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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 463 572 633
Sales growth (%) 15,7 23,4 10,6
EBITDA 58 74 102
EBITDA margin (%) 12,5 13 16,1
EBIT adj 36 52 79
EBIT adj margin (%) 7,8 9,1 12,5
Pretax profit 29 43 70
EPS rep 1,2 1,66 2,76
EPS growth (%) 403 38,7 66,1
EPS adj 1,2 1,66 2,76
DPS 0,55 0,5 0,83
EV/EBITDA (x) 16,7 7,5 5,4
EV/EBIT adj (x) 26,9 10,6 7
P/E (x) 40,8 15,1 9,1
P/E adj (x) 40,8 15,1 9,1
EV/sales (x) 2,1 1 0,9
FCF yield (%) -1,3 -8,6 5
Dividend yield (%) 1,1 2 3,3
Net IB debt/EBITDA 0,4 0,9 0,7
Lease adj. FCF yield (%) -2,5 -11,3 2,3
Lease adj. ND/EBITDA -0,1 0,7 0,5
SEKm 2021 2022e 2023e
Leasing payments -12 0 0
Sales 463 572 633
COGS -265 -336 -354
Gross profit 199 236 278
Other operating items -141 -161 -176
EBITDA 58 74 102
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 36 52 79
Goodwill impairment charges 0 0 0
Other impairment and amortisation -40 0 0
EBIT 36 52 79
Other financial items 0 0 0
Net financial items -7 -9 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 43 70
Tax -6 -11 -16
Net profit 23 32 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 32 54
EPS 1,2 1,66 2,76
EPS Adj 1,2 1,66 2,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -19,1 -25,3 -23
Gross margin (%) 42,9 41,2 44
EBITDA margin (%) 12,5 13 16,1
EBITA margin (%) 7,8 9,1 12,5
EBIT margin (%) 7,8 9,1 12,5
Pretax margin (%) 6,2 7,5 11
Net margin (%) 5 5,6 8,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 15,7 23,4 10,6
EBITDA growth (%) 4 28,2 37
EBIT growth (%) 707,2 45,1 51,8
Net profit growth (%) 403 38,7 66,1
EPS growth (%) 403 38,7 66,1
Profitability 2021 2022 2023
ROE (%) 8,2 10,2 14,9
ROE Adj (%) 8,2 10,2 14,9
ROCE (%) 11,2 13,3 16,8
ROCE Adj(%) 11,2 13,3 16,8
ROIC (%) 9,1 10,4 14
ROIC Adj (%) 9,1 10,4 14
Adj earnings numbers 2021 2022 2023
EBITDA Adj 58 74 102
EBITDA Adj margin (%) 12,5 13 16,1
EBITA Adj 36 52 79
EBITA Adj margin (%) 7,8 9,1 12,5
EBIT Adj 36 52 79
EBIT Adj margin (%) 7,8 9,1 12,5
Pretax profit Adj 29 43 70
Net profit Adj 23 32 54
Net profit to shareholders Adj 23 32 54
Net Adj margin (%) 5 5,6 8,5
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 74 102
EBITDA lease Adj margin (%) 10 13 16,1
SEKm 2021 2022e 2023e
EBITDA 58 74 102
Net financial items -7 -9 -10
Paid tax -6 -11 -16
Non-cash items 2 -1 11
Cash flow before change in WC 48 53 87
Change in WC -3 -19 -13
Operating cash flow 44 34 74
CAPEX tangible fixed assets -3 -5 -6
CAPEX intangible fixed assets -53 -71 -44
Acquisitions and disposals 0 0 0
Free cash flow -12 -42 24
Dividend paid -11 -11 -10
Share issues and buybacks 0 0 0
Other non cash items -5 19 0
Decrease in net IB debt 14 -16 -5
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 79 87 87
Indefinite intangible assets 0 0 0
Definite intangible assets 116 152 179
Tangible fixed assets 21 19 16
Other fixed assets 100 115 128
Fixed assets 409 491 531
Inventories 59 67 71
Receivables 48 57 59
Other current assets 17 12 13
Cash and liquid assets 38 42 43
Total assets 572 669 718
Shareholders equity 296 337 381
Minority 0 0 0
Total equity 296 337 381
Long-term debt 16 10 10
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 78 78
Accounts payable 41 51 56
Other current liabilities 59 53 53
Total liabilities and equity 572 669 718
Net IB debt 22 70 69
Net IB debt excl. pension debt 18 66 65
Capital invested 335 416 458
Working capital 25 32 34
EV breakdown 2021 2022 2023
Market cap. diluted (m) 948 485 485
Net IB debt Adj 22 70 69
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 969 556 554
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 88,1 92,2 91,3
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 5 5,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 7,3 20,8 18
Net debt / market cap (%) 1,9 14,5 14,2
Equity ratio (%) 51,7 50,5 53,1
Net IB debt adj. / equity (%) 7,3 20,8 18
Current ratio (%) 130,5 93,2 95
EBITDA / net interest (%) 800,1 820,8 1050,9
Net IB debt / EBITDA (%) 37,2 94,4 67,5
Interest cover (%) 410,8 512,5 817,7
Lease liability amortisation -12 -13 -13
Other intangible assets 163 227 260
Right-of-use asset 27 21 21
Total other fixed assets 120 137 148
Leasing liability 28 21 21
Total other long-term liabilities 117 115 115
Net IB debt excl. leasing -6 49 48
Net IB debt / EBITDA lease Adj (%) -13 66,1 46,9
SEKm 2021 2022e 2023e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,2 1,66 2,76
Dividend per share Adj 0,6 0,5 0,8
EPS Adj 1,2 1,66 2,76
BVPS 15,23 17,38 19,64
BVPS Adj 2,79 1,22 1,81
Net IB debt / share 1,1 3,6 3,5
Share price 57,21 25 25
Market cap. (m) 1111 485 485
Valuation 2021 2022 2023
P/E 40,8 15,1 9,1
EV/sales 2,09 0,97 0,88
EV/EBITDA 16,7 7,5 5,4
EV/EBITA 26,9 10,6 7
EV/EBIT 26,9 10,6 7
Dividend yield (%) 1,1 2 3,3
FCF yield (%) -1,3 -8,6 5
P/BVPS 3,2 1,44 1,27
P/BVPS Adj 17,51 20,47 13,78
P/E Adj 40,8 15,1 9,1
EV/EBITDA Adj 16,7 7,5 5,4
EV/EBITA Adj 26,9 10,6 7
EV/EBIT Adj 26,9 10,6 7
EV/cap. employed 2,7 1,2 1,1
Investment ratios 2021 2022 2023
Capex / sales 12,2 13,3 7,9
Capex / depreciation 473,8 636 409,5
Capex tangibles / tangible fixed assets 15,1 27,2 34,9
Capex intangibles / definite intangibles 32,7 31,2 17,1
Depreciation on intangibles / definite intangibles 2,4 1,8 1,6
Depreciation on tangibles / tangibles 38,9 42,3 50
Lease adj. FCF yield (%) -2,5 -11,3 2,3

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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
Martin Gren (Grenspecialisten) 12.6 % 12.6 % 28 Jun 2022
Svolder 12.4 % 12.4 % 28 Jun 2022
Thomas Eklund 10.1 % 10.1 % 28 Jun 2022
Swedbank Robur Fonder 9.9 % 9.9 % 30 Jun 2022
Nordea Fonder 8.9 % 8.9 % 30 Jun 2022
Tredje AP-fonden 8.4 % 8.4 % 28 Jun 2022
Andra AP-fonden 3.5 % 3.5 % 28 Jun 2022
Keel Capital 3.1 % 3.1 % 30 Sep 2021
Aktia Asset Management 2.6 % 2.6 % 30 Jun 2022
Fondita Fonder 1.8 % 1.8 % 28 Jun 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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