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Boule Diagnostics

Boule Diagnostics

Instruments and reagents for blood analysis

Boule Diagnostics is a Swedish diagnostics company that develops, manufactures and markets instruments and consumable products for blood diagnostics, specializing in blood cell counting (CBC) systems, in both human and veterinary hematology. Boule Diagnostics is a global company with approximately 170 employees located in Sweden, USA and Mexico and with a market presence via distributors in addition to its own sales and marketing organisation in more than 100 countries.

The main opportunity for Boule Diagnostics would be to gain market share in the global CBC market within hematology and/or broaden its product offering.

We note a number of risk factors for Boule Diagnostics, including market risk, competition, legal and regulatory risk, product development risk, and currency and macroeconomic risk.

SEKm 2021 2022e 2023e
Sales 463 557 604
Sales growth (%) 15,7 20,2 8,4
EBITDA 58 94 114
EBITDA margin (%) 12,5 16,9 19
EBIT adj 36 72 92
EBIT adj margin (%) 7,8 12,9 15,2
Pretax profit 29 62 83
EPS rep 1,2 2,43 3,27
EPS growth (%) 403 102,9 34,8
EPS adj 1,2 2,43 3,27
DPS 0,55 0,73 0,98
EV/EBITDA (x) 16,7 8 6,4
EV/EBIT adj (x) 26,9 10,4 8
P/E (x) 40,8 14,9 11,1
P/E adj (x) 40,8 14,9 11,1
EV/sales (x) 2,1 1,4 1,2
FCF yield (%) -1,3 -1,5 6,3
Dividend yield (%) 1,1 2 2,7
Net IB debt/EBITDA 0,4 0,5 0,3
Lease adj. FCF yield (%) -2,5 -3,2 4,6
Lease adj. ND/EBITDA -0,1 0,2 0
SEKm 2021 2022e 2023e
Leasing payments -12 0 0
Sales 463 557 604
COGS -265 -308 -323
Gross profit 199 249 281
Other operating items -141 -155 -166
EBITDA 58 94 114
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 36 72 92
Goodwill impairment charges 0 0 0
Other impairment and amortisation -40 0 0
EBIT 36 72 92
Other financial items 0 0 0
Net financial items -7 -10 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 62 83
Tax -6 -15 -19
Net profit 23 47 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 47 64
EPS 1,2 2,43 3,27
EPS Adj 1,2 2,43 3,27
Total extraordinary items after tax 0 0 0
Tax rate (%) -19,1 -24,1 -23
Gross margin (%) 42,9 44,8 46,5
EBITDA margin (%) 12,5 16,9 19
EBITA margin (%) 7,8 12,9 15,2
EBIT margin (%) 7,8 12,9 15,2
Pretax margin (%) 6,2 11,2 13,7
Net margin (%) 5 8,5 10,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 15,7 20,2 8,4
EBITDA growth (%) 4 62,5 21,4
EBIT growth (%) 707,2 100,3 27,4
Net profit growth (%) 403 102,9 34,8
EPS growth (%) 403 102,9 34,8
Profitability 2021 2022 2023
ROE (%) 8,2 15 17,7
ROE Adj (%) 8,2 15 17,7
ROCE (%) 11,2 18 19,6
ROCE Adj(%) 11,2 18 19,6
ROIC (%) 9,1 14,9 17
ROIC Adj (%) 9,1 14,9 17
Adj earnings numbers 2021 2022 2023
EBITDA Adj 58 94 114
EBITDA Adj margin (%) 12,5 16,9 19
EBITA Adj 36 72 92
EBITA Adj margin (%) 7,8 12,9 15,2
EBIT Adj 36 72 92
EBIT Adj margin (%) 7,8 12,9 15,2
Pretax profit Adj 29 62 83
Net profit Adj 23 47 64
Net profit to shareholders Adj 23 47 64
Net Adj margin (%) 5 8,5 10,5
Depreciation and amortisation -22 -22 -23
Of which leasing depreciation -10 -10 -10
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 46 94 114
EBITDA lease Adj margin (%) 10 16,9 19
SEKm 2021 2022e 2023e
EBITDA 58 94 114
Net financial items -7 -10 -9
Paid tax -6 -15 -19
Non-cash items 2 4 8
Cash flow before change in WC 48 73 94
Change in WC -3 -16 -8
Operating cash flow 44 57 86
CAPEX tangible fixed assets -3 -4 -5
CAPEX intangible fixed assets -53 -63 -36
Acquisitions and disposals 0 0 0
Free cash flow -12 -10 45
Dividend paid -11 -11 -14
Share issues and buybacks 0 0 0
Other non cash items -5 11 0
Decrease in net IB debt 14 -16 -5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 79 80 80
Indefinite intangible assets 0 0 0
Definite intangible assets 116 152 179
Tangible fixed assets 21 19 18
Other fixed assets 100 115 128
Fixed assets 409 476 507
Inventories 59 65 68
Receivables 48 55 57
Other current assets 17 10 10
Cash and liquid assets 38 62 79
Total assets 572 668 721
Shareholders equity 296 335 385
Minority 0 0 0
Total equity 296 335 385
Long-term debt 16 49 49
Pension debt 4 4 4
Convertible debt 0 0 0
Deferred tax 16 16 16
Other long-term liabilities 77 77 77
Short-term debt 12 32 32
Accounts payable 41 50 54
Other current liabilities 59 55 55
Total liabilities and equity 572 668 721
Net IB debt 22 48 30
Net IB debt excl. pension debt 18 44 26
Capital invested 335 400 432
Working capital 25 26 26
EV breakdown 2021 2022 2023
Market cap. diluted (m) 948 705 705
Net IB debt Adj 22 48 30
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 969 753 735
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 88,1 89,9 86,9
Capital invested turnover (%) 92,3 115,1 118,8
Capital employed turnover (%) 113,2 136,3 139,9
Inventories / sales (%) 14 11,2 8,2
Customer advances / sales (%) 7,6 6,2 5,4
Payables / sales (%) 7,4 6,8 7,2
Working capital / sales (%) 6,7 4,5 4,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 7,3 14,3 7,8
Net debt / market cap (%) 1,9 6,8 4,2
Equity ratio (%) 51,7 50,2 53,4
Net IB debt adj. / equity (%) 7,3 14,3 7,8
Current ratio (%) 130,5 129,3 140,4
EBITDA / net interest (%) 800,1 946 1233
Net IB debt / EBITDA (%) 37,2 50,7 26
Interest cover (%) 410,8 723,6 989,6
Lease liability amortisation -12 -12 -12
Other intangible assets 163 219 244
Right-of-use asset 27 24 23
Total other fixed assets 120 133 142
Leasing liability 28 24 24
Total other long-term liabilities 117 118 118
Net IB debt excl. leasing -6 23 5
Net IB debt / EBITDA lease Adj (%) -13 24,8 4,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,2 2,43 3,27
Dividend per share Adj 0,6 0,7 1
EPS Adj 1,2 2,43 3,27
BVPS 15,23 17,27 19,81
BVPS Adj 2,79 1,85 3,13
Net IB debt / share 1,1 2,5 1,5
Share price 57,21 36,3 36,3
Market cap. (m) 1111 705 705
Valuation 2021 2022 2023
P/E 40,8 14,9 11,1
EV/sales 2,09 1,35 1,22
EV/EBITDA 16,7 8 6,4
EV/EBITA 26,9 10,4 8
EV/EBIT 26,9 10,4 8
Dividend yield (%) 1,1 2 2,7
FCF yield (%) -1,3 -1,5 6,3
P/BVPS 3,2 2,1 1,83
P/BVPS Adj 17,51 19,64 11,61
P/E Adj 40,8 14,9 11,1
EV/EBITDA Adj 16,7 8 6,4
EV/EBITA Adj 26,9 10,4 8
EV/EBIT Adj 26,9 10,4 8
EV/cap. employed 2,7 1,7 1,5
Investment ratios 2021 2022 2023
Capex / sales 12,2 12,1 6,8
Capex / depreciation 473,8 563,4 336,7
Capex tangibles / tangible fixed assets 15,1 23,3 26,6
Capex intangibles / definite intangibles 32,7 28,7 14,9
Depreciation on intangibles / definite intangibles 2,4 1,8 1,7
Depreciation on tangibles / tangibles 38,9 41,5 44,6
Lease adj. FCF yield (%) -2,5 -3,2 4,6

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Media

Boule Diagnostics - Company presentation with CEO Jesper Söderqvist
Boule Diagnostics - Company presentation with CEO Jesper Söderqvist

Main shareholders - Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Svolder 12.4 % 12.4 % 31 Mar 2022
Martin Gren (Grenspecialisten) 11.7 % 11.7 % 31 Mar 2022
Thomas Eklund 10.1 % 10.1 % 31 Mar 2022
Swedbank Robur Fonder 9.9 % 9.9 % 31 Mar 2022
Nordea Fonder 8.9 % 8.9 % 31 Mar 2022
Tredje AP-fonden 8.4 % 8.4 % 31 Mar 2022
Andra AP-fonden 3.5 % 3.5 % 31 Mar 2022
Keel Capital 3.1 % 3.1 % 30 Sep 2021
Aktia Asset Management 2.6 % 2.6 % 31 Mar 2022
Fondita Fonder 1.8 % 1.8 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list - Boule Diagnostics

Name Quantity Code Date
Jan Mattias Isaksson + 157 BUY 29 Dec 2021
Jesper Söderqvist + 913 BUY 19 Nov 2021
Jesper Söderqvist + 587 BUY 19 Nov 2021
Jesper Söderqvist + 878 BUY 12 Aug 2021
Jesper Söderqvist + 122 BUY 12 Aug 2021
Jesper Söderqvist + 1 000 BUY 12 Aug 2021
Gustaf Peter Reinhold von Ehrenheim + 20 000 BUY 18 Feb 2021
Gustaf Peter Reinhold von Ehrenheim + 12 125 BUY 17 Feb 2021
Gustaf Peter Reinhold von Ehrenheim + 7 875 BUY 11 Feb 2021
Mikael Ekholm + 10 000 BUY 19 Aug 2020

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