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Boule Diagnostics

Boule Diagnostics

Instruments and reagents for blood analysis

Boule Diagnostics is a Swedish company that develops, manufactures and markets consumable products for blood diagnostics, specialising in blood cell counting (CBC) systems. It is a global company with a market presence via distributors and its own organisation in more than 100 countries.

Sustainability information

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 2023 2024e 2025e
Sales 571 582 629
Sales growth (%) 4,2 2 8
EBITDA 62 75 87
EBITDA margin (%) 10,8 12,9 13,8
EBIT adj. 39 52 63
EBIT adj. margin (%) 6,9 8,9 10,1
Pretax profit 30 43 57
EPS 0,64 0,86 1,14
EPS growth (%) 96,2 34,3 32
EPS adj. 0,64 0,86 1,14
DPS 0 0,17 0,34
EV/EBITDA (x) 6,2 5,4 4,5
EV/EBIT adj. (x) 9,8 7,8 6,2
P/E (x) 15,9 11,8 8,9
P/E adj. (x) 15,9 11,8 8,9
EV/sales (x) 0,67 0,69 0,62
FCF yield (%) -7,9 -4,3 8,3
Le. adj. FCF yld. (%) -11,3 -7,8 4,8
Dividend yield (%) 0 1,7 3,4
Net IB debt/EBITDA (x) -0,2 0,2 0
Le. adj. ND/EBITDA (x) -0,8 -0,2 -0,4
SEKm 2023 2024e 2025e
Sales 571 582 629
COGS -322 -318 -348
Gross profit 250 265 281
Other operating items -188 -190 -194
EBITDA 62 75 87
Depreciation and amortisation -23 -23 -24
of which leasing depreciation -10 -11 -11
EBITA 39 52 63
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 39 52 63
Net financial items -9 -9 -6
Pretax profit 30 43 57
Tax -5 -9 -13
Net profit 25 34 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 34 44
EPS 0,64 0,86 1,14
EPS adj. 0,64 0,86 1,14
Total extraordinary items after tax 0 0 0
Leasing payments -13 -14 -14
Tax rate (%) 17 21,9 23
Gross margin (%) 43,7 45,4 44,7
EBITDA margin (%) 10,8 12,9 13,8
EBITA margin (%) 6,9 8,9 10,1
EBIT margin (%) 6,9 8,9 10,1
Pre-tax margin (%) 5,3 7,4 9,1
Net margin (%) 4,4 5,8 7
Sales growth (%) 4,2 2 8
EBITDA growth (%) 21 21,2 16
EBITA growth (%) 35,6 32,3 22,2
EBIT growth (%) 35,6 32,3 22,2
Net profit growth (%) 96,2 34,3 32
EPS growth (%) 96,2 34,3 32
Profitability N/A N/A N/A
ROE (%) 5,3 6,7 8,2
ROE adj. (%) 5,3 6,7 8,2
ROCE (%) 7,7 9,4 10,7
ROCE adj. (%) 7,7 9,4 10,7
ROIC (%) 7,2 8,1 9
ROIC adj. (%) 7,2 8,1 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 62 75 87
EBITDA adj. margin (%) 10,8 12,9 13,8
EBITDA lease adj. 48 61 73
EBITDA lease adj. margin (%) 8,5 10,5 11,7
EBITA adj. 39 52 63
EBITA adj. margin (%) 6,9 8,9 10,1
EBIT adj. 39 52 63
EBIT adj. margin (%) 6,9 8,9 10,1
Pretax profit Adj. 30 43 57
Net profit Adj. 25 34 44
Net profit to shareholders adj. 25 34 44
Net adj. margin (%) 4,4 5,8 7
SEKm 2023 2024e 2025e
EBITDA 62 75 87
Goodwill 85 90 90
Net financial items -9 -9 -6
Other intangible assets 294 364 383
Paid tax -10 -5 -13
Tangible fixed assets 21 19 17
Non-cash items -19 11 5
Right-of-use asset 24 21 21
Cash flow before change in WC 24 72 73
Total other fixed assets 142 124 124
Change in working capital 28 -7 -8
Fixed assets 565 617 634
Operating cash flow 51 65 65
Inventories 62 75 78
Capex tangible fixed assets -7 -6 -7
Receivables 61 73 81
Capex intangible fixed assets -76 -76 -25
Other current assets 30 28 29
Acquisitions and Disposals 0 0 0
Cash and liquid assets 37 22 35
Free cash flow -31 -17 33
Total assets 755 816 857
Dividend paid 0 0 -7
Shareholders equity 475 519 556
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -13 -14 -14
Total equity 475 519 556
Other non-cash items 32 6 0
Long-term debt 20 20 20
Pension debt 3 3 3
Convertible debt N/A N/A N/A
Leasing liability 24 21 21
Total other long-term liabilities 11 14 14
Short-term debt 12 12 12
Accounts payable 36 36 39
Other current liabilities 174 190 190
Total liabilities and equity 755 816 857
Net IB debt -9 11 -1
Net IB debt excl. pension debt -13 8 -5
Net IB debt excl. leasing -33 -10 -22
Capital employed 535 576 613
Capital invested 466 530 555
Working capital -57 -50 -42
Market cap. diluted (m) 396 396 396
Net IB debt adj. -13 8 -5
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 383 404 392
Total assets turnover (%) 75,4 74,1 75,2
Working capital/sales (%) -7,6 -9,2 -7,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2 2,2 -0,2
Net debt / market cap (%) -2,4 2,9 -0,3
Equity ratio (%) 62,9 63,6 64,9
Net IB debt adj. / equity (%) -2,7 1,5 -0,8
Current ratio 0,86 0,83 0,92
EBITDA/net interest 6,7 8,3 14,5
Net IB debt/EBITDA (x) -0,2 0,2 0
Net IB debt/EBITDA lease adj. (x) -0,8 -0,2 -0,4
Interest coverage 3,7 5,8 10,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 39 39 39
Diluted shares adj. 39 39 39
EPS 0,64 0,86 1,14
Dividend per share 0 0,17 0,34
EPS adj. 0,64 0,86 1,14
BVPS 12,23 13,36 14,33
BVPS adj. 2,47 1,69 2,16
Net IB debt/share -0,33 0,2 -0,12
Share price 10,2 10,2 10,2
Market cap. (m) 396 396 396
P/E (x) 15,9 11,8 8,9
EV/sales (x) 0,67 0,69 0,62
EV/EBITDA (x) 6,2 5,4 4,5
EV/EBITA (x) 9,8 7,8 6,2
EV/EBIT (x) 9,8 7,8 6,2
Dividend yield (%) 0 1,7 3,4
FCF yield (%) -7,9 -4,3 8,3
Le. adj. FCF yld. (%) -11,3 -7,8 4,8
P/BVPS (x) 0,83 0,76 0,71
P/BVPS adj. (x) 4,12 6,04 4,72
P/E adj. (x) 15,9 11,8 8,9
EV/EBITDA adj. (x) 6,2 5,4 4,5
EV/EBITA adj. (x) 9,8 7,8 6,2
EV/EBIT adj. (x) 9,8 7,8 6,2
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 14,5 14,1 5,1
Capex/depreciation 6,8 6,6 2,5
Capex tangibles / tangible fixed assets 33,2 32,8 40,3
Capex intangibles / definite intangibles 25,8 20,9 6,6
Depreciation on intang / def. intang 1 1 1
Depreciation on tangibles / tangibles 39,23 43,6 50,64

Equity research

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Media

Boule Diagnostics - Company presentation with CEO Torben Nielsen, CEO & Group President
Boule Diagnostics - Company presentation with CEO Jesper Söderqvist

Main shareholders - Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.6 % 12.6 % 26 Mar 2024
Svolder 11.0 % 11.0 % 26 Mar 2024
Thomas Eklund 10.4 % 10.4 % 26 Mar 2024
Nordea Funds 9.4 % 9.4 % 31 Mar 2024
Swedbank Robur Fonder 9.2 % 9.2 % 31 Mar 2024
Tredje AP-fonden 8.4 % 8.4 % 26 Mar 2024
Keel Capital 3.7 % 3.7 % 30 Sep 2023
Andra AP-fonden 3.5 % 3.5 % 26 Mar 2024
Tomas Wedel 2.7 % 2.7 % 26 Mar 2024
Aktia Asset Management 2.6 % 2.6 % 31 Mar 2024
Source: Holdings by Modular Finance AB