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Boule Diagnostics

Boule Diagnostics

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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.

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.

Financials

SEKm 2022 2023e 2024e
Sales 548 587 626
Sales growth (%) 18,3 7,1 6,6
EBITDA 51 87 99
EBITDA margin (%) 9,4 14,7 15,8
EBIT adj. 29 64 76
EBIT adj. margin (%) 5,3 10,9 12,1
Pretax profit 21 55 67
EPS 0,33 1,1 1,33
EPS growth (%) -72,3 230,5 21,6
EPS adj. 0,33 1,1 1,33
DPS 0,1 0,33 0,4
EV/EBITDA (x) 11,1 6,9 5,8
EV/EBIT adj. (x) 19,6 9,3 7,6
P/E (x) 45,2 13,7 11,2
P/E adj. (x) 45,2 13,7 11,2
EV/sales (x) 1,04 1,02 0,92
FCF yield (%) -15 -2,1 7,5
Le. adj. FCF yld. (%) -17,4 -4 5,6
Dividend yield (%) 0,7 2,2 2,7
Net IB debt/EBITDA (x) -0,2 0,2 0
Le. adj. ND/EBITDA (x) 1,3 0,3 0,5
SEKm 2022 2023e 2024e
Sales 548 587 626
COGS -320 -329 -344
Gross profit 228 258 282
Other operating items -177 -172 -183
EBITDA 51 87 99
Depreciation and amortisation -22 -23 -23
of which leasing depreciation -10 -10 -11
EBITA 29 64 76
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 29 64 76
Net financial items -8 -9 -9
Pretax profit 21 55 67
Tax -8 -13 -15
Net profit 13 43 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 13 43 52
EPS 0,33 1,1 1,33
EPS adj. 0,33 1,1 1,33
Total extraordinary items after tax 0 0 0
Leasing payments -14 -11 -11
Tax rate (%) 38,6 23 23
Gross margin (%) 41,6 44 45
EBITDA margin (%) 9,4 14,7 15,8
EBITA margin (%) 5,3 10,9 12,1
EBIT margin (%) 5,3 10,9 12,1
Pre-tax margin (%) 3,8 9,4 10,8
Net margin (%) 2,4 7,3 8,3
Sales growth (%) 18,3 7,1 6,6
EBITDA growth (%) -11,6 68,8 14,3
EBITA growth (%) -19,2 119,7 18,7
EBIT growth (%) -19,2 N/A 18,7
Net profit growth (%) -44,5 230,5 21,6
EPS growth (%) -72,3 230,5 21,6
Profitability N/A N/A N/A
ROE (%) 3,4 8,8 10
ROE adj. (%) 3,4 8,8 10
ROCE (%) 7,3 11,3 12,5
ROCE adj. (%) 7,3 11,3 12,5
ROIC (%) 10,1 15,8 17,2
ROIC adj. (%) 10,1 15,8 17,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 51 87 99
EBITDA adj. margin (%) 9,4 14,7 15,8
EBITDA lease adj. 38 75 88
EBITDA lease adj. margin (%) 6,9 12,8 14
EBITA adj. 29 64 76
EBITA adj. margin (%) 5,3 10,9 12,1
EBIT adj. 29 64 76
EBIT adj. margin (%) 5,3 10,9 12,1
Pretax profit Adj. 21 55 67
Net profit Adj. 13 43 52
Net profit to shareholders adj. 13 43 52
Net adj. margin (%) 2,4 7,3 8,3
SEKm 2022 2023e 2024e
EBITDA 51 87 99
Goodwill 88 88 88
Net financial items -8 -9 -9
Other intangible assets 225 297 310
Paid tax -15 -13 -15
Tangible fixed assets 22 22 23
Non-cash items 9 4 1
Right-of-use asset 37 36 36
Cash flow before change in WC 37 69 76
Total other fixed assets 129 126 131
Change in working capital -50 3 -1
Fixed assets 501 570 588
Operating cash flow -13 73 75
Inventories 75 75 77
Capex tangible fixed assets -7 -4 -5
Receivables 64 66 67
Capex intangible fixed assets -69 -81 -27
Other current assets 23 21 21
Acquisitions and Disposals 0 0 0
Cash and liquid assets 97 70 89
Free cash flow -88 -12 44
Total assets 760 801 842
Dividend paid -11 -4 -13
Shareholders equity 463 501 540
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -14 -11 -11
Total equity 463 501 540
Other non-cash items 137 0 0
Long-term debt 32 32 32
Pension debt 3 3 3
Convertible debt N/A N/A N/A
Leasing liability 36 36 36
Total other long-term liabilities 125 125 125
Short-term debt 13 13 13
Accounts payable 33 36 38
Other current liabilities 55 55 55
Total liabilities and equity 760 801 842
Net IB debt -12 15 -5
Net IB debt excl. pension debt -16 12 -8
Net IB debt excl. leasing -49 -21 -41
Capital employed 547 586 625
Capital invested 466 532 551
Working capital 75 71 72
Market cap. diluted (m) 582 582 582
Net IB debt adj. -12 15 -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 570 597 578
Total assets turnover (%) 82,3 75,2 76,1
Working capital/sales (%) 9,1 12,4 11,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2,7 3 -0,9
Net debt / market cap (%) -2,1 2,6 -0,8
Equity ratio (%) 60,9 62,6 64,1
Net IB debt adj. / equity (%) -2,7 3 -0,9
Current ratio 2,57 2,24 2,41
EBITDA/net interest 6,3 10,1 11,5
Net IB debt/EBITDA (x) -0,2 0,2 0
Net IB debt/EBITDA lease adj. (x) -1,3 -0,3 -0,5
Interest coverage 2,8 7,5 8,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 39 39 39
Diluted shares adj. 39 39 39
EPS 0,33 1,1 1,33
Dividend per share 0,1 0,33 0,4
EPS adj. 0,33 1,1 1,33
BVPS 11,91 12,91 13,91
BVPS adj. 3,84 2,98 3,65
Net IB debt/share -0,32 0,39 -0,12
Share price 15 15 15
Market cap. (m) 582 582 582
P/E (x) 45,2 13,7 11,2
EV/sales (x) 1,04 1,02 0,92
EV/EBITDA (x) 11,1 6,9 5,8
EV/EBITA (x) 19,6 9,3 7,6
EV/EBIT (x) 19,6 9,3 7,6
Dividend yield (%) 0,7 2,2 2,7
FCF yield (%) -15 -2,1 7,5
Le. adj. FCF yld. (%) -17,4 -4 5,6
P/BVPS (x) 1,26 1,16 1,08
P/BVPS adj. (x) 3,9 5,03 4,11
P/E adj. (x) 45,2 13,7 11,2
EV/EBITDA adj. (x) 11,1 6,9 5,8
EV/EBITA adj. (x) 19,6 9,3 7,6
EV/EBIT adj. (x) 19,6 9,3 7,6
EV/CE (x) 1 1 0,9
Investment ratios N/A N/A N/A
Capex/sales (%) 13,7 14,5 5
Capex/depreciation 6,3 7 2,5
Capex tangibles / tangible fixed assets 29,7 19,8 20,6
Capex intangibles / definite intangibles 30,4 27,2 8,6
Depreciation on intang / def. intang 2 1 1
Depreciation on tangibles / tangibles 36,45 36,63 36,55

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Media

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

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Main shareholders - Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 12.6 % 12.6 % 28 Dec 2022
Svolder 12.4 % 12.4 % 28 Dec 2022
Thomas Eklund 10.4 % 10.4 % 28 Dec 2022
Swedbank Robur Fonder 9.3 % 9.3 % 31 Jan 2023
Nordea Fonder 9.0 % 9.0 % 31 Jan 2023
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2022
Keel Capital 5.2 % 5.2 % 7 Sep 2022
Andra AP-fonden 3.5 % 3.5 % 31 Dec 2022
Aktia Asset Management 2.6 % 2.6 % 31 Dec 2022
Avanza Pension 1.7 % 1.7 % 28 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Boule Diagnostics

Name Quantity Code Date
Jan Benjaminson + 8 000 BUY 27 Feb 2023
Yvonne Mårtensson + 7 083 BUY 3 Feb 2023
Jesper Söderqvist + 2 678 BUY 16 Dec 2022
Jesper Söderqvist + 55 034 BUY 15 Dec 2022
Jesper Söderqvist + 17 288 BUY 14 Dec 2022
Emil Hjalmarsson + 1 809 BUY 22 Nov 2022
Jesper Söderqvist + 18 500 ALTM 21 Nov 2022
Emil Hjalmarsson + 10 000 BUY 21 Nov 2022
Jan Mattias Isaksson + 157 BUY 29 Dec 2021
Jesper Söderqvist + 913 BUY 19 Nov 2021

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