Monday 19 March 2018 by William Arnold Company research Dicker Data FY17 research report We have provided a research report for Dicker Data (Dicker) full year 2017 results, and reiterate our outlook and recommendation on its 3mBBSW+4.40% notes due 2020. Key points: Revenue of AUD1.304bn and EBITDA of AUD48.2m. This represents an increase of 10.2% and 5.5% for revenue and EBITDA, respectively, compared to 2016 The company’s credit profile improved due to an improvement in working capital. Net debt to EBITDA leverage reduced to 2.1x (2016: 3.0x) and interest coverage improved to 8.8x (2016: 7.3x) Dicker expects the development application of its new facility to be approved within six months and construction to begin in late 2018. Development costs are estimated at AUD55m and will be offset by the sale of its current distribution centre. We forecast net debt to increase from AUD101.8m in 2017 to ~AUD118m in 2018 and to ~AUD128m in 2019, before beginning to fall in 2020 The complete update is available to clients on the FIIG website. Read the Dicker Data research compendium report* The Dicker Data 3mBBSW+4.40% March 2020 bond is unrated, and available to retail and wholesale clients at YTW of 4.84%pa.