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C-RAD

C-RAD

C-RAD is a Swedish-based medtech company that provides solutions to ensure high precision, safety, and efficiency in advanced radiation therapy. More precisely, the company engages in the field of Surface Guided Radiation Therapy (SGRT), offering optical surface tracking for patient positioning and patient monitoring. SGRT offers the benefits of being non-ionising and non-invasive, while improving workflow and time efficiency. Headquartered in Uppsala, C-RAD has a global market presence (holding a ~30% global market share), and addresses a SEK 1.4bn annual opportunity.

We find the main risks to be market penetration risk, regulatory risks, increased competition, and innovation risks. SGRT is a relatively novel solution that still needs to be included in guidelines and to be further promoted by Key Opinion Leaders. Increased competition could potentially arise from linac OEMs deciding to put further efforts into developing their own SGRT solutions. Because the radiotherapy market is subject to high innovation, new technologies could potentially achieve the same kind of benefits as SGRT, and harm broader market adoption.

SEKm 2021 2022e 2023e
Sales 261 296 380
Sales growth (%) 17,8 13,2 28,6
EBITDA 46 40 86
EBITDA margin (%) 17,5 13,7 22,6
EBIT adj 36 31 75
EBIT adj margin (%) 13,7 10,4 19,6
Pretax profit 36 31 75
EPS rep 0,74 0,64 1,67
EPS growth (%) 72,5 -12,9 160,4
EPS adj 0,79 0,67 1,67
DPS 0 0 0
EV/EBITDA (x) 38,7 27,4 12,5
EV/EBIT adj (x) 49,2 36,1 14,4
P/E (x) 75,7 57,5 22,1
P/E adj (x) 70,8 54,7 22,1
EV/sales (x) 6,8 3,7 2,8
FCF yield (%) 1,9 1,6 3,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -2,9 -3,7 -2,2
Lease adj. FCF yield (%) 1,7 1,4 2,8
Lease adj. ND/EBITDA -3,1 -3,9 -2,2
SEKm 2021 2022e 2023e
Sales 261 296 380
COGS -96 -107 -137
Gross profit 166 189 243
Other operating items -120 -148 -157
EBITDA 46 40 86
Depreciation and amortisation -8 -9 -11
Of which leasing depreciation -3 -3 -3
EBITA 38 32 75
EO items 0 0 0
Impairment and PPA amortisation -2 -1 0
EBIT 36 31 75
Net financial items 0 0 0
Pretax profit 36 31 75
Tax -11 -9 -16
Net profit 25 22 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 22 59
EPS 0,74 0,64 1,67
EPS Adj 0,79 0,67 1,67
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -30 -28,6 -21
Gross margin (%) 63,4 63,9 64
EBITDA margin (%) 17,5 13,7 22,6
EBITA margin (%) 14,4 10,8 19,6
EBIT margin (%) 13,7 10,4 19,6
Pretax margin (%) 13,7 10,4 19,6
Net margin (%) 9,6 7,4 15,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 17,8 13,2 28,6
EBITDA growth (%) 75,1 -11,4 112,6
EBIT growth (%) 110,1 -14,4 142,9
Net profit growth (%) 88,7 -12,5 169,6
EPS growth (%) 72,5 -12,9 160,4
Profitability 2021 2022 2023
ROE (%) 11,8 9,3 21,3
ROE Adj (%) 12,6 9,7 21,3
ROCE (%) 16,3 12,6 26,3
ROCE Adj(%) 17,1 13,1 26,3
ROIC (%) 26,3 23,3 54,4
ROIC Adj (%) 26,3 23,3 54,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 46 40 86
EBITDA Adj margin (%) 17,5 13,7 22,6
EBITDA lease Adj 46 40 86
EBITDA lease Adj margin (%) 17,5 13,7 22,6
EBITA Adj 38 32 75
EBITA Adj margin (%) 14,4 10,8 19,6
EBIT Adj 36 31 75
EBIT Adj margin (%) 13,7 10,4 19,6
Pretax profit Adj 37 32 75
Net profit Adj 27 23 59
Net profit to shareholders Adj 27 23 59
Net Adj margin (%) 10,2 7,8 15,5
SEKm 2021 2022e 2023e
EBITDA 46 40 86
Net financial items 0 0 0
Paid tax 0 0 -11
Non-cash items 0 0 0
Cash flow before change in WC 46 40 75
Change in WC -1 -9 -23
Operating cash flow 44 31 52
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -7 -7 -10
Acquisitions and disposals 0 0 0
Free cash flow 35 21 38
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation -3 -3 -3
Other non cash items 0 0 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 19 22 27
Tangible fixed assets 4 5 5
Right-of-use asset 10 10 10
Total other fixed assets 13 4 0
Fixed assets 46 41 42
Inventories 21 24 30
Receivables 65 74 95
Other current assets 22 22 22
Cash and liquid assets 140 158 193
Total assets 294 318 382
Shareholders equity 225 247 306
Minority 0 0 0
Total equity 225 247 306
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 7 7 7
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 16 18 23
Other current liabilities 43 43 43
Total liabilities and equity 294 318 382
Net IB debt -133 -150 -185
Net IB debt excl. pension debt -133 -150 -185
Net IB debt excl. leasing -140 -158 -193
Capital invested 92 96 120
Working capital 49 58 81
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1899 1258 1258
Net IB debt Adj -133 -150 -185
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 1766 1108 1073
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 92,5 96,5 108,6
Working capital / sales (%) 18,4 18 18,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -59 -60,9 -60,7
Net debt / market cap (%) -7 -12 -14,9
Equity ratio (%) 76,4 77,6 80
Net IB debt adj. / equity (%) -59 -60,9 -60,7
Current ratio (%) 419,2 452,4 513
EBITDA / net interest (%) 22850 40470,4 0
Net IB debt / EBITDA (%) -290,2 -371,2 -215,5
Net IB debt / EBITDA lease Adj (%) -306,5 -389,6 -224,2
Interest cover (%) 18800 31831,4 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 34 34 34
Fully diluted shares Adj 34 34 34
EPS 0,74 0,64 1,67
Dividend per share Adj 0 0 0
EPS Adj 0,79 0,67 1,67
BVPS 6,65 7,3 9,04
BVPS Adj 6,09 6,66 8,24
Net IB debt / share -3,9 -4,4 -5,5
Share price 56,44 36,9 36,9
Market cap. (m) 1908 1247 1247
Valuation 2021 2022 2023
P/E 75,7 57,5 22,1
EV/sales 6,77 3,75 2,82
EV/EBITDA 38,7 27,4 12,5
EV/EBITA 47 34,8 14,4
EV/EBIT 49,2 36,1 14,4
Dividend yield (%) 0 0 0
FCF yield (%) 1,9 1,6 3,1
Lease adj. FCF yield (%) 1,7 1,4 2,8
P/BVPS 8,38 5,06 4,08
P/BVPS Adj 9,15 5,54 4,48
P/E Adj 70,8 54,7 22,1
EV/EBITDA Adj 38,7 27,4 12,5
EV/EBITA Adj 47 34,8 14,4
EV/EBIT Adj 49,2 36,1 14,4
EV/cap. employed 7,6 4,4 3,4
Investment ratios 2021 2022 2023
Capex / sales 3,5 3,5 3,5
Capex / depreciation 178,3 187,6 163,8
Capex tangibles / tangible fixed assets 59,8 54,7 75,3
Capex intangibles / definite intangibles 34,4 34,1 34,9
Depreciation on intangibles / definite intangibles 19,5 16,6 14,6
Depreciation on tangibles / tangibles 32,6 35,4 82,5

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Media

C-RAD - Company presentation with President & CEO Tim Thurn
C-RAD - Company presentation with CEO Tim Thurn

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Svea Bank AB 11.9 % 11.9 % 28 Apr 2022
Hamberg Förvaltning AB 3.6 % 11.1 % 27 Jul 2022
Lars Nyberg with family 7.5 % 7.6 % 31 Jul 2022
Svenska Handelsbanken AB for PB 7.5 % 7.6 % 27 Jul 2022
Lars Kling 7.6 % 6.2 % 27 Jul 2022
Avanza Pension 5.5 % 4.5 % 27 Jul 2022
Eiffel Investment Group SAS 4.0 % 3.3 % 27 Jul 2022
Berenberg Funds 3.7 % 3.0 % 31 Jan 2022
Nordnet Pensionsförsäkring 3.5 % 2.8 % 27 Jul 2022
Margareta Hamberg 3.1 % 2.6 % 27 Jul 2022
Source: Holdings by Modular Finance AB