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SENASTE
DistIT delivered Q4 operating profits 5% ahead of our expectations, bolstered by high organic growth, a marked improvement in gross margins (+1.2pp y/y) and strong cost control. Corroborating our margin investment case, non-A brand sales increased by 46% y/y to close to 30% of revenue. Proposed dividends of 3.1% of market cap adds conviction, we argue. We expect these deviations to increase our full-year EPS by 3-4%. The valuation of 8x 2021 EV/EBIT estimates adds attraction.
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