Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Elos Medtech

Elos Medtech

Industrial group in medical technology

Elos Medtech is one of Europe’s leading development and production partners for medical technology products and components. The company offers innovative products as an advanced partner including the entire life cycle of its customers' products. Elos Medtech is active in the Dental, Orthopaedics, Medical Devices and Diagnostics business segments. Financial targets include 10% revenue growth p.a and an EBIT margin of 13%. The shares are listed on Nasdaq Small Cap.

Dependency on customers’ decisions and commercial performance such as postponed or cancelled projects and change in product life spans. Risks also include customer specific production-rotation from external production to in-house.

SEKm 2021 2022e 2023e
Sales 750 840 931
Sales growth (%) 29,3 11,9 10,9
EBITDA 164 178 199
EBITDA margin (%) 21,9 21,2 21,4
EBIT adj 107 116 131
EBIT adj margin (%) 14,3 13,8 14
Pretax profit 101 106 123
EPS rep 9,55 10,03 11,6
EPS growth (%) 114 5 15,6
EPS adj 9,55 10,03 11,6
DPS 1,5 1,5 1,5
EV/EBITDA (x) 17,7 15,9 13,6
EV/EBIT adj (x) 27 24,4 20,8
P/E (x) 34,7 33 28,5
P/E adj (x) 34,7 33 28,5
EV/sales (x) 3,9 3,4 2,9
FCF yield (%) 1,1 3,4 4,4
Dividend yield (%) 0,5 0,5 0,5
Net IB debt/EBITDA 1,4 0,9 0,2
Lease adj. FCF yield (%) 1,1 3,4 4,4
Lease adj. ND/EBITDA 1,4 0,9 0,2
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Sales 750 840 931
COGS -490 -552 -610
Gross profit 260 288 322
Other operating items -96 -110 -122
EBITDA 164 178 199
Depreciation on tangibles -64 -67 -71
Depreciation on intangibles 0 0 0
EBITA 107 116 131
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 107 116 131
Other financial items 0 0 0
Net financial items -6 -9 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 101 106 123
Tax -24 -26 -30
Net profit 77 81 94
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 77 81 94
EPS 9,55 10,03 11,6
EPS Adj 9,55 10,03 11,6
Total extraordinary items after tax 0 0 0
Tax rate (%) -24 -24 -24
Gross margin (%) 34,7 34,3 34,5
EBITDA margin (%) 21,9 21,2 21,4
EBITA margin (%) 14,3 13,8 14
EBIT margin (%) 14,3 13,8 14
Pretax margin (%) 13,5 12,7 13,2
Net margin (%) 10,3 9,6 10
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 29,3 11,9 10,9
EBITDA growth (%) 32,6 8,5 11,9
EBIT growth (%) 69 7,7 12,9
Net profit growth (%) 114 5 15,6
EPS growth (%) 114 5 15,6
Profitability 2021 2022 2023
ROE (%) 13,5 12,7 13,1
ROE Adj (%) 13,5 12,7 13,1
ROCE (%) 11,8 11,9 12,4
ROCE Adj(%) 11,8 11,9 12,4
ROIC (%) 10 10,6 12,2
ROIC Adj (%) 10 10,6 12,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 164 178 199
EBITDA Adj margin (%) 21,9 21,2 21,4
EBITA Adj 107 116 131
EBITA Adj margin (%) 14,3 13,8 14
EBIT Adj 107 116 131
EBIT Adj margin (%) 14,3 13,8 14
Pretax profit Adj 101 106 123
Net profit Adj 77 81 94
Net profit to shareholders Adj 77 81 94
Net Adj margin (%) 10,3 9,6 10
Depreciation and amortisation -57 -62 -68
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 164 178 199
EBITDA lease Adj margin (%) 21,9 21,2 21,4
SEKm 2021 2022e 2023e
Inventories 172 176 186
Receivables 127 143 158
Other current assets 0 0 0
Cash and liquid assets 105 185 290
Total assets 1092 1179 1279
Shareholders equity 605 674 756
Minority 0 0 0
Total equity 605 674 756
Long-term debt 337 337 337
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 150 168 186
Other current liabilities 0 0 0
Total liabilities and equity 1092 1179 1279
Net IB debt 232 152 47
Net IB debt excl. pension debt 232 152 47
Capital invested 837 826 802
Working capital 150 151 158
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2671 2671 2671
Net IB debt Adj 232 152 47
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2902 2823 2717
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 71,6 73,9 75,8
Capital invested turnover (%) 92,1 101,9 115,5
Capital employed turnover (%) 81,9 86,5 90,4
Inventories / sales (%) 20,8 19,4 19
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,5 19 19
Working capital / sales (%) 18,1 17,9 16,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 38,3 22,6 6,2
Net debt / market cap (%) 8,7 5,7 1,8
Equity ratio (%) 55,4 57,2 59,1
Net IB debt adj. / equity (%) 38,3 22,6 6,2
Current ratio (%) 270,1 300 340,8
EBITDA / net interest (%) 2683,2 1919,4 2615,8
Net IB debt / EBITDA (%) 141,3 85,6 23,5
Interest cover (%) 1758,2 1248,5 1717
EBITDA 164 178 199
Net financial items -6 -9 -8
Paid tax -24 -26 -30
Non-cash items 0 0 0
Cash flow before change in WC 134 143 162
Change in WC -29 -1 -7
Operating cash flow 105 142 155
CAPEX tangible fixed assets -76 -50 -37
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 29 92 118
Dividend paid -12 -12 -12
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 23 66 86
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 166 166 166
Indefinite intangible assets 88 88 88
Definite intangible assets 0 0 0
Tangible fixed assets 432 420 389
Other fixed assets 1 1 1
Fixed assets 687 675 644
Lease liability amortisation 0 0 0
Other intangible assets 88 88 88
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 232 152 47
Net IB debt / EBITDA lease Adj (%) 141,3 85,6 23,5
SEKm 2021 2022e 2023e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 9,55 10,03 11,6
Dividend per share Adj 1,5 1,5 1,5
EPS Adj 9,55 10,03 11,6
BVPS 75,02 83,55 93,64
BVPS Adj 54,49 63,02 73,12
Net IB debt / share 28,7 18,9 5,8
Share price 331 331 331
Market cap. (m) 2671 2671 2671
Valuation 2021 2022 2023
P/E 34,7 33 28,5
EV/sales 3,87 3,36 2,92
EV/EBITDA 17,7 15,9 13,6
EV/EBITA 27 24,4 20,8
EV/EBIT 27 24,4 20,8
Dividend yield (%) 0,5 0,5 0,5
FCF yield (%) 1,1 3,4 4,4
P/BVPS 4,41 3,96 3,53
P/BVPS Adj 6,07 5,25 4,53
P/E Adj 34,7 33 28,5
EV/EBITDA Adj 17,7 15,9 13,6
EV/EBITA Adj 27 24,4 20,8
EV/EBIT Adj 27 24,4 20,8
EV/cap. employed 3,1 2,8 2,5
Investment ratios 2021 2022 2023
Capex / sales 10,2 6 4
Capex / depreciation 134,8 81 54,4
Capex tangibles / tangible fixed assets 17,6 12 9,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13,1 14,8 17,6
Lease adj. FCF yield (%) 1,1 3,4 4,4

Equity research

Read earlier research

Media

Elos Medtech - Company presentation with CFO Ewa Linsäter
Elos Medtech - Company presentation with CEO Jan Wahlström (in English)

Main shareholders - Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.5 % 22.4 %
Lars Runmarker 5.9 % 17.6 %
Mats Nilsson 5.6 % 16.9 %
Elna Molin Dödsbo 3.3 % 8.3 %
Nordea Fonder 14.2 % 6.4 %
Svolder 11.5 % 5.1 %
HealthInvest Partners 4.8 % 2.2 %
Ulrika Erlandsson 1.6 % 2.0 %
Nordnet Pensionsförsäkring 3.0 % 1.4 %
Søren Olesen 3.0 % 1.3 %

Insider list - Elos Medtech

Name Quantity Code Date
Jon Risfelt - 3 355 SELL 29 Jul 2021
Yvonne Mårtensson - 25 000 SELL 28 Jul 2021
Claes Hansson - 900 SELL 28 Jul 2021
Anders Birgersson - 945 SELL 28 Jul 2021
Jeppe Magnusson - 3 946 SELL 27 Jul 2021
Jan Wahlström - 6 113 SELL 10 Mar 2021
jan wahlström + 6 113 BUY 10 Mar 2021
Yvonne Mårtensson + 1 993 BUY 25 Feb 2021
Yvonne Mårtensson + 7 BUY 25 Feb 2021
jan wahlström + 2 000 BUY 25 Feb 2021

Show More