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Careium

Careium

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Careium is a market leader within Northern Europe of technology-enabled care solutions, with a sole focus on providing care solutions to increase quality of life for seniors. The company provides elderly persons with several alarms, detectors and sensors connected to alarm centres, which enables users to live independently and safely at home for a longer period.

Sustainability information

Careium has a strong position in Northern Europe, but there are some large competitors that could exploit this market, which could eventually hurt Careium’s market share. The importance in delivering reliable products is crucial, since product failure could result in devastating consequences for the end-user, which in turn could have legal consequences for Carieum and hurt demand for its solutions.

Financials

SEKm 2024 2025e 2026e
Sales 871 892 974
Sales growth (%) 6 2 9
EBITDA 151 157 176
EBITDA margin (%) 17,3 17,6 18,1
EBIT adj. 84 90 105
EBIT adj. margin (%) 9,6 10 10,8
Pretax profit 78 73 90
EPS 2,53 2,39 2,94
EPS growth (%) 50,7 -5,3 23
EPS adj. 2,81 2,47 3,01
DPS 0 0 0
EV/EBITDA (x) 5,8 5,3 4,5
EV/EBIT adj. (x) 10,3 9,2 7,5
P/E (x) 11,4 12,1 9,8
P/E adj. (x) 10,3 11,7 9,6
EV/sales (x) 1 0,93 0,81
FCF yield (%) 5,2 8,7 7,8
Le. adj. FCF yld. (%) -0,4 6,2 4,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 0,8 0,5
Le. adj. ND/EBITDA (x) 1,1 0,7 0,4
SEKm 2024 2025e 2026e
Sales 871 892 974
COGS -497 -500 -547
Gross profit 374 392 428
Other operating items -223 -235 -251
EBITDA 151 157 176
Depreciation and amortisation -58 -65 -69
of which leasing depreciation -15 -17 -17
EBITA 93 92 107
EO Items 0 0 0
Impairment and PPA amortisation -9 -2 -2
EBIT 84 90 105
Net financial items -6 -16 -15
Pretax profit 78 73 90
Tax -16 -15 -19
Net profit 62 58 72
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 62 58 72
EPS 2,53 2,39 2,94
EPS adj. 2,81 2,47 3,01
Total extraordinary items after tax 0 0 0
Leasing payments -15 -17 -17
Tax rate (%) 20,7 20,7 20,6
Gross margin (%) 42,9 43,9 43,9
EBITDA margin (%) 17,3 17,6 18,1
EBITA margin (%) 10,6 10,3 11
EBIT margin (%) 9,6 10 10,8
Pre-tax margin (%) 8,9 8,2 9,3
Net margin (%) 7,1 6,5 7,4
Sales growth (%) 5,6 2,4 9,2
EBITDA growth (%) 1,1 4,1 12,6
EBITA growth (%) 21,2 -0,8 16,8
EBIT growth (%) 41,4 6,6 17,7
Net profit growth (%) 50,7 -5,3 23
EPS growth (%) 50,7 -5,3 23
Profitability N/A N/A N/A
ROE (%) 9,6 8,3 9,5
ROE adj. (%) 11 8,7 9,8
ROCE (%) 9,9 9,9 10,9
ROCE adj. (%) 10,9 10,2 11,1
ROIC (%) 9 8,6 9,9
ROIC adj. (%) 9 8,6 9,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 151 157 176
EBITDA adj. margin (%) 17,3 17,6 18,1
EBITDA lease adj. 136 140 160
EBITDA lease adj. margin (%) 15,6 15,7 16,4
EBITA adj. 93 92 107
EBITA adj. margin (%) 10,6 10,3 11
EBIT adj. 84 90 105
EBIT adj. margin (%) 9,6 10 10,8
Pretax profit Adj. 86 76 92
Net profit Adj. 70 61 74
Net profit to shareholders adj. 70 61 74
Net adj. margin (%) 8,1 6,8 7,6
SEKm 2024 2025e 2026e
EBITDA 151 157 176
Goodwill 444 431 431
Net financial items -6 -16 -15
Other intangible assets 141 145 147
Paid tax -6 -26 -19
Tangible fixed assets 104 122 142
Non-cash items -3 1 0
Right-of-use asset 63 73 76
Cash flow before change in WC 135 116 143
Total other fixed assets 9 9 9
Change in working capital -42 23 -23
Fixed assets 761 780 805
Operating cash flow 93 138 119
Inventories 44 43 47
Capex tangible fixed assets -28 -46 -34
Receivables 214 211 231
Capex intangible fixed assets -28 -31 -30
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 32 88 123
Free cash flow 37 61 55
Total assets 1050 1122 1205
Dividend paid 0 0 0
Shareholders equity 678 719 790
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -40 -17 -20
Total equity 678 719 790
Other non-cash items 26 -4 0
Long-term debt 175 192 192
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 21 21
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 175 190 201
Total liabilities and equity 1050 1122 1205
Net IB debt 165 125 90
Net IB debt excl. pension debt 165 125 90
Net IB debt excl. leasing 143 104 69
Capital employed 875 932 1004
Capital invested 843 844 881
Working capital 83 64 76
Market cap. diluted (m) 703 703 703
Net IB debt adj. 165 125 90
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 868 828 793
Total assets turnover (%) 86,6 82,1 83,7
Working capital/sales (%) 7,9 8,2 7,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24,3 17,4 11,4
Net debt / market cap (%) 23,5 17,8 12,9
Equity ratio (%) 64,6 64,1 65,6
Net IB debt adj. / equity (%) 24,3 17,4 11,4
Current ratio 1,66 1,8 1,99
EBITDA/net interest 23,5 9,7 11,6
Net IB debt/EBITDA (x) 1,1 0,8 0,5
Net IB debt/EBITDA lease adj. (x) 1,1 0,7 0,4
Interest coverage 14,5 5,7 7,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,53 2,39 2,94
Dividend per share 0 0 0
EPS adj. 2,81 2,47 3,01
BVPS 27,88 29,55 32,49
BVPS adj. 3,84 5,87 8,73
Net IB debt/share 6,78 5,14 3,72
Share price 28,9 28,9 28,9
Market cap. (m) 703 703 703
P/E (x) 11,4 12,1 9,8
EV/sales (x) 1 0,9 0,8
EV/EBITDA (x) 5,8 5,3 4,5
EV/EBITA (x) 9,4 9 7,4
EV/EBIT (x) 10,3 9,2 7,5
Dividend yield (%) 0 0 0
FCF yield (%) 5,2 8,7 7,8
Le. adj. FCF yld. (%) -0,4 6,2 4,9
P/BVPS (x) 1,04 0,98 0,89
P/BVPS adj. (x) 7,52 4,92 3,31
P/E adj. (x) 10,3 11,7 9,6
EV/EBITDA adj. (x) 5,8 5,3 4,5
EV/EBITA adj. (x) 9,4 9 7,4
EV/EBIT adj. (x) 10,3 9,2 7,5
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 6,4 8,7 6,7
Capex/depreciation 1,3 1,6 1,2
Capex tangibles / tangible fixed assets 27,1 37,8 24,3
Capex intangibles / definite intangibles 19,8 21,4 20,6
Depreciation on intang / def. intang 12,7 16,8 17,9
Depreciation on tangibles / tangibles 24,5 19,2 18,2

Equity research

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Media

Careium - Company presentation with CEO Christian Walén
Careium - Fireside chat with CEO Christian Walén

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Main shareholders - Careium

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 17.7 % 17.7 % 26 Jun 2025
Accendo Capital 12.1 % 12.1 % 26 Jun 2025
Nordea Funds 11.7 % 11.7 % 26 Jun 2025
Avanza Pension 7.1 % 7.1 % 26 Jun 2025
Lazard Frères Gestion 7.0 % 7.0 % 31 May 2025
Kunshan Q Technology International Limited 5.0 % 5.0 % 15 Jan 2024
Swedbank Försäkring 2.5 % 2.5 % 26 Jun 2025
Nordnet Pensionsförsäkring 2.2 % 2.2 % 26 Jun 2025
Thomas Eklund 1.9 % 1.9 % 26 Jun 2025
Mats Lindberg 1.6 % 1.6 % 26 Jun 2025
Source: Holdings by Modular Finance AB