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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. Boule Diagnostics is a global company with a market presence via distributors and its own organisation in more than 100 countries.

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 571 586 636
Sales growth (%) 4,2 2,6 8,5
EBITDA 62 71 85
EBITDA margin (%) 10,8 12 13,4
EBIT adj. 39 47 62
EBIT adj. margin (%) 6,9 8,1 9,7
Pretax profit 30 39 56
EPS 0,64 0,79 1,11
EPS growth (%) 96,6 22,9 39,8
EPS adj. 0,64 0,79 1,11
DPS 0 0,16 0,33
EV/EBITDA (x) 6,8 6,3 5,1
EV/EBIT adj. (x) 10,7 9,4 7
P/E (x) 17,4 14,1 10,1
P/E adj. (x) 17,4 14,1 10,1
EV/sales (x) 0,74 0,76 0,68
FCF yield (%) -7,2 -1,7 6,6
Le. adj. FCF yld. (%) -10,3 -5 3,3
Dividend yield (%) 0 1,4 3
Net IB debt/EBITDA (x) -0,2 0,2 0
Le. adj. ND/EBITDA (x) -0,8 -0,3 -0,3
SEKm 2023 2024e 2025e
Sales 571 586 636
COGS -322 -326 -352
Gross profit 250 260 284
Other operating items -188 -190 -199
EBITDA 62 71 85
Depreciation and amortisation -23 -23 -24
of which leasing depreciation -10 -11 -11
EBITA 39 47 62
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 39 47 62
Net financial items -9 -8 -6
Pretax profit 30 39 56
Tax -5 -9 -13
Net profit 25 31 43
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 31 43
EPS 0,64 0,79 1,11
EPS adj. 0,64 0,79 1,11
Total extraordinary items after tax 0 0 0
Leasing payments -13 -14 -14
Tax rate (%) 16,9 22 23
Gross margin (%) 43,7 44,3 44,7
EBITDA margin (%) 10,8 12 13,4
EBITA margin (%) 6,9 8,1 9,7
EBIT margin (%) 6,9 8,1 9,7
Pre-tax margin (%) 5,3 6,7 8,8
Net margin (%) 4,4 5,2 6,8
Sales growth (%) 4,2 2,6 8,5
EBITDA growth (%) 21 14 21,1
EBITA growth (%) 35,6 20,8 30,4
EBIT growth (%) 35,6 20,8 30,4
Net profit growth (%) 96,6 22,9 39,8
EPS growth (%) 96,6 22,9 39,8
Profitability N/A N/A N/A
ROE (%) 5,3 6,3 8,2
ROE adj. (%) 5,3 6,3 8,2
ROCE (%) 7,7 8,6 10,6
ROCE adj. (%) 7,7 8,6 10,6
ROIC (%) 7,2 7,5 8,9
ROIC adj. (%) 7,2 7,5 8,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 62 71 85
EBITDA adj. margin (%) 10,8 12 13,4
EBITDA lease adj. 48 56 71
EBITDA lease adj. margin (%) 8,5 9,6 11,2
EBITA adj. 39 47 62
EBITA adj. margin (%) 6,9 8,1 9,7
EBIT adj. 39 47 62
EBIT adj. margin (%) 6,9 8,1 9,7
Pretax profit Adj. 30 39 56
Net profit Adj. 25 31 43
Net profit to shareholders adj. 25 31 43
Net adj. margin (%) 4,4 5,2 6,8
SEKm 2023 2024e 2025e
EBITDA 62 71 85
Goodwill 85 85 85
Net financial items -9 -8 -6
Other intangible assets 294 345 363
Paid tax -10 -9 -13
Tangible fixed assets 21 21 22
Non-cash items -19 18 2
Right-of-use asset 23 25 26
Cash flow before change in WC 24 71 69
Total other fixed assets 142 125 125
Change in working capital 28 -17 -8
Fixed assets 565 600 621
Operating cash flow 51 54 60
Inventories 62 76 79
Capex tangible fixed assets -7 -6 -6
Receivables 61 65 72
Capex intangible fixed assets -76 -56 -25
Other current assets 30 30 31
Acquisitions and Disposals 0 0 0
Cash and liquid assets 37 15 23
Free cash flow -31 -7 29
Total assets 755 787 827
Dividend paid 0 0 -6
Shareholders equity 475 506 543
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -13 -14 -14
Total equity 475 506 543
Other non-cash items 32 0 0
Long-term debt 20 20 20
Pension debt 3 3 3
Convertible debt N/A N/A N/A
Leasing liability 24 24 24
Total other long-term liabilities 11 11 11
Short-term debt 12 12 12
Accounts payable 36 37 40
Other current liabilities 174 174 174
Total liabilities and equity 755 787 827
Net IB debt -10 12 4
Net IB debt excl. pension debt -13 9 1
Net IB debt excl. leasing -34 -12 -20
Capital employed 535 565 602
Capital invested 466 518 547
Working capital -57 -40 -31
Market cap. diluted (m) 435 435 435
Net IB debt adj. -13 9 1
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 422 444 436
Total assets turnover (%) 75,4 76,1 78,9
Working capital/sales (%) -7,6 -8,3 -5,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2 2,4 0,8
Net debt / market cap (%) -2,2 2,8 1
Equity ratio (%) 62,9 64,3 65,6
Net IB debt adj. / equity (%) -2,7 1,8 0,1
Current ratio 0,86 0,84 0,91
EBITDA/net interest 6,8 8,8 14,2
Net IB debt/EBITDA (x) -0,2 0,2 0
Net IB debt/EBITDA lease adj. (x) -0,8 -0,3 -0,3
Interest coverage 3,7 5,9 10,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 39 39 39
Diluted shares adj. 39 39 39
EPS 0,64 0,79 1,11
Dividend per share 0 0,16 0,33
EPS adj. 0,64 0,79 1,11
BVPS 12,23 13,03 13,98
BVPS adj. 2,47 1,95 2,42
Net IB debt/share -0,33 0,23 0,02
Share price 11,2 11,2 11,2
Market cap. (m) 435 435 435
P/E (x) 17,4 14,1 10,1
EV/sales (x) 0,74 0,76 0,68
EV/EBITDA (x) 6,8 6,3 5,1
EV/EBITA (x) 10,7 9,4 7
EV/EBIT (x) 10,7 9,4 7
Dividend yield (%) 0 1,4 3
FCF yield (%) -7,2 -1,7 6,6
Le. adj. FCF yld. (%) -10,3 -5 3,3
P/BVPS (x) 0,92 0,86 0,8
P/BVPS adj. (x) 4,53 5,73 4,62
P/E adj. (x) 17,4 14,1 10,1
EV/EBITDA adj. (x) 6,8 6,3 5,1
EV/EBITA adj. (x) 10,7 9,4 7
EV/EBIT adj. (x) 10,7 9,4 7
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 14,5 10,5 5
Capex/depreciation 6,8 5 2,5
Capex tangibles / tangible fixed assets 32,8 27,8 29,6
Capex intangibles / definite intangibles 25,8 16,2 7
Depreciation on intang / def. intang 1 1 1
Depreciation on tangibles / tangibles 38,7 39,33 39,37

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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
Martin Gren (Grenspecialisten) 12.6 % 12.6 % 27 Dec 2023
Svolder 11.0 % 11.0 % 27 Dec 2023
Thomas Eklund 10.4 % 10.4 % 27 Dec 2023
Nordea Funds 9.4 % 9.4 % 31 Dec 2023
Swedbank Robur Fonder 9.3 % 9.3 % 31 Dec 2023
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2023
Keel Capital 5.2 % 5.2 % 7 Sep 2022
Andra AP-fonden 3.5 % 3.5 % 31 Dec 2023
Aktia Asset Management 2.6 % 2.6 % 31 Dec 2023
Tomas Wedel 2.3 % 2.3 % 27 Dec 2023
Source: Holdings by Modular Finance AB