers (the B&B Tools spin-offs) trade at volatile and seemingly nonsensical multiples.

• Momentum Group (MMGR B): Trades at a TTM P/E of ~42x-45x and a P/B of 9.8x.⁶⁰
• Bergman & Beving (BERG B): Trades at a TTM P/E of ~160x and an EV/EBITDA of 15.3x.62
  These high multiples suggest the market values them as “serial acquirer” platforms or that their earnings are also in a trough. A broader comparable, Nilfisk (NLFSK), trades at a more reasonable TTM P/E of ~11-17x and an EV/EBITDA of ~5.4-8.0x.63

A highly relevant data point comes from the private market: the CVC-backed Ahlsell acquisition of Sanistål was executed at an EV/EBITDA multiple of 7.0x.²⁹

Table 3: Peer Group Valuation Comparison (LTM)

Metric	Alligo AB (ALLIGO-B.ST)	Momentum Group AB (MMGR-B.ST)	Bergman & Beving AB (BERG-B.ST)	Nilfisk Holding A/S (NLFSK.CO)
Market Cap	~SEK 6.0B	~SEK 8.6B	~SEK 9.0B	~DKK 3.0B
TTM P/E	~24.1x	~44.6x	~159.8x	~10.7x
TTM P/S	~0.63x	~2.5x	~1.8x	~0.7x
TTM P/B	~1.61x	~9.8x	N/A	~1.2x
TTM EV/EBITDA	N/A	N/A	~15.3x	~5.4x – 8.0x
TTM Adj. EBITA Margin	~6.2% (LTM Q3)	~10.8% (H1 ’25)	~15.0% (LTM)	N/A
TTM ROE	~7.0% (LTM Q3)	~24.8%	N/A	N/A

Note: TTM = Trailing Twelve Months. Data is as of the latest available reports (Q3 2025 for Alligo, H1 2025 for MMGR B, LTM for others). Multiples are sourced from a variety of financial data providers and may fluctuate. Sources:.¹²

C. Valuation Synthesis

1. TTM P/E is misleadingly high due to cyclically depressed earnings.
2. Public peer P/E ratios are not useful due to extreme volatility and different business models.
3. The most rational benchmarks suggest a reasonable-to-attractive valuation:

• The Forward P/E of ~12x ⁵⁸ is attractive if the earnings recovery materializes.
• The P/B ratio of ~1.6x ⁵⁸ provides a degree of asset-based support.
• Private market M&A multiples of ~7.0x EV/EBITDA ²⁹ and peer multiples in the 5-8x EV/EBITDA range ⁶³ suggest Alligo is not overvalued on a cash-flow basis.

The current valuation appears to be pricing in the cyclical downturn and balance sheet risk, but not a full-blown crisis. It offers significant upside if one believes in the recovery.

D. Dividend Yield Analysis

Based on the newly cut dividend of SEK 2.00 ¹¹ and the current share price of ~SEK 118.80 ⁷, the forward dividend yield is approximately 1.7%. This is a low yield and is not a primary reason to own the stock. The dividend is, and will remain, secondary to M&A and deleveraging.⁵¹

---

10. Investment Thesis Summary

A. The Bull Case: A Successful Consolidator Poised for Cyclical Recovery

The bull case is a cyclical recovery and operating leverage story. The argument is that the difficult, multi-year integration of Swedol and TOOLS is complete, and the “platform is in place”.⁷ The company has a high fixed-cost base, which, after causing the 2024 margin collapse, will now generate significant positive operating leverage as the market recovers.⁷ The Q3 2025 margin improvement (7.2% vs. 6.4%) ⁴² is the first tangible evidence this recovery has begun. An investor is buying at a reasonable normalized/forward P/E of ~12x ⁵⁸ just as the earnings cycle is turning. The aggressive M&A strategy is successfully adding new, profitable verticals ¹³, and the company is anchored by a strong, long-term controlling shareholder (Nordstjernan).⁵⁵

B. The Bear Case: A Leveraged Roll-Up Faltering into a Downturn

The bear case is that the core organic business is structurally impaired, shrinking in the face of superior competition.⁶ The company is a “leveraged roll-up” using debt-funded M&A to mask this organic decline. This high-risk strategy has already failed a key stress test, causing a breach of the 3.0x leverage target ²⁰ and forcing a 43% dividend cut ¹⁶, which signals financial distress. The new “non-integrated” M&A strategy ⁸ abandons the synergy-based logic of the original merger, creating a complex, low-return holding company. The departure of the integration-era CEO at this critical moment creates a leadership vacuum and high execution risk.¹⁷

C. Balanced View of Risk-Reward Considerations

The investment in Alligo AB Series B is a high-risk, high-reward proposition. It is an aggressive play on two main factors: (1) a cyclical recovery in the Nordic industrial and construction sectors, and (2) the successful execution of a private-equity-style “roll-up” strategy.

The valuation appears reasonable if one believes in the earnings recovery, offering significant capital appreciation potential as margins revert to the 8-9% level (and eventually the 10% target). The downside is protected to some extent by the asset value (1.6x P/B) ⁵⁸ and the stabilizing presence of the controlling shareholder, Nordstjernan.⁵⁵ However, the balance sheet is fragile (3.1x leverage) ²⁰, and a “double-dip” downturn could be severe, potentially pressuring a high-impact goodwill impairment.²⁸

D. What Needs to Go Right for a Successful Investment

1. Macro Recovery: The Nordic industrial economy must stabilize and return to growth.
2. Organic Growth: Organic sales must turn positive for at least two consecutive quarters, proving the core business is not structurally broken.
3. Margin Expansion: Adjusted EBITA margins must continue the recovery seen in Q3 2025, moving sustainably back toward the 8-9% range.
4. Deleveraging: Management must use free cash flow to pay down debt and bring leverage back below the 3.0x target.
5. New CEO: The new CEO appointed in 2026 must be a credible leader with a clear strategy for capital allocation.

E. Key Metrics and Milestones to Monitor Going Forward

1. Organic Growth % (Quarterly): This is the most critical metric to watch.
2. Adjusted EBITA Margin % (Quarterly): Must show sequential and year-over-year improvement.
3. Net Operational Liabilities / Adjusted EBITDA (LTM): Must trend back below 3.0x.
4. Cash Flow from Operations: Must be positive and track net income (post the 2024 working capital release).
5. New CEO Appointment: The profile, background, and strategic statements of the new leader will be a major catalyst.

Frequently Asked Questions

Are earnings at a cyclical high or cyclical low? Earnings appear to be at or just past a cyclical low. Full-year 2024 results showed a significant profit decline, with the adjusted EBITA margin falling to 6.4% from 8.9% in 2023. However, the CEO noted in the Q3 2025 report that after “six quarters of weakened profits as a consequence of the market downturn,” the company saw a “positive earnings performance” in that quarter, suggesting a potential trough.  

Are earnings driven primarily by the external environment (commodity producer), or internal company actions? Earnings are heavily driven by the external environment. The company’s most significant risk factor is “Market development/Economic situation,” as its performance is tied to the industrial and construction economy in the Nordics. The 2024 profit decline was directly attributed to this “weaker demand”. However, internal actions, such as recent “cost measures and focus on gross margin,” have been cited as the reason for the most recent profitability improvement in Q3 2025.  

Can this business be easily understood? The company’s core business is relatively straightforward: it is a multi-channel distributor (using stores, field sales, and digital platforms) of industrial supplies like workwear, personal protective equipment (PPE), tools, and consumables. It sells these to other businesses in Sweden, Norway, and Finland. The main complexity arises from its dual strategy of operating integrated “concept brands” (Swedol and TOOLS) while also acquiring and running separate, “non-integrated” specialist companies in areas like batteries and welding.  

Can this company be undermined by foreign, low-cost labor? Not directly in its own operations, as it is a Nordic-based distributor. However, as an importer of goods, the company is exposed to “Wage inflation in manufacturing countries,” which is listed as a strategic risk that can impact its purchasing costs from suppliers, particularly in Asia.  

Do brands matter in the business? Or is this a commodity producer? Brands are critical. The company states that some products “risk becoming commoditised,” and it uses its “Own brands” (accounting for <20% of sales) as a key strategic tool to “increase competitiveness and profitability”. These proprietary brands, such as Gesto and Björnkläder, are positioned across premium, mid-range, and budget segments and are considered a “unique and competitive” part of the company’s offering.  

Does the company have assets that are not fully recognized in the balance sheet? The balance sheet includes significant recognized intangible assets in the form of “Goodwill from acquisitions”. This is so large that a potential “Impairment of intangible assets” is listed as a financial risk with a “Very High” impact. Beyond this, the value of its established concept brands (Swedol, TOOLS) and its portfolio of proprietary product brands are key assets to the business, though their full market value may not be captured on the balance sheet.  

Does the company issue large amounts of new shares to insiders? The company utilizes long-term incentive programs (e.g., “PSP 2025”) for senior executives that are based on performance shares. The 2025 program, for instance, allows for a maximum of 128,250 performance shares to be allotted to a group of up to 14 participants. These are typically fulfilled using existing treasury shares rather than issuing new large blocks. The board also has an authorization to issue new shares (up to 10% of capital) specifically to use as payment for acquisitions.  

Has the business environment changed recently? Yes, the environment has been “challenging”. The company has been navigating a “market downturn” through 2023, 2024, and 2025, characterized by “weaker demand” and high customer caution, particularly in the industrial and construction sectors. As of Q3 2025, the CEO described the market as “largely unchanged” with customers remaining cautious.  

Has the company made any significant acquisitions recently? Yes, it has been highly acquisitive. Its “largest acquisition to date,” Svenska Batterilagret AB (a battery specialist with ~MSEK 275 in revenue), was announced in December 2024 and completed in February 2025. This was preceded by another large acquisition in November 2024, Corema Svets & Industriprodukter AB (a welding supplier with ~MSEK 155 in revenue).  

Has the company recently changed accounting policies? The company reports according to IFRS. No fundamental changes to accounting policies are mentioned. However, a change in reporting was implemented, stating that “From Q4 2024 onwards, all non-integrated companies are reported separately”.  

How CapEx hungry is this business? What % of cash from operations must be spent on CapEx to sustain the business? The business does not appear to be highly CapEx hungry for sustaining operations. A Q1 2025 report noted a “CapEx to Depreciation Ratio” of 0.9 , implying capital expenditures were running below depreciation expense at that time.  

How conservative is the company’s accounting? Are they over- or under- stating earnings? The company’s accounting is based on IFRS standards. Like many public companies, it reports non-IFRS “Adjusted” metrics, most notably “Adjusted EBITA,” which it uses as a key performance indicator. These adjusted figures are consistently higher than the standard operating profit because they exclude “items affecting comparability.” For example, in 2024, Adjusted EBITA (MSEK 601) was higher than Operating Profit (MSEK 505) due to MSEK -33 in such adjustments.  

How many options / shares is the management issuing to insiders? Is it more than 10% of net income? The 2025 long-term incentive program for senior executives allows for a maximum of 128,250 performance shares. Based on a late 2025 share price , this allotment would be valued at approximately MSEK 15.2. This is less than 10% of the company’s 2024 net income of MSEK 279.  

How much free cash flow does the business generate? How does management use this free cash flow? What is their philosophy? Cash flow from operations was very strong in 2024 at MSEK 952, though this was largely due to a one-time reduction in inventory. In the first nine months of 2025, operating cash flow was MSEK 260. Management’s stated philosophy for using this cash is to fund “completed acquisitions, dividends and repurchase of own shares”. Share repurchases are explicitly used to finance future acquisitions and employee incentive programs.  

How profitable is this business? What is the return on capital invested? Return on equity? Profitability is currently at a cyclical low. For the 12-month period ending in Q3 2025, the company reported a Return on Equity (ROE) of 7% and a Return on Capital Employed of 7%. This is down significantly from its 2022 peak, when ROE was 14.11% and Return on Invested Capital (ROIC) was 7.98%.  

How profitable is this industry? Are there a lot of competitors? What are the barriers to entry? The industry is highly competitive and fragmented. Alligo faces numerous competitors, from large, well-capitalized chains like Ahlsell, Würth, and Elis to smaller independent local operators. Barriers to entry appear to be centered on scale: successfully competing requires an efficient, integrated logistics platform, significant purchasing power, and a comprehensive omnichannel network (stores, direct sales, and digital).  

How stable are revenues? How much do they fluctuate with the economy? Revenues are volatile and fluctuate directly with the economy. The company’s primary risk is its exposure to the “industrial and construction economy”. This is demonstrated by recent performance: after 6.1% growth in 2022, organic revenue (core sales) turned negative, falling -3.9% in 2024, reflecting the weak economy.  

Is net income diverging from cash from operations? Yes, there was a significant divergence in 2024. Net Income was only MSEK 279, but Cash Flow from Operating Activities was MSEK 952. This was not driven by profit, but by a large working capital release from “efforts to reduce inventory levels”. This has since normalized; in the first nine months of 2025, operating cash flow was MSEK 260 on a net profit of MSEK 146.  

Is the company buying back shares? Paying dividends? Yes to both.

• Dividends: The company has a dividend policy of paying out 30-50% of net profit. However, reflecting the 2024 earnings decline, the dividend for 2024 was cut to SEK 2.00 per share, down from SEK 3.50 for 2023.  
• Share Buybacks: Yes, the company repurchases its own Class B shares. The stated purpose is to use these shares as payment for future acquisitions and to cover employee incentive programs.  

Is the stock and ADR? What are the ADR fees? Is the stock an MLP? Is there a K1 issued to investors? The stock is Alligo AB (publ), Series B, and it is listed on Nasdaq Stockholm. There is no information to suggest it is an American Depositary Receipt (ADR) or a Master Limited Partnership (MLP), or that it issues a K-1.  

Outlook for the company’s products and services? How big will this market be? Is it growing? Shrinking? Domestic or international? The company’s market is entirely domestic to the Nordics (Sweden, Norway, Finland). The estimated annual size of this market for Alligo’s product categories is approximately SEK 59 billion. While this specific market is currently in a cyclical downturn , the broader global industrial distribution market is projected to grow. Alligo’s outlook is that it is “Positioned to leverage volume growth” when the market recovers.  

Recent changes in the business, new markets, new production facilities, what’s changed recently? New management? Yes, there have been several significant recent changes:

• New Management: A CEO transition is imminent. On October 10, 2025, the company announced that President and CEO Clein Ullenvik will leave in 2026.  
• New Product Markets: The company has made large acquisitions to enter new specialist verticals, notably in batteries (Svenska Batterilagret) and welding (Corema) in late 2024/early 2025.  
• New Services: In Q1 2025, Alligo launched “ReCare,” a new full-service solution for workwear, including laundry, repair, and recycling.  

What are the motivations of management? Do they own a lot of stock and options? Management’s direct stock ownership is relatively low. The CEO, Clein Ullenvik, owns 55,357 shares (approximately 0.11% of the company) and 50,000 call options. The CFO, Irene Wisenborn Bellander, owns 12,850 shares and 30,000 call options. Their motivation is also aligned through long-term performance-share incentive programs and the strategic goals of the controlling shareholder, Nordstjernan AB.  

What are the recent news on the company? Key recent news includes:

• Nov 4, 2025: Acquisition of Respond Profilering & Firmagaver AS, expanding its product media business into Norway.  
• Oct 24, 2025: Release of the Q3 2025 report, highlighting “Improved profitability in all countries”.  
• Oct 10, 2025: Announcement that CEO Clein Ullenvik will depart in 2026.  

What factors would cause the stock to decline? Are these factors controlled by the company or the external environment? The main risks are a mix of external and internal factors:

• External (Uncontrolled): The most significant risk is a prolonged “Market development/Economic situation,” i.e., a continued downturn in the Nordic industrial and construction sectors. Other external risks include intense competition, raw material price hikes, and negative currency fluctuations.  
• Internal (Controlled): Key internal risks include “Acquisition and integration risks” (failing to profit from its M&A strategy) and “IT risks” or “Risks in the flow of goods” (a major operational disruption at a central IT system or warehouse).  

What is the nature of competition? Do brand names matter? What are the customers switching costs? Competition is “intensified,” coming from large distributors (Ahlsell, Würth) and local operators. Brand names are crucial; Alligo uses its “Own brands” to increase profitability and avoid commoditization. Alligo is actively working to increase customer switching costs by making its offering “stickier” through bundled services like “Smart Service” (on-site inventory) and “ReCare” (workwear laundry/repair).  

What is the risk of a catastrophic loss on this investment? * What is the chance of a total loss? The company’s risk report identifies several high-impact risks. “Impairment of intangible assets” (writing down goodwill from acquisitions) is rated as having a “Very High” (5/5) impact. Key operational risks, such as a failure of central IT systems or a fire at a main logistics center, are also rated with a “High” (4/4) impact. Furthermore, the company’s leverage (3.1x) is currently in breach of its own financial target of <3.0x, indicating a stressed balance sheet.  

What off B/S liabilities does the company have? The provided materials do not detail any significant off-balance-sheet liabilities. The company’s balance sheet includes substantial “Financial lease liabilities” (MSEK 1,338 as of Q3 2025) in accordance with IFRS 16 accounting standards.  

What is the compensation policy of directors and management? Management compensation consists of a base salary plus bonuses, which may include stock and options. For example, the CEO’s compensation is roughly 74% salary and 26% bonus. Senior management also participates in long-term performance-share incentive programs. Director fees are set by the AGM; the 2025 proposal set the Chairman’s fee at SEK 785,000 and fees for other directors at SEK 330,000, with additional pay for committee duties.

Works cited

1. Annual and sustainability report 2024 – Alligo – unites brands such …, accessed November 11, 2025, https://www.alligo.com/en/report/annual-and-sustainability-report-2024/
2. Invitation to presentation of Alligo’s interim report for the third quarter 2025 – Nasdaq, accessed November 11, 2025, https://attachment.news.eu.nasdaq.com/a14f58fb3c6e773a56c243cd84e047ce0
3. Market – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/about-us/market/
4. Reports & presentations – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/investor-relations/reports-presentations/
5. Alligo Investor Presentation Danske Bank 230502, accessed November 11, 2025, https://www.alligo.com/wp-content/uploads/2023/06/alligo-investor-presentation-aktiedagen-230503.pdf
6. Alligo Stora Aktiedagen 5 mars 2024, accessed November 11, 2025, https://www.alligo.com/wp-content/uploads/2024/03/alligo-stora-aktiedagarna-240305.pdf
7. Alligo – ABG Sundal Collier – Commissioned research, accessed November 11, 2025, https://cr.abgsc.com/contentassets/abd3cc0026f54c5c9b66d584661e795a/pdf/all-go-for-earnings-to-grow.pdf
8. unites brands such as Swedol and TOOLS – Alligo, accessed November 11, 2025, https://www.alligo.com/en/
9. TOOLS – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/about-us/the-alligo-family/tools/
10. Offering – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/about-us/offering/
11. Year-end Report 2024 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/report/q4-2024/
12. ALLIGO AB (PUBL) | INTERIM REPORT Q3 | 1 JANUARY–30 SEPTEMBER 2025 – MFN.se, accessed November 11, 2025, https://storage.mfn.se/2fbbee4b-231c-4759-94d5-0522299513a0/alligo-ab-interim-report-q3-2025-eng-251024.pdf
13. Year-end Report 1 Jan – 31 Dec 2024 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/press-releases/year-end-report-1-jan-31-dec-2024/
14. Interim Report Q1 2025 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/report/q1-2025/
15. ALLIGO AB (PUBL) | INTERIM REPORT Q2 | 1 JANUARY–30 JUNE 2024 – Cision, accessed November 11, 2025, https://mb.cision.com/Main/18955/4015433/2917774.pdf
16. ANNUAL AND SUSTAINABILITY REPORT 2024 – ALLIGO AB, accessed November 11, 2025, https://www.alligo.com/en/wp-content/uploads/sites/2/2025/04/alligo-ab-annual-and-sustainability-report-2024.pdf
17. Press releases – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/media/pressreleases/
18. Interim Report Q2 2025 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/report/q2-2025/
19. Alligo expands within product media in the Nordics – acquires Respond Profilering & Firmagaver AS in Norway, accessed November 11, 2025, https://www.alligo.com/en/pressrelease/alligo-expands-within-product-media-in-the-nordics-acquires-respond-profilering-firmagaver-as-in-norway/
20. Interim Report Q3 2025 | Alligo, accessed November 11, 2025, https://www.alligo.com/wp-content/uploads/2025/10/alligo-presentation-interim-report-q3-2025.pdf
21. Articles with the subject: The Business – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/stories_categories/the-business/
22. Key messages and Q&A on Year-end Report 2024 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/pressrelease/key-messages-and-qa-on-year-end-report-2024/
23. Annual and Sustainability Report 2022 – Alligo AB, accessed November 11, 2025, https://www.alligo.com/en/wp-content/uploads/sites/2/2023/05/alligo-annual-and-sustainability-report-2022-eng.pdf
24. Strategy, mission, vision and values – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/about-us/strategy/
25. PROPOSAL CONCERNING THE AUTHORISATION FOR THE BOARD OF DIRECTORS OF MOMENTUM GROUP AB (PUBL) TO RESOLVE ON A NEW ISSUE OF THE NU – Alligo, accessed November 11, 2025, https://www.alligo.com/wp-content/uploads/2023/10/information-brochure-momentum-group-offer-to-the-shareholders-in-swedol-ab-eng.pdf
26. Share Information – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/investor-relations/share-information/
27. Alligo AB (publ) | Iinterim Report Q1 | 1 January–31 March 2024 – Cision, accessed November 11, 2025, https://mb.cision.com/Main/18955/3967239/2758509.pdf
28. RISK MANAGEMENT | ANNUAL AND … – ALLIGO AB, accessed November 11, 2025, https://www.alligo.com/en/wp-content/uploads/sites/2/2025/09/alligo-risk-management-annual-and-sustainability-report-2024.pdf
29. CVC-backed Ahlsell Group acquires 75% stake in publ. Listed Sanistål – M&A Insights, accessed November 11, 2025, https://www.mainsights.io/ma-news/cvc-backed-ahlsell-group-acquires-75pct-stake-in-publ-listed-sanistaal-dkk-1400m-valuation-ev-evebitda-70x
30. Sweden – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/about-us/market/sweden/
31. Why invest in Alligo – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/investor-relations/why-invest-in-alligo/
32. Strategic acquisitions – Alligo – unites brands such as Swedol and …, accessed November 11, 2025, https://www.alligo.com/en/about-us/strategy/strategic-acquisitions/
33. New report: Nordic B2B companies level up digital commerce with customer service and AI, accessed November 11, 2025, https://www.litium.com/blog/new-report-nordic-b2b-companies-level-up-digital-commerce-with-customer-service-and-ai
34. Nordic B2B companies accelerate AI adoption, but caution on risks – Digital Commerce 360, accessed November 11, 2025, https://www.digitalcommerce360.com/2025/08/22/nordic-b2b-ecommerce-ai-adoption-study/
35. Nordic eCommerce trend report 2026 – Solteq, accessed November 11, 2025, https://www.solteq.com/en/campaign/nordic-ecommerce-trend-report-2026
36. Financial targets – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/investor-relations/financial-targets/
37. Annual and sustainability report 2023 – Alligo – unites brands such …, accessed November 11, 2025, https://www.alligo.com/en/report/annual-and-sustainability-report-2023/
38. Alligo AB (publ) (0RTK.L) Return on Equity (ROE) – MLQ.ai | Stocks, accessed November 11, 2025, https://mlq.ai/stocks/0RTK.L/return-on-equity/
39. Alligo AB (publ) – ROE – Wisesheets, accessed November 11, 2025, https://www.wisesheets.io/roe/ALLIGO-B.ST
40. Interim Report Q3 2025 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/report/q3-2025/
41. Alligo Presentation Q1 2025, accessed November 11, 2025, https://www.alligo.com/wp-content/uploads/2025/04/alligo-presentation-q1-2025.pdf
42. Alligo Interim Report Q3 1 Jan-30 Sept 2025 – Improved profitability in all countries, accessed November 11, 2025, https://www.alligo.com/en/pressrelease/alligo-interim-report-q3-1-jan-30-sept-2025-improved-profitability-in-all-countries/
43. Alligo Interim Report Q3 1 Jan-30 Sept 2025 – Improved profitability in all countries – Nasdaq, accessed November 11, 2025, https://view.news.eu.nasdaq.com/view?id=bf1fa4ded11feb54cffb20124b753d389&lang=en&src=micro
44. Alligo publishes Annual and Sustainability Report 2024 – Cision News, accessed November 11, 2025, https://news.cision.com/alligo-ab–publ-/r/alligo-publishes-annual-and-sustainability-report-2024,c4133066
45. ALLIGO AB (PUBL) | INTERIM REPORT Q3 | 1 JANUARY—30 SEPTEMBER 2024 – Cision, accessed November 11, 2025, https://mb.cision.com/Main/18955/4055436/3071669.pdf
46. Alligo AB (publ) – Cision News, accessed November 11, 2025, https://news.cision.com/alligo-ab–publ-
47. Group management – Alligo – unites brands such as Swedol and …, accessed November 11, 2025, https://www.alligo.com/en/corporate-governance/group-management/
48. Risk management – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/corporate-governance/risk-management/
49. BoD Statement regarding proposed dividend – Alligo, accessed November 11, 2025, https://www.alligo.com/en/wp-content/uploads/sites/2/2024/04/bod-statement-regarding-proposed-dividend.pdf
50. Alligo’s (STO:ALLIGO B) Dividend Is Being Reduced To SEK2.00 – Webull, accessed November 11, 2025, https://www.webull.com/news/12851261035398144
51. Report from Annual General Meeting in Alligo AB (publ) on 21 May 2025, accessed November 11, 2025, https://www.alligo.com/en/press-releases/report-from-annual-general-meeting-in-alligo-ab-publ-on-21-may-2025/
52. Annual General Meeting 2024 – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/corporate-governance/general-meetings-of-shareholders/annual-general-meetings-of-shareholders/annual-general-meeting-2024/
53. Notice of Annual General Meeting of Shareholders in Alligo AB (publ) on 21 May 2025, accessed November 11, 2025, https://www.alligo.com/en/press-releases/notice-of-annual-general-meeting-of-shareholders-in-alligo-ab-publ-on-21-may-2025/
54. Alligo AB (publ) (ALLIGO B) Leadership & Management Team Analysis – Simply Wall St, accessed November 11, 2025, https://simplywall.st/stocks/se/capital-goods/sto-alligo-b/alligo-shares/management
55. Ownership Structure – Alligo – unites brands such as Swedol and …, accessed November 11, 2025, https://www.alligo.com/en/investor-relations/share-information/ownership-structure/
56. Board of directors – Alligo – unites brands such as Swedol and TOOLS, accessed November 11, 2025, https://www.alligo.com/en/corporate-governance/board-of-directors/
57. Notice of Annual General Meeting of Shareholders in Alligo AB (publ) on 21 May 2025, accessed November 11, 2025, https://www.alligo.com/en/pressrelease/notice-of-annual-general-meeting-of-shareholders-in-alligo-ab-publ-on-21-may-2025/
58. Alligo AB (LON:0RTK) Statistics & Valuation Metrics – Stock Analysis, accessed November 11, 2025, https://stockanalysis.com/quote/lon/0RTK/statistics/
59. Alligo (OM:ALLIGO B) Stock Valuation, Peer Comparison & Price Targets – Simply Wall St, accessed November 11, 2025, https://simplywall.st/stocks/se/capital-goods/sto-alligo-b/alligo-shares/valuation
60. Momentum Group AB Stock Price Today | ST: MMGRb Live – Investing.com, accessed November 11, 2025, https://www.investing.com/equities/momentum-ab
61. Momentum Group AB (MMGR-B.ST) – P/E ratio – Companies Market Cap, accessed November 11, 2025, https://www.companiesmarketcap.com/aud/momentum-group-ab/pe-ratio/
62. Bergman & Beving – Public Comps and Valuation Multiples, accessed November 11, 2025, https://multiples.vc/public-comps/bergman-and-beving-valuation-multiples
63. Nilfisk Holding – Public Comps and Valuation Multiples, accessed November 11, 2025, https://multiples.vc/public-comps/nilfisk-holding-valuation-multiples
64. Nilfisk Holding A/S (NLFSK.CO) Valuation – MLQ.ai | Stocks, accessed November 11, 2025, https://mlq.ai/stocks/NLFSK.CO/valuation/
65. Nilfisk Holding A/S Stock Price Today | CSE: NLFSK Live – Investing.com, accessed November 11, 2025, https://www.investing.com/equities/nilfisk
66. Nilfisk Holding (DB:NF1) Stock Valuation, Peer Comparison & Price Targets – Simply Wall St, accessed November 11, 2025, https://simplywall.st/stocks/de/capital-goods/fra-nf1/nilfisk-holding-shares/valuation
67. Alligo AB, ALLIGO B:STO profile – FT.com, accessed November 11, 2025, https://markets.ft.com/data/equities/tearsheet/profile?s=ALLIGO%20B:STO
68. Enterprise Value – Momentum Group AB (publ) – Wisesheets, accessed November 11, 2025, https://www.wisesheets.io/enterprise-value/MMGR-B.ST
69. Momentum Group Q2 2025: Earnings growth in a cautious market, accessed November 11, 2025, https://www.momentum.group/en/release/momentum-group-q2-2025-earnings-growth-in-a-cautious-market/